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All Systems Go For Shuttle Endeavour; Opening the Floodgates; Black Box Data Intact; The Gene That Makes You Fat?; Meet High School Freshman Saving & Investing in his Future; President Obama Meeting Flood Victims Today

Aired May 16, 2011 - 07:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

ALI VELSHI, CNN ANCHOR: Hauled off a plane and charged with attempted rape. A man in charge of billions of dollars of the world's money due in court this morning.

Plus, choosing one flood over another. The army corps of engineers opens floodgates for the first time in almost 40 years on this AMERICAN MORNING.

Good morning. Welcome to AMERICAN MORNING. It's Monday, May 16th. I'm Ali Velshi.

CHRISTINE ROMANS, CNN ANCHOR: And I'm Christine Romans. Kiran has the morning off. We want to start with the shock and disbelief throughout Europe following the stunning arrest of the world's money chief, Dominique Strauss-Kahn. The head of the International Monetary Fund is scheduled to be arraigned this morning in New York. He is charged with trying to rape a housekeeper in an upscale Manhattan hotel.

VELSHI: You're looking at him in the middle there. Strauss-Kahn allegedly emerged from his hotel room, his hotel room bathroom, naked, then dragged a 32-year-old maid into the bedroom of his $3,000 a night suite and attacked her. Before his arrest, Strauss-Kahn was considered a frontrunner to become France's next president.

ROMANS: And as the head of the IMF he has been critical if the negotiations in Europe for these countries and their debt problems. He's supposed to be in Brussels to help Europe get out of its money problems. Richard Roth is tracking the latest developments, he was supposed to be arraigned last night, but that will happen later today. What's going on?

RICHARD ROTH, CNN CORRESPONDENT: His attorneys deny the charges. The leader of the International Monetary Fund is expected as Christine was saying to be arraigned in a New York state court in several hours. Dominique Strauss-Kahn was due to be in Europe for the high-level financial meetings. He spent the night in a Manhattan jail cell.

Police say he emerged from his suite at a Times Square hotel naked. Police say he chased her, the maid allegedly broke away. Police say he sexually assaulted her in a bathroom. Authorities say he hardly checked out, leaving a cell phone behind. The maid rushed it to the front desk. New York Police took Strauss-Kahn off an air France jet minutes before departure for Paris. While reporters gathered for a potential court appearance Sunday Strauss-Kahn's attorneys argued with the Manhattan district attorney's office on a bail deal. Strauss-Kahn consented to physical and forensic examinations which led to a delay in any arraignment Sunday night.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: -- willingly consented to a scientific and forensic examination tonight.

UNIDENTIFIED MALE: Can't hear what you're saying, sir.

UNIDENTIFIED MALE: Our client consented to an examination tonight at the request of the government. That's being done in light of the hour we've agreed to postpone the arraignment until tomorrow morning and we expect to be here in court with him tomorrow.

UNIDENTIFIED MALE: How is your client doing?

UNIDENTIFIED MALE: He's tired but he's fine.

UNIDENTIFIED MALE: Thank you very much.

(END VIDEO CLIP)

ROTH: A source says that Strauss-Kahn was picked out of a lineup by the alleged victim. He has no diplomatic immunity. His passport we believe was taken away. A lot of developments still to occur on this Monday after a shocking weekend.

ROMANS: His attorneys say he's going to -- he's not guilty of this crime.

ROTH: That's right. Attorneys from Washington, New York, he's hired some high profile attorneys, the attorney in New York, Ben Brafman, involved in a lot of celebrity cases, knows how to use the media to make his case.

VELSHI: We'll have more information through the morning. Thanks very much.

ROMANS: Strauss-Kahn's wife is coming to her husband's defense Ann Sinclair is an American-born journalist. She hosted one of France's most popular political TV shows for more than 13 years and covered the 2008 U.S. presidential race for French newspapers and television. She issued this statement following her husband's arrest, quote, "I do not believe for one second the accusations brought against my husband. I have no doubt his innocence will be established."

VELSHI: And in just about half an hour, 7:30 eastern, live to Paris. CNN's Jim Bittermann has reaction to the news of Strauss-Kahn's arrest and the impact that it's going to have on the political direction of France. Remember, he was the front runner in next year's presidential races. And also the effect on the global economy because he was the head of the IMF. We'll stay on that story.

Happening right now, here in the United States, the water from the swollen Mississippi River is now pouring through something called the Morganza spillway in Louisiana. The army corps of engineers opened the floodgates over the weekend. It's the first time in 40 years they've done that. This is a controlled release, designed to protect Baton Rouge and New Orleans from catastrophic flooding.

