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September 25th, 2008
09:45 PM ET

Live Blog from the Anchor Desk 9/25/08

For what’s in the program take a look at tonight’s Evening Buzz.

Don’t forget to watch Erica Hill’s webcast during the commercials.  LINK TO WEBCAST

And take a look at Anderson and Erica on our live web camera from the 360° studio. We’ll turn the camera on at 945p ET and turn it off at 11p ET. LINK TO THE BLOG CAMERA

Wondering why some comments are posted while others aren’t?  Here’s a post that may help: LINK TO COMMENTS POST

We’ll start posting comments at 10p ET and stop at 11p ET.


Filed under: Live Blog
September 25th, 2008
09:21 PM ET

Evening Buzz: Bailout Deal? Think again.

Maureen Miller
AC360° Writer
 

Oh, how I wonder what's going on at the Treasury and on Captiol Hill right now. The bailout battle is still in full force tonight, eventhough there seemed to be some progress at mid-day.  A couple hours later, President Bush met with congressional leaders and presidential candidates John McCain and Barack Obama today at the White House hoping to clinch an agreement on the proposed $700 billion bailout for America's financial firms. It didn't work out that way.

"It will not solve problems, it will create more problems, we're rushing to judgment, that we do have stress in our market, but this is not the best way, we ought to look at alternatives," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee

There are other Republicans speaking out against the proposal. "I'm not on board yet. I want to see this thing," Sen. Jeff Sessions, R-Alabama, said. "What I don't like about this - and I'm very, very worried about it - I think this is probably the greatest concession of legislative power in the history of the republic, almost."

Democrats aren't praising the meeting either.

"There was a distraction this afternoon for two or three hours. I don't know how to describe it any other way than that. It had no productive value to the process we've been involved in," said Sen. Chris Dodd, D- Connecticut.

We've got all the raw politics tonight on 360, starting at 10pm ET.

And, we'd love to hear from you: Do you think the bailout deal will get done before tomorrow's scheduled debate? Or will McCain go through with his promise and skip the face-off because of the economic crisis?

We'd love to hear from you!


Filed under: Maureen Miller • The Buzz
September 25th, 2008
07:37 PM ET

O.J. Trial: Beardsley's hate fest

Editor’s Note:

O.J. Simpson is on trial for robbery and kidnapping charges nearly a year after police arrested him in Las Vegas, Nevada. Prosecutors say Simpson and five other men stormed into a Las Vegas hotel room last September 13 to recover sports memorabilia that Simpson said belonged to him. They say at least two men with Simpson had guns as they robbed two sports memorabilia dealers. The following dispatches come from our Paul Vercammen covering the trial.

--------------------------–

Paul Vercammen
CNN Senior Producer

4:15p PT

Alfred Beardsley called his arch enemy Tom Riccio a con man, a rat and a knucklehead and that was just for starters.
   
What the defense team hopes is more damaging, the afternoon witness called into question the authenticity of a secret recording Riccio made during the alleged O.J. Simpson armed robbery in Las Vegas.
   
"It's a work of art," Bearsley testified.
    
Beardsley said he could not authenticate the recording and implied it was doctored.
    
"Mr. Riccio's conduct immediately after was suspicious," Bearsley testified.
   
"He took a recording with him back to L.A where they have nothing but production houses that can change or alter the recording to his liking."     

Beardsley is suing Riccio in civil court and has testified Riccio has counter sued.

Riccio has called Beardsley criminally insane and has said he burned him in a prior business dealing.

Bearsley is currently imprisoned on a parole violation that his lawyer says stems from him trying to contact Riccio through a third party.

Beardsley stated he did not want to testify in the Simpson armed robbery trial.

He added that Simpson was targeted by Riccio.

Beardsley said he is not a victim.

September 25th, 2008
07:26 PM ET

The bailout revolt

John King      
Chief National Correspondent

Across the road and up into the hills, you can see the cattle slowly streaming down – first a few, then dozens more.

It is roundup day on the Rieder ranch, a sign of the changing season as the cattle is moved from leased federal land to the corral on a 3,000 acre ranch that has been in Dave Rieder’s family since he was four years old. A couple hundred heads in all, and as Rieder closes a gate behind them, he knows many will soon be sold for slaughter, so that he can pay the bank.

