| 00:00:03 |
Slen, Peter - Host
SCREEN DIANE SWONK, SENIOR ADVISER FOR MESIROW FINANCIAL. SHE IS IN WASHINGTON AND IS OUR GUEST FOR THE NEXT 45 MINUTES TO TALK ABOUT THE ECONOMY. LET'S...
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| 00:00:33 |
Slen, Peter - Host
FOR A FINANCIAL ADVISORY FIRM HAVE YOU BEEN FOLLOWING WHAT THE DEFICIT REDUCTION COMMITTEE IS DOING, AND IS IT IMPORTANT? GUEST:
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| 00:00:43 |
Swonk, Diane C. - Chief Economist
IT IS EXTREMELY IMPORTANT. I WAS CALLED IN DURING THE BANK OF SIX MEETINGS -- GANG OF SIX MEETINGS. I WAS ONE OF THE FEW BUSINESS PEOPLE WILLING TO...
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| 00:03:06 |
Slen, Peter - Host
HOST: IF THE DEFICIT COMMITTEE DOES NOT COME TOGETHER, $1.20 TRILLION OR SO IN THE CUTS WILL HAPPEN. WHAT IS THE REACTION OF THE BUSINESS COMMUNITY?...
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| 00:03:19 |
Swonk, Diane C. - Chief Economist
IS SCARY IT IS THEY WILL REWRITE THOSE RULES. WHAT IT IS DOING IS ADDING INSULT TO INJURY. WE SAW IN AUGUST WITH THE DEBT CEILING DEBATE THAT THE UNCERTAINTY...
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| 00:03:51 |
Slen, Peter - Host
FEW TOPICS ON THE BOARD, THE FRONT PAGE OF "THE FINANCIAL TIMES" -- IT TALKS ABOUT THE ITALIAN BOND MARKET. ABOUT RIGHT HAND SIDE, "EUROZONE CONCERNS...
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| 00:04:17 |
Swonk, Diane C. - Chief Economist
ISLAND. TWO THOUSAND EIGHT TAUGHT US THAT YOU CANNOT DO ANYTHING WHEN PLACE IN THE WORLD AND NOT HAVE RIPPLE EFFECTS ELSEWHERE. ONE OF THE PROBLEMS...
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| 00:05:17 |
Slen, Peter - Host
REPUBLICAN DEBATE LAST NIGHT. MITT ROMNEY TALKING ABOUT THE CRISIS IN EUROPE. >> EUROPE
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| 00:05:23 |
Unidentified Speaker, -
IS ABLE TO TAKE CARE OF THEIR OWN PROBLEMS. WE DO NOT WANT TO BAIL OUT THEIR BANKS AND GOVERNMENTS. THEY HAVE THE CAPACITY TO DEAL WITH THAT THEMSELVES....
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| 00:06:08 |
Swonk, Diane C. - Chief Economist
REALITY IS WE ARE NOT AN ISLAND. I AGREE THAT EUROPE NEEDS TO SHORE UP FUNDS, BUT I WILL TELL YOU WHERE THEY'RE GOING TO GET THEIR MONEY FROM. THEY ARE...
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| 00:07:19 |
Slen, Peter - Host
GRADUATE OF THE UNIVERSITY OF MICHIGAN WHERE SHE ALSO GOT HER MASTER'S DEGREE, AND SHE GOT HER MBA AT THE UNIVERSITY OF CHICAGO. SHE IS THE CHIEF ECONOMIST...
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| 00:07:44 |
Swonk, Diane C. - Chief Economist
ECONOMISTS, AND MOST OF MY JOB HAS BEEN SITTING DOWN WITH CLIENTS. MESIROW FINANCIAL MANAGES ABOUT $57 MILLION IN DIFFERENT FUNDS. WE MANAGE A LOT OF...
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| 00:09:02 |
Slen, Peter - Host
FROM? GUEST: I GREW UP IN
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| 00:09:08 |
Swonk, Diane C. - Chief Economist
DETROIT. HOST: HARD
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| 00:09:09 |
Slen, Peter - Host
TO GET INTERESTED IN ECONOMICS? GUEST: GROWING UP
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| 00:09:13 |
Swonk, Diane C. - Chief Economist
IN DETROIT IS A CRASH COURSE IN ECONOMICS. MY BEST FRIEND, HER FATHER WAS A UNION PRESIDENT AND MY FATHER WAS AN EXECUTIVE ED GM -- AT GM. SHE WENT INTO...
