December 2nd, 2008
08:27 AM ET

Morning Buzz: Give Us Cash

Penny Manis
AC360 Senior Producer

A day after Barack Obama unveiled his new National Security Team, complete with former rival Hillary Clinton now his current BFF or the more technical term would be Secretary of State, the focus is once again on MONEY. He meets with the nation’s governors in Philly today, and they are expected to hit him up for cash to stay afloat.

The governors will discuss how the economic crisis is causing their state budgets to take a hit. Sarah Palin will be part of this meeting as Alaskan Governor and sure to capture or seek attention, depending on how you look at it. She is fielding more than a dozen book offers and hundreds of requests for interviews and appearances so for those who wonder why she is still in the mix, that’s why. Candy Crowley will have the latest.

Speaking of Palin, she was “the closer’ for Georgia Senator Saxby Chambliss who needs her to sway conservatives in that state in his runoff against Democrat Jim Martin. The last votes of the 2008 election year will be cast in this state today. Dems have 58 votes secured in the Senate right now. They need GA, and are hoping the recount of the Senate race in Minnesota works in their favor to reach the 60 they need for a filibuster-proof senate. Dana Bash has this story tonight.

Today is the deadline for the Big 3 automakers to reveal their economic recovery plans to Congress. Congress told them they would not get a Penny without a Plan to convince them they would use the money for innovation. Congress will chew over these plans and then the Big 3 CEO’s will hit Capital Hill Thurs/Friday for more hearings.

Apparently they learned their lesson from last time when they arrived in private jets, and a senator told them it was the equivalent of showing up to a soup kitchen in a tux. This time, the head of Ford will trade in his private jet for a Ford Hybrid and drive to the nation’s capital. Both GM and Chrysler say their bosses are going to travel on the cheap, too.

All this as there is confirmation we are in a Recession (duh, no kidding). The markets overnight took a nosedive on this news. We’ll see how today fares, after our own markets yesterday suffered one of the worst days since the financial meltdown. Ali Velshi will have the latest.

John McCain is in India today visiting leaders in the wake of the terrorist attacks in Mumbai last week. As we know he has deep foreign affairs experience and was on his way to Asia but made a stopover to help demonstrate US solidarity with India. We may hit Nic Robertson up for another update from Mumbai tonight.

See you at 10pet

Filed under: The Buzz
soundoff (8 Responses)
  1. Jen

    The big 3 want to make a statement? How about sending some of their workers in their personal vehicles? Even better, how about carpooling?

    December 2, 2008 at 5:24 pm |
  2. Joanne, Solvay, NY

    It's difficult for me to "get my head around" Palin having any career beyond Gov. of Alaska!

    December 2, 2008 at 4:40 pm |
  3. Annie Kate

    I find it amazing that Palin has book offers. She is so young and still building her career – what notable thing would she have to write about that anyone would want to read?

    I hope the big car dealers came up with a plan that Congress thinks will work and that will focus on cars people actually want to buy. At least they got the hint about flying down in their company planes. Glad to see they are traveling cheaper. I think the CEO of Ford is making the best statement by driving a hybrid to DC.

    December 2, 2008 at 10:59 am |
  4. Michelle D. Fonthill,Ontario

    Good Morning 360 AC and staff
    Money,Money more money ! Trying to stay afloat in the money woes! It's just getting worse and worse with the european markets taking a downward spoiral again yesterday I hope the automakers have some deatiled plan how to get out of thier debt so many jobs can be saved . I wish they would bail out John Deere plant in ontario from closing! Recession duh yeah tell it on the mountain ! and help all of the struggling people it's so sad.

    I look forward to the show tonight Thanks for the buzz

    December 2, 2008 at 10:04 am |
  5. Maria

    Happy morning Penny,
    As the big 3 reveal their rescue plans, no more private jet ride, I hope the money market will ran wild up again. We want some green numbers last for couple of weeks.

    December 2, 2008 at 9:59 am |
  6. John Rodriguez

    In 1993 the U.S. government and the U.S. automotive industry joined in a partnership to establish U.S. leadership in the development and production of affordable, fuel-efficient, low-emission vehicles that meet all customer needs. This partnership involves 7 federal agencies, the national laboratories, universities, suppliers and the United States Council for Automotive Research (USCAR); DaimlerChrysler Corp., Ford Motor Co., and General Motors Corp. On track to achieving its objectives, the program was cancelled by the Bush Administration in 2001 at the request of the automakers!?

    December 2, 2008 at 9:42 am |
  7. Cindy

    I hope now that Obama has picked Hillary for his SOS that all of the hoopla surrounding it will die down. It's been going on for weeks and I am tired of it! Move on please!!

    I hope Obama is ready to dole out some major cash!! A LOT of states are having serious money problems! Georgia has many plants that build and package items so this recession has really hurt them making them lay off people and even close. We are one of the hardest hit so far.

    I think the big 3 will have enough of a plan to get a bailout from us. But just because they have a plan doesn't mean that they'll stick to it. I hope that congress has someone watching over all of that mess and just doesn't give them money with no strings attached.


    December 2, 2008 at 9:24 am |
  8. Gloria Rice

    Will the Big 3 automakers eliminate the millions spent backing sports events?

    December 2, 2008 at 9:15 am |