CNN Student News Transcript: October 8, 2008

(CNN Student News) -- October 8, 2008

Quick Guide

Music City Showdown - Discover the role of audience members in the second presidential debate.

Staying in the Red? - Examine how the financial crisis could affect the holiday shopping season.

Post-Ike Hike - Hear how a football game offered relief for a hurricane-stricken community.

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: We're crossing the halfway mark of the week here at CNN Student News, and we're glad to have you along for the ride. From the CNN Center, I'm Carl Azuz.

First Up: Music City Showdown

AZUZ: First up, round two for Senators Barack Obama and John McCain, as the White House hopefuls squared off in their second debate. The candidates met in Nashville, Tennessee last night to face off on the issues. Talk on the campaign trail has been heating up since their first debate, attacks coming from both sides. Stephanie Elam reports on what the candidates had to say during last night's event.

(BEGIN VIDEO CLIP)

TERESA FINCH, VOTER: How can we trust either of you?

STEPHANIE ELAM, CNN CORRESPONDENT: Voters were asking the questions in Tuesday's presidential showdown. Tom Brokaw moderated the town-hall style debate, but most of the questions came from non-committed voters in the audience and over the Internet. They asked Sens. John McCain and Barack Obama what they planned to do about the struggling economy.

SEN. BARACK OBAMA, (D) PRESIDENTIAL CANDIDATE: The middle class needs a rescue package, and that means tax cuts for the middle class, it means help for homeowners.

SEN. JOHN MCCAIN, (R) PRESIDENTIAL CANDIDATE: I have a plan to fix this problem, and it's got to do with energy independence. We've got to stop sending $700 billion a year to countries that don't like us very much.

ELAM: With the financial crisis worsening in recent weeks, Obama has expanded his lead in the polls. McCain was seeking to reverse that momentum.

MCCAIN: Senator Obama has never taken on the leaders of his party on a single issue. And we need to reform. And so, let's look at our records as well as our rhetoric.

ELAM: Obama countered by trying to link McCain's positions to those of the unpopular Bush administration.

OBAMA: When Senator McCain proposes a $300 billion tax cut, a continuation not only of the Bush tax cuts, but an additional $200 billion that he's going to give to big corporations, including big oil companies.

ELAM: The debate was the second in a series of three. The final presidential debate will take place at Hofstra University in New York on October 15th. For CNN Student News, I'm Stephanie Elam.

(END VIDEO CLIP)

Promo

AZUZ: So, how does this debate compare to others you've seen during the election, and how might you figure out who won? Those are some of the questions in today's free Learning Activity. It helps you break down last night's debate and gear up for the final face-off next Wednesday, as well. Check out the free resource at CNNStudentNews.com!

Spoken Word

PRESIDENT GEORGE W. BUSH: I'm taking the action necessary to make sure that this financial system doesn't collapse, so you don't get hurt. I understand Americans' frustrations. I went home out there to west Texas where I was raised. Some old guy said, "Hey, man, what are you doing?" And I said I'm recognizing reality, that this is a serious economic situation that requires strong government action.

Dow Drops

AZUZ: The government took that action last week, with that $700 billion financial bailout we told you about. But if you look at the downward trend of the Dow Jones these days, it appears that investors aren't convinced things are turning around. The Dow indicates how the overall market is doing; not well, lately. Yesterday's closing was a five-year low, as the Dow dropped 500 points! Monday, it was a nearly 400-point plunge. That translates to about $500 billion that was wiped out of Wall Street. But the worst was last Monday, when the losses totaled 777 points, or $1.2 trillion.

Staying in the Red?

AZUZ: Given the current financial crisis, many people's spending is shrinking. That's bad news for companies, since the holidays, usually a busy buying time, are just weeks away. Jennifer Westhoven looks at what this could mean for the shopping season.

(BEGIN VIDEO CLIP)

JENNIFER WESTHOVEN, CNN REPORTER: The financial crisis that's gripped Wall Street and Washington could mean quieter holidays for everyone. Christmas may be scaled back this year, as many American shoppers and stores struggle to make ends meet.

PETER MORICI, UNIV. OF MD. SCHOOL OF BUSINESS: Consumers face several challenges: high gas prices, some have lost their jobs or have family members who have lost their jobs, and there's the high cost of credit cards these days; rates have gone up.

WESTHOVEN: That means tighter holiday budgets for millions of Americans. Retail analysts say this season will be the slowest growth in holiday sales since 2002. On top of weak spending, credit markets are locked up. Like all businesses, retailers are having a hard time getting credit, credit that they need to buy holiday merchandise.

MORICI: When you got to Macy's and you look at a coffee pot, Macy's doesn't really own that coffee pot. They borrowed money to pay the vendor, and they'll repay the vendor when you pay them. So, they need what we call commercial credit.

