Good Morning America (ABC) / CBS This Morning snippets - 1992-03-17

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Transcript

Language: English (original, YouTube automatic captions)

[0:00] are still predicting a yes vote. A high

[0:02] voter turnout should help, but it could

[0:05] be close. And conservatives are already

[0:07] threatening a campaign of

[0:08] destabilization if President D Clerk

[0:10] does not get the clear mandate he needs

[0:13] to continue reform. Mark Litki, ABC

[0:16] News, Johannesburg.

[0:18] >> What appears to have been a tragic

[0:19] mistake today in Istanbul, the capital

[0:22] of Turkey. A police building in the

[0:24] central part of the city was damaged

[0:25] extensively when two bombs went off.

[0:28] Reports say police were trying to defuse

[0:31] those bombs when something went wrong.

[0:33] At least two policemen were killed and

[0:35] another eight were injured. US

[0:38] intelligence sources have told ABC News

[0:40] that Israel may be selling an advanced

[0:42] laser weapon called the Copperhead to

[0:45] China. Israeli officials have already

[0:47] denied selling Patriot missiles abroad

[0:49] in violation of agreements with the US.

[0:51] Weapon sales and loan guarantees are

[0:53] expected to be the two hot topics of

[0:56] conversation later today when Secretary

[0:58] of State James Baker meets with the

[1:00] Israeli Defense Minister in Washington.

[1:02] And that's the news. And here are Sam

[1:04] and Joan. Happy St. Pat's Day to both of

[1:07] you.

[1:07] >> All right. Same to you. Thank you, Mort.

[1:09] And it is about 8 minutes after right

[1:10] now. Sam Champion in from WABC TV here

[1:13] in New York.

[1:14] >> Do a little national weather.

[1:19] He won the party's nomination at the

[1:21] Democratic National Convention in

[1:22] Atlanta back in 1988. And while the 1992

[1:26] Democratic convention is still some

[1:27] months away on the campus of Westminster

[1:29] College, students are getting a head

[1:31] start now with their own mock Democratic

[1:33] convention. Michael Dakus is their

[1:35] keynote speaker and he joins us this

[1:36] morning from Westminster College in New

[1:38] Wilmington, Pennsylvania. Governor, good

[1:39] to have you with us again this morning.

[1:40] >> Good to be with you, Mike.

[1:41] >> I guess conventions tend to bring back

[1:43] some memories, some good, some perhaps a

[1:44] little bit painful. What's the theme?

[1:46] Oh, we we had a great

[1:48] >> I beg your pardon?

[1:48] >> I'm sorry. What's the theme of the

[1:49] conversation going to be? What are you

[1:50] going to tell these students today?

[1:51] >> Well, I spoke last night, as a matter of

[1:53] fact, Mike. Uh well, I talked about this

[1:55] country, about uh how we ought to be

[1:57] feeling a lot better about ourselves now

[1:59] the Cold War is over and the need for a

[2:00] new president who can lift us up and

[2:02] pick us up and move us forward. And I

[2:03] think that's particularly true with

[2:05] young people. I mean, we need some of

[2:06] the spirit of the Kennedy years, Mike,

[2:08] when young people felt good about this

[2:09] country, about public service. And I

[2:11] think it's going to take a new president

[2:13] to do that. I'm going to say the race

[2:14] though doesn't seem to be reflecting

[2:15] good feelings about each other. The

[2:17] candidates now seem to be sniping. Some

[2:18] would say the race has gotten downright

[2:20] nasty. Do you think this hurts the

[2:21] Democratic chances for victory or does

[2:23] it perhaps get them ready for what

[2:24] they're going to face from the

[2:25] Republicans? Well, I think there's

[2:27] something of that. On the other hand,

[2:28] remember what Abe Lincoln said about the

[2:30] Democrats. They sound like they're cats

[2:32] fighting in the night, but when you wake

[2:33] up in the morning, they're just making

[2:34] more Democrats. And I suspect that's

[2:35] what we're really doing. But uh I think

[2:38] uh this will be behind us as we finally

[2:40] head toward a nomination. and and I

[2:41] think it'll be another few weeks before

[2:43] we really know who that nominee is going

[2:44] to be.

