| 00:00:10 |
HOST, -
ARE THE NUMBERS SO OFF? GUEST: PART OF IT IS WHAT CONGRESS HAD TO PASS BECAUSE OF DEFENSE BUT ALSO THE ECONOMY IS WEAKER THAN ANTICIPATED, SO WE ARE...
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| 00:00:34 |
GUEST, -
GUEST: IT DEPENDS ON WHAT WE DO BUT IF WE CONTINUE ALL OF THE TAX LEGISLATION IS SET TO EXPIRE AND YOU DO NOT ALLOW THE MINIMUM TAX TO TAKE OVER THE TAX...
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| 00:00:51 |
HOST, -
OVER THE NEXT FEW YEARS.
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| 00:00:55 |
GUEST, -
HOST: YOU PRESENT AN ALTERNATIVE AND YOU SEE A LINE GRAPH OF THE LINE GOING DOWN AND INCLUDE ALL EXPIRING TAX PROVISIONS, ASSUMES A NUMBER OF PERSONAL...
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| 00:01:17 |
HOST, -
TALK ABOUT THE RELATIONSHIP OF GDP AND THE DEFICIT. GUEST: THAT SHOWS THE DEFICIT AS A SHARE OF THE ECONOMY. RIGHT NOW IT IS ABOUT 3% OF THE GDP. WHETHER...
|
| 00:01:45 |
GUEST, -
ONGOING HEALTH-CARE COSTS. WE ARE ON A COMPLETELY UNSUSTAINABLE FISCAL COURSE. THE SOONER WE ADDRESS THIS THE BETTER. THIS IS A PROBLEM THAT WILL GET...
|
| 00:02:23 |
HOST, -
BECAUSE -- NOT IN 2008 BECAUSE OF THE WAY THAT THE MONEY IS GIVEN. THAT WOULD PRESUMABLY GIVE ANOTHER JUMP-START TO THE ECONOMY. WE ARE EXPERIENCING...
|
| 00:02:39 |
GUEST, -
GUEST: WOULD THIS BE -- HOST: WOULD THIS BE A GOOD IDEA, CAN IT BE MADE UP OVER TIME? GUEST: THE REAL ISSUE IS THE LONG TERM CONSEQUENCE. THE FACT THAT...
|
| 00:03:05 |
GUEST: WOULD THIS BE -- HOST, -
IF WE ARE STILL RUNNING A LARGE DEFICIT, AS WE ARE PROJECTED TO DO, THAT IS THE PROBLEM.
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| 00:03:11 |
GUEST, -
HOST: YOU WERE QUOTED IN THE "FINANCIAL TIMES" THIS MORNING ABOUT FANNIE MAE AND FREDDIE MAC, SAYING THAT IT IS THE VIEW THAT FANNIE MAE AND FREDDIE...
|
| 00:03:36 |
HOST, -
BEFORE BEING INCLUDED INTO THE BUDGET. THERE WERE SPECIAL LINES OF CREDIT WITH THE TREASURY DEPARTMENT, SPECIAL PRIVILEGES. NOW THAT THERE IS EVEN TIGHTER...
|
| 00:03:51 |
GUEST, -
BELIEVE THAT THEIR RELATIONSHIP IS SO CLOSE, THE BEST THING WOULD BE JUST TO INCLUDE THEM INTO THE BUDGET. HOST: IF YOU SUPPORT SENATOR OBAMA, 202-737-0002....
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| 00:04:20 |
HOST, -
CALLER: I HAVE A QUESTION. I KEEP HEARING AND THEN TALKING ABOUT HOW WE HAVE WON THE WAR IN IRAQ BUT I RECALL THAT OSAMA BIN LADEN SAY THE BEST WAY FOR...
|
| 00:05:17 |
GUEST, -
A SIGNIFICANT AMOUNT OF THOSE COSTS -- OF THOSE COSTS WILL CONTINUE IN THE FUTURE. WE HAVE ANALYZED THIS AND IT IS A BIG STRESS ON THE MILITARY BECAUSE...
|
| 00:06:02 |
HOST, -
BOTH AFGHANISTAN AND IRAQ. THEN WE WOULD FIGURE OUT THE FIGURES. THAT WOULD REDUCE THE COST.