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| 00:10:51 |
Slen, Peter - Host
GUEST. BETHLEHEM, PENNSYLVANIA. BILL, YOUR FIRST UP. CALLER: I'M
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| 00:10:58 |
CALLER, -
GLAD WE HAVE AN EXECUTIVE THAT THE LEAVES IN THE BALANCE. PERHAPS WE SHOULD BE TAXING MULTI-MILLIONAIRE REPUBLICANS LIKE JOE PATERNAL -- JOE PATERNO....
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| 00:11:21 |
Slen, Peter - Host
OF THOSE TURNED ONE OF THE POLITICAL ISSUES IS TAXATION FOR HIGH INCOME PEOPLE. WHAT ARE YOUR THOUGHTS? GUEST: THERE IS
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| 00:11:32 |
Swonk, Diane C. - Chief Economist
NO REASON TO SUBSIDIZE MILLION-DOLLAR HOMES AND ALL SECRETION LOWER THE TAX RATE AND BROADEN THE BASE. WE SOUND LIKE MICHELE BACHMANN. I DID NOT LIKE...
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| 00:13:17 |
Slen, Peter - Host
BACHMANN WAS ALSO TALKING ABOUT ECONOMICS AND THE TAX CODE. >> PRESIDENT OBAMA
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| 00:13:23 |
Unidentified Speaker, -
IS THE ONE THAT IS WRONG BECAUSE HIS PLAN FOR JOB CREATION HAS AN ABSOLUTELY NOTHING TO DO WITH THE TWO PEOPLE THAT KNOW HOW TO CREATE JOBS. HE SHOULD...
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| 00:14:34 |
Slen, Peter - Host
HOST: DIANE SWONK? GUEST: ADAM SMITH BELIEVED
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| 00:14:40 |
Swonk, Diane C. - Chief Economist
IN A GRADUATED TAX CUTS. I DO NOT AGREE WITH MICHELE BACHMANN AND MANY THINGS, BUT I THINK IT IS IMPORTANT TO UNDERSTAND SOME PEOPLE NEED TO PAY MORE...
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| 00:16:26 |
Slen, Peter - Host
DIANE SWONK COMES FROM TULSA, OKLA., BRENDA, AND THE REPUBLICAN LINE. CALLER: THIS IS
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| 00:16:35 |
CALLER, -
AMERICA. WHY DON'T WE PAY OUR BILLS FIRST, AND THEN WHAT IS LEFT OVER WE FIND OUR PROGRAMS, THEN WE SEND MONEY OVERSEAS? IT SEEMS LIKE WE SEND MONEY...
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| 00:17:14 |
Swonk, Diane C. - Chief Economist
SHOULD, BUT WE HAVE NOT BEEN DOING IT FOR A LONG TIME. THE MINUTE WE MOVED INTO A SURPLUS WE DID NOT USE IT TO PAY OFF THE DEBT. I AGREE WITH YOU. ANOTHER...
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| 00:18:52 |
Slen, Peter - Host
AN INDEPENDENT. FORT PAYNE, ALABAMA. CALLER:
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| 00:18:57 |
CALLER, -
GOOD MORNING. I HAVE QUICK QUESTIONS I USUALLY SEE DIANE SWONK ON "TOP BOX." THE ISSUES -- MEDICAID, SOCIAL SECURITY -- DO WE NOT NEED TO HAVE AN IMMIGRATION...
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| 00:19:50 |
Swonk, Diane C. - Chief Economist
SITUATION IS NOT THE CHILDREN'S SITUATION. I UNDERSTAND YOUR FEELING. CHILDREN ARE 80% OF THE RECIPIENTS, BUT ONLY ACCOUNT FOR 20% OF THE DOLLARS. THE...
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| 00:22:06 |
Slen, Peter - Host
HOST: SAID VERNON GILL, CALIFORNIA. -- SAN BERNADINE KNOW, CALIFORNIA. TINA, A DEMOCRAT. CALLER:
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| 00:22:19 |
CALLER, -
I WANT AMERICA TO KNOW THAT WHEN THEY WANT TO EXPAND THE BASE, WE ARE THE BASE. MOST PEOPLE WOULD BE PICKING UP THAT TAX AND PAY MORE IN THEIR TAXES TO...
