Marketplace: News Archives

Friday, December 8, 2000

Cuba, MO, Features Index

(Jump to the rundown)

It's December 8. I'm David Brancaccio, and we're on the road in the Midwest. Specifically, we've set up a studio at a truckstop in Cuba, Missouri: our base of operations this week for exploring the global economy from a local perspective. Our examination continues after a look at the day's top news with Marketplace's Sarah Gardner in Los Angeles...

Al Gore's bid for the presidency isn't dead yet. Late today, the Florida Supreme Court overturned a lower court judge and ordered manual recounts to begin in that state's contested presidential election. The decision in Gore's favor came just hours after Gore had lost two lower court cases in Florida. Marketplace's John Dimsdale on today's historic court rulings...

Dimsdale: "By a one vote majority, Florida's Supreme Court ordered the immediate counting of ballots that were rejected by vote counting machines in predominantly Democratic Miami-Dade County. Court spokesman Craig Waters read the announcement on the courthouse steps this afternoon..."

Waters: "By a vote of 4 to 3, the majority of the court has reversed the decision of the trial court in part. It has further ordered that the second circuit court here in Tallahassee shall immediately begin a manual recount of the approximately 9000 Miami-Dade ballots that registered under-votes. In addition, the circuit court shall ensure the inclusion of the additional 215 legal votes for Vice President Gore in Palm Beach County, and the 168 additional legal votes from Miami-Dade County."

Dimsdale: The supreme court also ordered a manual recount of all ballots rejected by counting machines in any county which has not yet done so, although most such ballots are in Democratic areas of south Florida. Whether all those votes can be counted in time is unclear. Florida's electoral college representatives must be seated by next Tuesday. Lawyers for George Bush will no doubt appeal the state court's decision to the U.S. Supreme Court. And meanwhile, Florida's Republican dominated legislature may also trump the court ruling. Legislators are meeting in a special session to seat a slate of electors for George Bush. So the long election night continues.

In Washington, I'm John Dimsdale for Marketplace."

Brier: "The closing bell had already rung and traders were getting ready to head off for the weekend when the Florida Supreme Court ruling was released..."

Gallagher: "There's nothing they can do but wait until Monday morning."

Brier: "Political economist Tom Gallagher thinks the late word from the Florida Supreme Court in Vice President Gore's favor leaves more questions than answers. Since the markets dislike uncertainty, we could see a sell off come Monday morning. That's a far cry from Wall Street's reaction earlier in the day, when the circuit courts ruled in favor of Governor Bush…"

Weisberg: "There was a momentary cheer, some clapping and then back to business."

Brier: "Ted Weisberg is president of Seaport Securities."

Weisberg: "Prior to the election and during the whole challenge period in Florida, every time it appeared Bush had made progress, the markets did Better, and the flip side is every time it looked perhaps that Gore team was making progress the market would sell off."

Brier: "Even so, both Gallagher and Weisberg think any market reaction to the election cliffhanger will be shortlived - no matter what the outcome, with corporate earnings and larger economic news having more of a lasting Impact. In New York, I'm Michelle Brier for Marketplace."

Hayghe: "The trend is a slowing - a moderating - of employment growth. We're certainly not losing jobs, on balance, but job growth is certainly not as large on a monthly basis as it was in 1999."

I'm Sarah Gardner in Los Angeles. Now back to David Brancaccio on the road in Cuba, Missouri.

Rundown