[2:45] >> If Governor Clinton should win today in

[2:46] Illinois and win today in Michigan, is

[2:48] he all but secured the nomination?

[2:50] >> Well, it's going to be a big boost for

[2:52] him. On the other hand, as you recall,

[2:53] from 1988, I had a very good Super

[2:55] Tuesday and then I got creamed in

[2:57] Illinois and beaten decisively by Jesse

[2:59] Jackson in Michigan and we didn't get

[3:01] back on track until we got to Wisconsin.

[3:03] So, this is a long one and it's a long

[3:05] distance run, but obviously if he does

[3:07] well today, it's going to be a major

[3:08] boost for him. to size up the candidates

[3:09] if you would right now. Give us a sense

[3:11] of where you see their strengths and

[3:13] weaknesses at at this point of the

[3:14] campaign. Clinton for instance.

[3:16] >> Well, I think the two strong ones are

[3:17] obviously Bill Clinton and Paul Sus. Two

[3:20] very tough uh focused uh very abled

[3:23] people. Uh obviously two very different

[3:25] personalities as as I think we've seen,

[3:27] but I think both of them deserve a

[3:29] tremendous amount of credit for doing

[3:30] what they've been able to do. Paul came

[3:32] from nowhere when when nobody thought he

[3:34] could do it and has turned himself into

[3:36] a very strong and and I think attractive

[3:38] and viable candidate. U Bill Clinton

[3:40] went through what has to be one of the

[3:42] toughest six week periods any candidate

[3:45] has ever gone through. And he's not only

[3:47] still on his feet, but seems to me

[3:48] getting stronger, not weaker as time

[3:50] goes on. So, uh either one of these men

[3:53] will be a very formidable nominee. I

[3:55] think either one of them can beat George

[3:57] Bush and beat him decisively, and we'll

[3:58] just have to see uh what the voters say

[4:00] today. in the weeks to come.

[4:02] >> On on Clinton, for instance, though,

[4:04] there are some who are surprised that

[4:05] he's managed to survive and and thrive

[4:07] in this race. Uh Gary Hart was knocked

[4:09] out for sexual allegations a few years

[4:11] back in ' 88 to be specific. Uh and and

[4:14] Joe Biden was knocked out of race before

[4:16] that because he lifted some uh some

[4:17] words from somebody else's speeches. I

[4:19] mean, there are allegations against

[4:20] Clinton that go far beyond that. Are you

[4:22] surprised that he's managed to do as

[4:23] well as Bill is a Bill is a very tough

[4:25] and a very resourceful person. Remember,

[4:28] he's been in some very tough fights back

[4:30] in Arkansas. He fights back. Uh I must

[4:34] say he's doing it more effectively than

[4:35] a guy named Mike Dukakus did it in the

[4:37] last few months of the 1988 campaign.

[4:39] And I think he deserves credit for that.

[4:41] Uh I'm not surprised that he's been able

[4:43] to do this. And I think it's it's a

[4:44] measure of the man. On the other hand,

[4:46] uh it hasn't been easy for Paul Sonis

[4:48] either. I mean, there was a time six or

[4:49] eight months ago when people said,

[4:51] "What's he doing? He hasn't got a shot

[4:52] at this." Uh it was a very lonely quest

[4:55] and he was the guy that was out there

[4:57] contesting for this when nobody else

[4:59] would. So I think you've got two very

[5:02] disciplined, very focused and very able

[5:04] people in this race, Mike. And uh and I

[5:06] think either one of them would be a darn

[5:08] good nominee.

