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Atlanta: returning to the main pageCNN news center after the tornado
President Bush met with Bernanke and Paulson to discuss economic issues.
The seventh and last crane accident in New York City in March 17, 2008
ETTHIS is a hurried transcript at 14: 00.
This copy may not be in final form and may be updated.
Don lemon, cnn anchor: What is it with Bear Stearns?
Not sure.
Wall Street wants to know who will become the fifth largest investment bank in the United States, but the wealth has reversed dramatically.
Fredricka whitfield, cnn anchor: It hasn't crashed yet, but its share price must have collapsed.
We'll see directly in the newsroom what this means for your bank, stock and credit.
Hello everyone.
I'm Fredricka Whitfield at CNN world headquarters in Atlanta.
Kayla Phillips is on a mission.
I'm Don Lemon.
You're in the CNN newsroom.
WHITFIELD: the tragedy that happened in New York last weekend has deteriorated.
We now understand that the sixth body was found in the ruins of the collapsed crane in Manhattan on Saturday.
So the sixth body was found.
There may be people missing.
Overall, 24 people were injured in the accident after Saturday's accident.
Our Jim Costa has been following the story.
We will check with him for more details throughout the afternoon.
Lemon: The government's policymakers are doing their best.
In the face of the growing crisis, they are taking dramatic steps to appease financial markets.
The latest symptoms of the government
Bear Stearns, Wall Street's fifth-largest investment bank, sold shares at a low price of $2 a share.
The shocking collapse may not be the last time on Wall Street.
To reassure investors, the Federal Reserve yesterday took unusual steps to lower key interest rates and expand the power of emergency loans.
President Bush just met with Treasury Secretary Paulson this morning. (
Start Video Editing)GEORGE W.
President Bush: I want to thank you, Mr. Bush.
Secretary who works on weekends.
You have shown this country and the world that America is the most important.
Second, you reiterated that our financial institutions are strong and that our capital markets operate efficiently. (END VIDEO CLIP)
Lemon: Well, the move in Washington and the takeover of Bear Stearns caused a huge stir on Wall Street.
CNN Senior Pentagon is now broadcasting live for us in New York. -
Senior CNN correspondent-excuse me --Allan Chernoff.
Allan, sorry.
I have to get that out.
Senior journalist Alan Minov
Alan, what did you prepare for us?
Senior CNN correspondent Alan Minov
Reporter: Don, you know, it might actually be appropriate, because I have to say that the government does act in a defensive posture right now.
The president said earlier about the capital market, the operation of the capital market did not reach the level it should be. That's why the government is using our taxes to get involved, in fact, to support the takeover of Bear Stearns.
In fact, we have $30 billion behind this. out.
The Fed told JPMorgan that we will support up to $30 billion in losses in the worst document, mortgage loans.
Guaranteed securities that may be of little value may actually be worthless.
So we were involved in the rescue of Bear Stearns.
It was a very terrible moment.
The Fed is doing so, and the government is doing so to ensure that the capital markets do not freeze completely.
The capital market is home to American businesses. S.
Be able to raise funds to scale up and keep running.
If they freeze completely, forget it.
The economy is much worse than a recession.
Then, it's really possible for us to talk about depression.
LEMON: Alan, the bottom line is, what's the impact on the bottom line for consumers?
CHERNOFF: this is a very dramatic step that is being taken right now, and if it doesn't work, it affects all of us.
Now a lot of people are saying, hey, why buy Bear Stearns?
Why bail them out?
The government did so because it felt it was necessary to do so.
Yes, they are taking what they call moral hazard.
It is clear that Bear Stearns is betting on very, very risky securities.
Perhaps some people think they should be allowed to fail.
But as I said, the Fed, along with JPMorgan Chase, designed the acquisition to protect the capital market, which is essentially a bond market where companies can raise money, be able to raise money to keep it running.
This is indeed a stake here.
This is the health of our economy, and so, as consumers in government, it affects us, trying to prevent the economy from collapsing and going through an absolutely terrible recession.
Thank you, Alan Minov.
WHITFIELD: Well, in the process of fighting for the White House, voters told us that the economy is definitely the most important issue for them.
Both Democratic candidates are discussing the issue today.
