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TRANSCRIPT
| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:05 |
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A LOOK NOW AT THE FUTURE OF THE GLOBAL ECONOMY. A PANEL DISCUSSES WHAT THEY PERCEIVE FOR THE FINANCIAL... |
| 00:00:38 |
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THINK TODAY'S DISCUSSION WAS DEPRESSING, NOW WE'RE GOING TO TALK ABOUT THE ECONOMY. [INAUDIBLE] ONE... |
| 00:02:44 |
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68. |
| 00:02:45 |
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$68 A SHARE. SO ONE THING THAT WE CAN SAY FOR SURE IS THAT THESE TWO VERY SMART INVESTORS, WHATEVER... |
| 00:03:18 |
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I THINK THEY MISSED WHAT MOST PEOPLE MISSED, WHICH WAS THAT IN THE MONTH OF AUGUST, EVERYONE WAS CONCERNED... |
| 00:04:33 |
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HOW DO YOU SEE IT FROM THE ISRAELI PERSPECTIVE? |
| 00:04:42 |
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WELL, IT'S MORE ECONOMY WORK. 200 BILLION U.S. DOLLARS, SMALL BAILOUT FOR AMERICAN ECONOMY. WE ARE... |
| 00:05:27 |
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DAVID, WOULD YOU GIVE THE SAME ANSWER AS JIM? I'M SURE THERE'S A LOT OF OVERLAP TO THAT QUESTION BUT... |
| 00:05:37 |
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I DID KNOW THE DRESS CODE WAS NOT TO WEAR FOX, BUT I HAVE ANOTHER DINNER AFTERWARDS, NOT AS A SPEAKER... |
| 00:07:58 |
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FROM YOUR PERSPECTIVE -- |
| 00:08:03 |
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OBVIOUSLY, SILICON VALLEY HOMEOWNERS CAN BE SMARTER THAN WAITERS IN D.C. THE ONE THING THAT BUFFET... |
| 00:08:48 |
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LET'S START WITH YOU, AS WE WORK BACK THE OTHER WAY THEN. IS SPEAKER PELOSI STILL HERE? |
| 00:08:56 |
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SHE IS GETTING INTO HER EVENT OR HER CLOTHES FOR THE SAME THING. |
| 00:08:59 |
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NONE OF US GOT THE DRESS CODE AT ALL TONIGHT. SHAI, WE'RE ABOUT TO BAIL OUT G.M. CLEARLY, THE --... |
| 00:09:43 |
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I'D ACTUALLY SEPARATE IT INTO TWO DISCUSSIONS. I'D ACTUALLY LOOK AT WHAT THEY CAME IN, THEY CAME IN... |
| 00:11:36 |
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DO YOU FEEL, JUST TO FINISH THIS POINT, WE'LL PURSUE IT A LITTLE BIT MORE, BUT DO YOU FEEL WE'RE ON... |
| 00:11:45 |
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IT'S ALREADY A TRAIN WRECK. YOU KNOW, WE TALK ABOUT A MOON SHOT. THIS IS NOT APOLLO 1. THIS IS APOLLO... |
| 00:12:24 |
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DAVID, ARE YOU COMFORTABLE WITH THE -- LET'S TALK ABOUT THE FINANCIAL BAILOUTS PEOPLE ARE TALKING... |
| 00:12:46 |
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WELL, WE HAVEN'T HAD A REAL STIMULUS, BECAUSE THE TARP PROGRAM REALLY HASN'T REALLY DONE VERY MUCH.... |
| 00:14:47 |
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THAT SIX OR NINE MONTHS BEFORE THE ECONOMY OR BEFORE LENDING STARTS? |
| 00:14:51 |
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SIX OR NINE MONTHS BEFORE YOU'LL SEE IMPACT OF THE STIMULUS PROGRAM. FORMALLY OUR RECESSIONS LAST... |
| 00:15:34 |
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TWO-THIRDS TO GO. WHAT WOULD THAT MEAN FOR ISRAEL? |
| 00:15:44 |
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THAT'S NOT VERY GOOD NEWS FOR ISRAEL, BUT WE HAVE HAD OUR RECESSION IN 2002, LIKE 7% UNEMPLOYMENT... |
| 00:16:27 |
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THE IRONY IS WE OFTEN TELL ISRAEL OR SORT OF I AM PLAY THAT MAYBE THEY COULD MANAGE THEIR ECONOMY... |
| 00:16:35 |