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| 00:06:13 |
GUEST, -
HOST: WE TALKED ABOUT FANNIE MAE AND FREDDIE MAC. THE FED ALSO STEPPED IN WHEN THERE WAS A RUN ON BEAR STEARNS. THERE IS A STORY THAT LEHMAN BROTHERS...
|
| 00:06:33 |
HOST, -
GUEST: THIS BRINGS ME BACK TO MY POINT ON THE BUDGET DEFICIT. YOU NEVER WANT TO BE IN A SITUATION WHERE YOU ARE TAKING EMERGENCY ACTION. RIGHT NOW THE...
|
| 00:06:56 |
GUEST, -
GOVERNMENT IS AN ABSORBING MORE RISK AND IN THE FUTURE, FINANCIAL SERVICES FIRMS WILL BELIEVE THAT THEY WILL BE ABLE TO RELY ON THE GOVERNMENT TO BAIL...
|
| 00:07:32 |
HOST, -
THAT WE SHOULD NEVER HAVE BEEN IN THIS SITUATION. IT IS BETTER TO ADDRESS THIS SOONER
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| 00:07:39 |
GUEST, -
RATHER THAN LATER. THE BUDGET IS ONE OF THOSE PROBLEMS AS WELL AS GLOBAL WARMING. WE DO NOT WANT TO BE IN A POSITION WHERE WE ARE MAKING LAST-MINUTE...
|
| 00:08:15 |
HOST, -
OVER $100 A BARREL . NOW MANY OF THOSE COMPANIES HAVE MOVED OUT. WHAT KIND OF ATTACK DOES THAT HAVE ON US NOW? -- AFFECT DOES THAT HAVE ON US NOW? GUEST:...
|
| 00:09:06 |
GUEST, -
RECENTLY AND THERE IS A MAJOR DEBATE GOING ON ABOUT OPENING UP MORE AREAS FOR DRILLING. ALL OF THE ANALYSIS I HAVE SEEN ON THAT ISSUE TO JUST ANY IMPACT...
|
| 00:11:32 |
GUEST, -
DRIVEN BY THIS SURPRISING THE INDIAN SUMMER, RESURGENCE OF CORPORATE INCOME TAX REVENUES. THAT IS NOW FADING. 1 AND THE REASON THE BUDGET DEFICIT WENT...
|
| 00:12:21 |
HOST, -
PROFITS IN DIFFERENT PLACES. THAT IS A MAJOR ISSUE THAT MANY TO BE ADDRESSED. YOU ALSO ASKED ABOUT THE DEFENSE
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| 00:12:28 |
GUEST, -
BUDGET. THERE ARE A LOT OF COMPLICATED ISSUES AROUND THAT'S AROUND AND NOT ONLY THE WAR ON TERRORISM BUT TO WHICH HOW THE EQUIPMENT WILL BE REPLACED...
|
| 00:13:13 |
HOST, -
THEY HAVE ABOUT $50 BILLION IN CAPITALIZATION VERSES 400 TRILLION DOLLARS IN OBLIGATIONS. DO YOU BELIEVE THAT THE FDIC WILL NEED A BAILOUT? WHAT ROLE...
|
| 00:13:51 |
GUEST, -
INDYMAC SITUATION. WHEN THE FDIC TAKES OVER A BANK, THEY CAN SELL THOSE ASSETS AND THAT WILL HELP OFFSET SOME OF THE IMPACT. FDIC PREMIUMS ALSO GO ON...
|
| 00:14:47 |
HOST, -
TO BUILD A FORCED BACK UP AGAIN. AS FAR AS THE DEFICIT, THEY ARE PASSING THE TAX TO US, THE CONSUMER. WE GET TAX CUTS, ALL SORTS OF THINGS, BUT WHEN YOU...
