| 00:00:33 |
Hilsenrath, Jon - Chief Correspondent
ROBERT ZELLICH, FORMER PRESIDENT OF THE WORLD BANK. AUSTIN, FORMER CHAIRMAN OF THE ECONOMIC ADVISERS UNDER PRAWSM, AND MICHAEL WHO SPOKE LAST NIGHT...
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| 00:00:54 |
Goolsbee, Austan - Chair
START OUT WITH THE UNITED STATES. FOR PEOPLE IN THE ROOM UNDERSTAND THE PRESIDENT AS WELL AS US AND GOLSBY. PEOPLE ASK WHAT IS GOING TO COME OF THIS...
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| 00:03:46 |
Boskin, Michael - Chair
AWAY ALL OF THE -- I DON'T KNOW IF YOU CALL IT LEVERAGE, BUT TOOK AWAY THE POINTS OF NEGOTIATION LEAVING JUST A DEBT CEILING NEGOTIATION IN WHICH THE...
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| 00:05:25 |
Zoellick, Robert B. - President
AVERAGED $5-$6 OF SPENDING, NOT CUT, FOR EVERY DOLLAR OF TAX HIKES. IT DOESN'T HAVE TO BE EXACTLY THAT, BUT SUCCESSFUL IN THE SENSE THEY CONSOLIDATE...
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| 00:07:00 |
Hilsenrath, Jon - Chief Correspondent
BOB WOODWARD, YOU READ THE REPORTING, AND FRANKLY, THE PEOPLE NEGOTIATING ON BOTH SIDES DON'T KNOW THE BASICS ON NEGOTIATION STARTING WITH THE FACT...
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| 00:09:27 |
Zoellick, Robert B. - President
MARKETS THERE, AFRICA GREW AT 5% A YEAR FOR THE DECADE BEFORE THE CRISIS AND NOW BACK ON THE GROWTH PROGEEK STORY. THERE'S POTENTIAL IN ALL OF THEM....
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| 00:09:54 |
Goolsbee, Austan - Chair
INTO THE MARKET, GOING TO THE CRITICAL ISSUE OF WHAT WE DID WITH OUR REPORT WITH CHINA ABOUT THE MIDDLE INCOME TRAP, HOW YOU INCREASE, KEEP PRODUCTIVITY,...
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| 00:11:59 |
Boskin, Michael - Chair
PLACE WELL ABOVE 2%. I DON'T THINK THOSE NUMBERS ARE THAT SURPRISING. I DO THINK ON AVERAGE, EMERGING MARKETS GROW FASTER. THEY START FROM A LOW BASE,...
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| 00:13:59 |
Hilsenrath, Jon - Chief Correspondent
GROUP SUGGESTED, EMPHASIZING STATE ENTERPRISES, DOMESTIC DEMAND RELATIVE TO EXPORTS, AND A VARIETY THINGS OF THAT SORT, LAND AND LABOR AND FINANCIAL...
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| 00:14:30 |
Zoellick, Robert B. - President
IT. I THINK THAT THIS IS SOMEWHAT RELEVANT, BUT NOT DISPOSITIVE. THE U.S. HAS PUT SOME TAKES, FISCAL CLIFF IS ONE, CONTINUED DELEVERAGING, CONTINUING...
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| 00:19:13 |
Boskin, Michael - Chair
THE QUARTER ENDS, AND IT'S REVISED FOR UP TO TWO YEARS, AND SOMETIMES REVISIONS ARE BIG. YOU KNOW, END OF 2008 WAS MINUS THREE AND A HALF TO MINUS 8.9....
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| 00:20:19 |
Hilsenrath, Jon - Chief Correspondent
GROWTH IS EQUIVALENT OF US GOING 2% TO 0%. BUT 10% TO 5% UNEMPLOYEES MASSIVE AMOUNTS OF PEOPLE AND STOPPING OPPORTUNITY FOR COMMUNITY MASSIVE MIGRATION...
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| 00:20:38 |
Boskin, Michael - Chair
UP. BOB'S RIGHT THEY HAVE A FEAR OF INFLATION FOR LOTS OF REASONS, HISTORICAL AND ACTUAL SERIOUS INFLATION, AND THAT WAS IN COMMODITIES THAT ARE A...
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| 00:21:57 |
Goolsbee, Austan - Chair
I DON'T THINK IT'S IMMINENT, BUT I'D MAKE TWO COMMENTS ABOUT IT. ONE IS IT CERTAINLY APPEARS THAT THE -- THESE EXTRAORDINARY TYPES OF QUANTITATIVE EASING,...
