| 00:00:15 |
Unidentified Speaker, -
POETS IN WASHINGTON, D.C. IS AN HOUR. >> THANKS. STARTING TO FEEL LIKE I SHOULD HAVE A GUITAR HERE. I HAVE TO SAY WHEN IT WAS SNOWING I WAS THINKING...
|
| 00:00:42 |
Unidentified Speaker, -
WON'T HAVE A LOT OF TIME FOR QUESTIONS. BUT WHAT I WANT TO DO IS START QUICKLY. FIRST OFF GIVE THE BASIC STORY WHAT I SEE AS THE ORGY GIN -- ORIGINS...
|
| 00:38:26 |
Unidentified Speaker, -
FOR PEOPLE NOT FAMILIAR.
|
| 00:38:28 |
Unidentified Speaker, -
HE PLAYED A CENTRAL ROLL IN THE CLINTON ADMINISTRATION IN THE ASIAN BAILOUT. HE MISSED THE STORY AND I'M NOT SURE HIS CONDUCT EVEN AFTER THINGS START...
|
| 00:38:41 |
Unidentified Speaker, -
FALL APART WAS TOO MUCH BETTER, AND THIS IS ONE OF THESE THINGS I FIND VERY PERVERSE. IF YOU LOOK AT SOMEONE'S TRACK RECORD -- PEOPLE ASKED ME ABOUT...
|
| 00:41:01 |
Unidentified Speaker, -
WEB SITE. >> I'D LIKE
|
| 00:41:03 |
Unidentified Speaker, -
TO GET YOUR ANALYSIS OF T.A.R.P. AND WHERE WE GO FROM HERE? I WAS -- WHAT WAS YOUR ANALYSIS OF THE GIVEAWAY, IF THAT WAS NECESSARY. I'M A LITTLE -- I...
|
| 00:41:21 |
Unidentified Speaker, -
TO SAVE THE CAPITALIST
|
| 00:41:23 |
Unidentified Speaker, -
STRUCTURE, AND I UNDERSTAND THAT BECAUSE WE DON'T WANT A LOT OF PEOPLE HURT, BUT THERE IS A SORT OF EERIE FEEL TO THE WHOLE THING. SO T.A.R.P. >> I...
|
| 00:41:57 |
Unidentified Speaker, -
FINANCIAL SYSTEM WAS IN VERY BAD SHAPE AT THAT POINT. WON'T DENY. WAS IT ON THE EDGE OF COLLAPSE? DID WE HAVE TO TASK THE T.A.R.P. THAT DAY? I THINK...
|
| 00:46:21 |
Unidentified Speaker, -
AND SO I -- LONG EIGHT CAME UP WITH A COUNTER-SLOGAN OF -- THAT COULD BE -- APPLIED TOWARDS THE SIDE CALLED TAX AND STEAL. I THINK THIS BAILOUT THAT...
|
| 00:47:38 |
Unidentified Speaker, -
LITERALLY MEAN THAT. WE WANT TO SPEND MONEY. SO IF WE HAVE AN OPTION A TO SPEND 100 BILLION ON THE PROGRAM OR SPEND 150 AND REALLY ACCOMPLISH SOMETHING....
|
| 00:49:54 |
Unidentified Speaker, -
WITHOUT THE BUBBLE FOR THE FUTURE? AND THE SECONDLY IS, DOES THE UNITED STATES ECONOMY CONTINUE TO DOWNWARD FROM CHINA OR JAPAN. >> CAN YOU REPEAT THE...
|
| 00:50:32 |
Unidentified Speaker, -
PATH OF HEALTHY GROWTHFUL WE JUST HAVE TO HAVE DIFFERENT PRIORITIES AND A DIFFERENT SORT OF STRUCTURE. IF WE CAN GET BACK TO A SITUATION WHERE WE
|
| 00:50:40 |
Unidentified Speaker, -
HAVE WORKERS SHARING IN PRODUCTIVITY GROWTH, SEEING
|
| 00:50:43 |
Unidentified Speaker, -
WAGE GAINS AND STUFF, I THINK
|
| 00:50:44 |
Unidentified Speaker, -
WE CAN HAVE
|
| 00:50:45 |
Unidentified Speaker, -
HEALTHY ECONOMIC
|
| 00:50:46 |
Unidentified Speaker, -
GROWTH AND A BUBBLE. WE DID
|
| 00:50:47 |
Unidentified Speaker, -
THAT FOR A LONG PERIOD AFTER WORLD WAR II, 45, WELL INTO THE 70s, BEFORE WE HAD PROBLEMS STEMMING FROM OPEC PRICE INCREASES AND OTHER ISSUES, BUT WE...
