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How Are You Feeling? The Campaigns On Health Care
Join Patt Morrison on Tuesday evening, October 14, at 7 p.m. for a debate between health care advisors for the McCain and Obama campaigns.
The event is at The California Endowment, 1000 North Alameda Street, and is open to the public. To attend, please RSVP to pattmorrison@kpcc.org.
YOUR TURN: Do you have a question you'd like to put to the health care advisors for the campaigns? Call us and leave the question on our answering machine. The number is 626-585-3216. Please leave your name, what city you live in and your question for the advisors. We may use your question during the debate.
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This Week on Patt Morrison
Friday, Oct. 10
G7 to the Rescue?
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It's the world's worst financial crisis in more than half a century and the seven richest countries met today to draw up their war plan. The G7 gathered not far from where President Bush delivered yet another financially focused speech, this time urging that the U.S. must work with other countries to get through the crisis. As the Group of Seven met, the Dow continued to drop and closed down 128 for the week. The Asian and European markets took a dive as well. The only thing on the rise seems to be financial anxiety. Can the G7 save the market? What kind of rescue plan would they unveil?
Crash! "Total Collapse" of Auto Market in '09?
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The ramifications and reverberations of the credit crisis have been well documented, starting with the hardships of auto dealerships. Facing a double-whammy of flagging consumer spending and increasingly difficult-to-obtain auto loans, the auto industry is facing a bleak end to '08 and beginning to '09. J.D. Power & Associates is warning that the global auto market might experience an "outright collapse" in 2009; it's almost certain that nearly 500,000 fewer cars will be sold in the U.S. by the end of 2008. Aside from the pain of not being able to afford your next dream car, how deep of an impact might this have on the very car-dependent American economy?
Retirement in the Red
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You want to take your gold watch and retire - and all of a sudden, the market tanks, and takes your 401K with it. What do you do? Keep working? Cut your spending? What advice is out there for seniors these days? And how are seniors changing their retirement plans? Experts and seniors figure that one out.
- Ernie Powell, Manager of Advocacy for AARP/California
- Nancy Davis, senior marketing manager at law firm in San Diego.
- Linda Bailey, a real estate investor who lives with her husband in northern California.
To speak with a financial advisor at AARP call 888-778-6187
Troopergate: An Update
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Alaska lawmakers are expected to release an ethics report today into Gov. Sarah Palin's firing of her public safety commissioner, but some Republicans say it's being rushed in order to damage John McCain's presidential campaign. Palin has been accused of firing the state's Public Safety Commissioner, after pressuring him to fire a state trooper involved in a nasty divorce with the governor's sister. Patt talks with an Alaskan reporter who's been covering the incident since its inception and gets the larger political repercussions from the release.
Thursday, Oct. 9
Why Isn't the Dow Responding?
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In its seventh straight day of losses the Dow collapsed during the final hour of trading, plunging 678.91 points to close at 8,579.19; it was the first time the Dow closed below 9,000 points since May 2003. The bailout has been enacted, the Fed and bankers worldwide have coordinated interest rate cuts, but there's little to indicate that credit markets are loosening up. The market continues to hemorrhage. Why hasn't the Dow responded?
Wachovia and AIG Party On While Economy Collapses?
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Where do you go after the government bails you out with billions of dollars in taxpayer money? To the Spa, of course... or maybe a Mediterranean cruise. The public was appalled to learn that insurance mega-company AIG spent hundreds of thousands of dollars wining and dining just days after its controversial government bail-out. Wachovia is also in the news for its luxurious spending as it waits to see who its financial savior will be, Wells Fargo or Citibank. Are the financial institutions insensitive to the economic times? Is there a better way to reward employees during hard times?
Gov. As Pitch Man for CA Bonds
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California is in a credit crunch of its own, in need of about $7 billion to tie the state over until tax monies comes in. Bridge loans to fill such gaps are usual procedure, but not this year, with banks fearful of loaning even to one another. Gov. Schwarzenegger thinks he may have a solution by putting California state bonds on the market to Californians. The Governor reminds Californians in his new radio spot that the bonds are tax exempt and the state will pay them back in principle and with interest in full by next June. Will his pitch appeal to Californians? And can short term borrowing patch up our state budget?
The Trial of Saddam Hussein
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When the United Nations recommended that Saddam Hussein be put on trial at the International Court of Justice at The Hague, the Bush Administration fiercely objected. The fallen Iraqi strongman was to be tried by his Iraqi peers in the country upon which his tyrannical regime reined down violence, torture and corruption for almost 30 years. The trial of Saddam Hussein was supposed to demonstrate that a new Iraqi government, dedicated to the rule of law, was forming-and by association that the Bush Administration's war in Iraq was a success. The botched trial eventually turned out to be an example of most of what went wrong with the Iraq war. A new PBS documentary examines the trial of Saddam Hussein, from his capture to his execution.