Both Hillary Clinton and Barack Obama criticized President Bush. (
Start Video Editing)SEN.
Hillary Clinton (D-NY)
Presidential candidate: There's a long list of things I will do.
As President, I will have great contact with my economic team and with many members of Congress.
I was going to have a summit.
We will stay in one place before we decide what to do.
Otherwise, we will continue to see these rather compelling interim interventions.
We haven't finished this yet.
That's why we have to be vigilant. (END VIDEO CLIP)(
Start Video Editing)SEN. BARACK OBAMA (D-IL)
Presidential candidate: If you're really ready to change, we can't just patch on the edge, we have to make fundamental changes to our economy, not on Wall Street, but on the Main Street.
This means we will stop giving tax breaks to companies that ship jobs overseas and start giving tax breaks to companies that invest in Pennsylvania and across the US. (END VIDEO CLIP)
WHITFIELD: Obama's comments were made at a town hall meeting in Pennsylvania.
Clinton gave a foreign policy speech in Washington.
Meanwhile, President Bush will meet with the financial markets working group within the next hour, including Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson.
We will continue to pay attention.
The economic problem is indeed the first one.
At noon this week, we will bring you all the latest financial news, the mortgage collapse you need, the credit crunch, etc. "ISSUE No. 1," 12:00 p. m. Eastern.
LEMON: window after window, twisted metal, crumpled roof.
After a strong tornado in downtown Atlanta, safety is a major concern.
The historic Cabbagetown neighborhood has been hit especially hard.
This happened on Friday night.
The huge old tree was torn apart by its roots and almost destroyed its home like the old tree.
Surprisingly, no one was killed.
More tornadoes swept through northern Georgia the next day.
A man was killed by flying debris.
A woman died after being hit directly at home.
I witnessed this scene with my own eyes.
There is no doubt that when Atlanta receives thousands of tourists, an abnormal tornado hits you.
Many venues have been damaged. And CNN's T. J.
Holmes is in the middle. T. J.
How is the cleanup going?
Because it's a mess all weekend. T. J.
Holmes, CNN: It's still a mess.
There is no doubt, Don, that will be a mess for a while, but the cleanup is going on.
And it looks smooth. Nothing like --
Of course, the first thing that happened on Friday night was that you and I were here.
When we first arrived at the scene, there was nothing worse than that, but it was still a mess here.
You talked about the tourists in town.
Well, a lot of tourists are still in town and they don't have much to do right now because their plans have completely changed due to what happened in downtown Atlanta.
So now many people see different types of tourist attractions here.
If you just look at the sidewalk below you will still see a lot of people going out and many of them just pass by here and see what they can see and see the chaos left by this tornado.
Everyone takes out the camera phone and takes pictures here with different cameras.
I want to give people-
A lot of people have been to Atlanta and there is no doubt that if you have been to Atlanta you will come directly to the area.
If you are going to Atlanta, there is no doubt that you will go to the center of the city, because the center of the city is of course the center of the city.
But if you want, we are at the heart of that heart.
Just across the street from this area, everyone will remember this and know the area, the Centennial Olympic Park.
This is where the 1996 Olympic Park bombings took place.
If you like, there should be eight torches in the center of the park.
Two of them were hit by a tornado in downtown Atlanta on Friday night.
So, of course, we have pieces all over the place and things all over the place.
But, Don, this is a dangerous place because your wires are cut off and your glass is still falling because in these buildings these things are loose there.
So it's a dangerous place to go downtown.
The police told people not to come in.
Now, of course, we're talking about these people who are just looking at the damage itself here.
Well, Chad Myers, our meteorologist, is standing with me now.
As a meteorologist, the way you look at it is a little different from the people walking down the street.
Tell me, what are you looking at when you get here, what are you jumping out?
Chad Myers, ams meteorologist: I saw the windows up to 60 floors. Straight-
Line wind will not do this.
You know, we 've been talking about it until meteorologists go out and see if it's a tornado or not.
Well, once the meteorologist sees it, it's a no. brainer.
Things fall in different directions and there are windows on different sides of the building.
And you don't --
If it's just a straight one, you can't get 60 stories of damage. line wind.
We are now standing at the northernmost end, maybe you will call it the windeye Wall, the windeye wall of the tornado, the northernmost end, the wind blows down from the street where we are, and then directly into the Centennial Park.
