>> mike, what have you learned? >> it's still okay for if are me to play baseball in a walker. >> i learned you will be on "the view" tomorrow and you should be it was. >> i'll work that up. >> i learned today, 235th birthday for the pa reasons. semper fi. thank you for your service. next stop, president obama is now a soul man. he's arrived in south korea from indonesia this morning. it's the third leg of his asia trip. this time his welcome might not be as warm as he defends u.s. fiscal policy ahead of the g-20 conference. we'll have reports from both nations. also here at home, nancy pelosi wants to be head of the house democrats. is that good news for her party? is it good news for republicans? the debate over who should lead the house democrats ahead. plus, the rescue effort

under way for thousands of passengers still stranded on that disabled cruise ship. we'll bring you the latest on that one. it's wednesday, november 10th, 2010. i'm chuck todd. let's get to the rundown. we'll begin in jakarta. the president has touched down in seoul, south korea. he arrived in seoul after making an abbreviated stop in indonesia, the country where he spent time as a young boy. savannah guthrie has been traveling with the president and has more on his jakarta stop. >> reporter: hey, chuck, good morning. the trip to jakarta had to be short because of the volcano erupti erupting. they were concerned that air force one might run into clouds of volcanic ash so the president left early. now they're headed to seoul for the g-20 summit.

he gave a speech where the president gave a speech holding up this country thriving in the muslim world. >> people worked with hope as indonesians embraced the peaceful transfer of power. there will be no turning back from democracy. >> reporter: the president spent some of his childhood in indonesia, from the ages of 6 to 10. this was no sentimental journey. there was no time to visit any of his old sights. >> we lived in a small house. we had a mango tree out front. and i learned to live indonesia while flying kites and running along the paddy fields and catching dragonflies and buying from the street vendors. >> reporter: the president even did a bit of his toast at the state dinner in indonesian. he is in seoul, south korea for

a meeting of the economic powers at the g-20. the two big issues, the south korea free trade agreement. we don't expect any huge breakthroughs. the second thing has to do with china. the u.s. is continuing to be concerned about china keeping its currency artificially low. the president will meet with hu jintao. that issue is sure to come up. >> it's been a tough leg for the entire white house team traveling over there because of what they had to do for overnight flights. we'll get a live report from the g-20 summit from seoul, south korea head. moving on to the miystery missile. the pentagon is still stumped. they're not sure it's a missile at all. mick, you've been all over this. 24 hours later, 36 hours since we saw this plume, we still don't know everything, do we? >> you know, everything when we

first reported this, chuck, i goetd a senior military official as calling it this bizarre. the military was insisting they found no u.s. government agency in the military or out that would have launched a missile in that area in that time frame. and they insist they found no evidence of any missile being launched. but at the same time, they couldn't say exactly what it was. it took an announcement from the faa later in the day which said it had gone over the traffic control tapes from the los angeles area, mind you, one of the most heavily congested air traffic areas in the entire world. they went through the tapes and found nothing that indicated there was a missile launch. no pilots in the area had had indicated that they had seen anything unusual. the working theory among many in the military and most experts we've talked to is that this was an airplane that created this optical illusion that appeared to be a missile.

experts save it's moving too slowly, at one point changed course, which a rocket would not do. but as of today, the u.s. military says it doesn't know for sure exactly what it was. and in the meantime, again, that ambiguity sparked all kinds of conspiracy theories and speculation is running wild. >> i can only imagine the internet was created for this. did you know that? that's how they have invented the internet. >> i can only imagine what you'll find when you google this next month, next year. >> i'm sure there will be a political twist on it. jim miklaszewski, thanks very much. right about now, passengers aboard that carnival splendor figured they'd be dining on all-you-eat buffets and gambling. they're eating rations of spam and pop tarts while their disabled ship gets towed to san diego. that's where we find miguel almi

guer. it's like a bad "gilligan's island" episode. >> reporter: the tug boats reached the splendor yesterday. towing it back will bea i huge process. 113,000 tons. the ship can only be towed 4 miles per hour. it's got to come back in, drifted 200 miles south of san diego. the fire on board that ship broke out early monday morning in the first leg of this ship's cruise through the mexican riff area riviera. many of the passengers were rushed to the upper deck. the blaze was put out, but not before it cut off vital power