|
| 00:53:34 |
Unidentified Speaker, -
THINKED PLAYED IN THIS PRICES, YOU FIND THEY START TO -- IF
|
| 00:53:39 |
Unidentified Speaker, -
YOU ONE -- YOU FIND THEY HAVE A
|
| 00:53:42 |
Unidentified Speaker, -
BIG EFFECT ON INDUSTRIAL PRODUCTION. SO DO YOU THINK THAT WAS THE THING THAT STARTED THIS WHOLE THING TUMBLING DOWN? >> A GOOD QUESTION. YOU HEAD SPECULATION...
|
| 00:54:14 |
Unidentified Speaker, -
MONEY OUT OF PEOPLE'S POCKET. IT MIGHT HAVE AFFECTED THE TIMING. THE COLLAPSE IS ALREADY UNDERWAY. PROBABLY FACILITATED THE COLLAPSE AND IT WAS HARDER...
|
| 00:55:05 |
Unidentified Speaker, -
GOOD QUESTION. IT'S VERY HARD TO IMAGINE. YOU ALWAYS WONDER, WHEN SOMEONE IS SO COMPLETELY OFF THE MARK
|
| 00:55:15 |
Unidentified Speaker, -
LIKE THAT --
|
| 00:55:16 |
Unidentified Speaker, -
THANK YOU. EXCUSE ME. WHEN SOMEONE IS SO COMPLETELY OFF THE MARK LIKE THAT, IN A WAY THAT I WOULD SAY NOT JUST IN RETROSPECT BUT AT THE TIME,
|
| 00:55:27 |
Unidentified Speaker, -
SHOULD HAVE BEEN EVIDENT HOW THEY COULD HAVE MISSED IT. THE ONLY THING, THIS IS OBVIOUSLY TOTAL SPECULATION. I NEVER EVEN MET ALAN GREENSPAN. I'VE BEEN...
|
| 00:56:46 |
Unidentified Speaker, -
THIS INEXPLICABLE ADULATION FOR HIM IN SPITE OF DECISIONS HE'S MADE AND POLICIES HE'S STUCK. TO MY QUESTION SPEAKS TO YOUR LAST POINT ABOUT THE INFLUENCE...
|
| 00:57:02 |
Unidentified Speaker, -
BE A WELL ESTABLISHED FUNNEL OF BANKING EXECUTIVES INTO THE PUBLIC SECTOR, AND I THINK THAT'S HAD A HEAVY HAND IN LEADING TO THIS CRISIS, AND I DON'T...
|
| 00:58:01 |
Unidentified Speaker, -
AMAZING. HENRY PAULSEN WAS A FORMER HEAD OF GOLDMAN SACHS AS WAS ROBERT RUBIN. PAULSEN, WHEN HE MADE THE DECISION TO RESCUE AIG, HE HAD THE CURRENT...
|
| 01:01:19 |
Unidentified Speaker, -
ARE INSOLVENT. BASICALLY THE STORY IN T.A.R.P. ONE, INSTITUTIONS ARE BANKRUPT, NOT TO MINCE WORDS. THEY'RE BANKRUPT. IF WITH LEFTING THERES TO THE MARKET
|
| 01:01:33 |
Unidentified Speaker, -
WE'VE HAVE BANKRUPTCY JUDGE DECIDING HOW CITIGROUP IS RUN. WE DON'T WANT TO DO THAT WITH BANKS BECAUSE BANKS HAVE A UNIQUE POSITION IN THE ECONOMY ...
|
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.