That's why the towers you see here are blown to the north, because the winds we have here come from the south and eventually from the east.
Now we blow out the windows on Omni, which we call the old Omni of the South Tower.
Then the new North Tower, at 90-
Angle, more windows are blown out.
All the windows you see are broken, not because of the power of the wind.
Found something in this park. -
It may be a wooden tile, it may be the asphalt on the top-
Or the rock at the top of the CNN Center ---
All the windows were smashed by a stone and a wooden tile.
Holmes: We haven't heard people explain this to us yet.
I don't know why people think these windows will be blown out by these strong winds.
Miles: blow out the window.
Nothing happened.
Nothing happened.
I want the photographer to turn around completely.
So this could be a strange angle.
But now it's the Westin, a big, round building.
You can see it from anywhere in the community around Atlanta.
You can't let the Windows blow 60 stories high by the wind in this random way.
This is where the pieces are picked up from here, up to the sky and thrown into the random windows above.
You noticed all the windows. -
All the glass is gone.
This is a problem now, because it is a time of the storm.
Some of these buildings are still falling.
I was walking next to the CNN building and just came to this scene to shoot, and another window above me was broken.
I'm in the way.
We shouldn't have so many people on the sidewalk next to the broken window.
Not very safe here.
Holmes: this is--
That's why the police told people. -
One thing about traffic, Don, it's just a mess coming down here, but that's another thing Chad just met.
This thing is still falling.
It can continue to decline, and it's dangerous for many people.
But as Chad has said, the clean-up is in progress (AUDIO GAP)right now --Don.
LEMON: Yes. And T. J.
Chad, it's amazing that we see the CNN Center behind you, amazing-
And all-round Hotel,-
No one was injured.
I was outside on Friday and you could see the chairs and luggage and something different from the room that was knocked down on the street.
You know, it's probably someone, T. J.
He was blown from the window to the street there.
It's amazing that no one gets hurt.
But good work today.
We had good luck on Friday.
We're lucky, Don. We got lucky.
LEMON: Yes. All right. Thank you --
Thank you and Chad.
That's great.
Holmes: Okay.
WHITFIELD: It's also a really amazing moment if you watch it live on CNN.
Now, you hear the song of "David" replayed in the New York State Council in Albany.
David, like David Patterson, was sworn in as the first African in the state in the last hour.
American governor
After former Elliot Spitzer resigned over a prostitution scandal, he took power.
Patterson promises to bring a new day to New York. (
Start Video Editing)GOV.
David Patterson (D)
New York: in so many days, we woke up this morning on a day that was not very common.
But in a way, we woke up this morning and found a dawn in New York, just like every dawn before.
Because today, as we have been doing, despite all the obstacles, we are moving forward regardless of the circumstances. (END VIDEO CLIP)
Whitefield: Patterson also brought some welcome in his speech to state councillors.
He made some jokes about his colleagues, even the fact that he was legally blind.
Lemon: Well, you feel this way every day.
Economic problems affect you and your family and others in the United States.
So how long will the recession last?
Let's hear what economic experts have to say about it.
WHITFIELD: and a lot of money from Heather Mills, Paul McCartney's separated wife.
A long, tortuous and expensive road is coming to an end.
We'll tell you how much she actually got. (
Business break)(NEWSBREAK)
WHITFIELD: Okay.
The Justice Department has called on the FBI to do better with the names on the government's terror watch list.
Our justice reporter, Kelly arena, reports in detail in Washington. Explain.
Kelly arena, CNN Justice Correspondent: Hey, Fred.
We 've all heard of the government's terrorist watch list--
For example, people who were intercepted at the airport because their names were in some supersecret list.
As you said, the inspector at the Justice Department has a new report --
Regarding the overall situation of that list, some problems were found.
The FBI does not always provide the latest or most accurate information about terror suspects, the report said.
In some cases, people are not removed from the list when necessary.
Fred, you may remember that CNN saw an exclusive report in the heart of the terrorist molecular sieve selection responsible for this list.
There are thousands of names on it that relate to people the government says they know or suspect of a terrorist relationship, the terrorists themselves.
Now, the FBI has responded to the report, saying that it has made some changes to address the way names are submitted to the list, the gaps identified in the report should be resolved within six months ---Fred.