supply to the ship. many customers have had no hot water and no hot food since this happened on monday. they had no rest rooms for sometime. they were able to get those facilities back. the "uss reagan" made it its way to the splendor and have been dropping off 70,000 pounds of supplies. not exactly top-line cuisine. canned spam and canneded crab meat. it will take them until probably thursday evening for them to come back on left-hand in san diego. they'll have to take a two-hour bus ride back to long beach. >> why is it they have can't bring another cruise ship, put it up next to it, then empty cruise ship, i assume there is a

way to get these people off faster? >> reporter: carnival said this was the best plan of action. there was a cargo ship that one would have thought they could have gotten off on the cargo ship. but they're out there with the coast guard. they agree the tow is the quickest way to get back. and that's not going to happen overnight. >> they've come to be known as the bush tax cuts. they'll likely be one of the big talking points when congress returns next session. with matt lauer, the former president defended the cuts. he said it might be easier to get them extended if his name wasn't attached. >> it's too bad they call them the bush tax cuts. they might have a chance of being extending if they were called the lauer tax cuts. >> probably nopt goit going to . >> here's the deal. most new jobs are created by small businesses. many small businesses pay tax at

the individual income tax level because of how they are organized. subchapter s corporations or limited partnerships. if you raise the top rate, you're taxing job creators. should government try to create the jobs or should the private sector try to create the jobs? my argument is keeping taxes low will encourage the private sector to create jobs. >> president obama and republicans are talking about a compromise that would extend high income tax rates temporarily while trying to make the middle class rates permanent. decoupling. that's a phrase you'll hear a lot about. it's ten minutes from the opening bill. let's find out what's driving the market. just so you know, becky, by the way, yesterday savannah did have some of the indonesian cuisine.

they got nothing on their way to seoul. so it's a very cranky press corps today. >> we've been watching the futures. there hasn't been a lot of movement. it looks like the dow futures will open by 15 point. this is all tenttentative. we did get good news in terms of weekly jobless claims. they came in better than expected. 435,000 applications for jobless claims. that was down from 459,000 last week. any number below 450,000 is generally considered good news because it means you can keep away at that unemployment rate. when i said that this morning on our program, i had a viewer that pointed out 450,000 is the population of omaha, nebraska. we're still losing in omaha every week. that's a valid point. the stock market was a little cheered by this. we got good news out of macy's. they signaled we could be seeing

a better than expected christmas too. that holiday shopping season will be a very important one to watch. around the world, we're feeling pretty much hated as we go into the g-20. a lot of different nations that criticized us because of the fed's movement today we did get good cheer from britain. they stood up with us. the british finance minister said a strong u.s. economy is in both asia and the world's interests. it's not the most rousing bit of applause but probably the nicest thing anyone will say ahead of that g-20 meeting. chuck, back over to you. >> thanks very much. she's the highest-ranking woman in u.s. political history. nancy pelosi ptwants to keep leading the house democrats. not everyone agrees. we'll hear the case for her staying in leadership. plus, the fight for the number two slot in house democratic leadership. we'll hear from one of pelosi's

closest alleys, congressman joe miller. and the world's top economic powers meeting in south korea to tackle the global financial crisis. we'll tell you what's at stake for economic recovery and the fact that everybody is mad at the fed. first a look ahead at the president's schedule. it's a summit day. you know what that means. summits. you're watching the "daily rundown" on msnbc. trust me. trust me. ya i like that. trust me.

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she became the symbol of what the american people were uncomfortable with. a big government agenda, big

spending agenda. if you have multiple dozens of members cast votes, then nancy pelosi is the woman for. you. >> many democrats reeling from the drubbing they got in the midterms. set up griping behind closed doors. congressman joe miller is one of the speaker's closest allies. let me get you to respond. the basic critique you hear from blind quotes. this is a congressman saying it on the record. i'm sure everybody is more appreciate of that. basic critique is this. yes, she was effective. but she became so polarizing, can she remain effective going forward? >> what became polarizing was the environment where one party walked off the playing field and said we're not going to provide you a single vote.

