Is Harry Smith sad that the Mumbai terrorists missed their intended American and British targets and hit Indians?  Strange as it sounds, it's hard to interpret his remark of this morning otherwise.

Smith was discussing the attacks on the Early Show with CBS terrorism expert Jere Van Dyk when he made his bizarre observation.

In an effort to explain Barack Obama’s call for a $500 billion stimulus package on Monday’s CBS Evening News, fill-in anchor Harry Smith patronized viewers as he turned to Fast Draw artists Josh Landis and Mitch Butler, who created an animated cartoon on the subject, promoting Obama’s public works program. Butler explained: "When the economy slows down, people look for a pick-me-up." Landis added: "And a stimulus check from government is like money falling from the sky." Butler then asked: "But what's better? Giving money away-" Landis interjected: "-or using it to build bridges, highways, schools, things like that."

Butler and Landis used economist Peter Morici to further explain: "The construction workers get salaries. The steel workers and concrete makers get salaries. They spend that money on goods and services and the money -- and that creates additional jobs, and the money keeps cycling through the economy." Butler added: "And when they're finished working, there's a new bridge that businesses can use to ship more products." Later, Landis observed: "And even though the government has to carry more debt to get the project done-" Morici explained: "It employs more people immediately, boosts GNP by a larger amount and leaves the legacy of investments in our economy, which will improve productivity into the future." Landis concluded: "...spending the money on bridges, schools and other projects gives us a better shot of prosperity down the road."

On Monday’s CBS Evening News, correspondent Dean Reynolds reported on Barack Obama's announcement of an economic team, but instead of getting reaction from Republicans or financial experts, Reynolds decided to stick with the president-elect himself: "Timothy Geithner, president of the New York Federal Reserve Bank, as Treasury secretary. Obama said Geithner has an 'unparalleled understanding of our current economic crisis.' And Lawrence Summers, a former Treasury secretary himself, to chair the National Economic Council. Obama called him 'one of the great economic minds of our time.'

The only mention of Republicans in the story was about how cooperative they will be if Obama backs off tax increases: "As a candidate, he favored raising taxes on the rich, but as president-elect he now says he's inclined to wait on that, a concession that could bring congressional Republicans to his side."

Following the report by Reynolds, Smith played a clip of an interview with former Clinton Securities and Exchange Commission Chairman, Arthur Levitt. At one point, Smith asked Levitt: "Barack Obama puts his economic team in place today. It's two months until he takes office. Is this audacious or is this good management on his part?" Levitt replied: "This is smart. I mean, we have an administration that is virtually powerless. Certainly a president who nobody listens to. What we've seen now with the new administration is we have a shadow administration in power, in place, acting in a constructive and in a cooperative way...We cannot afford a lost two-month period where public confidence would disappear. We cannot afford that."

Paul Krugman has been making the rounds of the network morning shows, urging the government to "go big" in spending to revive the economy.  His only concern is that Obama might not be planning to spend enough.  Heck, even FDR wasn't a big enough spender in his book.  View Krugman's weekend GMA appearance in which he says that here, the episode in which, as discussed here, Krugman of all people had to talk Kate Snow down from her fantasy of Obama "forcing" the Bush administration to adopt his policies.

None of the network shows had anyone on to debate Krugman.  But the Early Show did invite Jim Rogers in today to give very much the other side.  The legendary investor's take: let the banks fail.  The massive bailout underway will put our country in hock for decades.  Almost 20 years later, Japan has still been unable to get out of the hole it dug when it, like the US now, decided certain institutions were too big to fail.

On Monday’s CBS Early Show, co-host Harry Smith touted the latest issue of ‘GQ’ magazine, in which Barack Obama was named one of the publication’s ‘Men of the Year’: "As If being elected president isn't a high enough honor, Barack Obama is now the quintessential 'GQ' guy." Later, Smith talked to ‘GQ’ deputy editor Michael Hainey and asked: " Is there -- is -- do you have this little bit of a sense, can there be -- can a guy who's cool be President of the United States?" Hainey replied: "No. I think, I mean JFK was cool. I mean, you know...And I think, yeah, Reagan was cool. I mean it's that sense of how you define 'cool,' I think. And it's -- it's a real chemistry, that's what people are reacting to."