WHITFIELD: Okay.
Thank you, Kelly Arena from Washington. -Don.
LEMON: It sounds fun to camp outdoors, right?
Well, if you have to give up your dream home for campers, that's not it.
We will give you a version of a couple's foreclosure. (Business Report)(
Business break)
Many American families have reached the path of foreclosure.
More people owe on their way than their home is worth it now.
Selma Gutierrez from CNN introduced us to a couple who had to say no-so-great outdoors. (Start Video)
Selma Gutierrez, CNN reporter (voice over)
: On the high hill, behind the white pointed fence, is space 96, where Bill and Vicky McKay now call home.
Bill Mackay, lost the foreclosure: What you see here, our fireplace, our fountain.
This is part of the decoration of our house.
Gutierrez: this is the 2,700-square-foot house that McCues once owned in Las Vegas and was foreclosed.
This is the 28-
The camper trailer they now own. (on-camera)
What does it feel like living in a camping car? B.
MCCUE: Two sides of it ---
First, it is very beautiful.
Second, it was an insult because I worked hard all my life to achieve what I had achieved and I ended up here.
GUTIERREZ (voice-over)
: A camper car that leaks when it rains and is designed to be more suitable for weekend holidaystime living. B.
MCCUE: It's not my plan, 50-years-
Old, for the rest of my life, I spent some time with a little camper.
Vicki mccue lost the foreclosure and this is our bathroom.
Gutierrez: They said it was a huge adjustment to stay here. V.
Here, our table. In here, food.
I used to have a big kitchen.
I have granite countertops, stainless steel appliances.
Gutierrez: McCues thinks everything they do is right.
They work full time.
He is a technician at a five-star casino. She is an administrative assistant.
They are ready to buy their dream home. V.
MCCUE: We walked in, like, we could get this for $265,000, no money, oh my God.
Gutierrez: Soon, the value of their house almost doubled. (on-camera)
: So for a while, are you sitting on the equity Hill at home? B. MCCUE: Yes.
GUTIERREZ (voice-over)
Then Vicki lost his job.
They bought the stock and increased their monthly payments by 57% to $1100.
The men and women decided to sell.
So they took out an emergency loan of $35,000 to help pay the mortgage. (on-camera)
: What will you say to the money people at the other end, yes, but you want the money for free.
You signed the loan document, you know that only the interest loan, you should look at the fine, you should not sign that loan.
What will you tell those people? V.
Mcqiu: I will tell them that they should not lie to us on the phone and convince us that it is a road and that our payment will not exceed $100 per year, every month.
Gutierrez: Have you seen the fine print? V.
MCCUE: the way they say things is not clear.
It's not easy, you put together what you were told with what you were reading ---
Gutierrez: So you trust those--V.
We trust these people because they keep telling us that this is the only way out.
GUTIERREZ (voice-over)
: McCues said they just wanted to prepare for retirement.
Everything was lost in the process. B.
MCCUE: It's painful because you work so hard that you don't want this to happen. It's --
It in emotional on the very pain in body on the very pain.
I didn't cause this to happen, and no one else cares.
Everyone's gone. (END VIDEOTAPE)
WHITFIELD: heartbreaking.
From the average American to the big investment banks now, this has happened many times ---
We see all of us in a mortgage crisis.
The government agreed to buy Bear Stearns, a small part of its early value to try to avoid all --
Panic in the financial world.
Well, will it work?
What does this mean for your wallet?
Let's invite Neil Owen, national economic correspondent for The Washington Post.
"I want to talk to you about a lot of things, from the bank to what we think about Bear Stearns.
But let's start with foreclosure.
Coming out of that article is heartbreaking because it's really possible that it's anyone.
So many people use interest.
Only the loan and then find yourself in the same situation as the couple.
So do we feel like we're at the tip of the iceberg of the whole foreclosure mess, or the worst thing is over?
The Washington Post Neil Owen: The worst thing is not over yet-2008 --
There will be a lot of foreclosure throughout 2008. It's just --
If you look at the number of when these high-risk loans are taken out, they are now resetting, with at least 1 million of them and possibly 2 million of them happening this year, it will be very ugly.
WHITFIELD: OK.
