| 00:00:00 |
Unidentified Speaker, -
JOURNAL" CONTINUES. HOST: THANK YOU FOR BEING WITH US, MARK ZANDI. WHAT IS YOUR TAKE ON ALL OF THIS, THIS MORNING? DO YOU AGREE WITH THE PUNDITS? ARE...
|
| 00:00:17 |
GUEST, -
LIKE WE ARE LISTENING TO THE COMMIT -- 2-YEAR, IT SOUNDS LIKE THEY WILL NOT COME -- TO MY EAR, IT SOUNDS LIKE THEY WILL NOT COME TO A DEAL. HOST: WHAT...
|
| 00:00:30 |
HOST, -
YOU WATCHING IN THE MARKETS? GUEST: ASIAN MARKETS,
|
| 00:00:35 |
GUEST, -
EUROPEAN MARKETS, OBVIOUSLY A LOT IS GOING ON IN EUROPE. WE ARE CONCERNED ABOUT THAT. THE MARKETS ARE DOWN. I THINK THEY ARE CONCERNED THAT THE SUPER...
|
| 00:00:58 |
HOST, -
THE BIG DAY? THE MALL -- THE MOMENT WHEN THE MARKETS COULD REACT? OR IS THIS PRECEDENT MESSAGE FROM YESTERDAY GIVING US A MESSAGE OF ITS OWN? -- PRESCIENT...
|
| 00:01:20 |
GUEST, -
INVESTORS ARE NOT EXPECTING A LOT FROM THIS PROCESS. SOME OF THE INVESTORS HOPED THAT THE COMMITTEE WOULD COME UP WITH SOMETHING. WHAT THEY WERE CHARGED...
|
| 00:01:56 |
HOST, -
ZANDI, CHIEF ECONOMIST AT MOODY'S. IF YOU WOULD LIKE TO JOIN THE CONVERSATION, HERE ARE THE NUMBERS TO CALL. FOR DEMOCRATS, 202-737-0001. FOR REPUBLICANS,...
|
| 00:02:33 |
GUEST, -
MOST IMMEDIATELY, THERE ARE A NUMBER OF PROVISIONS IN THE TAX CODE, SPENDING THAT EXPIRES THIS YEAR UNLESS CONGRESS ACTS. I HAD HOPED THAT THE SUPER...
|
| 00:03:34 |
HOST, -
JOHN KYL SAID YESTERDAY THAT HE DID NOT THINK THAT THIS WOULD HAVE AN IMPACT ON THE ECONOMY. SENATOR JOHN KERRY HAD THIS TO SAY. >> THE UNITED STATES
|
| 00:03:46 |
Unidentified Speaker, -
OF AMERICA IS A IN A POSITION RIGHT NOW, WITH THE EUROPEAN FINANCIAL STABILITY CRUMBLING -- YOU ASKED ABOUT A DOWNGRADE? THEY MAY LOOK AT THIS $1.20...
|
| 00:04:24 |
HOST, -
KERRY, AND "MEET THE PRESS." MARK ZANDI, WHAT DO YOU THINK ABOUT THAT? GUEST: IT WILL BE A BAD DAY
|
| 00:04:33 |
GUEST, -
IN THE MARKETS, I THINK, BUT I DO NOT THINK THAT THIS IS THE DAY THAT MARKETS RESPOND NEGATIVELY TO ALL OF THIS. IT IS REALLY DOWN THE ROAD, AS THE...
|
| 00:05:54 |
HOST, -
THE FOLLOWERS ON TWITTER MAKES NOTE -- HOST: WHAT DO YOU THINK ABOUT THAT? GUEST: I
|
| 00:06:07 |
GUEST, -
AM NOT SO SURE. I WORRY ABOUT IT. CLEARLY, THERE IS A LOT OF CONCERN IN CONGRESS OVER THE DEFENSE CUTS. $1.20 TRILLION IN SPENDING CUTS BEGINNING AND...
|
| 00:06:42 |
HOST, -
PHONES AND HEAR FROM BILL IN KENTUCKY. GOOD MORNING. CALLER: GOOD MORNING. HOST: GO RIGHT AHEAD. CALLER:
|
| 00:06:51 |
CALLER, -
OK. YOU MAY BE TOO YOUNG TO REMEMBER -- GUEST: I AM OLDER THAN I LOOK.
|
| 00:07:03 |
CALLER, -
CALLER: THE ENACTMENT OF THE BALANCE OF TRADE ACT. IT WAS REPEALED DURING TRUMAN'S TIME. IT CREATED A HOLE IN THE DEFICIT FOR 60 YEARS. IT DOES NOT MATTER...
|
| 00:07:27 |
GUEST, -
MY HISTORICAL KNOWLEDGE ONLY EXTENDS BACK TO THE NEW DEAL AND THE GREAT DEPRESSION. LET ME POINT OUT, MORE RECENT HISTORY SUGGESTS THAT WE CANNOT DO...
