(CNN Student News) -- November 25, 2008
Quick Guide
Saving Citigroup - Examine the details of an ailing banking giant's government rescue.
The SPAM You Eat - Delve into the origins of a meat product that's enjoying a comeback.
Talking Turkey - Celebrate a festive fowl with our Thanksgiving tribute to turkeys.
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 very happy Tuesday to you as we get started with our last program before we take a break for Thanksgiving. I'm Carl Azuz.
AZUZ: First up, a rescue package from the U.S government for a struggling giant in the banking industry. Citigroup has been around for 196 years; maybe you have a savings account with CitiBank. But the company's suffered about $21 billion in losses over the past year, and its stock price plummeted just last week. That is why the federal government has stepped in to help, again. It's putting another $20 billion in Citigroup. We say another, because this follows a $25 billion investment in the company last month. All that money will come out of the $700 billion bailout Congress passed in October. But the government isn't just giving this money away; there are some of rules and restrictions here. First, the government will get a huge chunk of Citigroup stock; it'll own part of the company. And those stocks come with an eight percent interest rate, so when the government gets paid back, it'll actually be getting more than it's investing right now. Also, Citigroup executives will have restrictions on how much they get paid, and their company will have to adjust mortgage payments for some struggling homeowners, based on government rules.
The Game Plan
AZUZ: The struggling economy is one of the biggest challenges, if not the biggest challenge, facing President-elect Barack Obama as he prepares to take office. He's putting together his economic team, and he says they're working on the details of a recovery plan aimed at creating millions of jobs. But there are some concerns that the cost could be too high. Ed Henry breaks down the details.
(BEGIN VIDEO CLIP)
ED HENRY, CNN SENIOR WHITE HOUSE CORRESPONDENT: With the financial crisis deepening, aides to President-elect Barack Obama are now signaling his economic stimulus plan will be much larger than the $175 billion package he campaigned on.
DAVID AXELROD, INCOMING WHITE HOUSE SENIOR ADVISER: The economic recovery plan we are going to bring in January has to be big enough to deal with the huge problem we face.
HENRY: "How big," is the question facing Mr. Obama as he unveils his economic team, with New York Fed Chief Timothy Geithner the pick for treasury secretary. The chief of the National Economic Council at the White House will be Lawrence Summers, who's pushed for an enormous stimulus package of $500 to $700 billion dollars. While Obama advisers will not be pinned down on a specific number yet, they're suggesting drastic action is needed to prevent millions more jobs from being lost.
AUSTAN GOOLSBEE, OBAMA ECONOMIC ADVISER: It's going to be a number big enough that, when they spell it out, it looks like "oooooh," you know, with that many zeros on it.
HENRY: But Republicans are already warning the price tag may be too high in terms of government debt, on the heels of a string of taxpayer bailouts.
MITT ROMNEY, (R) FORMER PRESIDENTIAL CANDIDATE: We're going to be facing a trillion dollar deficit in his first year. And I know he's going to want to stimulate the economy at the same time, but, you know, we have to cut back on some of the excesses of government, or the massive borrowing could cause some secondary effects that would hurt us long term.
HENRY: While Team Obama is still open to the idea of an auto bailout, they're echoing congressional leaders by warning the Big Three will not get an infusion of cash without dramatic changes
AXELROD: What we can't give is a blank check for an industry that isn't prepared to reform itself, to rationalize itself, and to retool for the markets of today and tomorrow.
HENRY: The Obama economic plan is also expected to have tax cuts for the lower and middle class. They were supposed to be paid for by tax increases on the wealthy. But Team Obama is now signaling they'll wait on tax hikes until 2011, raising questions on how they'll actually pay for all of this. Ed Henry, CNN, Chicago.
(END VIDEO CLIP)
Word to the Wise
ERIC GERSHON, CNN STUDENT NEWS: A Word to the Wise...
gelatinous (adjective) resembling or having the consistency of jelly; jellylike
source: www.dictionary.com
AZUZ: A gelatinous food product is enjoying a comeback thanks to the struggling economy. It's called SPAM. No relation to those unsolicited e-mails that are clogging your inbox. This stuff has been around for decades. It's gotten kind of a bad rap in recent years. But as Melissa Long tells us, these days, it's back on the menu.
(BEGIN VIDEO CLIP)
PERSON ON STREET #1: Ingredients: pork with ham, salt, water, modified potato starch, sugar, sodium and nitrite.
PERSON ON STREET #2: SPAM!
MELLISSA LONG, CNN CORRESPONDENT: We've called it mystery meat and the gelatinous cube. And who can forget the classic Monty Python diner sketch that made fun of it.
MONTY PYTHON SKETCH: I'm having SPAM, SPAM, SPAM, SPAM....