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| 00:23:31 |
Swonk, Diane C. - Chief Economist
UNDERSTAND YOUR FEELINGS. I WANT TO CLARIFY THAT THE CORPORATE TAX RATE AT ITS CURRENT LEVEL, SOME COMPANIES PAY NO TAXES BECAUSE OF LOOPHOLES AND ALMOST...
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| 00:26:00 |
Slen, Peter - Host
A BORN-AND- BRED MIDWESTERNERS. -- MIDWESTERNER. GUEST: WHEN YOUR MEANS
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| 00:26:13 |
Swonk, Diane C. - Chief Economist
TESTING MULTIMILLIONAIRES -- YOU ARE MEANS TESTING MILLIONAIRESSS, YOU MAY NOT HAVE EXTRA MONEY TO PAY FOR YOUR COUNTRY CLUB. I DO NOT THINK PEOPLE...
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| 00:27:57 |
Slen, Peter - Host
DODD-FRANK? GUEST: IT IS BIG,
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| 00:28:02 |
Swonk, Diane C. - Chief Economist
HUGE LEGISLATION. THEY DID NOT ELIMINATE SOME NUMBER OF REGULATORS TO CONSOLIDATE POWER. THEY ARE STILL DECIDING HOW TO IMPLEMENT DODD-RANKED -- DODD-...
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| 00:28:50 |
Slen, Peter - Host
HAVE ABOUT 50 MINUTES LEFT WITH OUR GUEST, DIANE SWONK -- 15 MINUTES LEFT WITH OUR GUEST, DIANE SWONK.
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| 00:29:01 |
CALLER, -
CALLER: I HAVE A COMMENT/QUESTION. THE BELIEVE OBAMA IS SHARING THE WEALTH ON A GLOBAL -- DO YOU BELIEVE OBAMA IS SHARING THE WEALTH ON A GLOBAL LEVEL?...
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| 00:29:51 |
Swonk, Diane C. - Chief Economist
YOUR FEELINGS. THE REALITY IS, IF THEY GOES DOWN, WE GO DOWN, TOO. WE'RE IN A GLOBAL BOTH. I AM NOT GOING TO GET INTO A DEBATE ABOUT OBAMA OR REPUBLICANS....
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| 00:31:17 |
Slen, Peter - Host
THE99PERCENTERS -- GUEST: I WAS A
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| 00:31:21 |
Swonk, Diane C. - Chief Economist
MAID, HOSTESS, WAITRESS. MY FIRST PAYING JOB, LEGALLY, WITH MY SOCIAL SECURITY NUMBER, I HELPED SOMEONE WITH CANCER. I TURNED DOWN AN INTERNSHIP THAT...
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| 00:33:05 |
Slen, Peter - Host
NOT WITH 65-YEAR-OLDS. WHY NOT LIFT THE CAP OF SOCIAL SECURITY FOR THOSE MAKING LESS THAN $106,000 A YEAR? APOLOGIES, I THOUGHT I KNEW WHERE SHE WAS...
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| 00:33:25 |
Swonk, Diane C. - Chief Economist
THAT IS ONE OF THE THINGS THAT IS GOING TO BE DONE. AGAIN, THAT IS PART OF MEANS TESTING. I THINK ONE OF THE THINGS WE ALSO HAVE TO ACKNOWLEDGE IN THIS...
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| 00:35:23 |
Slen, Peter - Host
HOST: PLEASE GO AHEAD FOR DIANE SWONK.
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| 00:35:27 |
CALLER, -
CALLER: THANK YOU. I REALLY LIKE HER. SHE IS VERY GOOD. I LIKE THE WAY YOU ARE THINKING. I APPRECIATE THAT. I BARELY EVEN MAKE $18,000, $19,000 PER YEAR....
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| 00:36:04 |
Swonk, Diane C. - Chief Economist
WOULD NOT BE A PARTY FOR ME. HOST: CLEVELAND,
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| 00:36:07 |
Slen, Peter - Host
A DEMOCRAT. CALLER: GOOD
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| 00:36:13 |
CALLER, -
MORNING. I AM ON SOCIAL SECURITY DISABILITY. I AM 52. I AM UNDER THE MAGIC AGE OF 55 YEARS OLD. I HAVE BEEN A DIABETIC FOR 35 YEARS. THE MP TO GIVE...