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NO, PLEASE DON'T. |
| 00:16:37 |
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DON'T HAVE THE GOVERNMENT INVOLVED IN OWNING COMPANIES, DON'T HAVE DEFICIT SPENDING, AND THEY FOLLOWED... |
| 00:16:51 |
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MUCH BETTER. |
| 00:16:55 |
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DOES THE ECONOMIC CRISIS, BE WHAT IT MAY IN ISRAEL, FAVOR ONE PARTY OR ONE POLITICIAN GOING INTO THIS... |
| 00:17:04 |
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YES, YOU KNOW IT. |
| 00:17:07 |
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WHY? |
| 00:17:10 |
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FIRST OF ALL, BECAUSE BENJAMIN IS VERY RESPONSIBLE IN THE PUBLIC SENSE OF THE WORD, FOR A LOT OF THIS... |
| 00:18:02 |
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INTERESTING. THERE REALLY ARE SECOND ACTS IF HISTORY. -- IN HISTORY. FROM THE WEST BANK TO THE CENTRAL... |
| 00:18:17 |
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WE HAVE A VERY GOOD GOVERNMENT BANK. |
| 00:18:21 |
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JIM, GIVE US YOUR ASSESSMENT OF THE BAILOUT SO FAR, WHETHER YOU THINK IT'S WORKING, AND WOULD YOUR... |
| 00:18:34 |
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I AGREE WITH DAVID'S POINT OF VIEW, THAT IT'S ABOUT A THIRD INTO IT, BUT I THINK THAT WE NEED TO BRING... |
| 00:20:05 |
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LET ME START ANOTHER ROUND OF QUESTIONS WITH YOU, JIM, TO PICK UP THAT POINT. WHAT DO YOU THINK WILL... |
| 00:20:16 |
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GLOBALLY, I THINK YOU'LL SEE CERTAINLY OVER THE NEXT YEARS, A SWIFT -- A MOVE FROM THE UNITED STATES... |
| 00:20:31 |
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A SHIFT OF POWER AND AUTHORITY? |
| 00:20:33 |
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POWER AND AUTHORITY, BUT ALSO ECONOMIC STRENGTH. UNITED STATES HAS BEEN AROUND 25% OF GLOBAL GDP.... |
| 00:22:12 |
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THE PALESTINIAN ECONOMY, LET'S TALK WEST BANK GAZA FOR A SECOND, HOW HAS IT BEEN AFFECTED SO FAR,... |
| 00:22:37 |
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2007, 2008 AND THE LAST FEW MONTHS WERE A VERY GOOD PERIOD FOR THE PALESTINIAN ECONOMY AND THE WEST... |
| 00:22:43 |
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WHY? |
| 00:22:47 |
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BECAUSE OF -- I THINK MUCH SMARTER ECONOMY DECISIONS FROM THE WEST FIRST OF ALL, AND THEN PEOPLE IN... |
| 00:24:12 |
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HOW DO YOU SEE THE GEOPOLITICS OF THIS PLAYING OUT? |
| 00:24:15 |
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THERE WAS A CONCEPT THAT THE -- FOR A LONG TIME THAT IS TRUE U.S. ECONOMY AND ALL THE OTHER ECONOMIES... |
| 00:26:13 |
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AND YET THERE'S BEEN A FLIGHT TO THE DOLLAR AT THIS CRISIS? |
| 00:26:16 |
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YES. AS WINSTON CHURCHILL ONCE SAID, DEMOCRACY IS THE WORST FORM OF GOVERNMENT, EXCEPT EVERY OTHER... |
| 00:27:26 |
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SHAI, ONE OF THE QUESTIONS THAT I'VE BEEN THINKING ABOUT, AN I'M QUITE WORRIED ABOUT, WHEN YOU HAVE... |
| 00:29:14 |
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ONE THING THAT WE HAVE TO RECOGNIZE, ISRAEL, AND I BEG TO DIFFER, I THINK IT TIES DIRECTLY TO WHAT... |
| 00:29:45 |
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2002. |
| 00:29:47 |
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2002, SO WE KNOW IT'S A ONE-YEAR DELAY. THERE'S A ONE YEAR PHASE DELAY BETWEEN HITTING IT IN THE U.S.,... |
| 00:31:18 |
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THEY WEREN'T THE BIGGEST RISK -- |
