CNN Student News Transcript: September 22, 2008

(CNN Student News) -- September 22, 2008

Quick Guide

Attack in Pakistan - Observe the damage caused by a deadly weekend explosion in Pakistan.

Bailout Proposal - Examine President Bush's plan to fight the current U.S. financial crisis.

Debates 101 - Discover the history and different formats of presidential debates.

Transcript

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

CARL AZUZ, CNN STUDENT NEWS ANCHOR: A massive explosion leaves dozens dead and hundreds wounded in Pakistan's worst attack in years. A $700 billion bailout: That's what President Bush wants to fight the U.S. financial crisis. And breaking down debates: We're gearing up for the first face-off between this year's presidential candidates.

First Up: Attack in Pakistan

AZUZ: Hi, I'm Carl Azuz. We're starting off today in Pakistan, where the devastation is tremendous following this weekend's deadly explosion. Officials say a construction truck was packed with more than 1,300 pounds of explosives when it detonated outside a hotel in the capital city of Islamabad. More than 50 people were killed in the blast, which took place around 8 p.m. local time on Saturday night. This hotel is located near many of Pakistan's government buildings, including the prime minister's home, the Supreme Court, and the parliament building. Reza Sayah was at the site yesterday. He filed this report from the scene of the explosion.

(BEGIN VIDEO CLIP)

REZA SAYAH, CNN REPORTER: It is the day after the deadliest suicide attack in recent memory in the federal capital of Islamabad. An investigation is underway to find out who did this. We're back at the scene, and that's what's left of the Islamabad Marriott: a five-story hotel destroyed. Engulfed and then gutted by the inferno that ensued. The explosion, and just to give you an idea of how powerful this explosion was, across the street. In fact, hundreds, for yards away, this is what you saw: car after car after car mangled up. We're gonna walk here and try to show you where the truck bomb exploded. This is, down the street here is the entrance to the Marriott, and up there -- we can't get there now -- you'll find the crater 30 feet in diameter, 25 feet deep. That's where police say the truck bomb pulled up, tried to get into the Marriott; when it couldn't talk its way into the hotel, it blew up and it left a massive, massive crater. We spoke to a survivor who was lucky to get out. Here's what he had to say:

BOMBING SURVIVOR: It was like a shockwave, you know, so you feel like vibrating and everything. You hear your ears and your head get kind of a pounding, you know. It was kind of that feeling. And of course people panicking around, and we were able to walk out fine with no problem.

SAYAH: On Sunday, Pakistan called in the army to help cordon off the area as search and rescue efforts continued. But they say it's very unlikely that they're going to find any survivors in the wreckage, this now more a recovery effort. Reza Sayah, CNN, Islamabad.

(END VIDEO CLIP)

China Nightclub Fire

AZUZ: Tragic news from China this weekend, as well, where 43 people were killed and 88 others injured in a deadly fire. The blaze erupted on Saturday at a nightclub in Shinzen City, that's in the southeastern province of Guangdong. Investigators discovered that fireworks used during the show ignited these flames. The club is on the third floor, and media reports say many of the wounded were hurt when the crowd used a narrow staircase to escape the fire.

I.D. Me

GEORGE RAMSAY, CNN STUDENT NEWS: See if you can I.D. Me! I'm a department of the U.S. government that Congress formally established in 1789. My first secretary was Alexander Hamilton. My primary responsibilities include overseeing the government's economic policies, supervising national banks, and printing money! That last one probably gave it away. I'm the Treasury Department, and I'm currently led by Henry Paulson.

Bailout Proposal

AZUZ: President Bush wants the Treasury Department to take the lead in helping to turn around the financial crisis facing the U.S. economy. On Saturday, he asked Congress to give his proposal the green light. The plan: authorize Treasury to spend up to $700 billion buying up troubled mortgage-related assets. Secretary Paulson says this would help stabilize the economy. He believes the move needs to be "clean and quick." Kathleen Koch reports on reaction to the bailout proposal.

(BEGIN VIDEO CLIP)

KATHLEEN KOCH, CNN REPORTER: Taking his first questions in over two months on the struggling economy, President Bush called himself "a market guy," and said initially the idea of a massive federal rescue went against the grain.

PRESIDENT GEORGE W. BUSH: My first instinct was to let the market work, until I realized upon being briefed by the experts of how significant this problem became. And so I decided to act and act boldly.

KOCH: The plan would give the Treasury Department authority over the next two years to buy up to $700 billion in troubled mortgages from banks and other financial institutions, that in hopes they'd then be more willing to make loans. Once the housing market rebounds, the government would then try to sell the bad loans it bought for a profit.