This means that the chain reaction is that many banks like Bear Stearns will be in trouble, and Bear Stearns has helped a lot of such loans.
Owen: That's right.
What you see now is a vicious circle, a self.
Strengthen the cycle. You have --
The problems of credit markets and financial markets have caused people to lose their homes and hurt the economy.
People lost their homes and the economy was damaged, which in turn caused more losses to the financial system and caused more investment banks to lose money.
So this is an unfortunate cycle that federal policymakers are trying to stop.
WHITFIELD: then--
You can ask anyone these days if they look at 401 (k)
For example, for an event, everyone loses not a few hundred, not a few pennies, but thousands of dollars.
So, I think a lot of people might think, where is their money safe?
Is there a place where they can get some income from their money?
Owen: Well, there are two kinds of people.
If you are a long
Long-term investors, if you save money for retirement, then after many years, most investment advisers will say that you can buy it all.
Don't try to buy or sell stocks, don't try to time the market, just be patient.
On the other hand, if this is the money you need to use quickly, if it is the money you plan to use in the next few years, you will either be retiring or you will have a big purchase, then it may make sense to invest this money in safer investments, possibly money market funds, government bonds, etc. -
A normal bank account, you can convert it into cash and you won't risk losing more money if things get worse.
WHITFIELD: I think, we will hear tomorrow as early as tomorrow, how much discount rates will be reduced for those banks that are in trouble and need to borrow.
Does this mean that after Bear Stearns, there may be several other banks that we all know, and we have respected for many, many years ---
May also be about to rise belly?
Owen: Well, the biggest problem right now is not ordinary commercial banks, which are just around the corner of the street where you go to save your salary.
These commercial banks are in good condition in general.
We are talking about investment banks now.
Companies that buy and sell stocks, bonds and more foreign securities.
Several of them are at risk.
Their stock has fallen a lot today.
There is concern that if Bear Stearns could go bankrupt quickly, what would happen to some other companies, such as Lehman Brothers, Goldman Sachs and UBS?
That is to say, the Fed, yesterday--
Last night, this extraordinary move was actually a bottomless funding pit for such institutions in exchange for collateral.
Our idea is to speak on this issue and say that we will not let these people go down and we will not let the massive crisis of the world financial system decide this.
WHITFIELD: Thank you so much to Neil Owen of The Washington Post.
Soon, before I let you go, Treasury Secretary Henry Paulson, after meeting with the president in Washington, what is the insight into what we should expect him to say?
Owen: we should expect him to emphasize that this is to protect the integrity and economic security of the capital market, not--
He will understand that this is a rescue to a company.
WHITFIELD: Okay. Neil Irwin.
Thank you very much for your time.
Thank you, Frederick.
Don? Whitfield?
LEMON: we will be--
After asking
But can we take it now, Scotty? ph)
The photo of the White House.
The microphone sitting there is because-
Fredricka has just mentioned Henry Paulson's meeting with President right Fred.
Obviously yesterday. -
He defended his decision to Bear Stearns and defended yesterday's rescue of Bear Stearns.
There were several rounds on the talk show.
He is now meeting with the president.
So a microphone was set up in front of the White House.
He wants to come out and say a few words to the media.
Treasury Secretary Henry Paulson
Once this happens, we will bring it to you.
It is issue No. 1.
Of course, we will bring it to you in the newsroom.
Also, we would like to hear from you in the newsroom: how the economy affects you, your family and your wallet.
That's what Frederick said.
He is from Missouri.
He said: "I have to cut all discretionary expenses except for cable TV and the Internet.
There is no movie rental, no charge, no restaurant meals, no weekend trips, etc.
I think I need every penny to drive to and from work.
WHITFIELD: Wow.
This is a cruel reality.
This sentence from Tom and Penn: "The rise in gas and oil prices has prevented me from buying new homes and vacations.
More money is needed for basic life.
LEMON: Mary from Ohio: "In order to go to work, we have to choose to pay the mortgage to buy gasoline this month "---wow --
"For the rest of the money to buy food and pay for utilities.
We missed the payment for the first time in 15 years and it doesn't seem to be the last. " E-
Send us an email at CNNnewsroom @ cnn. com.
Later this afternoon, we will read more of your comments in the CNN newsroom. Sad, sad.