|
| 00:08:33 |
HOST, -
THE SUPER COMMITTEE, LOOKING AT WHAT POSSIBILITIES MIGHT BE FOR A PARTIAL DEAL OR NO DEAL, AND WHAT THE IMPLICATIONS MIGHT BE, YOU END UP ON A RELATIVELY...
|
| 00:09:12 |
GUEST, -
THROUGH THE PROCESS OF WRITING THE WRONGS. HOUSEHOLDS TOOK ON A LOT OF DEBT. BUSINESSES, DURING THE BOOM AND THE BUBBLE, TOOK ON A LOT OF DEBT. SINCE...
|
| 00:10:59 |
HOST, -
HOST: ARKANSAS, INDEPENDENT LINE, GOOD MORNING. CALLER: COMMON SENSE WILL TELL THE AMERICAN PEOPLE THAT THE FOLKS WE ARE SENDING TO WASHINGTON ARE NOT...
|
| 00:11:48 |
GUEST, -
BY HERE AND CAN UNDERSTAND YOUR FRUSTRATION. -- I HEAR AND UNDERSTAND YOUR FRUSTRATION. LET ME POINT OUT A DIFFERENT PERSPECTIVE. I THINK THAT OUR CONGRESSMEN...
|
| 00:13:33 |
HOST, -
THIS IN THE STORY TODAY. MOODY'S SAID ON NOVEMBER 1 SAID THAT THE OUTCOME IS INFORMATIVE BUT NOT DECISIVE IN CONCERNED TO ANY POTENTIAL CHANGE OF...
|
| 00:14:07 |
CALLER, -
C-SPAN. SEEMS TO ME THAT THE WHOLE BUDGET DEFICIT REDUCTION COMMITTEE, THE SUPERCOMMITTEE FOCUSES REALLY MUCH TO DO ABOUT LITTLE. WE ARE TALKING ABOUT...
|
| 00:14:51 |
HOST, -
AGREE WITH YOU. THE BEST WAY, THE WAY THAT IS LEAST PAINFUL TO ADDRESS OUR FISCAL PROBLEM IS TO GET GROWTH. THE QUESTION BECOMES HOW TO DO THAT AND...
|
| 00:17:28 |
GUEST, -
I THINK THE PROBABILITY IS QUITE RIGHT, I WAS MORE HOPEFUL THAN IT TURNS OUT ACTUALLY IS GOING TO BE THE CASE. BUT THE BIG DEAL, YOU KNOW, THAT'S THE...
|
| 00:18:58 |
HOST, -
OPPORTUNITY BECAUSE IT COULD HAVE CHANGED THE FINANCIAL MARKETS IN A WAY THAT YOU SEE AS BEING VERY POSITIVE? GUEST:
|
| 00:19:04 |
GUEST, -
THAT'S RIGHT. AND IF WE HAD GOTTEN THAT BIG DEAL THEY WERE ABLE TO COME TO TERMS. AND BY THE WAY, THAT'S WHERE WE'RE HEADED, THAT'S WHERE WE'RE GOING....
|
| 00:20:02 |
CALLER, -
WANT TO TALK ABOUT A TEMPORARY STEP. IF EVERYONE THAT MAKES $61,000 WOULD CONTRIBUTE A ONE-TIME CONTRIBUTION OF $1,000, $122,000 WOULD CONTRIBUTE...
|
| 00:22:07 |
GUEST, -
GOOD POINTS. LET ME KIND OF WORK BACKWARDS. IN TERMS OF MANUFACTURING, I AM GOING TO SOUND VERY OPTIMISTIC THIS MORNING, BUT I THINK OUR MANUFACTURERS...
|
| 00:25:38 |
HOST, -
TO WHAT YOU ARE TALKING ABOUT, MR. ZANDI. MAVERICK ASKS, GIVE YOUR PROSPECT ON PEOPLE MAKING BELOW $250,000 AND STIMULUS SPENDING ON INFRASTRUCTURE,...
|
| 00:25:52 |
GUEST, -
I THINK I WOULD -- I'M VERY NERVOUS ABOUT THE NEAR TERM, ABOUT REALLY NEXT YEAR, 2012, BECAUSE UNDER CURRENT LAW THE PAYROLL FAX HOLIDAY WHICH IS A BENEFIT...
|
| 00:27:54 |
HOST, -
LIKE ONE EMAIL THAT CAME IN -- AMERICANS ARE JUST AS DIVIDED AS CONGRESS. WE PRETEND WE HAVE A CHOICE BETWEEN TAX INCREASES AND ENTITLEMENT REFORMS....
|
| 00:28:07 |
GUEST, -
A EXACTLY. I THINK THAT'S ENTIRELY CORRECT. WE GOT AN ENTITLEMENT PROBLEM. I THINK EVERYONE AGREES WITH THAT OR MOST REASONABLE PEOPLE AGREE WITH...