[5:09] >> On the subject of of Sonus though, you

[5:10] I'm sure you've heard him say this when

[5:12] attacked. He is been known to say this

[5:15] is one Greek American from Massachusetts

[5:17] who fights back. Is how do you feel when

[5:19] you hear that? Well, look, we did not do

[5:22] a very good job of dealing with a Bush

[5:23] attack campaign and and that's a fact

[5:25] and I regret it. I think if I had done a

[5:27] better job, I might be talking to you

[5:28] from the Oval Office, not uh from some

[5:31] other place. And uh although uh we

[5:34] should have done much better, I think

[5:36] it's very important that Paul and Bill

[5:38] and anyone who's running for this

[5:39] nomination learn from that experience. I

[5:41] have no doubt, Mike, that when push

[5:43] comes to shove, George Bush will engage

[5:45] in exactly the same kind of tactics

[5:47] against whoever our nominee is. and and

[5:49] this time we'd better be ready. And if

[5:51] that means learning painfully from the

[5:53] lessons of 1988, then I hope we've

[5:55] learned that lesson and and we never sit

[5:57] back and uh and let it happen as I did

[6:00] for weeks and weeks until it was too

[6:02] late. When you hear Pat Buchanan giving

[6:04] heat to George Bush, do you get a sense

[6:06] that the president's getting a dose of

[6:08] his own medicine? Do you get some sort

[6:09] of satisfaction out of that? Well, I

[6:11] must say it's uh kind of deliciously

[6:15] ironic that George Bush is complaining

[6:17] about racist attack ads against him. And

[6:20] I think it says something, frankly,

[6:22] about the character of George Bush. This

[6:23] is a guy who will do anything to get

[6:25] elected or reelected. And I think that's

[6:26] a message that we have to deliver loud

[6:28] and clear to the American people.

[6:30] Governor, had to leave it there.

[6:31] Appreciate it. Good luck to you. Thank

[6:32] you, Mike. Governor Michael Deakus from

[6:33] Pennsylvania. First this morning, it is

[6:35] now 15 minutes past the hour. Paramount

[6:38] pays up and Artbook responds when Good

[6:40] Morning America continues.

[6:42] >> Hi, I'm Hillary Freely. Happy St.

[6:45] Patrick's Day. Good Morning America.

[6:47] >> Mambbo Madness in New York City after

[6:49] dark in our next half hour.

[6:54] >> Right now it is 18 minutes after 7.

[6:55] Columnist Art Bookwald is finally

[6:57] getting the last laugh. The laugh is on

[6:59] Paramount Pictures. You will recall that

[7:01] Bookwald and a partner sued Paramount in

[7:03] 1988, claiming that they and not Eddie

[7:05] Murphy had conceived the idea for the

[7:07] hit film Coming to America. In 1990, a

[7:10] judge agreed, but it wasn't until

[7:12] yesterday that he ordered Paramount to

[7:13] pay Bookwald and his partner $900,000 in

[7:17] damages. And Art Bookwald joins us this

[7:19] morning from Washington. And our

[7:20] entertainment editor, Joel Seagull, is

[7:22] here with me in New York. Good morning

[7:24] to both of you.

[7:25] >> Good morning.

[7:25] >> Morning.

[7:26] >> All right, Art. I know that you and your

[7:27] partner though did ask for I think it

[7:29] was more than $6 million got less than1

[7:31] million. Are you satisfied?

[7:33] >> Well, our lawyer asked for 6 million. We

[7:35] were willing to go along with it. I'm

[7:38] very I'm very satisfied because this did

[7:41] not turn out to be about money. It

[7:43] started to be about money but eventually

[7:45] turned into a fight against the titans

[7:48] of Hollywood about contracts which they

[7:51] wrote and had no intention of keeping.