|
| 00:15:30 |
GUEST, -
AND A PROJECTED SURPLUS. I THINK THEY WERE GETTING AT WHETHER THERE WOULD BE SOME INCREASED DEFENSE EXPENDITURES THAT WOULD CREATE A SUBDUED LEVEL OF...
|
| 00:16:06 |
HOST, -
IS NOW IN DEFICIT BUT HOW LONG DOES IT TAKE FOR THOSE NUMBERS TO SHOW UP? GUEST: IN GENERAL, SOMETHING LIKE A TAX CHANGE CAN SHOW UP QUICKLY. SOMETHING...
|
| 00:16:35 |
GUEST, -
HOST: ON THE BUDGET, IN THE "USA TODAY." PROBLEM ABOUT EARMARKS HEINZ THE BIG BUDGET PICTURE. WHAT IS YOUR THOUGHT ABOUT THAT NURSES BALANCING THE BUDGET?...
|
| 00:17:00 |
HOST, -
UNDERSTAND THAT IT IS THE CASE THAT THAT IS NOT WHERE MOST OF THE MONEY IS. THAT IS NOT TO SAY IT WOULD NOT HELP TO CLAMP DOWN ON THEM BUT THE BIG MONEY...
|
| 00:17:15 |
GUEST, -
CARE PROGRAMS, MEDICARE AND MEDICAID. IF WE DO NOT BEND THE CURVE ON THE COST, WE WILL HAVE A FISCAL CRISIS, FROM THE OF WHAT WE DO ON YOUR MARKS. HOST:...
|
| 00:17:49 |
HOST, -
BREAK, IS THERE AN ANNIVERSARY ON THAT? WELL THEN EXPIRE WHEN HE LEAVES OFFICE? GUEST: LEGISLATION, ALMOST ALL OF IT, EXPIRES AT THE END OF 2010, SO THERE...
|
| 00:18:21 |
GUEST, -
DISAPPEARS IN 2010. HOST: SPRINGFIELD, MASS. CALLER: I HAVE A SIMPLE QUESTION. I AM IN FAVOR OF DEFENSE PROGRAMS, SPACE PROGRAMS AND I UNDERSTAND THERE...
|
| 00:18:47 |
HOST, -
RESOURCES, GETTING RID OF THE CARTEL'S OWN IT NOW? I KNOW IT WOULD BE ILLEGAL TO MAKE A PROFIT FOR OURSELVES BUT WHAT IS STOPPING THEM FROM TAKING THE...
|
| 00:19:32 |
GUEST, -
A WATER PUBLIC UTILITY WHICH TENDS TO BE EASIER TO ACCESS. I WILL LEAVE IT AT THAT. HOST: KANSAS, YOUR ARE ON THE AIR. CALLER: I HAVE A QUESTION AND ...
|
| 00:20:02 |
HOST, -
IS, CORPORATE TAX RATES, WHO PAYS THAT? IN MY OPINION, WE PAY IT. CORPORATIONS NEED TO CUT OUT THEIR TAXES, MAYBE NOT IMMEDIATELY, BUT EVENTUALLY, I ...
|
| 00:20:46 |
GUEST, -
SOMEBODY ELSE BEARS THE BURDEN. IS IT THEN BROUGHT ON TO THE CONSUMERS, THE WORKERS OF THE CORPORATION, OR IS IN THE SHAREHOLDERS AND COUPLE OWNERS OF...
|
| 00:21:50 |
HOST, -
WE ARE FIGHTING OVER THERE. WE SHOULD HAVE TAKEN CARE OF IT, COME BACK HOME, AND LET THEM TAKE CARE OF IT ON THEIR OWN. WE HAVE THE SAME PROBLEMS THAT...