every vote for health care, energy, reducing the cost of higher education, student loans had to be sought within the democratic caucus. and the fact of the matter is, would the democrats have preferred to have gone into this election having done nothing on health care, nothing on energy, nothing on higher education? you know, and financial reform. the fact of the matter is the president the came to the congress and asked for these things to be done in the middle of the worst economic downturn. i'm sure there were many people who didn't vote for those who were still turned out by the voters in our caucus. it wasn't a great season. the fact of the matter is, you had to achieve something on behalf of the american people. what was wrong with the whole plan was the failure of the white house and others to fully understand the economic insecurity that our constituents were feeling all of the time, every day, alla of the ti of th.

>> as somebody who is a big supporter of speaker pelosi. 165,000 different tv ads run about her. does she need to provide a blueprint to democrats saying, i will fix my own image? because clearly she was used as a punching bag for republicans. >> we're talking about one of the most talented and smartest political figures certainly in this town and in this nation. she understands what just took place. but i think what you see is the overwhelming number of members of the caucus believe she is the right leader with the right talent, with the right savvy to help rebuild this caucus and to take back the house for the democrats. if you'll remember, that's where she started. we were out of power.

through her talents and working across this caucus, a very, very diverse caucus pulling together positions to move our party forward, to move this nation forward. people now have health insurance that don't have it. we have almost 55 million people without health insurance. think of the economic insecurity when you lose your job and you lose health insurance. that won't happen to people next time. >> is there something that you say, okay, and you've spoken with speaker pelosi. this is what we could have done different. if we get the majority back, this is how we're going to move forward next time. >> i don't think there's any question. when the president is of your party, you lose your ability to message. when we had president bush, people were interested in what the democrats in congress had to say. when the president's of your own party, you go to the white house for the message. >> this is why you say, look, this was on them? they needed to make a better case? >> i think they failed to

understand the level -- i represent a very blue collar district. every meeting i go in, friend, foe, mixed, however you want to do it. that economic insecurity underlies everything being said. we passed dozens of jobs bills, dozens of tax credits for small business. the republicans chose not to vote for any of them. they didn't want us to succeed on jobs. it's now on their watch. we sent over 400 bills to the senate that went into the jaws of the filibuster that was controlled by mitch mcconnell. they made a decision. they'd rather sacrifice the job-creating potential of that legislation for small businesses all across this country. wildly successful programs that had run out of money. tax breaks that worked in the past they didn't want to do. they made a decision to sacrifice that in the name of pulling down this president of the united states. they wanted him to fail. that's their mission today. >> your advice to the white house both in lame duck and in dealing with this new congressional dynamics?

it's not a full republican majority, it's a split decision. your advice to them with the bush tax cuts? >> i want a tax cut for the middle class. and the rest is a luxury. it's for people who will not put it into the economy. president bush said the other daily, these are the small business people who create the skro jobs. we're talking about a tax on 5% of the richest businesses that wouldn't look like small businesses to people on wall street at all. >> what gets through the house? can you -- >> i don't know yet. you have deficit hawks coming to town. they're about to come in and suggest they'll give away $4 trillion they probably won't pay for. that'll be the first challenge. >> okay. >> that'll be the first challenge. we can take care of the middle class. that money can go into main street. that can help create customers. or we can create a huge amount of deficit for the wealthiest 2% of people in the country and create a huge amount of deficit. >> what's the most likely thing

that gets sent to the senate? a temporary extension of the wealthy? >> right now the republicans don't need us to do what they want to do. >> in the lame duck, it's different. >> we'll see what happens in the lame duck perform. >> very quickly, hoyer/clyburn? >> these are two very talented, very competent -- i love them both in leadership. >> are you part of this negotiating away to keep them both in leadership? >> no. they're working it themselves. they have decisions to make. i think it'll work out. >> do you buy into defazio wanting to delay the leadership elections a week? what do you see? >> i don't think that makes any sense. we know what time means. you're going to be in the middle of the lame duck. you have to have some certainty there. i think overwhelmingly the caucus knows they want and need the leadership and the talents and the skills of nancy pelosi. and we all recognize that $60

