CNN Student News Transcript: October 6, 2008

(CNN Student News) -- October 6, 2008

Quick Guide

Passed and Signed - Discover how the controversial $700 billion financial bailout plan became law.

The Show Must Go On - Examine how current economic struggles could impact London's theater district.

Treating a Best Friend - Meet a 9-year-old entrepreneur whose product line is inspired by her pet.

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: Okay, it's Monday, but at least you won't have a quiz for the next ten minutes while you're watching CNN Student News! I'm Carl Azuz.

First Up: Passed and Signed

AZUZ: First up, they did it. That $700 billion bailout we've been talking about is approved! On Friday, the U.S. House of Representatives passed the controversial measure, and President Bush signed it into law less than two hours later. It includes a lot of the provisions we mentioned last week, like tax breaks for individuals and businesses, committees to oversee how the bailout is run and protection for bank deposits. Jessica Yellin details how the deal was done.

(BEGIN VIDEO CLIP)

JESSICA YELLIN, CNN CONGRESSIONAL CORRESPONDENT: For Democratic leaders, an agonizing week ended with a laugh.

REP. NANCY PELOSI, (D) SPEAKER OF THE HOUSE: Barney, want to see it?

YELLIN: The first bill fell 12 votes short and sent the stock market tumbling. An updated version passed easily, with 33 new Democrats and 26 Republicans voting yes. Some say that vote puts their political future in jeopardy.

REP. HOWARD COBLE, (R) NORTH CAROLINA: I voted "aye" today and it may be politically damaging, and the sky may fall tomorrow. But it will fall upon my head. It won't fall upon anyone else.

YELLIN: All were under pressure from constituents.

REP. DONNA EDWARDS, (D) MARYLAND: I talked to workers who are worried about losing their jobs.

REP. ELIJAH CUMMINGS, (D) MARYLAND: What they're saying to me is, "Congressman, every day when I go to my portfolio, I'm seeing that either my pension or whatever, I'm seeing that my money is leaving."

YELLIN: From business leaders.

REP. JOE KNOLLENBERG, (R) MICHIGAN: That was coming from CEOs, it was coming from bank presidents. I think I've talked to more bank presidents in 10 days than I have talked to in 16 years.

YELLIN: And from intense lobbying by President Bush and Senator McCain targeting Republicans, and Senator Obama, who was dialing Democrats all week.

SEN. BARACK OBAMA, (D) PRESIDENTIAL CANDIDATE: There were a number of members of Congress who had voted no that I talked to.

REP. BRUCE BRALEY, (D) IOWA: He called me at my home Tuesday night.

YELLIN: They insisted the bill is not a Wall Street bailout, but a Main Street rescue. Still, many were unconvinced and both accuse Democratic and Republican leaders of fear mongering.

REP. BRAD SHERMAN, (D) CALIFORNIA: Wall Street wants the $700 billion so bad they can taste it. To get it they need two things: First, you create panic. Then you block alternatives. Then you herd the stampeding cattle toward passing a bad bill.

REP. PETER DEFAZIO, (D) OREGON: Henry Paulson set this up. I mean really, coming over on a Thursday night saying the world is going to collapse, then going out to the public and saying if Congress doesn't pass this in three days, the world economy crashes. Congress is really easy to stampede when they are up for election.

YELLIN: Before minority leader John Boehner voted for this bill, he said the U.S. is going to need not just this legislation, but God's help to get through this financial crisis. More evidence that even those who supported the bill didn't like it. Jessica Yellin, CNN, Capitol Hill.

(END VIDEO CLIP)

AZUZ: Meanwhile, over in Europe, the leaders of France, Germany, Italy and Britain are working to make sure their banking systems remain stable. The heads of state got together over the weekend to discuss how the current U.S. financial crisis is affecting other markets around the world. The European leaders vowed to support their countries' banks, but they didn't offer very many specifics.

Shoutout

GEORGE RAMSAY, CNN STUDENT NEWS: Time for the Shoutout! London's well-known theater district is often referred to by what name? Is it: A) Savile Row, B) Piccadilly Circus, C) West End or D) Buckingham Palace? You've got three seconds -- GO! Head to Theatreland in the West End if you're going to see a show in London. That's your answer and that's your Shoutout!

The Show Must Go On

AZUZ: When times are tight economically, many people might spend their money differently. Some cut back on spending all together; maybe you're one of them. But how does that affect an industry like theater, one depends on investors financing these performances and audiences paying to see them? Sasha Herriman looks at how current financial struggles could have an impact on London's West End.

(BEGIN VIDEO CLIP)

SASHA HERRIMAN, CNN REPORTER: Rehearsals for a brand new musical in London's Theatreland premiering next month. Despite the global financial downturn, the show must go on.

BETH TRACHTENBERG, PRODUCER, IMAGINE THIS: We're in a tough economic climate. It's expensive to go to the theater, and people are having to think about what their entertainment choices are. And all I can hope is that people who love the theater will still come to the theatre.