Smith began the segment by asking Hainey about the choice: "Why -- [Laughs] I suppose why not? Now when did you make the choice though?... And for Barack Obama, why would -- why was he a good choice?" Hainey explained: "Well, you know, it's interesting, we had Ted Kennedy write the piece for us in the magazine about the Senator. And as he said it, you know, the torch has been passed to a new generation... It really is, I mean, he's young, he's vibrant, he's vital, like all those qualities of a 'GQ' guy."

After spending much of the spring and summer hyping the dire consequences of rising gas prices, CBS on Thursday night decided the plummeting cost of gas at the pump is really bad news. Noting that “crude settled at about $58 a barrel today, that's about $90 less than it was in July,” fill-in CBS Evening News anchor Harry Smith warned “that comes as a mixed blessing.”

Reporter Mark Strassmann found an ecstatic man paying less than $2.00 a gallon, but Strassmann spoiled the mood: “Low gas prices are also bad news and the lower prices go, the worse the news gets.” An “oil analyst” explained: “This is just a reflection of the poor state of the economy and the oil market is reflecting this global slow down.” Strassmann soon fretted over how “it's also a grim time for alternative energy champions” and “sinking oil prices could” hurt “plans to develop alternative sources of energy or fund green developments.”

Network television is never comfortable discussing religion – unless the expert is an Oprah-pleasing liberal New Age guru like Deepak Chopra. Fresh from asserting religious people should take their faith and shove it before they enter the voting booth, Chopra was interviewed on Tuesday’s Early Show on CBS about his new book about Jesus (or, more accurately, manufacturing an entirely new Jesus).

Using anxiety over the economic crisis as a hook, CBS twice plugged his appearance as a chance to hear from "one of the pioneers of spirituality and personal development of our time." While Chopra babbled on with very non-Christian concepts about how Heaven is the "creative part inside you," and how we have to adjust capitalism to "nurture the ecosystem," anchor Harry Smith didn’t find anything controversial in his loathing for traditional Christianity or Catholicism.

In February, Chopra came out with a book called The Third Jesus, and in a Reuters report, he denounced present-day Christianity as hateful and divisive and political, and ultimately dismissed it as "inanity of the utmost extreme." CBS was too busy touting its "pioneer of spirituality" to find this controversy:

Continuing the narrative of Barack Obama as John F. Kennedy, on Friday’s CBS Early Show, co-host Harry Smith described how: "As the nation prepares for President-Elect Barack Obama to move into the White House, many Americans can't help but draw similarities between him and the late President John F. Kennedy." Co-host Julie Chen earlier teased the segment: "The new first family has been compared to JFK and Jackie and their young children. Can the Obamas bring that 'one brief shining moment,' that was known as Camelot, back to the White House?"

Smith narrated the segment, which juxtaposed images JFK with Obama: "It was a presidency filled with idealism, glamour, and excitement...A young Senator had been elected to lead his country. Now 47 years later, America has chosen another young Senator." Smith went on:

And the similarities are striking. JFK was 43 when he was inaugurated. Obama is just three years older, bringing a certain youthful vigor to the White House, including, young children. Both Obama and Kennedy were criticized for lacking experience and both knew the power of well-chosen words...Kennedy had more than his share of charisma and Obama knows how to light up a room. But it's their wives who might be the real superstars. Both men overcame significant obstacles to become elected. Anti-Catholic sentiment was still widespread in the country but JFK was elected the first Roman Catholic President of the United States.