ROMANS: But diverting the water to save Louisiana's two largest city has sacrificed low lying rural areas. This animation shows you the areas flooded and can expect to be flooded out by the end of this week. As the swollen Mississippi makes its slow crawl downstream, thousands of people in harm's way are giving up sandbagging and just getting out while they can.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: I'm picturing like on TV, I'm so scared we're going to have the water over the rooftops like some of those poor, unfortunate people. It's just so unreal. This house was built in '63 and it survived the flood in '73. So we just pray that it will survive the flood of 2011.

(END VIDEO CLIP) ROMANS: Take a look at this. The people in the path and on the run might be summed up in a sign like this, "Hope you appreciate this Baton Rouge. You're welcome."

VELSHI: That's written by somebody who is in one of the areas flooded or being flooded. In fact the person who wrote that sign spoke to CNN's Ed Lavandera. Ed is live in Butte Larose, Louisiana. Good morning.

ED LAVANDERA, CNN CORRESPONDENT: Good morning, Ali. This is the river you see behind me where water from the Morganza spillway is pouring into. Nine of those floodgates are now open and it's causing evacuations in the early parts of this river.

(BEGIN VIDEOTAPE)

LAVANDERA: This neighborhood in Krotz Springs could soon be sitting in as much as 15 feet of water.

UNIDENTIFIED MALE: We tried to move all the furniture yesterday.

UNIDENTIFIED MALE: It's going to be bad.

LAVANDERA: Jake Nolan knows it's time to get his family out.

JAKE NOLAN, KROTZ SPRINGS, LOUISIANA RESIDENT: We just moved everything in here. And now we're in the process of taking everything back out and bringing it to my other sister's.

LAVANDERA (on camera): You have no choice?

NOLAN: I have no choice. I mean if not I'm going to lose everything. LAVANDERA: But Nolan and his wife have a bigger problem.

NOLAN: Today's her fourth birthday.

LAVANDERA: Little Mya doesn't have a birthday cake, and she's afraid of the floodwaters.

NOLAN: She can't swim and hears the stories of everyone, the water rising, so she's scared she won't make it out.

LAVANDERA: Since the opening of the Morganza spillway, the massive rush of water is now taking a long, destructive path down the river basin away from the Mississippi river. In Saint Landry parish about 750 people in 240 homes were told to evacuation. Eight years ago Connie Boudieu (ph) moved on to the banks of three mile lake, her slice of heaven.

UNIDENTIFIED FEMALE: This is where I have home, family, kids come in, grandkids spend time, jet ski, four wheeling. This is my home.

LAVANDERA: She's packing it up including her iguana. She's been told to expect ten feet of water and it could take a month or even longer to dry out.

LAVANDERA (on camera): What's the mood now that so many are packing up?

UNIDENTIFIED FEMALE: It's bad. It's sad. And depressing.

LAVANDERA (voice-over): After days of warning it's now the last chance to get out of the water's way. Brett isn't messing around. He's moving his entire trailer to higher ground.

UNIDENTIFIED MALE: Never seen it like this before in my life. It's crazy, unreal.

LAVANDERA: But Eddie won't let the flood get him down. He looks forward to fishing here again with his boys.

UNIDENTIFIED MALE: We are fortunate we have what we have and we have an opportunity to get out. Material things we can replace. Our family and what we believe in daily is just -- can't put prices on that.

LAVANDERA (on camera): Did you put up this sign?

UNIDENTIFIED MALE: I put it up. I'm proud of that sign, because it's just what we say. We will be back.

(END VIDEOTAPE)

LAVANDERA: And Ali, this is a very slow process in terms of flooding this river basin. Over the weekend, they started opening the gates of the Morganza spillway one at a time. They're now up to nine. That is a deliberate process to give people the opportunity to pack up and get out of these areas that will soon be flooded. Ali and Christine? VELSHI: Thanks very much. We'll check in with you later in the morning.

ROMANS: Shifting to bloody violence erupting along Israel's borders with Syria and Lebanon. Israeli troops confronted pro-Palestinian protesters armed with stones. Demonstrations marked the anniversary of the creation of the Jewish state. A dozen people were killed, hundreds more wounded. Israel says its troops were defending its borders while both Syria and Lebanon criticized what they called Israeli attacks.

VELSHI: And Massachusetts Senator John Kerry is in Pakistan this morning pressing government officials on what they may have known about how Osama bin Laden was hiding in plain sight in Pakistan. Kerry says this is a critical time for U.S.-Pakistani relations.

(BEGIN VIDEO CLIP)

SEN. JOHN KERRY, (D) MASSACHUSETTS: We are at a moment where we have to resolve some very serious issues. This is not a moment for anything except very sober, serious, discussion with an understanding that there's a lot at stake. There's no other way to put it.