BUSH: This is a big package because it was a big problem. And I will tell our citizens and continue to remind them that the risk of doing nothing far outweighs the risk of the package, and that over time we're gonna get a lot of the money back.

KOCH: Congressional leaders who are now going over the proposal aren't so sure. Senator Chuck Schumer of New York called it a good foundation, but...

SEN. CHUCK SCHUMER, (D) NEW YORK: It does not fill in what we're going to do to protect the taxpayer and to protect the homeowner.

KOCH: Republicans too want to be cautious that they're investing the huge some of money wisely. Senate Minority Leader Mitch McConnell insisting, "We must closely scrutinize the proposal to make sure it works and we must do so quickly." To cover the cost of the bailout, the plan raises the limit on the national debt to $11.3 trillion. It also requires the federal government to report to Congress within three months after it begins buying the bad mortgages, and then every six months after that. President Bush is pushing lawmakers to approve the plan without delay and without unnecessary additions. While unlikely Congress will pass it as is, neither party wants to be responsible for slowing the package or for the economic consequences that could follow. Kathleen Koch, CNN, the White House.

(END VIDEO CLIP)

Word to the Wise

RAMSAY: A Word to the Wise...

procession (noun) a group of people moving in an orderly and ceremonial way

source: www.wordcentral.com

Minnesota Bridge Reopening

AZUZ: A recent procession in Minneapolis, Minnesota marked the opening of a new bridge and offered some closure from a shocking collapse. Emergency vehicles led hundreds of motorists across the new Interstate 35W bridge before dawn last Thursday, less than 14 months after the old one fell. The accident forced many states to examine the safety of older bridges. This replacement is built with sensors that collect data on how the bridge handles harsh weather and heavy traffic.

Debates 101

AZUZ: Switching gears now to politics and this month's "Talking Democracy" topic: presidential debates! Now, U.S. presidential elections date back to the 1700s, but the debates, at least in the general election, are relatively new, and different types have different formats. With the first face-off between Senators Barack Obama and John McCain scheduled for this Friday, seems like a good time to break down the details.

(BEGIN VIDEO CLIP)

AZUZ: Kennedy. Nixon. 1960. You're looking at what Americans saw the first time a presidential debate aired on TV! And image was everything. Nixon didn't wear makeup, he was recovering from the flu, and he wore a gray suit, which kind of washed out on black-and-white TVs. Kennedy, with a tan and makeup, wore a dark suit, and he was coached on how to act and react. The guy simply looked better. Now, it's debatable whether he eventually won because of that, but what's not debatable is that millions of Americans tune in to see candidates square off.

By the late 1980s, TV debates were a permanent part of every presidential election, so a non-profit, non-partisan group called the Commission on Presidential Debates was created. Its role is to make sure that debates are organized, give the best possible info, cover relevant subjects, and stay fair to the candidates.

The tone of a debate can actually depend on how everything's set up. As we get closer to Election Day, be on the lookout for these debate formats: Q&A between candidates and journalists, Q&A with a single moderator and Q&A between candidates and citizens in what's called a "town hall" style debate. In the old-school format of standing behind podiums, candidates have the spotlight to themselves and can get into details, but it kind of looks like a two-person news conference; pretty formal. Roundtable discussions let the candidates interact with each other, like they're having a semi-civil conversation, but then it's the issues that get less attention. And back at town hall, audience members may not have the time or knowhow to ask tough follow-up questions. Plus, you risk hearing the "boxers or briefs" question, which probably shouldn't affect your vote. And while each campaign provides its post-debate spin, the networks and hosts themselves don't formally rank a winner. That, like the general election, is ultimately determined by the voters.

(END VIDEO CLIP)

Promo

AZUZ: As we said, this year's first debate is coming up in just a few days, and our Learning Activity will help you interpret the event. Pre- and post-debate questions challenge students to examine the issues and the candidates. Check it out at CNNStudentNews.com!

Before We Go

AZUZ: And finally today, a fond farewell for the House that Ruth Built. After 85 years, officials turned out the lights on Yankee Stadium after the team played its final home game yesterday. The ballpark bore witness to legendary moments, from Don Larsen's perfect World Series game to Reggie Jackson's three straight World Series home runs. A variety of sporting events, music concerts, even religious gatherings: Yankee Stadium has seen it all.

Goodbye

AZUZ: That's where today's show crosses home plate. I'm Carl Azuz.