WHITFIELD: I'm sorry.
And very harsh. And --
Neil suggested to us that I think you have to believe that we are really at the tip of the iceberg.
There may be more bad news in the economic sector, mortgage loans, etc. It is on the way.
We have been covering it all day.
WHITFIELD: Yes.
Meanwhile, the deadline for the surrender of Tibetan protesters from China has arrived.
So what is Beijing's next move? (
Business break)
Living in Washington, D. C. C.
You can see the big shot of the White House on the right.
On the left is the podium of Treasury Secretary Henry Paulson.
He is discussing economic issues with President Bush.
As soon as he comes out to comment, we'll bring it to you in the CNN newsroom.
WHITFIELD: it is reported that thousands of Chinese troops poured into the Tibetan capital before the deadline for Beijing to demand the surrender of Tibetan protesters or other actions.
The deadline is just past noon in the east.
China banned CNN journalists from Tibet during the riots.
Our John Vause submitted this report from neighboring Sichuan province. (Start Video)
John vause, CNN correspondent (on-camera)
: This is the main road north of Aba County (ph)
Tibetan exile groups say Chinese security forces have clashed fatally with monks and protesters in the past few days, killing more than 30 people, including women and children.
There is no way to confirm these reports independently.
In fact, the local police said the situation was calm and everything was fine in their words.
But it is clear that there is an increase.
We had at least five military trucks on our way, three of them carrying heavily armed soldiers, and the plates on all of them were partially hidden, to hide the identity of these forces and where they came from.
We don't know what caused it.
In addition, according to Tibetan exile groups, hundreds of soldiers flew by helicopter to Aba County earlier on Monday ---
We can't confirm any more.
But earlier, we saw two military helicopters flying overhead.
Now, the reason we use night vision, which is the green image you see, is because we are trying to keep a low profile.
To get this far, we have to go through four police checkpoints.
I was in the area about a year ago.
No barricades were set up.
So it's clear that the Chinese authorities are now trying to control who comes in and who goes out.
There is also a lot of speculation here.
As many as 100 Chinese were rumored to have been killed by Tibetans.
And Tibetans blow up Chinese with explosives.
Own businesses and stores.
These are just rumors, unconfirmed rumors, but this shows how tense the atmosphere is now here.
John Vause, CNN reporter from Sichuan province, China. (END VIDEOTAPE)
Lemon: A female suicide bomber blew himself up in Iraq today, killing at least 33 people.
The bomber was apparently targeting a group of Shiites, not far from the shrine of Oman Hussein in Karbala.
A city official said several of the victims were Iranians.
In the north of Baghdad, a roadside bomb exploded today during a route cleanup operation, killing two American soldiers.
WHITFIELD: U. N.
NATO forces tried to retake a building in northern Kosovo, which was violently resisted by Serbian protesters this morning.
At least 52 policemen and soldiers were injured. N.
The police were evacuated from the Serbian-controlled side of the city of Mitrovica.
Dozens more protesters were injured.
Serbian officials quickly accused peacekeepers of using excessive force.
This is the worst violence since Kosovo declared independence from Serbia last month.
LEMON: after an explosion at a restaurant popular with Westerners on Saturday, Pakistani police inspected vehicles and detained people for questioning.
A Turkish assistant was killed and 12 injured, four of whom were FBI agents. A high-
Federal sources told CNN over the weekend that they didn't think the agents were targeting them.
A recent bomb attack in Pakistan.
Today, a police station building in the northwest of the country was also attacked.
State media say three police officers were killed.
WHITFIELD: A suicide bomber attacked NATO
A convoy led in southern Afghanistan today killed at least seven people.
The victims included a Czech soldier and two Danish soldiers, three Afghans and a NATO employee.
The team is overseeing a school project.
Yesterday, a Canadian soldier was killed in an explosion in the neighbouring Kandahar province.
This year, Taliban militants carried out heavy attacks in the southern region.
LEMON: come back now, live photo of Washington, D. C. C.
Specifically, at the White House.
Because in a few minutes, the finance minister will meet with President Bush to discuss--
They're talking about problem number one.
1. What is everyone's idea.
We are talking about economic and economic slowdown.
The Minister of Finance will address in a few minutes.