ALISTAIR SMITH, NEWS EDITOR, THE STAGE: Especially now when you are getting shows with 50 or 60 pound tickets, that is a lot of money to shove out on a night out at the theater if you are not guaranteed a good time.

HERRIMAN: Last year, the figures were actually really good. There were record sales for theater shows here in London, with more than 13-and-a-half million theater tickets sold. That brought in a ticket revenue for more than $840 million.

ACTOR: Who cares about love? Who cares about hope?

ACTOR: They do.

HERRIMAN: But October can be a make-or-break month as new shows are put on for the new season. And producers are having to work extra hard to get money up front to simply get the shows on stage.

TRACHTENBERG: Obviously, in this economic climate, even very, very wealthy people are having to think very seriously about where they put their money, so raising money for this show has been extremely difficult.

HERRIMAN: Now, for her show "Imagine This," a musical set in the Warsaw ghetto, she's waiting to see if she can make good that investment and get the audiences in. There's also concern at the top end of the artistic market.

TONY HALL, EXECUTIVE DIRECTOR, ROYAL OPERA HOUSE: The thing about running an opera house is that you are making commitments for years to come, because we are already booking stars and guests for 2012 - 2013 season. And what you've got to look is very carefully at the money that you are spending, making sure that you are doing all the right things and you're not being daft in expenditures.

HERRIMAN: But some observers say the industry is traditionally robust.

SMITH: Theater is one of the last things that actually people cut back on in a recession, because it cheers you up; it's a treat. And so maybe you'll cut down on your everyday spend, but your special occasion spend perhaps will stay the same.

HERRIMAN: That's what these performers will be relying on. Sasha Herriman, CNN, London.

(END VIDEO CLIP)

O.J. Found Guilty

AZUZ: Thirteen years to the day after O.J. Simpson was found not guilty of killing his ex-wife and her friend, the former football superstar, seen here on the left, was convicted of armed robbery and kidnapping in a separate case involving sports memorabilia. The judge did not allow anyone to mention the controversial murder trial of 1995, but it still was an undercurrent in this case. Simpson could spend the rest of his life in prison.

Word to the Wise

RAMSAY: A Word to the Wise...

entrepreneur (noun) a person who starts and runs his or her own business

source: www.investorwords.com

Treating a Best Friend

AZUZ: Imagine trying to get a job when your age is still in single digits. Most people probably won't take you very seriously, and that's what happened to a 9-year-old in Florida. So instead, she decided to start her own business and based her product on her pet. Shani Muhammad of affiliate WCJB in Gainesville introduces us to this underage entrepreneur.

(BEGIN VIDEO CLIP)

SAMMY SENECHAL, 9-YEAR-OLD ENTREPRENEUR: Mine, people can eat.

SHANI MUHAMMAD, WCJB REPORTER: By most accounts, Sammy Senechal is a typical 9-year-old. She likes math and loves to play with her dog.

SENECHAL: My baby, my little baby Lucky.

MUHAMMAD: But don't let that fool you. She's an entrepreneur who knew that if she wanted something to happen, she would have to do it herself.

SENECHAL: I wanted to make money.

MUHAMMAD: With the help of her mother Stephanie Senechal, Sammy started Sammy's Dog Treats in May. It's an all-natural dog treat made from ingredients humans can eat.

SENECHAL: I wouldn't suggest they eat; it's for dogs. But you can eat it, it's natural.

MUHAMMAD: In her kitchen, she experiments with a new flavor to add to her already three-flavor treat line. Today, it's pumpkin.

SENECHAL: It's close to Halloween, so holiday things.

MUHAMMAD: Stephanie calls herself a "mompreneur" who runs her own pet sitting service. She came up with the idea for Sammy to sell the treats after her daughter tried unsuccessfully to offer a pet walking service.

STEPHANIE SENECHAL: She said, "Mom, you know what? I don't know what to do. I want to make my own money. Can you help me?"

MUHAMMAD: Sammy mixes, rolls and cuts each batch by hand. But before each treat makes it out the door, it must get the paws approval from her trusty taster, Lucky. And he has a foolproof way of grading the treats. If he likes them...

SENECHAL: He will go and eat it fast, and then he'll come back like, "Is that all I get? Come on."

MUHAMMAD: And if he doesn't...

SENECHAL: He'll hide it somewhere, and he will be like, "You got something else?"

MUHAMMAD: The business still has plenty of room to grow, but if you ask Lucky, the business is right where it needs to be.

(END VIDEO CLIP)

Before We Go

AZUZ: Before we go, another four-legged friend is right where he needs to be, but it took quite a journey for Max to get there. He disappeared into the woods after he and his owner, Bill, were in a car accident. The thing is, the wreck happened in a different state! Incredibly, the tenacious terrier found his way home. Bill doesn't know and doesn't care how Max did it. He's just happy to have his friend back

Goodbye

AZUZ: That's where our journey ends for today. We'll see you again tomorrow. For CNN Student News, I'm Carl Azuz.