Friday, December 12, 2008

60 Minutes E-mail Alert


As the White House scrambles to pick up the pieces of the failed auto industry bailout, correspondent Lesley Stahl talks to House Financial Services Committee Chair Barney Frank, the man in the middle of the controversial bill. Just don’t ask him, as Stahl did, why the government should prop up failed companies like GM and Chrysler – the very reason senators voted against the bill. "No. We’re not propping up companies. That’s your mistake. We’re propping up individuals. The world doesn’t consist of companies…the country is people," he practically yells. The fiery Frank, an openly gay man, also discusses the bailout of the financial industry and his disappointment in it, his liberal reputation and growing up "in the closet."


Watch an excerpt.



In our next story, correspondent Scott Pelley reports on an expected second wave of mortgage defaults beyond the sub-prime mortgage meltdown that, many experts warn, could severely deepen the bottom of the recession. Multitudes of adjustable-rate mortgages with low initial rates are due to reset at higher rates over the next few years. A cascade of new loan defaults will follow, according to investment fund head Whitney Tilson. “You can look at [mortgages] written in ’05 and ’07. You can look at the reset dates. You can look at the current default rates and it’s really very clear and predictable what’s going to happen here."


Watch Pelley's reporter's notebook.



Many University of Southern California football fans also thought they could predict the results of hiring Pete Carroll as the Trojan’s football coach. He would fail, just as he did as the head coach of the New England Patriots and the New York Jets. But seven years, two national championships and six conference titles later, Carroll has the highest winning percentage among active college coaches. And he’s also made a difference on the gang-infested streets of Los Angeles. Gang violence, especially murder, is down since he began “coaching” members of the rival Crips and Bloods. It’s because the coach treats the gang members like players. "Each person holds so much power within themselves that needs to be let out," Carroll tells correspondent Byron Pitts. "And sometimes they need a little nudge."


Watch an excerpt.



Those stories, and Andy Rooney’s mailbag, on this Sunday’s 60 Minutes, Dec. 14 at 7 p.m. ET/PT.



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