(END VIDEO CLIP)

VELSHI: The head of Pakistan's military told Kerry they had, quote, intense feelings about the U.S. raid that killed bin Laden. Kerry traveled to Islamabad after a two-day trip to Afghanistan.

ROMANS: A new era begins today in Chicago, the era of Rahm Emanuel. The president's former chief of staff will be sworn in today as Chicago's mayor, the first transition of power in 22 years in the windy city. Vice President Biden is expected to be on hand for that.

VELSHI: Two guys who are known for speaking their mind.

ROMANS: There will be open mikes, gentlemen.

(LAUGHTER)

VELSHI: You can call this the "don't touch my junk bill." The Texas house passed a bill that would make invasive pat-downs at airports a crime. It bans searches that could be offensive to a reasonable space. TSA agents could face a $4,000 fine and one year in jail under the measure. I imagine lawyers for the Texas government and the TSA are going to be involved in this because TSA agents have the defense they are undertaking something that is --

ROMANS: National security.

VELSHI: National security and required by their employers. But this conversation, this issue continues to be in the forefront.

ROMANS: Rain coming in sideways, straight line winds bending and breaking palm trees, incredible video of an intense thunderstorm that formed over Florida yesterday. Several inches of rain flooded some streets and at least one funnel cloud was reported.

VELSHI: And speaking of weird weather, the dust devil tearing through a fifth grade graduation party in Tucson, Arizona this weekend. It lifted up a blow up bouncing castle and wrapped it around a light pole. Wow. Parents got the kids out of the castle with only seconds to spare. A number of children suffered minor injuries but nobody was in the bouncy thing when it got lifted up by the dust -- can you imagine?

ROMANS: How quickly the parents thought we have to -- pulling those kids out of there.

A lot of excitement in an apartment complex in Albuquerque. A 140 pound brown bear began wandering over the weekend looking for food. He ran up a tree before wildlife officials tranquilized him, lowering him gently down with ropes and relocated him. That gives us an excuse to resurrect this oldie but goody.

VELSHI: This is Montana.

ROMANS: He was fine.

VELSHI: He was fine. I only show you because he was fine. Bumps on the trampoline once, and then off.

ROMANS: And the trampoline was on purpose.

VELSHI: They put the trampoline and tranquilized the bear. Animal control officers are really good at trying to save these animals. I thought that bear was hurt when we first saw it. The bear was fine. But he was like loose. You know. It's always when you're -- you tighten up when you fall. If ever you drop from a high place -- just relax.

(LAUGHTER)

ROMANS: All right.

VELSHI: We got a shuttle launch coming up in less than two hours from Endeavour. It's the final flight of the space shuttle Endeavour. I never get tired of this shot but that's Mark Kelly on the right there commanding this trip. John Zarrella live at Kennedy space station. We're going to be -- Kennedy space center, watching this along with him.

ROMANS: Talking about the value of an education. You know the value of the college education in those people right there.

VELSHI: You can't be an astronaut without a college education.

ROMANS: There are hundreds of dollars of education investment in those people.

And potentially good news for coffee lovers. Fill her up. Prices could be coming down. We'll tell you why. It's 11 minutes after the hour. (COMMERCIAL BREAK)

ROMANS: Welcome back to AMERICAN MORNING. It's all system go for Space Shuttle Endeavour's final flight.

VELSHI: I'm excited about this.

ROMANS: A live look at the launch pad at Kennedy Space Center in Florida. The hatch just about 20 minutes ago they closed it.

VELSHI: So they're inside.

ROMANS: That's right.

VELSHI: That we're looking at.

All right. The six astronauts suited up for NASA's next to last shuttle mission, it's early this morning, 8:56 is when the launch is going to be Eastern Time. There is an electrical problem that scrubbed the launch two weeks ago. That has now been fixed and you're looking at mission commander Mark Kelly. He leads the crew on a 16- day trip to the International Space Station and it is his fourth trip into space.

ROMANS: But it's his first since his wife, Congresswoman Gabrielle Giffords, survived being shot in the head. She is there to watch this launch in person, which in and of itself is a big story.

VELSHI: Yes.

ROMANS: Big stories wrapped up in one. Our John Zarrella is there live at Kennedy Space Center as well. So if they're in the hatch but they haven't, like, locked down their visors yet, right?

JOHN ZARRELLA, CNN CORRESPONDENT: Right. Exactly. And you were mentioning Gabrielle Giffords, she's going to be right over at the launch control complex on the roof with the families of the other astronauts to watch the liftoff. That's a couple, 300 yards away from where we are right now. So she and the others will have a terrific look at it.

Mark Kelly just tweeted out a few minutes ago, we should be pulling off earth in a couple of hours. Well, hopefully, there's one little glitch that's come up. Right at near the hatch where they close the hatch, there's a little scrape on one of the thermal tiles, about an inch long scrape, they've had this issue before. It's not in an area that takes a tremendous amount of heat, so it should not be a showstopper. But the engineering teams are looking at that just to make sure and see if they can cover it up with something or what they're going to do about that little scrape on one of those thermal tiles.