[7:53] The judge ruled that their contracts

[7:55] were unconscionable. I think we made a

[7:58] great contribution to for all writers

[8:00] and for actors and for directors. So, I

[8:03] feel very good about it because when the

[8:06] money is forgotten, I know that uh this

[8:09] case will really be up there in all the

[8:12] law courts and I'll be part of history

[8:14] because every time they say Buckwald

[8:17] Burnheim versus Paramont, we'll have

[8:21] won. Well, until the money is forgotten

[8:24] though, we offered Paramount an

[8:25] opportunity to appear this morning. We

[8:27] should say that they chose not to, but

[8:28] they didn't give us a statement. All

[8:29] right. Part of which says, quote, "This

[8:31] decision is a victory

[8:33] >> for Paramount and clearly a loss for

[8:35] Book Welder Partner because their

[8:36] lawyers spent more than $2.5 million and

[8:39] spent three years for this award." So,

[8:42] >> I'd like to answer that.

[8:43] >> Go ahead.

[8:44] >> If they say they won, why are they

[8:47] appealing?

[8:49] >> I knew you'd say that, Art.

[8:52] We We won and we're not appealing. They

[8:55] won and they're appealing.

[8:57] >> Now, this is like one case that we're

[8:59] hearing about where somebody won. I

[9:00] mean, how common, Joel, is this sort of

[9:03] I guess you'd call it idea theft seems

[9:05] like they have no protection against an

[9:06] idea.

[9:07] >> Most of the movies I see, I'm surprised

[9:09] that anyone wants to take credit for

[9:10] them, let alone people sue to get to

[9:13] take credit for them.

[9:14] >> The

[9:15] >> the suits are common. They are

[9:16] unfortunately common. People sue. You'll

[9:19] write a a story in your high school

[9:21] newspaper about a little kid who fends

[9:23] off two burglars and you say and he was

[9:25] home alone at the time and then somebody

[9:27] comes out the movie and and the suits

[9:28] are common. What's unique about this

[9:30] case and exceptional about this case is

[9:32] that it fulfilled the two requirements.

[9:34] One is that the similarities were there

[9:37] in dialogue and content and idea and two

[9:40] you could prove access. I mean it's one

[9:42] thing to have written a great Civil War

[9:43] drama but you had to prove that Margaret

[9:44] Mitchell had read it before she wrote

[9:45] hers. Can I say something on that?

[9:48] >> And that is that this was not a

[9:50] plagiarism suit. This was a breach of

[9:53] contract suit because we had a breach.

[9:55] We had a contract with Paramont. They

[9:57] took our property to developer Eddie

[10:00] Murphy. They had it for two and a half

[10:02] years and then gave it back to us and

[10:04] then after we had it and took it to

[10:06] Warner Brothers, they announced a movie

[10:08] very similar. So it wasn't plagiarism.

[10:11] We decided not to sue for plagiarism

[10:13] because it's too tough to win.

[10:14] >> See, that's the point. I mean, we're not

[10:15] talking here. I mean, obviously 10

[10:17] people can come up with a similar idea.

[10:18] And just because somebody does it

[10:20] doesn't mean that because you're sitting

[10:21] over here and you had that idea that

[10:23] you're owed anything. The problem is is

[10:25] when people take their material and

[10:26] their hard work to these big studios and

[10:29] then they use their power and just kind

[10:30] of like, you know, the truth is

[10:32] Hollywood, they're really not in

[10:33] business to steal. If you come with them

[10:35] with a great idea, they're going to want

[10:36] to buy it because they're going to want

[10:38] another great idea from you. And if you

[10:40] submit unsolicited manuscripts to an

[10:42] agent, you'll get them back sealed only

[10:44] because they have to protect themselves

[10:46] from things like this. And what's unique

[10:48] about Art's case is he did have the

[10:49] contract. He had the proof of that paper

[10:51] trail.

[10:52] >> Are you going to write any more

[10:53] screenplays, Art?

[10:54] >> No.

[10:56] >> I am never going to write a screenplay

[10:58] because I'm very happy doing what I'm

[11:00] doing, which is talking to your people

[11:02] about a suit.

