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November 25th, 2008
09:49 PM ET

That's trillion, with a "T"

Treasury Secretary Henry Paulson sits down with Timothy Geithner on Tuesday.

Treasury Secretary Henry Paulson sits down with Timothy Geithner on Tuesday.

Jennifer Donahue
NHIOP Political Director & Harvard IOP Fellow

You can't blame President Bush for not dealing with the economic crisis. You can blame Secretary Paulson for not putting a mechanism in the $700 billion bailout plan Congress passed without building in the enforcement that banks actually provide some of that money to borrowers.

You can also now see that with Tim Geithner coming in from New York, Paulson's old stomping ground, he is focused on creating more than a handout to banks, but something that will allow businesses and families to borrow again.

That is economic stimulus. Some experts project the economy may need up to 3 trillion of it - yes, that's trillion with a T.

From his "Office of the President-Elect" podium, Obama is showing that he is already on the job. This was enough to rally the market yesterday.

That doesn't mean the economy is fixed – it means the Street wants liquidity, and confirms that the Obama and Bush administrations may be working together to get that money out of the banks and into the economy.


Filed under: Barack Obama • Economy • Jennifer Donahue • Raw Politics
November 25th, 2008
09:47 PM ET

Gratitude despite the crisis?

Dr. Gail Saltz
Psychiatrist

This thanksgiving an abundance of families are going to be thinking, “What exactly do I have to be thankful for?”  Thankful I still have my home, though it’s worth less than ever? Thankful I have the holiday off from my job, though I may not have a job shortly? Thankful I planned and saved for my future, though I am watching those savings dwindle on a daily basis? It certainly can seem difficult to mount a feeling of appreciation in the midst of evolving disaster.

Interestingly though, gratitude is exactly the antidote to feeling stressed and angry. In fact, it is the people who manage to count their blessings in the smaller pleasures of life that fare the best in times such as these. If noticing how lovely the trees are, or enjoying how lucky you are to think your spouse is funny is not the kind of thing that would come naturally to you…fear not, it simply means you have to make more effort to stop and notice such parts of life and then consciously register your gratitude for them. You have to “work out” your gratitude muscle. For many people what works best is making a daily list of three to five things (any things at all) that you appreciate. Writing them down in a journal is even more effective, allowing you to review the long list from time to time.

FULL POST


Filed under: Dr. Gail Saltz • Economy • Raw Politics
November 25th, 2008
09:46 PM ET

Obama and Detroit

Workers leave a General Motors Powertrain plant last week.

Workers leave a General Motors Powertrain plant last week.

Ron Dzwonkowski
The Detroit Free Press

Given everything else he will have to confront upon taking office Jan. 20, President-elect Barack Obama ought to do himself — and the country — a favor by devoting some of his pre-inaugural attention to the auto industry crisis. He doesn’t need a Big Three bankruptcy and resulting spike in unemployment coming across his Oval Office desk in the first month of his presidency.

Although as Obama keeps reminding the anxious country, America only has one president at a time and he’s not yet it, clearly he can exercise enormous influence on Congress as the incoming chief executive. Beyond that, he says he’s good at this sort of thing — bringing people together to craft solutions to tough problems.

Read more...


Filed under: Bailout Turmoil • Barack Obama • Raw Politics • Ron Dzwonkowski
November 25th, 2008
09:45 PM ET

Live Blog from the Anchor Desk 11/25/08

Want to be a part of tonight's newscast?  Just scroll down and share your thoughts on everything from Obama's latest picks for his administration to the new plan to rescue the U.S. economy and more.

If you're wondering why your comment didn't make the cut. It may be because you didn't follow the rules.  Sure, we know the old saying, "Rules are made to be broken."  But, keep in my mind, we're the cops. So, it make sense to play by our rules.

Here are some of them:

1) Don't write in ALL CAPS (we don't like screaming)
2) Stay on topic.
4) No curse words

Want to know what we're covering tonight? LINK TO EVENING BUZZ

Don't miss Randi Kaye's webcast during the commercials. She's filling in for Erica tonight. LINK TO WEBCAST

And take a look at our live web camera from the 360° studio. LINK TO THE BLOG CAMERA


Filed under: Live Blog
November 25th, 2008
09:19 PM ET

Evening Buzz: Obama's Defense Secretary Pick

Defense Secretary Robert Gates is expected to stay on, according to sources.

Defense Secretary Robert Gates is expected to stay on, according to sources.

Maureen Miller
AC360° Writer

Another day and another name is being added to "Team Obama". Defense Secretary Robert Gates is expected to stay on the job at the Pentagon in the new administration, according to sources close to the transition.

President-elect Obama will be inheriting two wars, in Iraq and Afghanistan. That's why sources have said he's interested in keeping Gates as Defense Secretary.