We will bring it to you in the newsroom.
WHITFIELD: And--
We have just learned from New York that it has now been confirmed that the seventh and last victim was found in the ruins of the Manhattan crane accident.
Unfortunately, seven people have died from Saturday's deadly accident in Midtown Manhattan.
Of course, we can bring it to you when we get more information about it. (
Business break)
WHITFIELD: Okay.
Both President Bush and Treasury Secretary Paulson are considering funding.
They will end their meeting with Federal Reserve Chairman Ben Bernanke at the White House.
For the time being, they will share their thoughts and news to others with the microphone on the left.
We will take you to the scene when this happens.
At the same time, we are going to do business now.
There has been chaos for months, but finally, it's over.
Paul McCartney and Heather Mills reached a financial agreement.
Entertainment reporter. J.
Hammer, now discuss with me all the details of the divorce. A. J. , this was --
At least that can be said.
A little uncomfortable. A. J.
Harmer, cnn entertainment correspondent: It's really a bit annoying.
Don, for Heather Mills today, the economy is not a real problem.
Lemmon: Paul McCartney doesn't like it either.
No, I will say that. -$48.
6 million is what Paul McCartney's ex-wife Heather Mills got after so much chaos.
A British family court released the information today. When the divorce agreement was completed, the document was signed.
Now, the divorce agreement shows that Mills received a one-time income of $33 million, in addition to the assets she currently holds, worth about $15. 6 million.
A few minutes after the verdict, Mills told reporters. (
Start Video Editing)
Heather Mills, Paul McCartney's ex-wife: I'm standing here basically because Paul insists--
Insist on the execution of the whole sentence.
I said, if the result of the whole judgment comes out, then all the transcripts will come out, because it will be written in a way that they will try to make it look like I didn't succeed.
But overall, we have come up with nearly $25 million. (END VIDEO CLIP)
Hammer: She said that it was $25 million from the British pound.
They just wanted to get all the cards on the table.
Now, that $25 million is equivalent to $48 million in the United States. S. dollars. Sixty-five-year-
Old Paul McCartney and 40-year-
Old Heather Mills got married in 2002.
There are four of them. year-
Old daughter together
McCartney left the court today without making any statement.
His wealth is estimated to be as high as $1. 6 billion, Don.
Yes, there is no real economic concern.
I got my abacus out, Don.
I'm doing some math.
LEMON: OK.
HAMMER: about $40,000 a day, which Heather Mills got because every day she married Paul McCartney, about $1,600 an hour.
LEMON: Yes.
She wants more than that.
I don't know how she will survive at this point.
Yes, I think she will squeeze in.
LEMON: really fast, not the original--
Didn't he give her $100 million in the first place? Now she's only half?
HAMMER: It's hard to say what's real and what's not.
There are a lot of numbers circulating.
However, she was reportedly satisfied with the settlement;
Paul was satisfied with the settlement.
So it looks like there won't be any appeals on the table.
LEMON: this is the most important thing.
We will bring a little if she wants to give someone away. OK.
This is good news for A sexy Hollywood star. J.
HAMMER: Yes.
And one of my favorite actresses in Hollywood, Halley Berry.
She gave birth to a baby girl yesterday.
We're so happy for her. The 41-year-old Oscar-
The winner gave birth at Cedar Sinai Medical Center in Los Angeles.
So far she has not published the name of the little girl or any other details, and I can certainly respect that.
This is the first child of Hallie Berry and her 32-year-old boyfriend. year-
Old model, Gabriel Aubrie.
Two years ago, the two met in Los Angeles while filming Versace.
I spoke to Harley Berry a few months ago, Don, and she said she would never expect to be a mother again.
So we're really excited about her.
Many people are happy for her today.
So you called her and said, hey, how are you doing, what's the matter? -
Yes, that's what happened. I'm No.
On the speed dial next to her.
LEMON: OK. So listen --
Why does the Supreme Court think this is blasphemy? J. ?
Hammer: Well, there's a lower court ruling, Don, that uses the curse word in the airwaves.
This is actually the first time the Supreme Court has done a major case on the radio in 30 years.
This particular case concerns a Federal Communications Commission policy that imposes fines on broadcasters
It is called a short curse.