At the end of Wednesday’s CBS Early Show, an emotional Harry Smith declared: "I don't know how else to say this -- I grew up in a household that was not racially neutral. I grew up in a household where racial epithets were used commonly and with vigor. To see the difference in this country, in a country that I grew up in, so many people have said this is not something they thought they would ever see in their lifetime, and I wept tears of joy last night." Co-host Julie Chen observed: "You have tears in your eyes right now, Harry." [audio available here]

Prior to that admission, Smith interviewed poet Maya Angelou and asked: "Who were you thinking about last night as you watched the coverage?" Angelou replied: "All of us. All of those who went before, who paid dearly. And all of us today, all of us. I'm so proud, I'm filled -- I can hardly talk without weeping -- I'm so filled with pride for my country. What do you say? We are growing up." Angelou later added: "And he is inclusive, as opposed to exclusive. I know that he knows he is the president of every black person, every white person, he's the president of the bigots and he must remember that." Smith added: "He said in his acceptance speech, ‘for those of you who voted against me, I hear you too.’" Angelou replied: "Yes, exactly. That's what I mean...We will be together. This is what he dreams, he envisions it."

The co-hosts of Wednesday’s "CBS Early Show" used as many glowing adjectives as they could think of in reporting Barack Obama’s election to the presidency, with Harry Smith leading the way:

"America votes for change. Barack Obama elected the 44th President of the United States after a decisive victory over John McCain. The nation opens a new era, a powerful moment in history."

Maggie Rodriguez described what it was like to be at Obama’s victory speech in Chicago: "I have to say that to be here last night for that moment was to live history, it was a privilege...the sea of waving American flags and feeling the euphoria and the emotion that was emanating from that crowd here last night...a chilling victory speech, it -- it left people here just speechless, it was breath-taking."

In the 8:30AM half hour of Tuesday’s CBS Early Show co-host Maggie Rodriguez led live coverage of Barack Obama voting in Chicago and asked Face the Nation host Bob Schieffer: "Bob, how must he be feeling right now?" A choked up Schieffer replied: "Well, I mean, this is a -- this is a remarkable moment in American history. Stop and think about this, 150 years ago there were 31 million people who lived in this country, 4 million of those people were slaves, 4 million people. And, today, here you have an African-American who may be elected president of this country. This is not -- people keep talking about the American people may be ready to turn a page, but it's not just a political page, this is a page of American history." Rodriguez agreed: "Absolutely."

Co-host Harry Smith joined the coverage and actually wondered if Obama was voting for himself: "I'm wondering, I would love to ask him afterwards whether or not he voted for himself...Because having voted in school elections and stuff like that, we were taught as kids sometimes you vote for the other guy because that's how -- that's how -- it's an honorable thing to say that 'I honor your presence here. This was a battle well fought.' And I would be very interested to know whether or not he voted for himself." A realistic Schieffer replied: "I'm betting he did." Smith responded: "Yeah, I'm betting he did. I'm just bringing up a question."

On Monday’s CBS Early Show, co-host Harry Smith talked exclusively to two Canadian comedians, Marc-Antoine Audette and Sebastien Trudel, who prank called Sarah Palin: "Pranksters pulled a fast one, over the weekend, on vice presidential candidate Sarah Palin. Comedians from Canada posed as French President Nicolas Sarkozy." Smith later asked them: "Did you get the sense when you were on the phone with her, did she have any idea what was going on?" Trudel replied: "No...She was as gullible as Britney Spears. She -- there are only two people that we pranked that never caught on that it was a joke and that we had to explain it to them at the end. Sarah Palin and Britney Spears. And Britney Spears could not ever be President of the United States but Sarah Palin could." Audette added: "But they're both good looking...at least." Smith agreed: "That accounts -- that does account for something."

In addition to portraying Sarah Palin as stupid, the comedians and Smith also described how bad her staff was. Smith asked: "...how long did it take you and how did you start?" Trudel replied: "We started Tuesday, last Tuesday, it took four days. It's our fastest one except Britney Spears, so you can put that in the same category, her staff." Audette added: "It was pretty quick, actually. Because when we pranked Paul McCartney it took us about two months...Bill Gates, a month, Britney Spears, two days, and Sarah Palin about four or five days." Trudel later observed: "Yeah, and it's pretty disturbing to see that idiot's like us can go through to a vice presidential candidate that could be eventually the most influential and the most powerful person in the world...Too stupid comedians...with a bad French accent...and go through her staff." Smith concluded: "I think you said it all."