And, you know, Endeavour making its 25th flight. It is the youngest of all of the space shuttles and it has had a tremendous career.

(BEGIN VIDEO CLIP) ZARRELLA (voice-over): Endeavour, the newest of the orbiters, might never have been built if not for a terrible accident. In the aftermath of the loss of Challenger in --

(END VIDEO CLIP)

ZARRELLA: So, well, the Endeavour is, again, as I was saying, might not have ever been built except for the fact that the Challenger accident, after that, the president, Ronald Reagan, said we will continue on, we will press on. Endeavour was then built and flew. Most of the missions that Endeavour flew were to the International Space Station, construction missions, building the International Space Station. And now on its final flight, returning to the space station before it is retired and will ultimately go out to California, to the California Science Center where it will be permanently on display -- Ali, Christine.

VELSHI: All right. So, we have one little thing that we're -- you're going to stay on top for us. Come and let us know as soon as you have an update on that. But other than that, we are expecting that window for launch to open at 8:56 a.m. And it's about a five-minute window that they've got to launch. Why is the window so narrow, John?

ZARRELLA: Well, because in order to hit the space station which is moving and for them to actually be able to rendezvous with it at the proper point in time and catch up to the space station, they have a five-minute window each day. And some days, you know, and, of course, it slides every day a little further back, so if they don't go today, we'd be 20 minutes or so earlier tomorrow. But literally in order to catch up to the space station and to rendezvous, they have only five minutes every day to make the launch.

ROMANS: All the engineering and precision that goes into this, so interesting.

ZARRELLA: Yes.

ROMANS: All right, John. We'll talk to you again soon.

You know, live coverage of the launch of the space shuttle Endeavour's final flight is going to start here at 8:50 right here on AMERICAN MORNING. We're going to bring it to you. So, you know, get a cup of coffee, get ready for work, come back.

It's 18 minutes after the hour.

(COMMERCIAL BREAK)

VELSHI: It's 22 minutes after the hour. "Minding Your Business" now.

Earnings from a number of major retailers are expected to sway stocks this morning. Right now, the Dow is expected to open slightly lower after closing down more than 100 points on Friday. The Nasdaq and the S&P were also down on Friday.

The CEO of Starbucks saying they expect coffee prices to begin falling soon from their 34-year high. He blames market speculation, not just supply and demand for the current spike.

McDonald's about to change the way you order your Big Mac. The restaurant chain reportedly installing touch screens at its restaurants in Europe so customers can enter their own orders. No word when or if the technology is coming to the United States.

Well, getting there is getting more expensive. "USA Today" reporting toll agencies in 31 states have already or are planning to increase tolls this year. They say it's needed to make up for budget cuts.

And two dozen CEOs telling "CNN Money" they believe the economy is getting better and they plan to hire more workers as a result. Their main concerns are higher gas and commodity prices. Check out CNNmoney.com for the full story.

Your top stories are only minutes away. AMERICAN MORNING is coming right back.

(COMMERCIAL BREAK)

ROMANS: The spillways are open and water from the Mississippi River is pouring through that Morganza Spillway heading downstream. Mother Nature with help from the Army Corps of Engineers will save Baton Rouge and New Orleans from a flooding disaster, but rural areas of south central Louisiana, they have to sacrifice to make that happen. Homes could be under 15 feet of water by the end of the week. People are being told to evacuate and they may have to stay away for up to a month.

Guy Cormier is president of St. Martin Parish. He joins us now from Butte La Rose, Louisiana.

Welcome to the program. I mean, these spillways they're designed to do this, to relieve pressure from the system. Unfortunately, for your residents, relieving pressure from the system is going to flood their homes, their businesses, to save the bigger cities downstream. How's that making people feel?

GUY CORMIER, PRESIDENT, ST. MARTIN PARISH: It's heart-wrenching. I mean, we know that we live in -- these residents know that they live in a spillway without a doubt. They know that. They knew that when they moved in. The last time the structure was opened up was 1973 and it's only been opened one time. So it was finished in 1958 and now, here we are, 2011, and they're using it again to save those bigger cities. Totally understand that, but, you know, if it's one person that's going to be affected, or thousands of people that's going to be affected, it makes a difference.

ROMANS: Yes. Still hurts.

CORMIER: It just tears my heart out to know that these people's lives are fixing to change, yes.

ROMANS: It still hurts. And, you know, for some of these folks who are trying to move their stuff out, we know that 36 hours ago is when they really sort of opened that spillway first. Have you seen the water start to rise yet? Is it happening yet there?