Those are-
The time of use of words F or other cursing words that slip out of the radio waves from time to time.
The Supreme Court is expected to hear the debate in the case and will take a decision on it in October.
Now, tonight will be on the show tonight, more about the McCartney/Mills divorce agreement.
Did Heather Mills get what she deserved?
In fact, is it possible for both sides to return to court and dry out the dirty clothes?
We will have a big surprise for you tonight on the most exciting entertainment news program on TV, its "entertainment 11: 00 p tonight. m.
East and Pacific.
We look forward to your joining.
Do you mean $16,000 an hour or $ a day?
HAMMER: According to my sloppy math, it's about $1,600 an hour, $40,000 a day.
LEMON: are you using an abacus for all this?
Hammer: I knew it was better to go back a long time ago ---
Avoid things like computers and calculators, and really just get your hands dirty.
You're giving up--
You gave your age to someone else.
Because I don't think anyone is using it now.
Not to be rude.
Hammer: Don, I don't think we used to use abacus when we were young.
Let's be realistic.
Okay,. J.
We will. -
At 11: 00 eastern time, the prime time of "headline.
Thank you, sir.
Hammer: Thank you.
WHITFIELD: Okay.
Well, this is no.
One question in the US, this is the first one.
There is also a problem at the White House today. The economy.
Treasury Secretary Henry Paulson discussed the economy and all currencies with the president and Federal Reserve Chairman Ben Bernanke.
At any time now, either one or three, or at least two ---
We know that at least the president will step out of those protected gates and share their views with the rest of the United States.
It's more direct in CNN's Newsroom. (
Business break)
LEMON: Treasury Secretary Henry Paulson has just concluded his meeting with the president.
Henry Paulson, US PresidentS.
Minister of Finance:. .
The president and the President's Working Group on Financial Markets.
We updated him on what happened on the market this morning.
He knows very well that these actions are--
It happened over the weekend, because I had several conversations with him and most of the people this week, so it's definitely going to be here.
We talked about the market, emphasized that the priority is the orderly operation of our capital market, and talked about the strength of our financial institutions. I think he is, in general, considering the performance of the market today, we are very satisfied with the actions taken.
So I will take yours. -
Please answer a few questions.
QUESTION: Mr.
Secretary, can I ask you an idea? What we do on weekends is ---
Representing Bear Stearns and the general financial community there is far more radical than representing the actions of homeowners facing foreclosure.
Paulson: this is--
What is your response to better treatment for Bear Stearns than homeowners facing foreclosure?
QUESTION: No, my question is that for those of you who want to know about this little guy, they are considering the deal and say--
I see what you mean.
But what I'm trying to say is that if you ask the shareholders of Bear Stearns what has changed in their value, I don't think anyone of them will think it's a good result for them.
When we talk about moral hazard, I would say, look at the shareholders of Bear Stearns.
This was --
This happens when there are liquidity problems and liquidity problems.
This result is better--
The documents they submitted
Similarly, when our decision makers think about these issues, on the one hand, moral hazard, on the other hand, the importance of orderly markets, the stability of the financial system, it is an easy decision.
This is the right result, and again, from a moral hazard perspective, look at what is happening to Bear Stearns shareholders.
QUESTION: Mr.
Minister, can you talk about whether you are rethinking any ideas that help the real estate industry? -
I'm thinking about Dodge legislation or Barney Frank's.
Also, second, would you consider or would you exclude the possibility of intervening in the foreign exchange market to prevent the dollar from falling?
Unidentified male: Sir, can you name the address of the camera?
Yes, I'm sorry. Let me --
Let me talk about these two issues.
First, what happened in the real estate market.
One of the things I did today was spend 45 minutes with members of the Hope Now Alliance, again talking about initiatives to avoid preventable foreclosure.
But to answer this question more specifically, what I really focus on is things that can be done quickly, and these things will be different. And --
So while there are some interesting ideas on the mountain, we still don't have the FHA modernization. It's --
We sent legislation a long time ago.
It has been passed by the House and Senate.
We still don't have legislation on the president's desk, which will help 300,000 homeowners, many of the sub-homeowners who face foreclosure, a large part of them don't1.
To order a video of this transcript, please call 800-CNN-
News or use our secure online order at www. voxantshop.
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