| 00:31:20 |
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BUT IT PLAYS OUT THROUGH THE ECONOMY, THOUGH. |
| 00:31:23 |
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THE BIGGEST -- WHEN HISTORY IS WRITTEN, THE BIGGEST SINGLE MISTAKE IN THIS PERIOD OF TIME BY THE GOVERNMENT... |
| 00:33:24 |
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ARE THE CAR COMPANIES IN BANANA? |
| 00:33:29 |
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30 YEARS AGO I SPENT MY LIFE IN THE CHRYSLER REORGANIZATION WHICH WE HAD TO DO OUTSIDE OF BANKRUPTCY.... |
| 00:34:36 |
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IN THE CHRYSLER CASE, IT WAS ALL OF $1 BILLION SO HOW MUCH WE'VE COME. BUT, YOU KNOW, THE TRUTH IS... |
| 00:35:02 |
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SHAI? |
| 00:35:04 |
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ONE OF THE THINGS WE'RE MISSING IN THE DEALING WITH THE EUROPEAN CAR COMPANIES, FRIENDS TEXAS GASOLINE... |
| 00:37:02 |
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I THINK THERE'S A REAL DANGER HERE THAT WE'RE GOING TO TELL THESE GUYS RESTRUCTURE, MAKE FUEL-EFFICIENT... |
| 00:37:23 |
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WE ASKED PEOPLE IN A CANDY STORE AND ASKED THEM TO EAT BROCCOLI AND NOBODY WILL EAT BROCCOLI AND THEY... |
| 00:37:34 |
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THE IDEA OF HAVING A 50 CENT PER GALLON TAX ON GASOLINE WAS SEEN AS A POLITICAL SUICIDE. THEN GASOLINE... |
| 00:38:21 |
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SHAI, WHAT DO YOU THINK WHAT WILL HAPPEN TO THE PRICE OF OIL? OIL HAS 4 IN FRONT OF IT, A BARREL OF... |
| 00:38:31 |
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I THINK OIL -- IT'S A COMBINATION OF TWO GRAPHS. ONE IS A GRAPHIC WHICH IS A SUPPLY. WE DIDN'T GET... |
| 00:40:43 |
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JUST TO PICK UP THAT POINT THEN, WHAT WOULD YOU LIKE TO SEE BARACK OBAMA DO IN HIS FIRST YEAR IN OFFICE... |
| 00:41:02 |
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YOU CAN GO BIG, BOLD WHICH IS EFFECTIVELY NEEDED, WHICH IS THE CHINESE WAY. THE CHINESE WENT IN NO... |
| 00:43:11 |
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JIM, LONG OR SHORT OIL? |
| 00:43:14 |
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WELL, I THINK I'M SHORT OIL BECAUSE I WANT TO BRING IN ONE OTHER SUBJECT WHICH IS THE ENVIRONMENT.... |
| 00:44:27 |
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I AGREE WITH THAT. THE PRINCIPAL PROBLEM THAT WE HAD BEFORE WHEN WE WANTED TO GET INTO ALTERNATIVE... |
| 00:45:42 |
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LET'S OPEN IT TO THE FLOOR AND WE'VE GOT -- I KNOW A LOT OF REALLY INFORMED PEOPLE. [INAUDIBLE] |
| 00:45:52 |
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THERE WILL BE A MIC. |
| 00:46:00 |
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THIS IS NOT EVIAN WATER? [INAUDIBLE] |
| 00:46:06 |
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THE -- THE THING THAT KIND OF PUZZLES ME IS THAT THE BRAINPOWER ON STAGE WHICH IS TRULY A REMARKABLE... |
| 00:46:49 |
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MY ANSWER WOULD BE THIS. THE CURRENT PRESIDENT OF THE UNITED STATES BASICALLY ABSENTED HIMSELF OVER... |
| 00:48:09 |
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JIM, WHAT'S YOUR TAKE ON THAT? |
| 00:48:11 |
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WELL, I THINK HE SHOULD CERTAINLY DO ALL THOSE THINGS. BUT I THINK THAT HE AND HIS ECONOMIC TEAM NEED... |
| 00:49:22 |
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I AGREE. I WOULD ALSO SAY IF McCAIN HAD DONE WHAT I PROPOSED OBAMA DO, McCAIN WOULD HAVE BEEN ELECTED.... |
| 00:49:41 |
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WHO ELSE OUT THERE? RAISE YOUR HAND. PLEASE. OVER THERE. YEAH. |