CORMIER: Yes, it's rising. It's a slow, painful rise but it is rising just a little bit every night, just as expected. They said that the waters of the Morganza would be here for about 36 hours from when they did it. And we did see a little bit of a jump and rise last night and that will probably continue throughout this week and the residents here are very aware of that. Probably have about a 90 percent evacuation as of right now.

ROMANS: So how many structures, how many homes do you think are going to be wrecked by this?

CORMIER: Probably about a thousand structures here. I would say that probably 75 percent of them will receive some type of water damage. People who have built under the new codes are built with that in mind being that they know that the river would get up real high eventually. They'll be OK. But the ones that have older homes and older structures, you know, that will definitely see some water.

ROMANS: Mr. Cormier, the irony here is that you were suffering through a drought before this happened.

CORMIER: Yes, we still are. We haven't received any kind of significant rain in these parts in my parish for months. And it's weird that, you know, here we are fighting floodwaters in the middle of a drought and it's just -- it's unexplainable. I don't know how else to say it other than the fact that, you know, we recognize that the north central part of the United States received, you know, more than 500 percent rainfall than they normally have and all that water has to travel down, you know. So, it is a weird feeling.

ROMANS: Let me -- you know, Katrina, Hurricane Katrina, Rita, Ike, Gustav, the oil spill, now the water is coming through the Morganza Spillway. I mean, how many people just moved out and haven't come back or what is it about the people of your parish that makes them sort of endure all this? This has been a rough, rough few years.

CORMIER: Louisiana is known, we are fighting people, especially in south Louisiana. And just like these waters are going to rise behind me, and that rising of that sun, that beautiful sun that's behind me, we're going to rise again.

It reminds me of the old Randy Newman song that says "Louisiana they're trying to wash us away, well, we're not going to get washed away. We're resilient people." You're right, we've had, you know, just natural event after natural event and we keep coming back.

Just want the rest of the nation to know although it's just a few communities that are suffering this damage, the rest of our area is opened up for business. We're here in Louisiana to give you a good time. We play hard, but we work hard and we want you to come and enjoy some of the hospitality we have here in Louisiana.

ROMANS: All right, Guy Cormier, the president of St. Martin Parish. Keep everybody safe over the next few days if you will and best of luck to all of your residents over the next month or so as they try to get back home, OK?

CORMIER: Thanks a million. Appreciate it.

ROMANS: All right, thank you. Ali --

VELSHI: Christine, both you and I have experienced the hospitality of Louisianans in tough times and they are hospitable all the time.

OK, bottom of the hour now. Let me bring you your top stories, a man in charge of the world's money is expected to be arraigned later today on an attempted rape charge.

IMF Chief Dominique Strauss-Kahn was pulled off the plane moments before takeoff on Saturday and arrested. He is accused of trying to force himself on a hotel maid, but he's denying the charges. We'll have more on that story in just a moment.

Now this just in to CNN. This may finally solve the mystery of why a plane literally fell from the sky. French investigators say they've opened the black boxes from Air France Flight 447 and the information is intact. Data was downloaded from the flight recorders over the weekend.

They were recovered from the bottom of the ocean nearly two years after the plane went down. All 228 people on board the flight were killed when it crashed hundreds of miles off the coast of Brazil.

And that gene that makes you fat, well, British scientists say they found a gene linked to type 2 diabetes and cholesterol that is a master switch for obesity.

Experts are stressing this isn't an excuse to sit around, but that it could help in developing treatment for disease linked to obesity, like type 2 diabetes, which has reached epidemic levels here in the United States.

ROMANS: All right, back to our top story this morning. France's presidential election campaign now in turmoil with the arrest of the International Monetary Fund's chief. Dominique Strauss-Kahn was a frontrunner in the polls, in the public opinion polls before being charged over the weekend with trying to rape a New York hotel maid.

(BEGIN VIDEO CLIP)

VELSHI (voice-over): You're looking at him in the middle of the screen there. He's facing arraignment after police yanked him out of a first-class cabin of a Paris-bound flight from JFK on Saturday night.

(END VIDEO CLIP)

VELSHI: Jim Bittermann joins us live from Paris. Jim, this has a couple of implications here. It could have major economic implications for the world because of his role at the IMF, but also major political implications in France, where he was a candidate for the presidency. JIM BITTERMANN, CNN SENIOR INTERNATIONAL CORRESPONDENT: He was a candidate. Well, he hadn't declared himself yet, but in fact was in all the opinion polls he was the leading candidate. He was the man who could easily defeat incumbent President Nicolas Sarkozy.

So in fact, the Socialist Party in which he was a member were looking to him to really put them back in power. This morning, at the Socialist Party headquarters, people are despondent, in tears, one spoke of the unspeakable cruelty of watching Dominique Strauss-Kahn being led away by police in handcuffs, something they thought they would never see.