[11:03] >> Is Pamel going to make this into a

[11:04] movie? Parammont is so mad because they

[11:07] had to rewrite all their contracts. They

[11:10] put in net profits and they have no

[11:12] intention of paying people net profits.

[11:14] And that's where in they're in very

[11:16] serious trouble.

[11:16] >> What are you going to do with your

[11:17] profits here?

[11:19] >> I don't know. I thought I'd buy a

[11:21] Japanese or American card depending

[11:23] which is cheaper.

[11:26] >> All right, Art. Thank you very much.

[11:28] Good luck to you, Joel. Thanks. We'll be

[11:29] back in our next hour. Carol Bernett

[11:31] will be with us. Good Morning America

[11:32] continues.

[11:42] The Clancy Brothers with our theme this

[11:44] St. Patrick's Day. Did you notice that

[11:45] window? Isn't that great? It was green

[11:47] when they were singing and now it's

[11:49] yellow when you and I are here saying

[11:50] good morning. Welcome back to CBS this

[11:52] morning. You're not as impressed. I'm

[11:53] Paul

[11:55] >> and I'm Harry Smith. The Clancy brothers

[11:56] are going to sing a traditional Irish

[11:57] tune for us a little later on this

[11:59] morning. For a decade now, Jerry Douglas

[12:02] has been starring on television's most

[12:04] >> Would you like to stand up for me? This

[12:06] popular soap opera, The Young and the

[12:09] Restless.

[12:10] >> For your information,

[12:13] >> I invited Jill to stay. I want her here.

[12:16] >> You think you do. I know, Dad. But

[12:18] you're a victim here. A victim of a very

[12:20] well-laid plan by the dragon lady.

[12:22] >> Jack, that's enough.

[12:24] >> We'll be talking with Jerry Douglas in

[12:26] this half hour. So what is his

[12:28] relationship with his father?

[12:30] >> What Jack betrayed him in the most

[12:34] unbelievable way. We'll talk about that

[12:35] later. And

[12:36] >> you get the soap opera digest or did you

[12:38] watch the show or how?

[12:39] >> This is the one soap opera that I know

[12:40] anything about. Young and the restless.

[12:42] >> Why is that?

[12:43] >> A million years ago when I did the noon

[12:44] news, right?

[12:45] >> I used to go down to do the noon news

[12:47] and I'd look down and there was the

[12:48] Young and the Restless. So I'd watch the

[12:49] last five minutes of it every day.

[12:51] >> 19,000 years since you did.

[12:52] >> All you have to do is All you have to do

[12:53] is check in once or twice a year and

[12:55] you're up to speed. It's pretty easy.

[12:57] And what happens when a company gets in

[12:59] trouble? I mean, real trouble. Our

[13:01] Robert Crowitch is going to be here to

[13:02] tell us about the people who just can't

[13:04] wait to help out. And Dr. Bob Arnot on

[13:07] the controversy over using fetal tissue

[13:09] to advance science and possibly save

[13:12] lives.

[13:12] >> Now, it's time for the latest news this

[13:14] morning. Almost 300 Democratic

[13:15] convention delegates are up for grabs

[13:17] today in the Illinois and Michigan

[13:18] primaries. Big wins for Bill Clinton in

[13:21] both states could make the Arkansas

[13:22] governor all but uncatchable between now

[13:25] and the nominating convention in July.

[13:27] But Jerry Brown may have something to

[13:29] say about that in Michigan, where he

[13:30] hopes to transform bluecollar votes into

[13:32] a major upset. After a fast campaign

[13:36] swing through the Midwest yesterday,

[13:37] President Bush is counting on a pair of

[13:39] big victories today to blunt the

[13:41] faltering conservative challenge of

[13:43] Patrick Buchanan. But like Jerry Brown,

[13:45] Buchanan is hoping to keep his bid alive

[13:47] with a good showing in Michigan. New

[13:49] York City St. Patrick's Day parade steps

[13:51] up Fifth Avenue this morning without the

[13:53] gay group that had fought to join.

