Reporting on the First Family vacationing on Martha’s Vineyard, CBS reporter Chip Reid excitedly exclaimed: "One thing that’s going to give a huge boost to the economy is all the Obama paraphernalia...t-shirts, it’s baseball caps and magnets and coffee mugs and glasses. And restaurants are selling the ‘Baracko Taco.’ Bars are selling ‘Ale to the Chief.’ And all of it is selling like crazy."

Reporting for Monday’s CBS Early Show, Reid actually held up a number of Obama t-shirts while reciting the litany of presidential souvenirs for sale on the Massachusetts resort island. He concluded his report by declaring: "So if the President wanted to find someplace where he would be welcomed with open arms, he sure found it here in Martha’s Vineyard." Early Show co-host Russ Mitchell remarked: "Part of the Martha’s Vineyard stimulus plan, I guess." Reid agreed: "Exactly."

Here is a full transcript of the segment:

7:08AM:

RUSS MITCHELL: President Obama and his family are vacationing on Martha’s Vineyard this morning. They maybe escaping the heat and humidity of Washington, but there is no escaping the debate over health care reform. CBS News chief White House correspondent Chip Reid is on Martha’s Vineyard. Chip, good morning.

CHIP REID: Well, good morning, Russ. Health care dominated the Sunday talk shows, but for once, we don’t know if the President was paying attention because he is on the first real vacation of his presidency. The First Family arrived here Sunday afternoon. The mostly liberal summer enclave off the Massachusetts coast is friendly territory for the President, who’s taking a break from the fight for health care reform, which continues despite his absence.

HOWARD DEAN: The President clearly knows that a public option, a public insurance option, is necessary for real reform.

CHARLES GRASSLEY: The President has told me a lot of times he wants bipartisanship, and part of the problem is you get conflicting signals out of the White House.

REID: The Blue Heron Farm, a secluded 30-acre estate that boasts its own basketball court and putting green, is where the Obamas will be living this week. The President has no official events scheduled, but vacationers are hoping to catch a glimpse of the First Family.

UNIDENTIFIED GIRL: Yeah, that’d be awesome.

UNIDENTIFIED MAN: I think it’s really going to bring a good boost to the economy, especially at the end of the summer.

REID: Now one thing that’s going to give a huge boost to the economy is all the Obama paraphernalia that is dominating all of the store windows around here. And it’s not just t-shirts, it’s baseball caps and magnets and coffee mugs and glasses. And restaurants are selling the ‘Baracko Taco.’ Bars are selling ‘Ale to the Chief.’ And all of it is selling like crazy. So if the President wanted to find someplace where he would be welcomed with open arms, he sure found it here in Martha’s Vineyard. Russ.

MITCHELL: Part of the Martha’s Vineyard stimulus plan, I guess. Chip Reid, thank you so much, appreciate it.

REID: Exactly.

—Kyle Drennen is a news analyst at the Media Research Center.