CNN Student News Transcript: September 23, 2008

(CNN Student News) -- September 23, 2008

Quick Guide

Bailout Proposal - Examine reaction from Congress and taxpayers to plans for a federal bailout.

Out of Gas - Hear how fuel shortages are impacting drivers in parts of the southeastern U.S.

Problems in the Air - Discover why some Japanese bird lovers are using bees to scare away crows.

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: It is Tuesday, September 23rd, and I am Carl Azuz. Glad to have you with us for a brand new day of CNN Student News.

First Up: Bailout Proposal

AZUZ: First up, lawmakers and taxpayers respond to the massive financial bailout that President Bush has proposed to help the U.S. economy. If you were with us yesterday, you know the president wants Congress to authorize the Treasury Department to spend hundreds of billions to fight the current financial crisis. Democrats are demanding some changes to the president's plan, but Mr. Bush is insisting it be passed right as it is. Mary Snow has the latest reaction to the proposal.

(BEGIN VIDEO CLIP)

MARY SNOW, CNN REPORTER: So what do taxpayers have to say about the government's $700 billion plan to save banks?

PERSON ON THE STREET: This is exactly not what I want to happen. I'd like my tax dollars to go somewhere else.

PERSON ON THE STREET: You're expecting us tax payers to bail out Wall Street?

PERSON ON THE STREET: It sounds to me like if they didn't bail it out, that things would be much worse.

PETER SEPPS, NAT'L TAXPAYERS UNION: This is almost a populist revolt against what has been some very careless behavior, not only on the part of Wall Street, but the government as well.

SNOW: Pete Sepp of the National Taxpayers Union is urging lawmakers on Capitol Hill to fight for a smaller package, but he acknowledges there needs to be some government action. What might the consequences of not passing a bailout be? Treasury Secretary Henry Paulson was quoted by the Wall Street Journal as saying "if it doesn't pass, then heaven help us all" while he met privately with lawmakers last week. Among those Congressional leaders, Senator Chuck Schumer.

SEN. CHUCK SCHUMER, (D) NEW YORK: Well, basically, they described a financial system where the arteries are clogged, and if you don't unclog the arteries, these are my words, the patient could get a heart attack.

SNOW: If banks don't lend money, companies don't have money to spend, businesses grind to a halt, workers are laid off, and a potentially disastrous downward spiral follows. The Treasury Department is stressing the need for speed to pass the bailout, but critics of the plan say they believe changes can be made in the next few days that may be more acceptable than the plan that's already been proposed.

(END VIDEO CLIP)

Is this Legit?

ERIC GERSHON, CNN STUDENT NEWS: Is This Legit? Elephants and donkeys are often used to describe good and bad market conditions on Wall Street. Wrong animals! When it comes to Wall Street, it's all about bulls and bears. A bull market means things are going well, and a bear market, just the opposite.

Out of Gas

AZUZ: It was a bull market yesterday for oil prices. The cost of crude saw its biggest one-day gain ever, jumping more than 16 bucks by the end of trading and finishing at just under $121 per barrel. While oil prices may be up, gas supplies have been down. You've probably seen the result: high prices at the pumps, assuming there's any gas at all! Nicole Lapin looks at what's causing the shortage and how it's impacting drivers.

(BEGIN VIDEO CLIP)

NICOLE LAPIN, CNN REPORTER: The search for gas is on in the Southeast.

LAPIN: How many stations have you been to?

PERSON ON THE STREET: I've been to like four different stations and I haven't gotten any gas.

LAPIN: Out. Out. And out. And it's all because the Colonial Pipeline that runs from Gulf Coast refineries to dozens of states, including Georgia, Tennessee and South Carolina, has been running low since Gustav and Ike.

STEVE BAKER, COLONIAL PIPELINE: Since the hurricanes both hit, we have been tapping the reserves, the stockpiles of the fuels that were made before the hurricanes hit. And we've been delivering those, and that has caused us to operate at a reduced rate, less than we're capable of. That's been part of the problem we have faced and are trying to overcome.

LAPIN: Until then, many Atlanta stations may be out of a certain grade if they're not totally out of gas.

LAPIN: How much would you pay for gas right now? If this station had gas, and it was five dollars a gallon, would you pay that?

PERSON ON THE STREET: Sure, yes.

LAPIN: You'd pay anything.

LAPIN: Desperate drivers would pay anything.

PERSON ON THE STREET: All them people are waiting on gas.

LAPIN: But in Nashville, some would do anything, too.

PERSON ON THE STREET: It's very scary. I've never seen anything like this.