[13:55] Jacqueline Adams is standing by along

[13:57] the parade route this morning with more

[13:58] on the controversy. Jacqueline, good

[14:00] morning.

[14:01] >> Good morning, Paula. This year, the

[14:02] court said no. New York's Irish,

[14:05] lesbian, and gay organization could not

[14:07] force the Catholic fraternal group that

[14:09] runs the world's largest St. Patrick's

[14:11] Day parade to let them march.

[14:13] Nonetheless, as you said, a contingent

[14:14] of New York homosexuals does plan to

[14:16] strut down Fifth Avenue ahead of the

[14:19] traditional parade. Last night, angry

[14:21] but determined members of the Irish

[14:23] Lesbian and Gay Organization prepared

[14:25] for today's events. Their message is a

[14:28] simple one.

[14:29] >> We don't want to be on the margins of

[14:30] the Irish community. We want to be, you

[14:33] know, part of it. You can't stop people

[14:36] from marching or participating in the

[14:38] public life of the city because other

[14:40] people are angry at their existence and

[14:41] want to throw things at them. Last year,

[14:43] New York City Mayor David Dinkens did

[14:45] march with the gays and had things

[14:47] thrown at him. This year, though,

[14:49] because the gays aren't included,

[14:50] Dinkens and some 20 other politicians

[14:52] say they won't march.

[14:54] >> I think they're being foolish about it.

[14:56] Never one to dodge a fight, former mayor

[14:58] Edward Cotch thinks Dinkens and the

[14:59] other politicians are missing the point,

[15:01] choosing to support the gay community

[15:03] rather than their Irish Catholic

[15:05] constituents. I mean, would you want to

[15:07] have the Martin Luther King Day parade

[15:10] uh filled with marches who are uh

[15:13] members of the Ku Klux Clan? I wouldn't.

[15:16] >> Cootch alias Okch on this one particular

[15:19] day does plan to participate in the

[15:21] 231st annual St. Patrick's Day parade,

[15:24] but he and the millions of other

[15:26] participants and spectators will not be

[15:28] able to ignore the gays. New York's

[15:30] Irish, lesbian, and gay organization

[15:32] does plan to take up posts along the

[15:33] parade route to protest, and members of

[15:35] the more radical group Queer Nation have

[15:38] said that they plan to take some sort of

[15:40] action today that they expect will

[15:42] result in arrests. Paula.

[15:43] >> All right, Jacquellyn Adams reporting

[15:45] from along the parade route in New York

[15:47] City this morning. In the box office

[15:49] ratings, Wayne's World finished on top

[15:51] five for the fifth straight weekend. Gar

[15:53] and Wayne's Adventures brought in $ 8.4

[15:56] million last weekend, raising its

[15:58] earnings to date to more than $68

[16:00] million. It was followed by My Cousin

[16:02] Vinnie, which opened in second place.

[16:04] Rounding out the top five, Lawnmower

[16:06] Man, African Me, and Fried Green

[16:10] Tomatoes. That's the news 25 minutes

[16:12] before the hour. Okay, guys. What do you

[16:14] think of that list?

[16:14] >> Well, it would be American me.

[16:16] >> American me. What did I just say?

[16:17] >> That's the That's the Ed Almost movie. I

[16:19] saw that last week when we talked him.

[16:21] That is a very good movie. Very good

[16:23] movie.

[16:23] >> I want to see my cousin Denny.

[16:25] >> They say Joe Peshi's hysterical in it.

[16:27] >> Wayne's World.

[16:27] >> And your favorite Wayne's World?

[16:29] >> Well, there's a funny scene in Wayne's

[16:30] world. We're riding along in a pacer,

[16:32] which is a great car that I don't think

[16:33] anybody owns anymore. And they're

[16:35] singing to a Queen song, and all their

[16:37] heads are bobbing up and down. We never

[16:39] did that when we were growing up, did we

[16:40] hear it?