Of course, the idea that he would have any future in French politics was answered by the Socialist Party newspaper this morning that said "DSK OUT." It's DSK, Dominique Strauss-Kahn, and "out" you can understand in any language, Ali.

VELSHI: Jim, what's happening right now? I mean you shown us the newspapers. Is there something active going on in France about this?

Are they -- is anybody talking about any legal positions on what they're going to want to do? Are they going to want him to bring him back to France or let this play out in the United States?

BITTERMANN: Well, it there have been a couple things happened. For one thing, in terms of the presidential campaign, on the Socialist side, they say they're going to hold to.

The objective is still to defeat President Sarkozy, and that mission is still on whether it's Dominique Strauss-Kahn who leads the battle or someone else, most likely now someone else, that's the goal.

On the right, in fact there's not a lot of glee because Sarkozy really didn't have that much of an advantage going into the election campaign. He was in some of the opinion polls as low as fourth among the candidates so not a lot of satisfaction on that side necessarily, although Strauss-Kahn was obviously the biggest threat to the president.

On another front, there has been a case, at least one more case, surfaced here, of sexual indiscretion. The mother of a young lady who was -- claims that she was aggressed by Strauss-Kahn nine years ago.

And never brought police complaint at that point, now says that her daughter may bring another complaint against Strauss-Kahn. So if that's the case, then in addition to the legal woes that he has in the United States, he could well face some legal woes here in France. Ali --

ROMANS: Jim Bittermann, just amazing to, again, I keep saying this very high profile French diplomat essentially picked out of a line up in Manhattan by the special victims unit.

VELSHI: There's a distinction though because while you may -- he works in diplomatic circles from a legal perspective, he's not one. Strauss-Kahn scheduled to be arraigned in the next few hours, it's important to understand how the legal process might play out with such a high profile suspect.

ROMANS: Joining us now to sort through it all. The legal contributor for "In Session" on our sister network TruTV and former federal prosecutor, Sunny Hostin. Sunny, Strauss-Kahn has apparently agreed to forensic testing. What will that tell investigators? What's important about this?

SUNNY HOSTIN, LEGAL CONTRIBUTOR, "IN SESSION" ON TRUTV: Well, it probably means he agreed to provide a blood sample for DNA testing. I think what's going to be really important though is the forensic part.

That means he's probably also agreed for photographs to be taken of his body to show possible injuries that are consistent with the victim's statement. And that's something in this sort of he said/she said type of case, which it's very, very important.

VELSHI: All right. Again, that issue of diplomacy versus not, technically the head of the IMF isn't a diplomat. He's not a U.S. citizen. So what kind of treatment does he get as an accused?

HOSTIN: He gets treated like everyone else without diplomatic immunity. It sort of like the Amanda Knox case, when you go to another country, you submit yourself to the laws of that country.

So that's why you're seeing him on television sort of doing the perp walk. He's doing everything that would be done to any other defendant.

ROMANS: He denies the charges. What - I mean, what are prosecutors going to try to do next and what is his potential defense in a case like this?

HOSTIN: Well, his attorneys and he's lawyered up. He's hired Benjamin Brafman who, you know --

ROMANS: He's a well-known, very good attorney.

HOSTIN: He represented Plaxis Bersy and P. Diddy so he's lawyered up. I think what is going to happen here is that the prosecution obviously thinks this victim is credible. He would not have been yanked, put it frankly, off of an airplane by the port authority police officers had they not found this victim credible.

She's pointed him out in a line up. I think it's going to be business as usual. I called the D.A.'s office yesterday, last evening and they said they're not going to make comment right now because the arraignment is pending.

But he probably will be arraigned this morning even though I think there's a bit of fancy lawyering going on because of this forensic examination. He's obviously saying I didn't do this and he's now submitted to this forensic examination.

ROMANS: Do you think he's a flight risk because that's going to be something they discussed - in the bail negotiations? HOSTIN: There is no question he's a flight risk because, again, he got yanked off this airplane. And so I think possibly his passport, if it hasn't been yanked, it's going to be yanked and he has to post a very, very high bail.

VELSHI: Is there -- put yourself on the other side, is there a logical defense that he can offer?

HOSTIN: Absolutely, it's he said, she said. What if he says there was a sexual encounter, but it was consensual and I think that's why the forensic part is so interesting.

Also let's say he has some sort of different physical characteristics that are unique. Those photographs will show that and that may be consistent with her statement and that's why the government wanted that. They want to prove up what the victim is saying.

ROMANS: If you're a prosecutor do you try to play the power and privilege kind of hand on this? Is that what you play to a New York -- to hear -- I guess, it's state court, right?