“Every legitimate rancher has to borrow $50,000, $60,000 maybe a quarter million dollars just to be able to pay your bills,” Rieder told us during a noontime visit Thursday.

The 8 percent interest he is paying this year stings, especially when you add in the rising costs of diesel fuel and fertilizer and the fact Rieder says what he gets paid for the cattle is roughly the same per pound as 30 years ago.

But what stings more are dire warnings from Washington that credit here in the breathtaking hills of Montana and across Main Street America could dry up if Congress doesn’t quickly pass a $700 billion Wall Street bailout.

FULL POST


Filed under: Economy • John King
September 25th, 2008
07:14 PM ET

Erica’s News Note: To end on a high note

Erica Hill
AC360° Correspondent

We are a nation drowning in credit card debt. The total on our collective plastic is far more than the bailout Washington is trying to cobble together, and to many of us, the zeroes are incomprehensible. Americans now carry $850 billion dollars in credit card debt. WOW. I’m a BIG believer in personal responsibility, and I’d like to campaign this election season for more of it – from everyone. Yet, when I hear about banks and credit card companies knowingly pushing people further into debt, I can’t help but cut the victims some slack.

Two former account managers for a major credit card company tell CNN they were paid to aggressively push cash advances, even getting customers to max out their available credit. "I would say 90 percent of the time, people were pragmatic. They would say, 'I don't need $100,000,' and we would find a way to convince them they needed the money," one woman recalled. The other former employee called the entire system “a great big con.” Makes you feel all warm and fuzzy.

Could any bank or credit card company really get away with this? Are they actively pushing us to overextend, in order to increase their bottom line? Deb Feyerick has your answers.

FULL POST


Filed under: Erica Hill • Erica's News Note
September 25th, 2008
07:12 PM ET

"Has our preparation been in vain?"

Mississippi students act as stand-ins as the Commission on Presidential Debates prepares, Thursday, for the presidential debate scheduled for Friday at the Ford Center in Oxford, Mississippi.

Mississippi students act as stand-ins as the Commission on Presidential Debates prepares, Thursday, for the presidential debate scheduled for Friday at the Ford Center in Oxford, Mississippi.

Graham Purcell
Student Body President at Ole Miss

We have been patiently waiting the day of the Presidential Debate since its announcement in November. With all of the anticipation and excitement, we are eager to see what the final result might be "Will there be two candidates?"

"Has our preparation been in vain?" We have looked forward to this day, and unfortunately, these questions now weigh heavily on the hearts and minds of those who have put so much effort into the debate.

Since classes started in August, the mindset of campus was to make it to the debate. From our Student Newspaper to the Half time show at the football games, everything has been geared towards a larger performance on this national stage.

Oxford, MS rarely has the eyes of the world upon us. As you shift your attention to our campus we hope you see the prodigious strides we’ve taken since the last time the world’s attention focused on Ole Miss, just 46 years ago.

Those whose perception of Mississippi or Ole Miss is clouded by the events of 1962 will marvel at the giant leap taken by our university. Today, students of every race and ethnicity comprise a diverse community proud of the opportunities that this university has to offer.

The Educational opportunities surrounding the debate have been tremendous. We have over 19 separate academic courses that are offered with a debate/election theme. Students participated in town hall meetings, forums, and debates in and around campus. However, the most dynamic aspect of this time is our opportunity to see the American political system at its best, right here at our own door step.


Filed under: Raw Politics
September 25th, 2008
06:36 PM ET

O.J. Trial: "The lowest expectations of America"

Editor’s Note:

O.J. Simpson is on trial for robbery and kidnapping charges nearly a year after police arrested him in Las Vegas, Nevada. Prosecutors say Simpson and five other men stormed into a Las Vegas hotel room last September 13 to recover sports memorabilia that Simpson said belonged to him. They say at least two men with Simpson had guns as they robbed two sports memorabilia dealers. The following dispatches come from our Paul Vercammen covering the trial.

--------------------------–

Former O.J. Simpson agent Mike Gilbert points to Simpson as he testifies during Simpson's trial.

Former O.J. Simpson agent Mike Gilbert points to Simpson as he testifies during Simpson's trial.

Paul Vercammen
CNN Senior Producer

Former O.J. Simpson agent Mike Gilbert testified briefly Thursday that he was given sports memorabilia by the ex football star.