million was spent to demonize her. the last thing they want is her on the playing field. what they're asking us to do -- what the republicans and others are asking us to do is say, because the jets fans are booing eli manning, take him off the field. they can boo all they want. we'll leave the most effective people on our playing field leading this caucus. remember, these were seats we had won. we'd won them in every circumstance. in it rural america and suburban america and republican district, democratic districts, general elections, this is a woman of great talent. if i was the republicans, i'd be unhappy about the fact she's going to it stay too. >> george miller, thank you. thanks for coming on set. coming in as california casual. thanks very much. up next, the global currency war. what it means for our economic recovery. we're live in seoul, south korea where the president prepares for the g-20 summit. what's in a name?

we've gotten used to robert gibbs. ohio republican bob gibbs is on his way. we're meeting incoming members of congress all week. we'll introduce you to the other robert gibbs. first, lame duck. this is an elected official or group holding office between the induction and the swearing in of a successor. lame duck is slang that goes back to the 18th century referring to a broker who couldn't pay his debts. he had to waddle out of the alley like a lame duck. this happened in 18th century britain. as someone said, it was probably a couple of guiness stouts. if you've some washington speak you'd like to clarify, send us an e-mail. we'll be right back. when i use expedia, my friends at work think there's more than one "me." ...because on our trips, i always get there faster.

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tomorrow, later itted, 20 of the world major economic powers will meet in seoul as the g-20 gets under way. there is controversy. president obama says strong growth in the u.s. would spark a global recovery. some world leaders are slamming the fed's recent decision to pump billions into the american economy, arguing it could hurt their countries' economies. with me to explain, steve liesman. he is in the vast room where we'll see thousands of reporters from around the world. steve, everybody mad it at the fed. this is going to be a showdown with china. explain. >> well, first of all, you have to understand the funny position that the obama administration is in. the federal reserve is an independent entity and doesn't really answer to the obama administration. but the obama administration finds itself it answering for the fed. the fed, of course, agreed a week or so ago to this new

program to buy $600 billion worth of treasuries. this ends up weakening the dollar. all the countries around the world, many of the countries around the world are upset by this. this strengthens their currency and creates an influx of money into those countries and also makes their exports less competitive. one of the reasons why this may be beneficial to the u.s., it makes u.s. exports more competitive. obama lands on the ground, trying toed lead the world in terms of dealing with global imbalances. comes right away to this criticism from other nations about this. a little background on this is important. a lot of these meetings end up with a lotrancor leading up to it. a g-20 official told us earlier, they have expect the ang-20 leaders to agree to more market-based currency exchanges and expect the g-20 to agree to

noncompetitive valuation. there will be an historic agreement on new banking regulations coming out of the financial crisis where world leaders will agree to make tougher standards for big banks and banks around the world and agree in a year's time for even stricter regulations on the biggest banks, the global banks that create systemic risk. there is one major outstanding issue, which is the issue of global imbalances. the united states runs a $700 billion trade deficit with the rest of the world. that means it imports more than it exports. the obama administration wants g-20 leaders to agree to new standards for that. it's unclear if they'll get them. of course, as you said, china is on the table in a big way here. back to you. >> steve, just one quick follow-up question. i know we have a satellite delay. i want to get at this issue with china. obviously the currency back and forth. you said there's supposed to be

a global agreement there won't be some race to the bottom when it comes to currency valuations. is that going to include china or is china going to keep that threat on the table to try to keep our fed from spending even more money? >> well, you know, some people suggested that china was saying this stuff ahead of the meeting to deflect criticism away from it. it remains totally unclear how much pressure will be able to be put on china. i think there's general agreement that china is part of the problem. china is big enough and strong enough it doesn't really have to new here. here's the measure of how effective this communique will be. they'll agree to it sometime tomorrow. we'll hear about it friday. when all of the leaders go home, they'll all give either different interpretations or the same interpretation. what they're doing is either

painering ov eri papering overing it or having real agreement. >> steve liesman, thank you. leelshe is a real soul man well. steve liesman in south korea for us. thanks very much. coming up, elizabeth smart recounts what she calls her nine months of hell in captivity. and midcourse correction. why hillary clinton said president obama may take a page from her husband's '95 playbook. in the next installment of our week-long series, meeting some of the new faces of congress, another gibbs is coming to washington. but first, today's trivia question. outgoing house speaker nancy pelosi and steny hoyer were both interns for the same summer for the same u.s. senator. the answer ahead.