VELSHI: Law and order that's how we treat it.

HOSTIN: But I don't think so because -- yes, he's the head of the IMF. Did she know this? I mean, he's not sort of this high-profile person that you see on television all the time. I don't know that will work, but I think the privilege part will.

Because does someone really think that they can come out of a bathroom naked and be so sexy, as to sort of, you know, entrance this woman that doesn't know anything about him. So I think there's that something a prosecutor will sort of glom on to.

ROMANS: All right, it's a fascinating story and we're going to continue to follow it for sure. Thanks, Sunny.

All right, ahead on AMERICAN MORNING, more of your responses to our question of the day.

VELSHI: We're asking if college is worth it. We're getting some very interesting responses from you. Tell us what you think. E-mail us, tweet us or send us a message on Facebook or go to our blog.

ROMANS: And some people are telling us, yes, it's worth it, but I don't have a job yet.

Also, a warning to teens, drop out of school, maybe you can lose your driver's license. What do you think about that?

VELSHI: Well, I think it kind of hinders you from doing any other work, but we'll tell you about it.

ROMANS: The juxtaposition of those two stories, if college worth is, if you drop out of school, you're going to lose your driver's license.

VELSHI: It's 40 minutes after the hour. We're coming right back. (COMMERCIAL BREAK)

VELSHI: We have our new couch.

ROMANS: I like it.

VELSHI: I like this too. Our question of the day, is pegged off a new study, which looks at whether a college degree is still affordable. We're getting a lot of responses on this morning.

So we want to know what you think about it. Is a college degree worth it? Now that's a different question than affordability a little bit.

ROMANS: Well, I think a college degree -- the consensus from this Pugh study was that college degree is worth it. Is a college degree affordable? No.

VELSHI: Two different questions, yes. It was on the question of whether or not had it's worth it. We have these comments from you that we want to read.

Jonathan says, today is first day of the start of my career. He's one of these weekend graduates. Congratulations, Jonathan. I'm being well paid and don't think I would have gotten the job without going to college. It is worth it.

ROMANS: Sainttweeter says, heck no college isn't worth it. I graduated over two years ago and I'm stuck with a crappy part-time job drowning in debt.

VELSHI: But two years ago was really the worst of it.

ROMANS: Yes, your timing wasn't very good, buddy, but I'm hoping it's going to get better for you.

VELSHI: On our CNNAM blog, Kelly says no college is not worth it. I have two degrees and I'm unemployed. I would have been better off working at McDonald's all my life and moving up the ladder than all the years wasted in school and looking for a job. It's all about who you know these days.

ROMANS: And Debar says, used to be any degree was worth it. Now, better be in the right field or get used to the saying do you want fries with that? The right field is very, very important. You can graduate in an awful lot of debt and not be in a field that's growing and it's just really going to hurt you.

VELSHI: All right, keep your comments coming, send us an e-mail, a tweet, tell us on Facebook, we're going to read more of your thoughts a bit later. You can tweet us @cnnam @christineromans or @alivelshi.

ROMANS: This story is so - this extreme moat story, I love it. Hundreds of homes are under water in the south, but one man, he built a fortress to keep the water out of his home.

Check this out, a man in Arkansas decided to ride out rising floodwaters by building his own levee and digging a moat around his property. One hundred neighbors pitched in on this project.

He's been sleeping in the home in a life jacket ignoring a mandatory evacuation to stay back and monitor his water pump.

Rob Marciano is here, 44 minutes past the hour. Sleeping in a life jacket sounds very uncomfortable.

VELSHI: Yes.

ROMANS: But the ingenuity of building your own levee and a moat is pretty interesting. Isn't it, Rob?

ROMANS: Rob Marciano is here, 44 minutes past the hour. Sleeping in a life jacket sounds very uncomfortable.

VELSHI: Yes.

ROMANS: But the ingenuity of building your own levee and a moat is pretty interesting, isn't it, Rob?

ROB MARCIANO, AMS METEOROLOGIST: It is. And it worked. And safety first. Always wear that life jacket, guys, maybe even on that new couch you want to wear, too, because if you sink too far in, I don't know how firm it is, but --

(WEATHER REPORT)

ROMANS: All right. I'm going to warm things up with a story that's going to make every parent want your kid to be like this. A high school freshman already thinking about his financial future. He invests his allowance instead of blowing it, you know, like $10 a week he's putting it into one of his many different accounts. I'm going to show adults that Smart is the New Rich. Actually, this kid Jordan is going to show you that Smart is the New Rich.

VELSHI: And the 2012 president race losing a potential frontrunner. Mike Huckabee says he is out of the race. So, who gets his support? Breaking down the field of the remaining candidates and those who haven't declared yet with Ed Rowlands. That's live, next hour right here on AMERICAN MORNING.