[16:41] >> Never. Ever. Ever. Ever. Now, who was on

[16:43] Saturday Night Live?

[16:45] >> Gar Brooks. They should have had Wayne's

[16:46] world with party Hardy Wayne Party Hardy

[16:48] Gar party. They could have had Wayne Gar

[16:50] and Gar. These guys I give it to them

[16:52] free on the air. They could use this

[16:54] stuff. Maybe they'll rebook Gar. Ah,

[16:57] yes. Who we waking up? Green Bay,

[16:59] Wisconsin. Partly cloudy, 25°. And you

[17:01] might ask me, why am I waking up? Hey,

[17:04] just because today's scene is green.

[17:06] Green Bay. Take a chle. This weather

[17:08] segment is sponsored by Cotton and Cool.

[17:10] >> Thousands of people losing their jobs.

[17:12] Is there anything good you can say about

[17:14] times like these? Well, we asked our

[17:16] economics correspondent

[17:18] correspondent, which is

[17:22] right, catfish Robert Crowitch to join

[17:24] us this morning. Good morning.

[17:26] >> Some people, actually not people,

[17:28] economists really. Classical capitalist

[17:30] economists say that a recession cleanses

[17:33] the system. And you walk outdoors

[17:35] anywhere in the United States, you can

[17:36] see what they're talking about, see it

[17:38] happening.

[17:40] For example, this is 8th Street in

[17:42] Manhattan, and all 27 stores on this

[17:44] block are managed by Ron Brutder and his

[17:47] associates. Their specialty is turning

[17:50] around money losing real estate. So,

[17:52] somebody went bankrupt and all of the

[17:54] stores on this street in New York City

[17:56] had to be taken care of. Had to be

[17:59] managed somewhat intensively. Yes. So,

[18:01] you're the rent collector for all these

[18:02] places?

[18:03] >> Yes, we are.

[18:04] >> But rents aren't so easy to collect

[18:05] these days. Take the corner pizza store.

[18:08] >> Business is going down. Yes,

[18:10] >> definitely.

[18:10] >> This is very bad. We are 40% down.

[18:13] >> 40% down.

[18:15] >> 40% down. It's a big

[18:16] >> compared to last year or compared to

[18:17] when?

[18:18] >> Compared to last year.

[18:19] >> So rent, he says, has to come down. And

[18:22] we heard the same thing at the 8th

[18:23] Street Florists a few yards away.

[18:25] >> How is business

[18:27] >> right now?

[18:28] >> In the last

[18:30] the last uh 8 to 10 months, real bad.

[18:34] Terrible. How much off are you from a

[18:37] year ago at this time?

[18:40] >> 30 to 40%.

[18:42] >> Less business now.

[18:43] >> Less business.

[18:45] >> And the rent that you pay, can you pay

[18:47] the rent at this rate?

[18:49] >> Would you like to know?

[18:50] >> I'd like to know.

[18:51] >> Well, uh, I'm trying, but I'm behind

[18:54] right now. Few months.

[18:57] >> Yet. Ron Brutder says not everybody is

[19:00] in trouble.

[19:00] >> We're renegotiating this store right now

[19:02] to expand

[19:03] >> the barbecue. the barbecue. It's a

[19:05] wonderful business.

[19:06] >> Herb Watson's restaurant features this

[19:08] chicken plate for 2.95.

[19:10] >> 295 for a fairly hooky piece of chicken.

[19:12] >> Yep. That's a quarter of a chicken,

[19:14] quarter of a breast of a chicken,

[19:15] homemade French fries, and homemade

[19:18] cornbread.

[19:19] >> And at 295, he still makes a profit.

[19:21] >> This cost us about 60.

[19:24] >> And this this cost us about 30 cents.

