CNN Student News Transcript: March 18, 2008

(CNN Student News) -- March 18, 2008

Quick Guide

Democratic Decision - Learn why the fate of Florida's Democratic delegates is up in the air.

Economy: Issue #1 - Hear President Bush's remarks on the current U.S. economic outlook.

Final Goodbye - Discover how France paid tribute to a veteran of the Great War.

Transcript

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

MONICA LLOYD, CNN STUDENT NEWS ANCHOR: It's Tuesday, and you've found your way to the start of a brand new edition of CNN Student News. Thanks so much for joining us. I'm Monica Lloyd.

First Up: Democratic Decision

LLOYD: First up, the Florida Democratic Party says a new vote is a no-go in the Sunshine State. Officials have been looking at possibilities for a Democratic do-over, so the state's delegates can take part in the nominating convention this summer. You see, the original primary was held a couple months ago, but the results didn't count thanks to some inter-party issues. Carl Azuz goes back to the beginning to help us make sense of the situation.

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CARL AZUZ, CNN STUDENT NEWS: All this started when Florida moved up its Democratic primary to January 29th. Democratic Party rules only allow four states -- Iowa, New Hampshire, South Carolina and Nevada -- to hold their contests that early. Some Florida state officials thought that was unfair, so they moved up their election date to prove the point. But because they broke the party rules, the Democratic National Committee told Florida its primary wouldn't count.

That decision has come back to bite the Democrats. See, Florida has a whopping 210 delegates at stake. And since neither Barack Obama nor Hillary Clinton now has enough delegates to clinch the party nomination, Florida could have been pivotal. Well, we're in March now; why not have a revote, one in Florida that could be counted? For one thing, that takes millions of dollars. Who would pay for it? In an e-mail addressed to state Democrats on March 17th, Florida Democratic Party Chairwoman Karen Thurman said:

"We researched every potential alternative process -- from caucuses to county conventions to mail-in elections -- but no plan could come anywhere close to being viable in Florida."

Well, how about making the original vote count? No dice there, either. Some Democratic leaders don't like that because, as part of Florida's original punishment, Democratic candidates didn't campaign there. So, they say the original vote, which would've been a big victory for Hillary Clinton, wouldn't be fair. What happens next is in the hands of the DNC's Rules and Bylaws Committee, which is scheduled to meet again in April. For now, though, Florida's seats are set to be empty come Democratic National Convention time. Carl Azuz, CNN Student News.

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Economy - Issue #1

LLOYD: The economy is the number one issue for Americans when they're considering their choices for president. A new poll shows many Americans don't think things are going too well right now. In fact, nearly three-quarters of the people who were surveyed think that the U.S. is in a recession. Nicole Collins looks at the country's current economic forecast.

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NICOLE COLLINS, CNN REPORTER: For President Bush, Monday was less about the luck of the Irish and more about a wave of economic bad luck now gripping the nation.

U.S. PRESIDENT GEORGE W. BUSH: One thing is for certain: We're in challenging times.

COLLINS: His remarks followed a rare weekend in which the Federal Reserve cut the rate banks pay to borrow money and approved the buyout of investment bank Bear Stearns.

HENRY PAULSON, TREASURY SECRETARY: We felt it was very important that this be resolved as a way to minimize impact on our economy.

COLLINS: The president says the government is paying close attention to the nation's financial worries.

BUSH: We obviously will continue to monitor the situation. And when need be, we'll act decisively in a way that continues to bring order to the financial markets.

COLLINS: But so far, relief is scarce. On top of record home foreclosures and consumer credit horrors, stocks have been tumbling, gas prices soaring and the dollar steadily losing value.

PERSON ON THE STREET: I'm fearful. I'm worried.

PERSON ON THE STREET: It's just that we don't know where the next shoe is that's going to drop.

COLLINS: And now some parts of the country are breaking the $4 threshold for a gallon of gas or even a gallon of milk.

AMANDA WALKER, CONSUMER REPORTS.ORG SPOKESPERSON: A lot of it does have to do with fuel costs, the transportation issues just getting those items to the grocery store. We've seen items go up 20, 30, 40 percent just in the past few months.

COLLINS: The Federal Reserve meets again Tuesday, and it's expected to cut a key rate that affects interest on credit cards and home equity loans, among other things. In Washington, I'm Nicole Collins for CNN Student News.