|
| 00:28:45 |
HOST, -
IS MEANINGLESS FOR EXTRA INCOME FOR MEDIAN INCOME FAMILIES. THAT'S HIS OPINION. WATSON, INDEPENDENT PIPELINE IN BISHOPSVILLE, TEXAS. GOOD MORNING. ...
|
| 00:28:59 |
CALLER, -
FROM BISHOPVILLE, TEXAS. POPULATION 22. I AM A RETIRED MILLIONAIRE. I HEAR SO MUCH ON YOUR PROGRAM ABOUT. FIRST OF ALL, I LIKE TO SAY THAT MOST TAXES...
|
| 00:30:27 |
GUEST, -
YOU. WELL, JUST A COUPLE POINTS THAT I'D MAKE. UNDER -- IF THE SUPERCOMMITTEE FAILS AND IT APPEARS THAT IT WILL, UNDER CURRENT LAW -- AGAIN, IF...
|
| 00:32:08 |
HOST, -
DEADLINE HAS AREARED AND NO DEAL FOR THE $1.2 TRILLION IN SAVINGS, AUTOMATIC CUTS -- HOST: THAT'S JOHN MCCAIN
|
| 00:32:33 |
HOST, -
AND LINDSEY GRAHAM DOING THAT. WHAT DO YOU THINK, MARK ZANDI, DOES THAT CHANGE THE PLAYING FIELD BECAUSE THEY ARE TALKING ABOUT NOT LETTING THE CUTS...
|
| 00:32:53 |
GUEST, -
NOT UNEXPECTED. THIS IS WHAT YOU'D EXPECT. NOW THAT THE COMMITTEE HAS BROKEN DOWN AND THE AUTOMATIC SPENDING CUTS WILL BE COMING, THERE WILL BE EFFORTS...
|
| 00:34:25 |
HOST, -
MOOD'S ECONOMY.COM, CHIEF ECONOMIST. YOU TALKED ABOUT THE LESSENING OF THE CREDIT RATING. HOW IS THIS A DIFFERENT SITUATION? IS IT THE EXPECTATIONS...
|
| 00:34:41 |
GUEST, -
END OF THE DAY THE RATING AGENCIES ARE LOOKING OUT FOR PEOPLE WHO OWN OUR DEBT, THE TREASURY DEBT, AND MOODY'S ARE SAYING UNDER CURRENT LAW IF WE STICK...
|
| 00:35:57 |
HOST, -
REPUBLICAN IN NORMAN, OKLAHOMA. WELCOME. CALLER: GOOD
|
| 00:36:00 |
CALLER, -
MORNING, AMERICA. I'M OUT HERE IN THE REAL WORLD. YOU KNOW, I DON'T WAIT ON TABLES WHEN PEOPLE COME IN, I DON'T GET PAID. IF I'M A CAR MECHANIC AND...
|
| 00:37:05 |
GUEST, -
YOU STARTED AND THAT IS YOUR FRUSS FREIGHTED WITH OUR POLICYMAKERS WHICH IS UN-- FRUSTRATED WITH OUR POLICYMAKERS WHICH IS UNDERSTANDABLE. POLICYMAKERS...
|
| 00:39:47 |
HOST, -
LINE, GOOD MORNING,
|
| 00:39:48 |
CALLER, -
ANN. CALLER: GOOD MORNING. I NOTICED SO FAR A LOT OF REPUBLICANS HAVE CALLED IN SAYING THAT THE COMMITTEE WAS A SHAM, THAT IT WAS REALLY SET UP...
|
| 00:41:33 |
GUEST, -
WELL, THANK YOU FOR YOUR COMMENTS. I DON'T THINK THE SUPERCOMMITTEE WAS A SHAM. I ANY THAT THEY WENT INTO THIS WITH -- WELL-INTENTIONED. THESE ARE VERY...
|
| 00:43:43 |
HOST, -
ZANDI, CHIEF ECONOMIST AT MOODY'S, THANKS SO MUCH FOR BEING HERE. COMING UP NEXT, WE'LL TALK TO "ROLL CALL'S" INVESTIGATIVE REPORTER PAUL SINGER. FIRST...
|
| 00:43:58 |
Unidentified Speaker, -
HAS MORE ON THE DEBT COMMITTEE THIS MORNING FROM GROVER NORQUIST, HEAD OF AMERICANS FOR FAX REFORM. MR. MOREQUIST REACTING TO COMMENTS MADE YESTERDAY...
|
| 00:45:22 |
Unidentified Speaker, -
MORE VIDEOS OF THE CANDIDATES AT COMPREEP'S WEBSITE FOR CAMPAIGN 2012. FROM RECENT EVENTS TO THE EARLIEST PARTS OF NAIR CAMPAIGNS.
|
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.