[19:26] >> And this

[19:27] >> about 25 cent. So it cost us about a

[19:29] dollar to a$120 for the dish. And

[19:32] because his menu is almost designed for

[19:35] a recession, he can pay the rent.

[19:37] >> Oh yes. Yeah, we pay the rent. We like

[19:38] to pay the rent the first of the month.

[19:40] >> Recessions make it very clear who's good

[19:42] at business and who's just getting by.

[19:45] And for Wall Street investors, that's

[19:47] why this is the perfect time to buy up

[19:49] stores and malls.

[19:51] >> Are we walking down an attractive

[19:53] property from the point of view of

[19:55] financiers? Are there people who would

[19:56] see this and come to the bankruptcy

[19:58] court and say, "I want to buy it."

[20:00] >> Yes. Yes.

[20:01] >> Absolutely. Definitely without a moment

[20:02] hesitation

[20:04] >> because if someone like Ron Brutder can

[20:06] buy a block of stores for next to

[20:07] nothing, put in some new strong tenants,

[20:11] once the recovery begins, he will have a

[20:13] much healthier property worth 2, three,

[20:15] four times what he paid. This is an

[20:17] excellent time to be a buyer.

[20:19] >> And investors all over the world are

[20:21] signing up for distressed real estate

[20:22] investment funds like Bruters, even

[20:24] though they are called vulture funds.

[20:27] Why vulture?

[20:28] >> Well, you've heard the expression No,

[20:33] never more than twice, three times a day

[20:35] because they feed on other people's

[20:38] problems, which is sad.

[20:41] >> Does it make you feel uncomfortable?

[20:43] >> No, because I believe that what we're

[20:46] doing in the overall scheme of things

[20:48] has social good to it.

[20:50] >> In the rough and tumble of capitalism,

[20:52] good businesses like the barbecue

[20:54] survive. while on the very same block at

[20:56] this card shop. Now I'm paying about 70%

[20:59] of the my uh regular rent

[21:02] >> and the landlord that's okay with the

[21:04] landlord.

[21:04] >> No,

[21:05] >> I got a I got a court next month, you

[21:08] know. So he's off the court and along

[21:11] with the florist and the pizza man, he

[21:13] may not make it.

[21:14] >> Some of them may hit the streets

[21:16] inevitably.

[21:17] >> I suspect that some of them definitely

[21:19] will hit the streets inevitably. Yes. As

[21:22] hard as that sounds for the card man and

[21:24] the flower man and the pizza man, Ron

[21:27] Brutder insists in the end, if

[21:29] capitalism is doing the right thing, the

[21:31] block will be better off.

[21:32] >> Maybe uh two years from now, stronger

[21:35] businesses, if he picks him right, more

[21:37] jobs, stronger block.

[21:39] >> Isn't that really the question though?

[21:40] Because there's with the other

[21:42] businesses there isn't the barbecue man

[21:47] that Prince Andrew and his wife Fergie

[21:49] are about to divorce. Buckingham Palace

[21:51] spokesman are refusing comment on a

[21:53] tabloid report that Andrew and the

[21:55] Duchess of York are ready to announce

[21:56] their separation. The Daily Mail

[21:58] newspaper says the Queen's lawyer and

[22:00] others discussed legal issues with the

[22:02] couple last Sunday. Andrew and the

[22:04] former Sarah Ferguson married at

[22:05] Westminster Abbey in 1986. They have two

[22:08] children. Let's hope it's just the

[22:09] tabloids. I'm sure Heraldo or Mory will

[22:12] set us straight on that in the coming

[22:14] week.

[22:14] >> In Michigan and Illinois, a big win for

[22:17] President Bush. He says it all but wraps

[22:18] up the nomination for him. And Clinton

[22:20] is the winner at this point, but he

[22:22] doesn't have enough votes yet to get the

[22:23] nomination.

[22:24] >> We'll have more on that tonight at

[22:25] 11:00.

[22:26] >> See you then.