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| 00:36:57 |
Swonk, Diane C. - Chief Economist
THEY ARE NOT GOING TO THROW YOU INTO THE STREET. THEY HAVE TO GRANDFATHERED PEOPLE LIKE YOU. I HAVE A DEAR FRIEND ON DISABILITY. SHE IS 49. SHE CANNOT...
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| 00:39:06 |
Slen, Peter - Host
NUMBERS. FROM THE AP -- THE NUMBER OF PEOPLE WHO ATTEMPT -- APPLIED FOR UNEMPLOYMENT BENEFITS FELL. WEEKLY APPLICATIONS DROPPED TO A SEASONALLY-ADJUSTED...
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| 00:39:41 |
Swonk, Diane C. - Chief Economist
ABOUT 385,000 TO GENERATE ENOUGH JOBS TO AFFECT THE UNEMPLOYMENT RATE. WE ARE STILL TOO HIGH. WE ARE TRENDING IN THE RIGHT DIRECTION. WHAT I CONSTANTLY...
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| 00:40:17 |
Slen, Peter - Host
DIANE SWONK IS AN ECONOMIST. CALLER: WE ALL -- I
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| 00:40:28 |
CALLER, -
AM TALKING ABOUT A 50% AT WORK TO MAKE THIS COUNTRY GREAT -- THEY CAN HAVE A DOZEN CHILDREN OUT-OF-WEDLOCK, AND WE HAVE TO PAY FOR THEM. GUEST: THOSE...
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| 00:40:41 |
Swonk, Diane C. - Chief Economist
HAVE GONE DOWN QUITE SIGNIFICANTLY SINCE THE RECESSION STARTED BECAUSE PEOPLE CANNOT AFFORD TO HAVE KIDS. YOU'RE GETTING YOUR WISH. CALLER: I DO NOT...
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| 00:40:53 |
CALLER, -
IT IS THEREFORE I HAVE BEATEN THE SYSTEM -- FAIR HOW I HAVE BEATEN THE SYSTEM. I HAVE DRAWN $160,000 ON MY SOCIAL SECURITY DISABILITY ALREADY IN 10...
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| 00:41:30 |
Swonk, Diane C. - Chief Economist
AGREE WITH YOU. WE HAVE TO MAKE TOUGH DECISIONS. I THINK WE CAN MAKE MORE STRATEGIC DECISIONS WITHOUT CUTTING ACROSS THE BOARD. SPENDING CUTS HAVE TO...
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| 00:42:13 |
Slen, Peter - Host
SWONK, WHEN YOU HEAR SOME OF THE POLITICAL DEBATE, WHEN YOU'RE BACK HOME IN CHICAGO -- GUEST: I TRY TO TURN IT
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| 00:42:21 |
Swonk, Diane C. - Chief Economist
DOWN.
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| 00:42:22 |
Slen, Peter - Host
HOST: BUT YOU HAVE TO PAY ATTENTION? GUEST: I
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| 00:42:26 |
Swonk, Diane C. - Chief Economist
DO. IT IS FOR MY JOB. CHANGE IN WASHINGTON DOES NOT COME FROM WASHINGTON. IT COMES FROM VOTERS. THAT IS YOUR CHANCE TO MAKE CHANGES. I THINK WASHINGTON...
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| 00:43:04 |
Slen, Peter - Host
WITH THIS. IT WAS THE BURGER CHEF DRIVE THRU. WHERE ARE MY FRIES? GUEST: IT
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| 00:43:16 |
Swonk, Diane C. - Chief Economist
WAS 1980. HOST: DIANE SWONK HAS
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| 00:43:20 |
Slen, Peter - Host
BEEN OUR GUEST FOR THE LAST 45 MINUTES. THANK YOU. WE WILL CONTINUE MILITARY WEEK IN JUST A MINUTE WITH THE COAST GUARD, AFTER THIS NEWS UPDATE FROM C-SPAN...
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| 00:43:31 |
Unidentified Speaker, -
ADDITION TO THE UNEMPLOYMENT NUMBERS, THE COMMERCE DEPARTMENT SAYS THE TRADE DEFICIT FELL TO THE LOWEST BLOW THIS YEAR. FOREIGN SALES OF AMERICAN-MADE...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.