LAPIN: When folks there heard a rumor that there was a shortage, they hoarded. And because of that, an estimated 3/4 of stations had no gas going into the weekend. Call it a self-fulfilling prophecy. Whatever you call it, people are taking anything they can get.

LAPIN: Is it going slow?

MAN AT THE PUMP: Yeah, a lot slower than normal I guess.

LAPIN: Are you on empty?

MAN AT THE PUMP: No gas.

LAPIN: Fumes?

MAN AT THE PUMP: Yes.

LAPIN: So, we have a trickle. Every little bit helps, I guess.

MAN AT THE PUMP: Yeah. I'll take what I can, I guess. Right now, I got almost a gallon, so that will get me somewhere.

LAPIN: Nicole Lapin, CNN, Atlanta.

(END VIDEO CLIP)

Changes in Command

AZUZ: Turning our attention overseas now, where leadership is changing hands in several countries around the globe. First, we're heading to South Africa, where Thabo Mbeki has served as president since 1999. But on Sunday, Mbeki announced his resignation. The African National Congress asked the leader to step down before his term ended. That group will appoint its deputy president to lead until the country's elections in the spring.

Next we head north to Israel. Ehud Olmert has been that country's prime minister since 2006, but he turned in his resignation Sunday as well, saying the decision to step down was "not an easy or simple" one. For the time being, Olmert will continue as the interim prime minister.

And finally to Japan, where the country's parliament is voting for a new prime minister tomorrow. Five candidates ran for the spot after the country's current leader resigned a few weeks ago, but Taro Aso is expected to win tomorrow's vote easily. That's because his Liberal Democratic Party holds a majority in parliament.

Shoutout

GERSHON: Time for the Shoutout! Which of these is the national flag of Japan? If you think you know it, shout it out! Is it: A, B, C or D? You've got three seconds -- GO! B is the answer. The red disc represents the sun, and it's been the country's symbol for centuries. That's your answer and that's your Shoutout!

Problems in the Air

AZUZ: Staying in Japan now, where some animal lovers are joining forces to fight off... animals? You see, one group of birds has been bullying another in the capital city of Tokyo, eating their eggs and driving them away. But protectors of the avian underdog are hoping some insects will offer a solution. Kyung Lah literally reports on the birds and the bees.

(BEGIN VIDEO CLIP)

KYUNG LAH, CNN REPORTER: There are no living birds for Naoya Masuda to show us. He only has wooden replicas of the bird he loves most: the tern. A cousin of the seagull, terns are listed as vulnerable in Japan, where they nest after the long migration from Australia and New Zealand. The terns have lost their nesting sites to more and more construction in Tokyo. They also face another threat: crows, a population that's boomed thanks to an ample food supply of city garbage from humans. The terns laid eggs, but crows started eating them, says Masuda. Then these eggs were abandoned by their mothers. He built shelters, tried to scare off the crows; nothing worked. But across Tokyo, on the rooftop of a high-rise, another fan of a flying creature, this one a bee, was hard at work. The Ginza Bee Project has been raising more than 100,000 bees in downtown Tokyo to make honey.

LAH: It's very delicious.

LAH: But there's something else bees do.

ATSUO TANAKA, GINZA BEE PROJECT: Recently, no crows.

LAH: Experts say bees attack crows, or anything dark and shiny, to protect their hives. The urban beekeepers heard about Masuda's problem and thought their bees could be used to protect the terns from the crows and built Musada his own hive. But the bees didn't work this year. The reason why: There was just this one hive to cover all this nesting space. There just weren't enough bees to fight off the number of crows.

LAH: "Crows are a really difficult problem," says Masuda. So far, there are no easy answers. But Masuda hopes the bees will be a long-term solution. Using recordings of bird sounds and this giant gravel space, Masuda, who calls himself the father of the terns, hopes to lure the birds back to a safe nesting spot and with thousands of bees, use nature to rebuild what humans have damaged. Kyung Lah, CNN, Tokyo.

(END VIDEO CLIP)

Promo

AZUZ: Japan, South Africa, Israel: We've covered a lot of ground in today's program, and our downloadable maps will show you every square inch. We offer up these geographic guides to stories from our show every day. You can find the free resources at CNNStudentNews.com!

Before We Go

AZUZ: Before we go, check out a gem that's truly outrageous. Feast your eyes on one of the world's largest diamonds! This precious stone was discovered in a mine in Lesotho earlier this month, and it weighs in at a whopping 478 carats! That actually makes it the 20th largest diamond ever found. But thanks to its impressive color and clarity, experts think it could be one of a kind when it's cut down.

Goodbye

AZUZ: Coming up with a pun for that story was hard as a rock! We'll see ya tomorrow, I'm Carl Azuz.