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back now you with a quick look at what's driving this wednesday. south korea is the latest stop on president obama's asia tour. the g-20 meeting begins officially tomorrow. a carnival cruise ship that lost power off the coast of mexico following an engine room fire is being towed to safety. no one is hurt although the 4,500 passengers and crew have had no air-conditioning or hot water but managed to store bathrooms. they're surviving on spam and pot tarts. republican joe miller is gaining grounds in the alaska senate race after a tally it of 30,000 absentee ballots. he trails murkowski by 11,000.

miller's camp has filed a lawsuit seeking to prevent the state from counting any write-in ballot in which a candidate's name is not spelled correctly. we'll see what voter intent says about that. other stories making headlines. disturbing details emerging in the trial of brian david mitchell, the man accused of kidnapping elizabeth smart when she was 14. testifying yesterday, smart described how she was chained to a tree and assaulted daily. she testified she was nearly rescued months after her abduction when a detective approached her but mitchell prevented the official from lifting a veil she was wearing and the police officer eventually walked away. hillary clinton may be offering a preview of what to expect from president obama in the wake of the republicans' midterm success. in a joint interview with secretary gates, clinton compared the situation that obama is facing to what her husband faceded in '95.

>> i don't think bill changed his policies or objectives or reversed course in any way. i think what he did was take a very clear-eyed assessment of what was going to be possible with the congress after the election and moved on every front to get that done. i think that's what you'll see president obama doing. >> the art of the possible. engineers have begun testing the waterfalls for the north pool of the september 11th, memorial at ground zero. the cascades are the largest manmade water falls in north america. they empty into massive reflective pools that mark spots where the footprints of the world trade center's towers once stood. now to our week-long series featuring the incoming class of the 112th congress. five ohio democrats lost their house seats. one will be replaced by republican senator rob gibbs. he beat zach space. republicans targeted the race

hoping to gain a majority in the presidential swing state, which they did. they hold 13 of the state's 18 house seats. congressman-elect bob gibbs joins us now. congressman-elect, congratulations. we've been having fun that you share the name with the spokesperson for the president. first, how it did you deal with that joke on the campaign trail? >> you know, it didn't really come up that much. he goes by robert. my name is robert gibbs but i've always gone by bob. a couple of people joked about it, but it didn't come up that much. >> i want to talk about what you want to do. you want to go back in two years, probably a redrawn district. we can talk about redistricting in a minute. that's your sort of second campaign fight that you may have to deal with. but the first three things that you want to be able to take back to your constituents in 2012 when you seek re-election. what are the first three things

you want to say you've accomplished in your first two years? >> my main goal during the campaign and everything was about getting this economy going again and getting people back to work. what i talked about a lot was all the uncertainty oust washington, d.c. it's creating a lack of confidence in our employees and entrepreneurs are not investing and hiring people. i think the root of the problem is the massive deficit spending. we've got to get this spending under creme. that's the number one priority. we can't raise taxes. we also need to look at our regulatory structure. we need to have regulations that are common sense regulations that make economic sense. i think if we can move down that path, we'll start restoring confidence for our private sector employers. they'll start hiring people back. what i've learned in this campaign, as to a lot of penalty-up demand out there. people are wanting to expand their businesses but they're scared to do it because of all

the uncertainty going forward in economic ground. >> let's dive into the spending question on two different topics. number one, the debt ceiling. one of the first votes you'll have to deal with is voting to raise the debt ceiling. are you going to be comfortable doing that in order to prevent the government from defaulting on some debts? >> well, i think that we're going to have to have a plan in place what we're doing on getting a fiscal responsibility under control. we just absolutely have to do that. if there's no plan in place, we'll have a lot of -- >> you'll vote against -- you want something attached to this vote on the debt ceiling before you'll vote for it, some sort of guarantee? >> yeah. we have to have a plan in place what we're going to do to cut spending and get our fiscal house in order. just to keep raising the debt ceiling and not having a plan in place is more down that path of disaster.