On Thursday’s CBS Early Show, co-host Maggie Rodriguez talked to Face the Nation host Bob Schieffer about Obama’s Wednesday night campaign infomercial and Schieffer offered rave reviews: "...this was something we haven't seen the like of in American Politics...It reminded me so much of the commercials that Ronald Reagan ran in 1984, the ‘Morning in America’...What Barack Obama’s message was last night, ‘things are not so good, but take heart, because we can make it okay.’ I thought it was very, very effective...it was a very effective piece of campaign advertising."

Following Rodriguez’s discussion with Schieffer, co-host Harry Smith talked with Washington Post media critic and CNN contributor, Howard Kurtz, about the commercial. Kurtz’s review was a bit more mixed: "This wasn't a 60-second ad. It wasn't a "Morning America" ad by Reagan, it was a show, and as a show it had to draw people in. I think it did a pretty good job of that, but as I said, at times it was a bit over the top." Earlier, Smith asked Kurtz: "What did you not like?" and Kurtz replied: "Well, for example, Maggie mentioned the faux Oval Office at the beginning, a lot of people, I think are going to find that a tad presumptuous-" Smith interrupted: "The Oval Office is not brown. It doesn't -- I don't think the Oval Office is brown, but go ahead." Kurtz pointed out: "Look at that tree in the window, it looks just like the South Lawn, he's got the flag." As Kurtz mentioned, in her discussion with Schieffer, Rodriguez observed: "...it opens with him standing in an office that some people thought looked like the Oval Office."

Sometimes former CEOs have a reason to be downbeat when they make predictions.

Former Chairman and CEO of Citigroup Sanford Weill told CBS's "The Early Show" Oct. 28 that unemployment would hit 9 percent and that Wall Street CEOs "didn't deserve bonuses this year." It went something like this:

Well, I think we've set in motion a whole series of events that is going to make the economy really, really bad over the short term. I think we are going to see the biggest drop that we've seen in GDP. I think we are going to see unemployment go up to about 9 percent.

Weill said that a year from now things would be a lot better, but still was critical of the Federal Reserve for not acting sooner:

Monday’s CBS ‘Early Show’ made Sarah Palin’s clothes shopping habits headline news as co-host Harry Smith declared: "Sarah Palin defends her shopping spree...We'll take you to the consignment store where she says she really shops." Only minutes later, Smith seemed to lament the distraction of the issue: "So much time and attention has been spent talking about John McCain's running mate in this -- in this case and, now it's -- they're defending themselves about clothes and all of these other things. Ones wonders if there's a presidential campaign going on here." Apparently Smith forgot that he shares responsibility for making it an issue in the first place.

At the top of the show, correspondent Jeff Glor reported that McCain: "...defended the woman he's running with. Following reports of rising tensions inside Sarah Palin's inner circle and the flap over those high-end designer clothes she wore at the convention." Glor added: "Palin, campaigning with the View's Elizabeth Hasselbeck, also addressed the $150,000 shopping spree." He played a clip of Hasselbeck: "Let me tell you, this is deliberately sexist." However, Glor never explained that Hasselbeck was talking about media coverage of Palin, instead he concluded: "The Alaskan governor said her wedding ring only cost $35 and that she usually buys her clothes from a consignment shop in Alaska."

In the 7:30AM half hour, co-host Julie Chen investigated that Alaska consignment shop: "On the campaign trail yesterday, Governor Sarah Palin again addressed the criticism she has received over the $150,000 that the Republican National Committee spent to dress her and her family. She said she likes to shop in a consignment store called Out of the Closet. The owner is Ellen Arv -- Arvold and she joins us now."