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Do the Math

AZUZ: It's time to Do the Math! When you're traveling overseas, a lot of places won't take U.S. dollars, so you need to exchange your money for the local currency. And if you're headed to Europe, the cash of choice in many countries is the Euro. But the trade-in value isn't exactly one-for-one. Right now, $100 U.S. will get you about 63.5 Euros. But a year ago, that same hundred bucks would have equaled around 75 Euros. And two years ago, you'd get back 83 Euros for the same cash. So you can see how the value of the dollar is falling. Add that to your knowledge!

Dollar vs. Euro

LLOYD: So, those hundred bucks you're traveling with won't go as far as they used to. You tourists can save money by choosing to buy fewer souvenirs. But Americans who live and work in other countries still have to pay for essentials like groceries, and they have to do it with a weaker dollar. Frederik Pleitgen looks at how the struggling U.S. economy is putting a pinch on some people living overseas.

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SHARON FIELDS, AMERICAN LIVING IN EUROPE: I know I have it.

FREDERIK PLEITGEN, CNN REPORTER: Lately, Sharon Fields always seems to have trouble finding enough cash in her wallet.

FIELDS: Instead of shopping weekly for fresh vegetables and fruit, I would probably only do it maybe once a month.

PLEITGEN: Sharon is a counselor on a U.S. Army base in Germany; paid in dollars, but living in the Euro Zone, and she's suffering from greenback's meltdown. With the dollar's value sinking rapidly, Sharon Fields isn't the only one counting her pennies to make ends meet in Europe. On American military bases, you'll see more and more soldiers and civilian personnel in the cafeteria, simply because they can't afford to eat out. And while the military offers some financial remedies, it can't cover the loses. Take this for instance: your average lunch, right? We have a sandwich, some juice, some coffee, some desert maybe. Well, this will set you back more than $20, and that's not even including the tip. And it's not just food. Clothes, books, stationary; slap another 30 percent on all the prices you see in stores, and you can feel Sharon Field's pain.

FIELDS: So, I mean you certainly can't cut back on heat, you can't cut back on water. And those things that are a whole lot more expensive than you're going to find here than you would in the States.

PLEITGEN: And having to cut back on almost everything, Sharon Fields says living in Germany simply isn't any fun.

FIELDS: It defeats the purpose of why I wanted to come and enjoy and experience living in Europe.

PLEITGEN: That is, having a good time, rather than having to look for the last coins in her wallet. Frederik Pleitgen, CNN, Berlin.

(END VIDEO CLIP)

Final Goodbye

LLOYD: Staying in Europe now, France is mourning the loss of its last surviving World War I veteran, who died last week at age 110. As the country came together to honor the sacrifices of all the soldiers who fought in the Great War, Jim Bittermann tells us about the life of one man and his place in French history.

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JIM BITTERMANN, CNN REPORTER: He was just a simple soldier, but Lazare Ponticelli was also the last link to one of France's greatest traumas: the carnage of World War I. As flags flew at half staff and public offices observed a moment of silence, it was as much to bear witness to a past tragedy as to a last survivor. Ponticelli was one of eight million "poilus," the affectionate French term for the soldiers of the first war who were sacrificed in staggering numbers in defense of their homeland. Nearly one-and-a-half million French soldiers died; nearly three million more suffered debilitating injuries. And nearly every village and town has a monument to the men it lost, sometimes several brothers or fathers and sons.

From 1914 to 1918, an average of 900 French soldiers died every day. But Ponticelli, who at 16 had to lie about his age in order to enlist in the French foreign legion, survived. At first, he told interviewers, we barely knew how to fight and hardly had any ammunition. Every time one of us died, we fell silent and waited for our turn to come.

Ponticelli heroically dragged a wounded comrade and an enemy soldier out of no-man's land to safety, and was himself wounded while fighting with the Italian army. In ceremonies here that went on much of the day, Italian and Foreign legion soldiers gathered to honor the 110-year-old veteran who died last week.

President Nicolas Sarkozy, former president Jacques Chirac and most of the members of the government also paid their respects. Sarkozy said he was infinitely saddened by Ponticelli's death. "It is to him and his generation," Sarkozy said, "that we owe in large part the peaceful Europe of today. It is up to us to be worthy of that."

Ponticelli kept his medals in a shoebox and until very recently had argued against any kind of military honors at his death. But with the passing of the next to last French World War I veteran in January, he accepted the fact that he had come to symbolize the valor of his generation, while inspiring succeeding ones by his very survival. Jim Bittermann, CNN, Paris.

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Goodbye

LLOYD: And that's where our show comes to a close for today. But we'll look forward to seeing you again tomorrow. Have a great day, everyone. I'm Monica Lloyd. E-mail to a friend