Judge Jackie Glass limited Gilbert's testimony to extremely narrow discourse about receiving footballs and related material linked to Simpson allegedlly masterminding an armed robbery last year.

But outside the courtroom, Gilbert sounded off.

"This (Simpson) is a really bad guy who has lived down to the lowest expectations of America."
Gilbert went on to say that Simpson was given a second chance in life by being acquitted of the murders of Nicole Brown Simpson and Ron Goldman, but did nothing with the opprtunity.

"Everything from drug use to the way he talks to his kids," Gilbert said leaving the courthouse.
Gilbert also said he was not concerned with his limited testimony Thursday in the current robbery case, but is "more concerned that the State of Nevada get a fair trial."

September 25th, 2008
06:13 PM ET

Beat 360° 9/25/08

Ready for today's Beat 360°?

Everyday we post a picture – and you provide the caption and our staff will join in too.

Tune in every night at 10p ET to see if you are our favorite!
Here is 'Beat 360°’ pic of the day:

Republican vice-presidential candidate Alaska Gov. Sarah Palin, sits with Cindy McCain, wife of Republican U.S. presidential candidate Sen. John McCain at the Clinton Global Initiative meeting Thursday in New York City.

Have fun with it. We're looking forward to your captions!

Make sure to include your name, city, state (or country) so we can post your comment.
________________________________________________

Beat 360° Challenge

But wait!… There’s more!

When you win ‘Beat 360°’ not only do you get on-air prime-time name recognition (complete with bragging rights over all your friends, family, and jealous competitors), but you get a “I Won the Beat 360° Challenge” T-shirt!

Read more here….

Good luck to all!

Update: See the winners!


Filed under: Beat 360° • T1
September 25th, 2008
05:49 PM ET

Back to Basics: The treasury plan won’t work

Robert J. Shapiro
Co-founder & chairman, Sonecon, LLC

Years of reckless mismanagement by the self-styled masters of the financial universe and senior economic policy officials now leave us with no alternatives but major action – but the Administration’s proposals are neither the only alternative nor anywhere close to the best one.

The Treasury says we need its plan to address a liquidity crisis, with banks unable to secure the funds to lend to sound businesses that need to invest or just need to meet their payrolls. There is evidence that overnight lending to banks by other banks or other financial institutions is way down. But there’s no evidence of sound companies unable to get funds to meet operating requirements. Moreover, the Federal Reserve has opened its "discount" window and is prepared to lend funds to any financial institution and at below-market rates. The Bush Administration seems to be trying to steamroll Congress and the public: we have to conclude that there is no liquidity emergency that could conceivably justify the steps they propose.

The Treasury also says Americans have to be prepared to bankroll their plan, because more financial institutions are on the verge of insolvency, which would trigger serious problems for the economy. The insolvency or capital problem is self-evident, since these institutions created it. They borrowed hundreds of billions of dollars to buy mortgage-backed securities and to sell the default-protecting derivatives of those securities, all of which were patently speculative: they bought and sold them precisely because they produced very large streams of monthly income, and since financial markets trade off risk and return, their initial high returns signaled that they were very risky.

FULL POST


Filed under: 360° Radar • Economy
September 25th, 2008
04:46 PM ET

Ladies, vote with your purse

The women of the 2008 presidential campaign: Michelle Obama, Gov. Sarah Palin, Jill Biden, and Cindy McCain.

The women of the 2008 presidential campaign: Michelle Obama, Gov. Sarah Palin, Jill Biden, and Cindy McCain.

Ilana Goldman
President,
Women’s Campaign Forum Foundation

Women are shattering another record this campaign season. While women generally lag behind in political giving, they are poised to TRIPLE their giving to presidential candidates. That is truly the power of the purse.

For better or worse, money is a critical factor in acquiring political power. When women lag behind in giving, it means that women’s political will is not fully reflected. That’s why WCF Foundation works toward the day when women understand that electoral contributions are a critical part of political participation and achieving political power – and give accordingly .

Our new study, Vote With Your Purse 2.0: Women’s Online Giving, Offline Power  shows the incredible influence women can have on the electoral process through giving. From gifts as small as $10 and as large as $1,000, when women come together to financially support candidates they make a huge impact.

FULL POST

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