Forty-eight minutes after the hour.

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ROMANS: A major power player due in court today in New York to face an attempted rape charge. IMF chief Dominique Strauss-Kahn is accused of forcing himself on a hotel maid.

Unleashing a wall of water. The Army Corps of Engineers opening up the Morganza spillway in Louisiana, a relief valve for the Mississippi River, in hopes of saving Baton Rouge and New Orleans.

President Obama meeting flood victims today in Memphis, where the water is still 11 feet above flood stage. He's expected to give a commencement speech at Booker T. Washington High School.

Today is the day that the U.S. government will officially hit its debt limit of $14.29 trillion. Congress now has about 11 weeks to do something about it before the U.S. can't pay its bills.

Japan now extending the evacuation zone around its badly damaged nuclear power plant. They are also bringing in a giant barge to store radioactive water.

Lawmakers across the country looking at a new way to keep kids in school. Drop out and you could lose your driver's license. Twenty- one states have laws linking driving privileges and school.

And the bidding now more than, get this, $18,000 on eBay for Princess Beatrice's wacky royal wedding hat. It's being auctioned off to benefit two children's charities.

You're caught up on the day's headlines. AMERICAN MORNING is back in 60 seconds.

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VELSHI: So your average ninth grader is not known for making wise or informed financial decisions. But you have found a kid who is not your typical ninth grader.

ROMANS: Oh, yes. He's a ninth grader who's already budgeting for his future and he's setting an example for people twice his age.

(BEGIN VIDEOTAPE)

ROMANS (voice-over): Every other Friday, Florida high school freshman Jordan Lane Palmer deposits at least $10 of his allowance or lunch money into one of his four -- yes, four -- bank accounts.

JORDAN LANE PALMER, HIGH SCHOOL FRESHMAN: Yes, it's cash.

You can save up for something better. Don't just spend it on something that really is worthless, just to spend money.

ROMANS: Sage advice for most adults, let alone teenagers. But Jordan, he got started early.

KIMBERLY LANE PALMER, JORDAN'S MOTHER: The very first thing (ph) in his account was at the credit union.

ROMANS: And maybe it's that that financial acumen that helped him win a contest sponsored by the non-profit agency called the National Foundation for Credit Counseling. Jordan was one of 1,800 students across the country who submitted posters mapping out personal financial plans. This year's theme, be a superhero, save money.

He traveled to Washington, D.C. for the award and met Fed Chairman Ben Bernanke. Hey, a big day for the 14-year-old who started out small.

J. LANE PALMER: I saved up for action figures back then.

ROMANS: Now, he's saving for an iPod and some day --

J. LANE PALMER: I know we're definitely putting money aside for going to college.

ROMANS: Jordan credits his mother and grandmother.

K. LANE PALMER: His major account is for his college. Then he has a savings account. Then he has a checking account, which is important because I want him to know what it's like to write a check.

BEA LANE, JORDAN'S GRANDMOTHER: I don't think it's too early, but you take a two-year-old to the store and you let them know, no, you can only have this one thing instead of five or six other things. Or, it's either/or. If you get this, you can't have this. If you get this, you can't have this.

ROMANS: Lessons passed down from generation to generation and lessons Jordan has learned well.

J. LANE PALMER: It's important to create a budget first of all, so you won't overspend. Create different accounts like start saving from young age. Make goals. Like, if you start saving, what do you want to accomplish by when?

(END VIDEOTAPE)

ROMANS: See? It's as simple as that. And Bea Lane, I love what she was saying. You're creating these important lessons every time you go to the grocery store with your child. A two-year-old. Every decision you're making is an important financial decision.

VELSHI: Right, and keep in mind, for the first few years, you're generally creating bad economic questions because you give them stuff and they don't really know where it comes from.

ROMANS: Yes, you can have a lolly pop.

VELSHI: There are a lot of great lessons on how you can deal with your money in Christine's book, "Smart is the New Rich."

ROMANS: Yes, and that's one of the things we try to show is we try to show how you make the right choices and you lay the right groundwork and that is the important way to get ahead in what is an uncertain economy.

So, this kid Jordan, gosh, we love this kid and congratulations for winning that -- you know, Ben Bernanke --

VELSHI: Meeting Ben Bernanke.

ROMANS: It's anyone's lifelong dream to get a picture with Ben Bernanke.

VELSHI: You know, I think everything about this kid is good. I'm not sure how exciting the visit to Ben Bernanke was. But, you know, whatever. I'm glad he got it.

Your top stories are just minutes away, including the final launch of the Space Shuttle Endeavour, one hour away, actually, because the window opens exactly at 8:56 Eastern Time, one hour from now. We're going to have it all for you live, with some extensive coverage, too.

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