Do you agree with Obama's decision?

Tonight we're also tracking the latest cash infusion to fix the U.S. economy. Did you see the latest plan? We're talking about an extra $800 billion to help with the credit crunch. The goal: jumpstart lending by banks to consumers and small businesses.

Yes, the $800 billion is on top of the $700 billion bailout package for banks and Wall Street firms passed by Congress last month.

Is this a sign the original bailout plan is not working?

Treasury Secretary Henry Paulson says no.

"I wish, and I know everybody wishes, that one piece of legislation, and then magically the credit markets would unfreeze," he said. "That's not the type of situation we're dealing with."

Where is this new cash infusion coming from? CNN's Chief Business Correspondent Ali Velshi will explain the new plan tonight on AC360°.

Plus, did a woman push a teenager to suicide in a MySpace Hoax? Jury deliberations have begun in the federal trial in California.

Lori Drew, 49, is accused of conspiracy and three counts of accessing a computer without authorization. Investigators say she created a phony profile of a boy on the MySpace web site to harass 13-year-old Megan Meier.

Investigators say Meier wrote, "You're the kind of boy a girl would kill herself over" after getting messages from "Josh Evans".

Meier later hung herself in her home.

We'll have all these stories and more tonight on AC360°.
See you then.


Filed under: Maureen Miller • The Buzz
November 25th, 2008
07:47 PM ET

Prescription company case


CNN's Brian Todd reports on a prescription company that says it was targeted by extortionists.


Filed under: Keeping Them Honest • T1
November 25th, 2008
06:30 PM ET

Beat 360° 11/25/08

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 tonight at 10pm to see if you are our favorite!

Here is the 'Beat 360°' pic:

White House Chief of Staff-designate Rahm Emanuel listens as President-elect Barack Obama speaks during a news conference in Chicago, Tuesday.

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!


Filed under: Beat 360° • T1
November 25th, 2008
03:49 PM ET

Did Britain just sell Tibet?

Tibetan monks in exile read prayers during a protest in New Delhi, India.

Tibetan monks in exile read prayers during a protest in New Delhi, India.

Robert Barnett
The New York Times

The financial crisis is going to do more than increase unemployment, bankruptcy and homelessness. It is also likely to reshape international alignments, sometimes in ways that we would not expect.

As Western powers struggle with the huge scale of the measures needed to revive their economies, they have turned increasingly to China. Last month, for example, Gordon Brown, the British prime minister, asked China to give money to the International Monetary Fund, in return for which Beijing would expect an increase in its voting share.

Now there is speculation that a trade-off for this arrangement involved a major shift in the British position on Tibet, whose leading representatives in exile this weekend called on their leader, the Dalai Lama, to stop sending envoys to Beijing — bringing the faltering talks between China and the exiles to a standstill.

Read more...


Filed under: Raw Politics • Robert Barnett
November 25th, 2008
03:42 PM ET

Unsettling times for jihadists

David Ignatius
Washington Post

Let's try for a moment to read the mind of an al-Qaeda operative in the remote mountains of Waziristan as he listens to the news on the radio. His worldview has been roiled recently by two events - one confounding his image of the West and the other confirming it.

The upsetting news for our imaginary jihadist is the election of Barack Obama as president of the United States. This wasn't supposed to happen, in al-Qaeda's playbook. Its aim was to draw the "far enemy" (meaning America) ever deeper onto the battlefields of Iraq, Afghanistan and Pakistan. Instead, the jihadists must cope with a president-elect who promises to get out of Iraq and whose advisers are talking about negotiating with the Taliban. And to top it off, the guy's middle name is Hussein.

Before the election, the radical Sheik Yusuf al-Qaradhawi even issued a fatwa supporting John McCain: "Personally, I would prefer for the Republican candidate, McCain, to be elected. This is because I prefer the obvious enemy who does not hypocritically [conceal] his hostility toward you . . . to the enemy who wears a mask [of friendliness]."

Read more...


Filed under: Barack Obama • David Ignatius • Global 360° • Islam • Raw Politics
November 25th, 2008
03:41 PM ET

Sync, and Swim Together

Daniel Kahneman and Andrew M. Rosenfield
The New York Times

THE chief executive of General Motors recently said bankruptcy is not an option and that even talking about it hurts business. He is probably right.

Bankruptcy has worked well for troubled companies in many industries — by providing a way for them to adjust their contractual arrangements with investors, employees, suppliers, distributors, dealers and others. But it is not well suited to automakers because cars are durable goods that buyers hold and use for many years. Indeed, 8 in 10 consumers say they would not buy or lease a car from a manufacturer that files for bankruptcy.

Read more...

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