Living Under Water: Drowning on Your Mortgage
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When a homeowner is "under water" in their home they are carrying a mortgage that is worth more than the home’s value. This is often the result of quickly sliding property values and lousy loan terms, and the end result is usually defaulting on the mortgage. 16% of American households, or almost 1 in 6 homeowners, are now under water in their homes and the coming effects could further sink the economy into recession. Foreclosures are sure to continue en masse, and when homeowners no longer have equity in their homes they feel less rich and are thus less inclined to go shopping at the mall. With all the carnage we've already experienced, is there worse to come in the housing market?
A Gang Injunction Lifted for the First Time
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Last summer, Los Angeles law enforcement officials enacted the largest gang injunction in the city's history. Nearly 11,000 suspected gang members were placed under court order and prohibited from meeting and carrying out gang activity. Today, an unidentified former gang member is the first to be removed from the list. He completed a new injunction removal process that law enforcement officials hope will lead to more injunction removals. Are the injunctions really lowering gang activity? And is this the best way to make L.A.'s communities safer?
Wednesday, Oct. 8
Paulson Speaks
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Treasury Secretary Henry Paulson addressed the press today after the Fed and major banks worldwide collectively agreed to lower their interest rates in an effort to offset a global recession. Paulson said markets would remain strained in the near future but asserted that the Government is using all tools available. So with the bailout enacted, when can we expect a turnaround?
Following the Prop 8 Money Trail
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A new poll says that California's Prop 8, the measure to ban gay marriage, is now favored by young voters—the same young voters who previously opposed the measure. What changed? Certainly the money situation. Supporters and opponents of Prop 8 have poured $41.2 million into the race—with supporters significantly outspending their opposition. We follow the money trail and see what young voters in particular are thinking about Prop 8.
The Blue Tide is Rising: Democrats Poised for Big Congressional Gains
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The conventional wisdom from several months back was that 2008 was going to be a very good year for Democrats in Congress. Things haven't changed much, and in fact prospects for Democrats adding to their majorities in the Senate and House have improved in the face of horrible economic news. However there are a few uncertain variables, namely the recent turmoil in Congress over passing the bailout package that didn't leave anyone looking very good and the record low approval ratings for all of (the Democratically-controlled) Congress. Nevertheless, is a blue tide inexorably sweeping toward Capitol Hill?
How Will This Affect the Little Guy?
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The world's major central banks, including the U.S. Federal Reserve, moved together to cut interest rates; the Federal Reserve also introduced a program where it will lend directly to small businesses, bypassing hesitant banks at the expense of American taxpayers; and the stock markets continue to plummet, finishing today down nearly 200 points. Every day brings a new financial low, and with it a flurry of activity on the part of the government that is exposed to impacts that are increasingly difficult to decipher. How does all of this affect the little guy on so-called "Main Street?" Here are two sobering effects: consumer borrowing has dropped for the first time in a decade and nearly 1 in 6 American homeowners owe more on a mortgage than their home is worth.
Tuesday, Oct. 7
How Would You Spend $4 Billion to Curtail Foreclosures?
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That's the question that goes before housing authority personnel from the across the country as the Department of Housing & Urban Development convenes a "housing summit" to clarify the landmark Neighborhood Revitalization Program. The basic concept is this: counties and cities are receiving a total of $4 billion, divided up according to the hardest hit areas, to rehabilitate neighborhoods wracked by foreclosures and hopefully shore up property values in the process. Almost everything is on the table, from investing in foreclosed homes to direct assistance for struggling homeowners. Will some creative thinking make a dent in the foreclosure rate?
California's Worsening Economic Outlook
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California tax revenue has dipped way below projections in just the first few months of the fiscal year. And the ongoing national credit crisis means the state may have trouble selling $7 billion in short-term bonds. Gov. Schwarzenegger is calling legislative leaders back to the Capitol to address California's mounting financial problems, even keeping open the possibility of calling a special session. Assembly Speaker Karen Bass says there might not be any other choice but to raise taxes. How bad is California's financial situation and what are the state's options?
Oliver Stone and "W."