WESTHOVEN: It's do or die for many stores, squeezed on both ends by suppliers and buyers. Economists say some businesses won't even make it to the holidays. It all adds up to more pressure in a weak job market. Hundreds of thousands of Americans make extra money around the holidays by taking a seasonal job, but experts say this year's hiring will likely fall well short of last year.

JOHN CHALLENGER, INDUSTRY ANALYST: This year, I think it's going to be even worse. There won't be as many people in the stores, and they won't be there as long.

WESTHOVEN: Analysts aren't saying that the Grinch will steal Christmas all together.

SCOTT KRUGMAN, NATIONAL RETAILERS FEDERATION: Let's put it this way: I don't think anyone's canceling Christmas. Holiday spending, it's important to consumers. It actually becomes necessity spending, because it's emotional.

WESTHOVEN: But Americans may get a chance, much like those Whos down in Whoville, to remember the true meaning of the holidays isn't about the gifts. Jennifer Westhoven, CNN, New York.

(END VIDEO CLIP)

Shoutout

ERIC GERSHON, CNN STUDENT NEWS: Time for the Shoutout! Which of these best fits the description of anaerobic exercise? If you think you know it, shout it out! Is it: A) Cycling, B) Swimming, C) Walking or D) Bodybuilding? You've got three seconds -- GO! In anaerobic exercise, you're using your muscles at high intensity for short bursts of time. That makes bodybuilding the best option here. That's your answer and that's your Shoutout!

Shape Up!

AZUZ: And weightlifting is what I did for an hour before coming into work today. Those other options, of course, are aerobic exercise: lower intensity, longer time. No matter what kind of exercise you like, experts say you need to be doing more of it! According to new government guidelines, that means two-and-a-half hours per week for most adults. A lot of teens though, we're talking an hour per day! Most of that should be aerobic activity: running, skateboarding, riding your bike. But three times a week, you should include exercises that strengthen your muscles and bones, like sit-ups or lifting weights. To some of you, that might sound like a lot, but consider the long-term benefits. Those same experts say that regular physical activity can cut the risk of heart attacks, high blood pressure, diabetes, even depression.

Post-Ike Hike

AZUZ: Sticking with sports now, it's natural to get excited, you can look around the room and you know there's going to be somebody who freaks out when your team takes the field. But for fans of a high school football team in Galveston, Texas, that moment also brought a sense of relief. You see, Hurricane Ike sacked Galveston last month. But as Alex Sanz of affiliate KHOU explains, these fans are thrilled to be back in the game.

(BEGIN VIDEO CLIP)

ALEX SANZ, 11NEWS REPORTER: Make no mistake, Hurricane Ike did a lot to batter Galveston. What it did not do was dampen its spirit; not along its beaches, not on the high school football field.

JAMES GULLEY, BALL HIGH SCHOOL GRADUATE It's time to play. It's time to play. Time to get some R and R, rest and relaxation. It's been a long time coming. Time to play some ball now. High school football is in the air once again.

SANZ: Ball High's goal tonight was simple: win; beat rival Clear Creek High.

TENISHA BROWN, BALL HIGH SCHOOL PARENT: We still got a long way to go, but we're happy to see them back out there.

SANZ: And pick up where it left off eight days before Ike.

BROWN: We talking championship. We plan to go all the way. You know, all the parents and a lot of people that's out here, we're all behind 'em.

SANZ: As high school football seasons go, this one started out strong, with Ball High beating La Marque 35-6. All eyes remain on the district championship.

HALEY HERRIN, BALL HIGH SCHOOL STUDENT: Everyone is really pumped up and excited that there's a game today, because we were scared that we weren't even going to have a school.

SANZ: As a lot of people did, some players lost everything. Still, hard pressed were they to let that get in the way of them giving their all.

ANDREW COLEMAN, BALL HIGH SCHOOL STUDENT: You know, I think our island is coming back. I'm really happy. It's a great game.

SANZ: Ball High may have lost to Clear Creek 17-7. No matter, they'll tell you. They've still come out strong, given what was, what is and what's ahead. From League City, Alex Sanz, 11News.

(END VIDEO CLIP)

Before We Go

AZUZ: OK, before we go, imagine being held out of your house by this thing. A daunting doorman! The prominent python parked itself in front of the entrance to a Florida home on Monday, denying access and just causing this huge commotion. This sucker's about eight feet long and it put up a fight when animal control came to the rescue. One officer said the snake weighed more than he did! Eventually, as you see, they got the situation and the python all wrapped up.

Goodbye

AZUZ: Talk about a real snake-in-the-grass. That's where we slither away for now. We'll see you again tomorrow. Have a great day.