|
| 00:22:53 |
HOST, -
NEXT YEAR A FURTHER DECLINE OF ABOUT 10% IN HOUSING PRICES. THAT HAS NOW SPILLED OVER INTO THE FINANCIAL SECTORS AND
|
| 00:23:03 |
GUEST, -
COMES BACK TO THE GSE'S LIKE FANNIE AND FREDDIE WHO IS AT THE HEART OF OUR LAST DISCUSSION. THOSE LOWER PRICES ALSO CONSTRAINED CONSUMER SPENDING BECAUSE...
|
| 00:23:46 |
HOST, -
EXPECTED COST WAS $25 BILLION. NOW THAT WE BELIEVE THESE ENTITIES CAN SHOULD BE INCORPORATED INTO THE FEDERAL BUDGET THEMSELVES, SO WHEN THEY EARN MONEY,
|
| 00:23:58 |
GUEST, -
THAT IS LIKE A FEDERAL REVENUE, THE NUMBERS WILL CHANGE AND WE WILL HAVE AN UPDATE. THE CONTACT WILL CHANGE, SO IT IS HARD TO GIVE A PRECISE NUMBER....
|
| 00:24:32 |
HOST, -
IS SMALLER, MAYBE SLIGHTLY ABOVE ZERO BUT YOU HAVE THESE GIGANTIC NUMBERS
|
| 00:24:40 |
GUEST, -
ON THE LIABILITY AND ASSET SIDE OF THE BALANCE SHEETS AND WE WILL BE SORTING THROUGH ALL OF THAT. HOST: COLESVILLE, MD., CALLER: THANK YOU FOR HAVING...
|
| 00:25:13 |
HOST, -
PEOPLE TO BE IN POWER THAT DO NOT HAVE ANY SENSE ABOUT STRATEGIC PLANNING AND HOW TO MANAGE ANYTHING I DO NOT KNOW MUCH ABOUT MR. BUSH BUT HE REALLY MESSED...
|
| 00:26:09 |
HOST, -
OF THE COST OF FOOD GOING UP. FAMILIES ARE OBVIOUSLY FEELING SOME IMPACT ON THEIR BUDGET. ONLY ABOUT
|
| 00:26:19 |
GUEST, -
10%, 20% OF THAT INCREASE COMES FROM INCREASED USE OF THE ETHANOL FOR GASOLINE AND THE FACT THAT THAT IS THAT CONSUMING A LARGE SHARE OF THE CORN IN...
|
| 00:28:05 |
HOST, -
CLINICS, SO I DO NOT -- HOST: LET US TALK ABOUT SOCIAL PROGRAMS AND THE IMPACT OF THOSE ON THE FEDERAL DEFICIT. GUEST: AGAIN, IT DEPENDS ON WHAT THE...
|
| 00:28:18 |
HOST, -
HAVE THIS MISIMPRESSION. MOST PEOPLE THINK THAT A VERY LARGE SHARE OF THE FEDERAL BUDGET
|
| 00:28:22 |
GUEST, -
GOES TO FOREIGN AID AND THINGS -- IF YOU LOOK AT THE BUDGET, THE BULK OF IT NOW IS GOING
|
| 00:28:29 |
HOST, -
TO -- HAVE IN YOUR HEAD MEDICARE, MEDICAID, SOCIAL
|
| 00:28:35 |
GUEST, -
SECURITY. THOSE ARE ALREADY THE BIG DRIVERS AND WILL BECOME INCREASINGLY SO OVER THE TIME. HOST: WHAT WILL THE CEO DO WITH THE LATEST NUMBERS? TESTIFY...
|
| 00:29:01 |
HOST, -
JOYCE KAUFMAN, A RADIO TALK-SHOW HOST, ABOUT IMMIGRATION REFORM. >>
|
| 00:29:08 |
GUEST, -
|
| 00:29:17 |
HOST, -
DEFENSE SECRETARY ROBERT GATES AND CHAIRMAN OF THE JOINT CHIEFS OF STAFF MICHAEL MULLEN OF THE BOARD THE HOUSE ARMED SERVICES
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.