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October 8th, 2008
08:26 AM ET

Morning Buzz: Can I borrow a $billion ?

Penny Manis
AC360 Senior Producer

Good morning people.

While we were catching up on our zzzzzz’s overnight, markets were on a roller coaster ride, mostly sliding downwards. We woke up to fear around the world, and the Fed and fellow Central Bankers moved to shore up confidence by cutting interest rates in the latest attempt to inject cash into credit markets which have frozen up from this financial crisis.

Dow Futures staged a dramatic turnaround (+157 as of this writing) on the unprecedented coordinated rate cut.

Ali Velshi will follow the markets closely today and help us make sense of it all tonight and Suze Orman is also booked on our show so she can continue to offer advice on what to do with your money during these strange times.

Talk of the economy obviously dominated the debate last night between John McCain and Barack Obama. Obama directly connected McCain with Prez Bush as he blamed the crisis on the failed economic policies of the last 8 yrs promoted by our sitting President and supported by Sen. McCain. McCain meanwhile used this forum to announce an expanded plan to let the govt protect homeowners from foreclosure.

54% of those questioned after the debate said that Obama won, and 30% told us that McCain performed better. Who do you think did a better job?

Tonight our cup runneth over in terms of stories we have planned for you. Candy Crowley and Ed Henry will follow the candidates for us tonight, and Joe Johns will take a closer look at reports of an AIG expensive resort party held less than a week after our government had to bail them out. Meanwhile, Randi Kaye watched the debate last night with a dozen or so women and she will tell us if they heard what they wanted to hear from the candidates about the economy.

Ali Velshi will kick off a series we are starting tonight which we are calling “10 Most Wanted: Culprits of the Collapse” looking at who is to blame for this financial crisis. We will release one of these stories every night for 10 days and pinpoint some of the names/faces behind this mess. Who they are may surprise you. Michelle Obama is on Larry King tonight, so we will also run a chunk of sound from this interview in our show which airs right after Larry's.

It is already a very busy news day early this morning! And I’m only on my first cup of coffee. See you later folks!


Filed under: The Buzz
soundoff (8 Responses)
  1. earle,provincetown

    Since the signing of "NAFTA-CAFTA",and allowing "China" into the "G-8" ,(Free Trade) exclusive club,and basically doing the same with India(similarly to India's non-proliferation signature refusal,but having the US sell them nuclear material," building blocks,"anyway) all of our great financial lending institutions jump in head first to help these fledgling countries into the "New World Order". What did they jump into, that easy to explain. Twenty-five cents per hour, compared to our "Fifty Dollar per hour wages,sacrificing our manufacturing, and industrial sectors,but "GREED",destroyed them? They weren't satisfied enough with," Ten Fold Profits ", they wanted it all,so they cooked the books ,and put our homes up for collatoral,with the "Greatest Ponsi Scheme"ever ,and they all new, and I mean they all new!!! P.S. Not one of these crumb bums will go to jail,for shame...

    October 8, 2008 at 5:44 pm |
  2. Sharon Kitchen

    Sounds like you guys are off to a very busy day.
    After the report about to folks who caused this mess.......could someone do a follow up on the stories around the people who could not take the stress and the tragic only way out they thought they had.
    People need to be remembered.Whole families have been destroyed.
    Thanks.

    October 8, 2008 at 2:58 pm |
  3. Camina T. in Arroyo Grande CA

    Obama is ahead but he is may still lose because he is black???What ? Americans are going to bring that much racism to the polls? I do't think so. Americans are not going to bring that much racism to the polls. This is 2008. Racism is likely not going to vote but just stay home and maybe isn't even registered to vote anyways because racism isn't even close to mainstream anymore. It is way away marginal folks. As for the registered senior citizens who are just puzzeled by Obama's skin color(I have a day job working with some of those), they are not motived to vote at all or for McCain just because he is white. Gergen overrated the race card at the tables last night Andy. I couldn't have swallowed that grim debate without the cnn tables however. I just can't imagine Americans having to white out Kobe Bryant and friends just winning America Olympic Basketball Gold either. The race card is miniature minuscule. Or we have a even more hugely broken America.

    October 8, 2008 at 12:43 pm |
  4. Travis

    I have heard enough of how the Bush and the Republicans are the ones to blame for all of the finacial ills befalling our country. Democrats surely are culpable as well.

    Remember in civics class how we learned that CONGRESS controls the finacial pursestring of our country? Who has controlled congress for the last several years?

    Bush and McCain did not cause Katrina and they certainly are NOT the only ones to blame for financial crisis. EVERY politician including Obama is to blame

    October 8, 2008 at 10:49 am |
  5. Cindy

    In the debate last nigh I heard nothing new. It was the same old same old from both sides. As to who won, I think they came out even. Neither one trumped the other. And of course on your polls you can make them look how ever you want them to look by choosing the right people to ask by demographic and party affiliate then you know your poll will go the way that you want it to. I have looked on your competitors polls and they show a different story as to who won. So your polls really mean nothing.

    What I want to know is why did the candidates get the questions before hand. That beats the purpose of a town hall meeting. They are supposed to be totally clueless to the questions yet Tom Brokaw said that he got the questions before hand and gave them to each campaign. That is ridiculous! Is that the only way that Obama would participate? Probably so since he wouldn't do a town hall before with John.

    Cindy...Ga.

    October 8, 2008 at 9:25 am |
  6. xtina, chicago IL

    Your phrase "roller coaster" is apropos when talking about the stock market in general. The roller coaster car will go up again eventually. The free market never promises gains on your investments every day until you retire. But if a person does dollar cost averaging their entire adult life, the stock market will make you a higher return in the long haul.
    Which is why Barack Obama is wrong for America. He and his party don't want any American to have the freedom to ride the roller coaster. But shouldn't it be our choice to do so?

    October 8, 2008 at 9:15 am |