| 00:49:53 |
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I'M AARON FROM CHANNEL 2 NEWS IN ISRAEL. AS A LAYMAN IN ECONOMICS, DO YOU -- ANY OF YOU OF THE PANEL... |
| 00:50:53 |
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WHAT DO YOU THINK? |
| 00:50:55 |
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JUST BEFORE I ANSWER, THERE'S TWO SMALL POINTS. ONE ABOUT IS THE BANKS. YOU WORRIED ABOUT THE NATIONALIST... |
| 00:52:28 |
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A POSITIVE ASPECT IF IT'S STAINED SUSTAINED? |
| 00:52:30 |
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SHAI, WHAT DO YOU THINK? |
| 00:52:32 |
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I'M A PESSIMISTIC. WHAT HAPPENED ON 9-12 WE SHOT STEROIDS IN THE SYSTEM. WE TOLD PEOPLE TO GO BUY.... |
| 00:53:36 |
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ATROPHY IS ANOTHER PART OF THE ANATOMY WHICH IS A BIG PROBLEM FOR US. I WANT TO ANSWER YOUR QUESTION... |
| 00:54:52 |
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MOVING TO THE LEFT. |
| 00:54:54 |
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CORRECT. |
| 00:54:56 |
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THIS IS NOT JUST AN ECONOMIC QUESTION, AND TOM, I'D LIKE YOU TO CHIME IN ON THIS. IF EACH OF YOU COULD... |
| 00:55:17 |
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MINE WOULD BE, ARE YOU SURE YOU REALLY WANT TO DO THIS? [LAUGHTER] |
| 00:55:32 |
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MINE WOULD BE THE -- I WROTE ABOUT THIS, YOU KNOW, MY FAVORITE MOVIE SCENE HAS BECOME THAT SCENE IN... |
| 00:55:57 |
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WE'RE GOING TO NEED A BIGGER BOAT. |
| 00:56:00 |
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I WOULD SAY IGNORE THE FIRST 100 DAYS DILEMMA. SINCE FDR, WE HAVE THIS OBSESSION WITH THE FIRST 100... |
| 00:56:29 |
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JIM? |
| 00:56:31 |
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I WOULD IN ADDITION TO TRYING TO RESTIMULATE BE HONEST WITH THE AMERICAN PUBLIC. I WOULD TELL THEM... |
| 00:56:38 |
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WHICH WOULD BE? |
| 00:56:40 |
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I WOULD START WITH THE BANKS. I WOULD SAY THAT RESTIMULATING THE BANKS IS USEFUL BUT THEY ARE NOT... |
| 00:57:13 |
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THERE'S AN INTERESTING TENSION BETWEEN YOU AND DAVID HERE IN THAT -- AND YOU REALLY DO SEE IT IN THE... |
| 00:58:07 |
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DAVID? |
| 00:58:08 |
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WHEN HANK PAULSON AND BEN BERNANKE WENT UP TO CONGRESS AND SAID WE NEED TO HAVE THE TARP PROGRAM,... |
| 00:58:51 |
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I WAS CAREFUL TO SAY THAT I AGREE WITH THE STIMULUS PACKAGES THAT DAVID HAS TALKED ABOUT. I WAS TRYING... |
| 00:58:58 |
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RIGHT. |
| 00:59:00 |
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I THINK IF WE HAVE THE STIMULUS THAT YOU'RE DESCRIBING, IT'S MANDATORY THAT THE PRESIDENT AT THE SAME... |
| 00:59:30 |
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SHAI? |
| 00:59:32 |
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BASICALLY WHAT JIM IS SAYING. START WITH A 12-STEP PROGRAM. IF YOU'RE LOOKING AT THE BIGGEST PROBLEM... |
| 01:00:57 |
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YEAH, PLEASE. CHRIS? |
| 01:01:01 |
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I FIND MYSELF THINKING THAT HERE WE ARE CRITICIZING EVERYONE WE CAN CRITICIZE AS IF SOMEHOW THERE... |
| 01:02:16 |
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I DON'T THINK WE REALLY HAVE BEEN. I THINK WE'VE BEEN HAVING A BROAD RANGE DISCUSSION. |
