Primary Day in Michigan

December 22, 2008 2:03:46 PM PST
Senator Hillary Clinton is the only major democratic name on the ballot.But voters there could shake up the republican field, where four candidates are bunched together in the polls.

Michigan voters are going to the polls Tuesday and it's a good bet, in this state, they are voting for their wallets.

"We need jobs in the worst way."

Michigan has an unemployment rate of 7.4 percent. That's the highest in the country.

Over 300,000 jobs have been lost in Michigan since the year 2000.

"It's going to be new jobs. It's going to be new jobs," said Sen. John McCain.

John McCain, who won Michigan's republican primary eight years ago, is convinced green technologies and retraining the workforce, will bring jobs back.

"Washington isn't getting it done," said Mitt Romney.

But Mitt Romney, born and raised in Michigan, and the son of former Governor George Romney, is playing up his success in the private sector.

He's running as a businessman during what, many wall street analysts believe, is an election-year recession.

Just Tuesday morning, Citigroup, America's largest bank, announced it is cutting some 4,000 workers, bringing the total to 20,000, all because of a whopping $18 billion in loan losses.

"We're being hurt by writedowns. Can't say that process is done yet," said Conrad Dequadros, Bear Stearns.

Merrill Lynch, also hurt by the mortgage crisis, announced that it will be raising an additional $6.6 billion from investors.

"A lot of financial firms are looking for capital elsewhere to help with their balance sheets."

There is a democratic primary also on the Michigan ballot. But because the primary is too early by party rules, the state was stripped of its delegates and will not take part in the nominating process.


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