CBS News Nightwatch - 1982-10-18 - 3 of 4

Name: CBS News Nightwatch - 1982-10-18 - 3 of 4
Uploaded: 2023-06-27
Duration: 3627 s
Channel: malgent
Description: Read a transcript preview of “CBS News Nightwatch - 1982-10-18 - 3 of 4” from malgent, uploaded on 2023-06-27.

Channel: malgent

Uploaded: 2023-06-27

Duration: PT3627S

Read a transcript preview of “CBS News Nightwatch - 1982-10-18 - 3 of 4” from malgent, uploaded on 2023-06-27.

Transcript preview

Language: English (original, YouTube automatic captions)

[0:00] means to Lebanon. The congressional

[0:02] elections just 2 weeks away now and

[0:03] there's politics in the air. On Sunday,

[0:06] House Speaker Thomas O'Neill sent a

[0:07] letter to his Democratic colleagues

[0:09] saying President Reagan's economic

[0:11] program was based on quote

[0:13] pie-in-the-sky optimism. Reaganomics was

[0:16] also criticized by a prominent liberal

[0:18] economist, Lester Thurow of MIT on

[0:20] Sunday, warned of permanent economic

[0:23] stagnation.

[0:24] The idea that spontaneous combustion is

[0:26] going to occur, somehow the private

[0:28] economy is just going to take off by

[0:30] itself, that's precisely what got

[0:32] Herbert Hoover in trouble for 50 years

[0:34] ago. We sat around waiting for something

[0:36] positive to happen. That something

[0:38] positive never happened and we ended up

[0:40] with financial crises making sinking

[0:42] economies worse and we ended up in that

[0:44] predicament that we now know as the

[0:46] Great Depression.

[0:47] The Great Depression left its mark on

[0:49] President Reagan, at least that's what

[0:51] the president told US News and World

[0:53] Report. In an interview published on

[0:54] Sunday, Mr. Reagan says living through

[0:56] the depression gave him a special

[0:58] feeling for America's jobless. Quote,

[1:01] "It isn't ice water, it's real blood

[1:03] that I bleed for the unemployed," said

[1:04] the president. Federal agents involved

[1:07] in the massive drug crackdown around

[1:09] Miami say suspects free on bond may

[1:11] leave the country. The investigators are

[1:13] complaining that judges are getting very

[1:16] or setting very low bond making it

[1:18] easier for suspects to flee. Earlier, we

[1:21] spoke with Associate Attorney General

[1:23] Rudolph Giu