| 01:02:21 |
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I DON'T MEAN THIS UNKIND. |
| 01:02:22 |
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I GOT YOUR POINT. BUT I DON'T THINK WE'VE ACTUALLY BEEN BUSH-BASHING. I THINK WE'VE BEEN HAVING A... |
| 01:02:31 |
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IT'S OFTEN SAID IN HOLLYWOOD, NOBODY KNOWS ANYTHING. AND TRUTH IS IN WASHINGTON WE DON'T LIKE TO ADMIT... |
| 01:02:48 |
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NONE OF US KNOW WHAT THE HELL TO DO. THAT'S MY BOTTOM LINE POINT. |
| 01:02:51 |
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WELL, WE UNDERSTAND THAT AND THAT'S WHAT WE'RE TRYING TO EXPLORE WHAT TO DO. [INAUDIBLE] |
| 01:03:01 |
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I JUST WANT TO ADD AND PERHAPS TURN IT IN THE FORM OF A QUESTION MAYBE TO DAVID TO WHAT MY GOOD FRIENDS... |
| 01:05:22 |
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I DON'T WANT TO DEFEND OR ATTACK ANYBODY. MY JUDGMENT WAS THAT BOTH CHAIRMAN BERNANKE AND PAULSON... |
| 01:06:41 |
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ONE OF THE REASONS I STARTED THE DISCUSSION THE WAY I DID WITH WARREN BUFFETT WHICH ARE GREAT INVESTORS... |
| 01:09:12 |
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IN THE MONTH OF AUGUST, THERE'S A MEETING OF THE MINNEAPOLIS FED IN JACKSON HOLE AND ALL THESE GUYS... |
| 01:11:28 |
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I WILL TRY TO GET -- ALL THE WAY BACK THERE. [INAUDIBLE] |
| 01:11:36 |
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WE CAN HEAR YOU. |
| 01:11:38 |
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ONE COMMENT THAT I WOULD LIKE TO MAKE IS THAT IT'S VERY INTERESTING TO SEE RUSSIA BECOMING A CAPITALISTIC... |
| 01:13:48 |
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WE'LL TAKE THAT AS A STATEMENT. |
| 01:13:52 |
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CAN YOU REPEAT THAT QUESTION. [LAUGHTER] |
| 01:13:58 |
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MY FATHER TAUGHT ME THAT EVERYTHING WE LOOKED TO IS IN THE BIBLE SO LET'S LOOK AT JOSEPH. THERE WAS... |
| 01:15:09 |
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SHAI, WHY DON'T YOU TAKE THAT. |
| 01:15:16 |
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I'LL TAKE FROM THE GRADUATES. REMEMBER, ELECTRIC CARS. YOU HAVE TO FIND BIG MARKETS THAT ARE ABOUT... |
| 01:15:59 |
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IT DIDN'T. IT DESTROYED THE DELIVERY OF THE MUSICwc BUSINESS BUT YOU ACTUALLY HAVE MORE MUSIC BEING... |
| 01:17:16 |
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I WOULD RESPOND BY SAYING -- THE BIGGEST WORRY THAT IaN OFTEN HEAR PEOPLE ARTICULATING ARE WE GOING... |
| 01:18:11 |
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WE'RE JUST GOING TO CLOSE ON THIS. ANY LAST THOUGHTS? |
| 01:18:16 |
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BASICALLY, I THINK THIS IS A CRISIS OF THE CAPITALIST SYSTEM. IT'S MUCH DEEPER THAN FINANCIAL OR CAR... |
| 01:19:06 |
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TALKING ABOUT THAT IN OUR WORLD AND THE DEVELOPED COUNTRIES AT A TIME WHEN AT CHINA AND INDIA AND... |
| 01:20:03 |
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YEAH, I ACTUALLY -- TO GIVE MYSELF THE LAST WORD. I'M NOT CONFIDENT THAT IT WILL BE LOCATED. I DON'T... |
| 01:22:07 |
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VERY WELL DONE. |
| 01:22:10 |
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THANK YOU. |
| 01:22:19 |
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YOU'LL BE SURPRISED TO KNOW THAT I'M NOT PHARAOH AND I DON'T HAVE A GRAINRY BUT I DO HAVE SOME FOOD... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