obviously it's a catch-22, we can't default and put this country in a default situation. we've got to get a plan in place. i know i've seen the leadership on the republican side on the tv shows this past weekend, they're talking about that. i'll be in washington next week. i'm sure that will be one of the top discussions. we have to get a plan in place so we don't get caught in that catch-22 situation. >> to go on specifics, i'm sure you dealt with this. what were some specific spending cuts that you'd like to see done? >> everything's got to be on the table and we have to prioritize. i call if the discretionary spending, not entitlements, not defense. that's had double-digit increases the last two fiscal years. we need to start there and work to roll that back to it '08 levels and go through it. i know there's areas -- there's a lot of duplication. you know, we've got to go

through it. we've got to break these budget bills down. these appropriations bills down and have stand-alone votes so even knows what they're voting on. >> you're not ready to touch entitlements or defense spending? >> defense is on the table too. don't misread me that. i think we can probably find there. but i think the first step is to attack the domestic discretionary spending. because that's grown so much in the last two years. and then work from there. yeah, i think as you've heard leader boehner say, we'll have to have a serious discussion with the american people. i do want to say like in social security, we have an obligation, a contractual obligation with the people that have retired and paid into the system to honor that. one way you make that system more solvent is get the economy going and people back to work. that's why deficit spending is such a big problem. if we don't address it, it'll

happen by default not long down the road. >> have you promised by senator boehner you'll not be redistrict into another strict of congress? >> no. there's been no promises made on any subject to me. >> congress-elect bob gibbs, welcome to washington. congratulations again. we'll keep checking in with you. >> okay, thank you. >> trivia time. outgoing house speaker nancy pelosi and house majority leader steny hoyer. both interned for the same senator. maryland senator daniel brewster. what the polls tell us about president obama's standing in the key area where the white house battle will be waged.

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widely viewed children's programs ever. it airs in more than 120 countries. trust me, the invention of elmo kicked off a whole new generation. elmo, elmo, elmo in my household, i am promise you. the results from last week's election aren't even in yet. we try to figure out what goes on in 2012 as the next presidential election cycle takes shape. decision twen 2010 tells us how president obama might fair in 2012. let's make sense want midterms and look at where the president stood on election day. it was a fairly republican-leaning electorate. we did have exit polls in a lot of key states, including many of the swing states. as you see on our map, the states in yellow are the first ones that we think are going to be the closest, most competitive races overall. the light blue and light pink on

our map, by the way, is the larger battle ground. here's president obama's approval in colorado. a surprisingly high 48%. it explains why

any time on the intertubes on twitter. we'll be right back. [ female announcer ] imagine the possibilities with stelara® for adults. stelara® helps control moderate or severe plaque psoriasis with 4 doses a year, after 2 starter doses.

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before we go. a quick dip in the shallow end. shockingly, bristol palin made it to the final four on "dancing with the stars." she was saved from the bottom of the leaderboard again this week. the advice she's getting from her mom. >> just dominate, just takeover. >> well, if that's not the answer to bristol's unlikely dancing success. "the daily beast" is offering up another possibility. the vast right-wing conspiracy

keeping her in the competition. but the hosts of "dancing'" version of sports center disagree. >> she's from a strong republican family and the republicans just won control of the house last week and a lot of people think smart ideas such as this will pull the republicans over the top. >> wow. kenny main and jerry rice. that's a hall of famer. nfl hall of famer in that clip. just think about that. that's it for "daily rundown." coming up next, "chris jansing & company." coming up at 1:00 p.m. "andrea mitchell reports" and talks to spacy. can simulate head injuries and helps make people safer.

then they shared this technology with researchers at wake forest to help reduce head injuries on the football field. so, you know, i can feel a bit better about my son playing football. [ male announcer ] how would you use toyota technology to make a better world? learn how to share your ideas at toyota.com/ideasforgood. plus the choice of every etf, 5-star service, and unmatched trading tools. there's price. there's value. don't confuse the two. e-trade. investing unleashed.

if anything, i thought i'd get hit by a bus, but not a heart. my doctor put me on an aspirin regimen to help protect my life. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. check with your doctor because it can happen to anybody.