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NBC's fourth CNBC correspondent was its automotive expert Phil LeBeau who filed from a Cadillac dealership, "one of the best in the midwest," in Naperville Ill. With credit tight and economic anxiety high, in the entire day just three cars were sold from that lot: "They consider that a good day in this environment." General Motors put out a statement to announce that it is not even considering bankruptcy. It had to, LeBeau shrugged "largely because going broke would scare away potential customers."
From London, ABC's Jim Sciutto (embargoed link) counted seven large European banks "fighting to survive on government bailouts" and saw "a whole nation on the brink." He was referring to Iceland, whose bank debts amount to twelve times the size of its entire economy. European corporations cutting back production in anticipation of a global recession include BMW autos, Christian Dior fashions and Nokia cellphones. "Even Asia, which had been the backbone of world growth, is bracing for a downturn."
ABC anchor Charles Gibson had planned his Battleground Bus Tour to focus on a close Presidential election campaign in four midwestern swing states. By the time he arrived in Iowa, that state's opinion polls were no longer close and its residents were counting their pennies not their votes. So Gibson turned to the macro economy. He talked to a smalltown stockbroker; drank coffee with four retirees; rode the harvest combine--"fascinating"--with a family farmer; and sympathized at a diner whose business is slowing. Not a single vote was mentioned.
"Every stop reinforced the fact that the economic crisis trumps everything," Gibson concluded about Campaign '08.
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