LONG: Invented around the time of the Great Depression, it was a staple for those who wanted the taste of meat but couldn't afford it. Then, as times got better, we got snooty, and eating the canned lunch meat became a major faux pas. Fast forward to today. At a cost of two dollars and change per can, SPAM is making a huge comeback, partly because of our withering economy. In fact, employees at this California supermarket say it's flying off the shelves.
PERSON ON STREET #3: Gotta tell you, though, recently, we've had a little shortage on SPAM. In fact, we just got it back in stock a few days ago, luckily. There was apparently quite a demand and the supplier couldn't keep up.
LONG: While most companies are laying off workers and cutting back, the Hormel foods factory in Austin, Minnesota, the nerve center of the SPAM dynasty, is overloading its employees with overtime: two shifts of workers canning SPAM seven days a week, and indefinitely. And more and more people are now actually admitting they're putting it back on their shopping list.
PERSON ON STREET #4: I love it.
LONG: Really?
PERSON ON STREET #4: Yea.
PERSON ON STREET #3: Dice it up and use it in a breakfast plate.
PERSON ON STREET #4: Actually, I like it not cooked, just right out of the can.
PERSON ON STREET #2: Well, hey, I'll have to put it back onto my menu items.
LONG: Back into the rotation?
PERSON ON STREET #2: Yup.
LONG: And if you need more proof of the resurgence of SPAM, check out the imitation versions of the infamous canned meat.
(END VIDEO CLIP)
Shoutout
GERSHON: This Thanksgiving-themed Shoutout goes out to Ms. Hahn's 12th grade government classes at Evansville Central High School in Evansville, Indiana! What is a group of turkeys called? Is it a: A) Flock, B) Gaggle, C) Pride or D) Rafter? You've got three seconds -- GO! A group of gobblers is a rafter! You also might've heard of a "gang" or a "raffle" of turkeys. That's your answer and that's your Shoutout!
AZUZ: Everybody has a favorite dish when they pull up to the Thanksgiving table. Maybe you like to get stuffed on stuffing, crammed full of cranberries. But the star of the show is what makes so many of us salivate: the turkey! It has a special place in American history, and not just on the dinner table.
(BEGIN VIDEO CLIP)
AZUZ: Every year at Thanksgiving, the president pardons one special turkey that gets to live out the rest of its life in peace. This ain't it. It's a crucial part of tradition, one that says Thanksgiving isn't Thanksgiving without turkey! And maybe a nap. Tryptophan: an essential amino acid in turkey that functions as a precursor to seratonin, a substance that helps regulate sleep.
And if your feasting leads to sleeping, you might dream of smoked turkey, stuffed turkey, roasted turkey, fried turkey, turkey sandwiches, turkey dogs, turkey legs, turkey bacon, turkey jerky. It doesn't matter as long as it's on the table and you're not a vegetarian. But, get this, there's actually no proof that turkeys were part of the first Thanksgiving harvest feast back in 1621!
What was on the table? Probably venison or goose; they were more readily available. That wouldn't have mattered much to folks like Ben Franklin. The Founding Father was a huge fan of turkeys. He once went so far as to call the bald eagle, our national symbol, "a bird of bad moral character," adding that the turkey was "more respectable." We couldn't reach any eagles for comment, and the turkeys we had were cooked.
But there's no denying a connection between turkeys and freedom. Take, for example, this brash birdbrain, who exercised his freedom to stop traffic without giving up his freedom to run away. These audacious adventurers were seeking freedom on the railways, hoping to catch the first train out of Jersey before Thanksgiving. And this costumed creature is free to roam about a house as a pet, without having to worry about the oven.
PHYLLIS GERSCH, TURKEY OWNER: He's just like a little dog with wings.
AZUZ: Not to mention strong, birdlike features. But besides the oven, what's a turkey's biggest fear? Behold: The turkey eating competition, where gorgers guiltlessly gobble all the turkey they can. It's definitely not for the birds; they'll all tell you it's a fowl idea.
(END VIDEO CLIP)
Heroes Promo
AZUZ: After you've gobbled up Thanksgiving dinner, tune in to CNN Heroes! Anderson Cooper hosts this all-star tribute to ordinary people making extraordinary accomplishments! The program airs Thanksgiving night at 9 p.m. ET on CNN. And our educator materials help students identify heroes in their own lives and recognize their own potential to make a difference. You'll find those in the Spotlight section on CNNStudentNews.com!
Before We Go
AZUZ: And finally, some monkey business at a restaurant in Japan that's keeping the place packed! In what could be a record-breaking year for restaurants going bankrupt in the country, this spot is filled with people who want to be waited on by these simian servers. They bring out drinks, hot towels, even take cash and return change. The health inspector even signed off on the whole thing, as long as the apes stay in uniform.
Goodbye
AZUZ: OK, so the customers had Japanese food, but we have no idea what the primate. That gobbles up all our time for today. Have a very happy Thanksgiving. We'll see you again next Monday.
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