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American Morning
Minding Your Business: Transit Worker Strike in NYC on Hold
Aired December 16, 2002 - 07:48 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: We're going to talk about the transit strike, the impact nationally, which really has some interesting tentacles across the country.
First, though, the markets are telling you what today?
ANDY SERWER, "FORTUNE" MAGAZINE: The markets are kind of flat. Of course, we had a bad Friday the 13th on Friday, down two weeks in a row. The Dow was down about 212 points for the week, 2.5 percent; Nasdaq also down.
War jitters, same old story, people concerned about the economy, and they should be when it comes to New York as well. You know, what's interesting, 9/11, we learned how critical the city is to the national economy. And it's not the same situation at all, of course, but again, when this city feels the pain, there are implications nationally.
HEMMER: How so?
SERWER: The strike is still on hold. We'll have to see here.
Well, think about it. Of course, we're the head of financial services around the country. The stock market, what would be the implication nationally? But I also think if you were trying to get an insurance policy, there's the headquarters in New York, they were running a skeleton crew, they couldn't approve it as well.
Other things -- think about the airports as well, Bill. If a mechanic can't get out to LaGuardia to fix a plane, that plane is delayed going to Kansas City. Then that plane is late going further on to San Francisco.
So, you can see the implications, never mind Broadway, never mind the conventions, seven million riders (ph) here in New York City.
So, you know, it's hard to say how profound the implications could be, but we do know that they're there.
HEMMER: And the "Times" reporting over the weekend, there was a mad rush up on 5th Avenue, folks trying to get their holiday shopping done in the event that they...
SERWER: Right.
HEMMER: ... would have run into something on Monday or Tuesday. SERWER: I had my bike out, and I saw this huge bike lying on Broadway this morning, and if there is a strike, I'm getting it out, just like Mayor Bloomberg did.
PAULA ZAHN, CNN ANCHOR: But will you give it away like Mayor Bloomberg...
SERWER: No, I need it.
ZAHN: ... if there's no strike?
SERWER: I ride with my kids. I'm not giving it away.
ZAHN: Did you see that bike Mayor Bloomberg picked?
SERWER: I saw it, a $600 bike.
ZAHN: A 600 buck bike.
HEMMER: That will work. That would get you over a pothole or two.
SERWER: Yes, mine's a little less than that.
ZAHN: It's just a tough decision to decide which kid will get that on Christmas day.
SERWER: Right.
ZAHN: Hopefully, the mayor won't be needing the bicycle. He'll continue to take the subway.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Hold>
Aired December 16, 2002 - 07:48 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: We're going to talk about the transit strike, the impact nationally, which really has some interesting tentacles across the country.
First, though, the markets are telling you what today?
ANDY SERWER, "FORTUNE" MAGAZINE: The markets are kind of flat. Of course, we had a bad Friday the 13th on Friday, down two weeks in a row. The Dow was down about 212 points for the week, 2.5 percent; Nasdaq also down.
War jitters, same old story, people concerned about the economy, and they should be when it comes to New York as well. You know, what's interesting, 9/11, we learned how critical the city is to the national economy. And it's not the same situation at all, of course, but again, when this city feels the pain, there are implications nationally.
HEMMER: How so?
SERWER: The strike is still on hold. We'll have to see here.
Well, think about it. Of course, we're the head of financial services around the country. The stock market, what would be the implication nationally? But I also think if you were trying to get an insurance policy, there's the headquarters in New York, they were running a skeleton crew, they couldn't approve it as well.
Other things -- think about the airports as well, Bill. If a mechanic can't get out to LaGuardia to fix a plane, that plane is delayed going to Kansas City. Then that plane is late going further on to San Francisco.
So, you can see the implications, never mind Broadway, never mind the conventions, seven million riders (ph) here in New York City.
So, you know, it's hard to say how profound the implications could be, but we do know that they're there.
HEMMER: And the "Times" reporting over the weekend, there was a mad rush up on 5th Avenue, folks trying to get their holiday shopping done in the event that they...
SERWER: Right.
HEMMER: ... would have run into something on Monday or Tuesday. SERWER: I had my bike out, and I saw this huge bike lying on Broadway this morning, and if there is a strike, I'm getting it out, just like Mayor Bloomberg did.
PAULA ZAHN, CNN ANCHOR: But will you give it away like Mayor Bloomberg...
SERWER: No, I need it.
ZAHN: ... if there's no strike?
SERWER: I ride with my kids. I'm not giving it away.
ZAHN: Did you see that bike Mayor Bloomberg picked?
SERWER: I saw it, a $600 bike.
ZAHN: A 600 buck bike.
HEMMER: That will work. That would get you over a pothole or two.
SERWER: Yes, mine's a little less than that.
ZAHN: It's just a tough decision to decide which kid will get that on Christmas day.
SERWER: Right.
ZAHN: Hopefully, the mayor won't be needing the bicycle. He'll continue to take the subway.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Hold>