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Academy Award winner Oliver Stone isn't one to shy away from controversy—his filmography may even suggest he relishes it. Films like "Nixon" and "Natural Born Killers" have established Stone as a filmaker who's willing to confront history and controversial issues head-on. His latest project is "W."—as in George W. Bush—and from the moment it was leaked to the press back in April, there's been no shortage of buzz and controversy. Stone talks with Patt about his career and "W.," his biopic of the soon-to-be-former President.
- Oliver Stone, film director, producer and screenwriter. His newest work is "W.", which is based on the life and presidency of George W. Bush.
"W." opens in limited release in the U.S. on October 17.
The Quickly-Changing Electoral Map
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The deteriorating American (and world) economy may be helping to drive a clear trend in Presidential election polling over the last two weeks. Barack Obama has moved into what Gallup finds to be an 8-point lead among registered voters, and John McCain's path to Electoral College victory is looking narrower by the day. Crucial states like Ohio, Pennsylvania, and even Virginia seem to be moving in Obama's favor; how will the McCain campaign respond to this development, and what are both candidates doing to position themselves for the home stretch of this campaign?
- Nate Silver, founder of FiveThirtyEight, a website that collects and analyzes trends in political polling.
- John Feehery, former communications director for House Speaker Dennis Hastert and Majority Whip Tom DeLay; founder of advocacy firm the Feehery Group; author of the Feehery Theory blog.
- Mark Fabiani, Democratic political strategist. His firm is Fabiani and Lehane.
How to Avoid Fainting After Opening One's 401k Statement
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Hold on to something solid: over the past 15 months Americans' retirement plans have lost as much as $2 trillion in the plummeting stock market. We can all relate to the shock of opening up your 401k or mutual fund statement and staring blankly at the staggering loss column. The question is what should you do, if anything, to stem the bleeding? The tough-to-swallow answer for most Americans, especially the younger investors, is to hold pat and wait for the recovery. But for those people staring down retirement there are tough decisions to be made, none of them palatable. Are there any solutions being considered in Congress or on Wall Street?
Monday, Oct. 6
Waxman Hearings on Lehman Bros CEO
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At a Congressional hearing today, former Lehman Brothers chief executive Richard Fuld faced withering questions about executive bonuses and stock buybacks issued just days before the firm collapsed last month. House Oversight chairman Henry Waxman gave a full-throated scolding to Fuld, who said that "with the benefit of hindsight," he would have done things differently. The roasting of disgraced executives by Congressional committees is a much-beloved Washington D.C. tradition, but what structural changes can prevent a debacle like this from happening again? Patt finds out more about today's political theatre.
Not the Records You Want to Set
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The Dow Jones industrials plunged as much as 800 points, their largest one-day point drop, before pulling back to close below the 10,000 mark for the first time since 2004. Congress passed the bailout package on Friday, so why aren't the markets responding? Americans hold their breath as the credit crisis makes waves through global markets. Patt assesses the damage here and abroad.
Who is Neel Kashkari?
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He's the Interim Assistant Secretary of the Treasury for Financial Stability, a former Goldman Sachs executive, and the man who has been tapped to oversee the government's $700 billion rescue plan for the financial markets. Exactly who is the 35-year-old and what are his plans for the bailout?
California's Poisoned Pill: How the Golden State Single-Handedly Sunk Wachovia
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Wachovia's troubles can be traced largely to a questionable purchase with horrific timing. Golden West Financial seemed like a no-brainer acquisition for Wachovia back in 2006; after years of huge profits built on subprime mortgages, Wachovia's CEO called Golden West "a crown jewel." The crown jewel ended up being a poison pill that almost immediately started wracking up debt as subprime loans went into default, and eventually foreclosure, at increasingly rapid rates. Golden West was a pioneer of adjustable rate mortgages here in California, where the property values seemed like they would never fall. Instead Wells Fargo and Citigroup are now battling over the remains of Wachovia, both banks seeking to unload all of the California-based assets on the federal government. What went so wrong in the Golden State?
Prop 7: Progressive Energy Policy or Costly Energy Scheme?
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Prop 7, also known as "Big Solar," would speed up the purchase of renewable resource electricity and require California utilities to purchase half their power from renewable energy resources by 2025. Proponents claim Prop 7 would help create 370,000 new high-wage, green jobs, but opponents, including the Sierra Club and several other high profile environmental groups, say the bill would steamroll small companies and is poorly written. Patt clarifies both positions.
Tijuana Killings
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A series of murders in Tijuana are the latest casualties of the ongoing war between feuding drug lords; over fifty bodies have been found in the area over the past week. Experts say this latest, horrific level of violence may indicate a fracturing of the Arellano Felix drug cartel and a redefining of local cartels' territories. Will an allegedly corrupt local government be able to combat this recent peak in violence?
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