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| 00:23:21 |
Hilsenrath, Jon - Chief Correspondent
BEN BERNANKE BEFORE WHEN HE WAS JUST AN ACADEMIC. HE WAS IN THE MONETARY ECONOMICS GROUP AT THE NBER, AND EVERYBODY IN THE MONETARY ECONOMICS GROUP...
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| 00:23:32 |
Zoellick, Robert B. - President
IN THE MORNING, LOOKED IN THE MIRROR AND SAY, WHY NOT ME? YOU KNOW, WHY BEN BERNANKE? I'M IN THE MOP TEAR ECONOMICS GROUP AT THE NBER, AND THEN SOMETIME...
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| 00:25:36 |
Goolsbee, Austan - Chair
THIS HIGHLY UNUSUAL STUFF, AND THE LAST THING TO CONNECT IT BACK TO WHAT WE TALKED ABOUT WITH THE INTERNATIONAL CHANGES, THE FOREIGN MINISTER OF AUSTRALIA...
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| 00:28:03 |
Boskin, Michael - Chair
BUSINESS WE'VE CHOSEN AS THEY SAY IF WITH THE "THE GODFATHER" MOVIE. [LAUGHTER] IF YOU'RE IN THE ROOM, THIS IS WHAT YOU SHOULD BE AFRAID OF OR THINKING...
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| 00:29:54 |
Zoellick, Robert B. - President
IS IT LARGE ENOUGH IF IT STARTS TO INCLUDE A SERIOUS ENTITLEMENT REFORM THAT GROWS IN THE SECOND AND THIRD DECADE, IT'S A VERY GOOD DOWN PAYMENT, BUT...
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| 00:34:50 |
Boskin, Michael - Chair
DISCUSSING THE DETAILS, NOW, NOT POINT OUT AND TALKING TO THE PRESS -- >> LOOK -- [LAUGHTER] THE DEAL OF LAST SUMMER -- DID NOT TAKE PLACE IN THE PRESS....
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| 00:35:24 |
Goolsbee, Austan - Chair
WORK OF THAT DEAL WAS NOT CRAZY, BUT JUST 1 TRILLION ON ENTITLEMENTS, $1 # TRILLION ON DISCRETIONARY, 1 TRILLION ON REVENUES, 1 TRILLION ON SAVED INTEREST....
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| 00:38:24 |
Boskin, Michael - Chair
FOR EFFICIENCY REASONS, NUMBER ONE, AND NUMBER TWO, WE COULD PUT THE END OF THE NONSENSE WARREN BUFFET PAYS A HIGHER TAX RATE THAN THE SECRETARY --...
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| 00:38:48 |
Goolsbee, Austan - Chair
OF THE GRAND BARGAIN BECAUSE WE HAVE HIGHER TAXES AND LOWER SPENDING. >> I THINK THAT'S WHAT YOU WERE SAYING. >> DIFFERENT ONLY IN THAT IT'S ONLY ONE...
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| 00:39:01 |
Zoellick, Robert B. - President
DO YOU ALWAYS -- >> THERE'S A LOT OF DETAILS IN THIS INCLUDING THE AT TERNTIVE MINIMUM TAX IS, AND THEY TEND TO BE BLUE STATES. IF THERE'S STATE AND...
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| 00:40:56 |
Boskin, Michael - Chair
THE DULL, BUILD INFRASTRUCTURE, REDUCE WELFARE COSTS, PEOPLE USED TO WORKING AND SPENDING AGAIN. >> JOBS GROWING 20% OF THE PACE OF DEEP RECESSIONS....
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| 00:41:30 |
Zoellick, Robert B. - President
NOTION OF WHAT INVESTMENTS ARE WHEN THEY PAY OFF. THERE'S A LOT THAT CAN BE DONE ALONG THOSE LINES. >> THERE'S ALSO, IF YOU LOOK AT THE ENTITLEMENT...
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| 00:42:07 |
Goolsbee, Austan - Chair
IT WAS 76% OF US ARE WORRIED ABOUT THE FISCAL CLIFF CAUSING A RECESSION, YET NOT ONE OF US FORECASTS A RECESSION. WHAT DO YOU MAKE OF THIS? >> IT'S...
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| 00:44:00 |
Zoellick, Robert B. - President
BE VERY MODEST AND FAR -- >> 45 SECONDS LEFT. YOU EACH HAVE NINE SECONDS TO ANSWER THE QUESTION. CAN THE UNITED STATES ECONOMY GO BACK TO BEING AN ECONOMY...
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| 00:44:34 |
Boskin, Michael - Chair
HUGE POTENTIAL, BUT GET THE FUNDAMENTALS RIGHT. >> AUSTIN, MICHAEL? >> YES. >> CAN WE BE A 3% ECONOMY AGAIN? >> END THE HOUSING RECESSION AND MODERATE...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.