You're watching...
Former NYSE CEO Dick Grasso discusses the administration’s actions to revive the economy and what must be done to prevent another dip.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
200 grosso for my out of the New York Stock Exchange.
Reported -- worsen -- -- performance solid compression allows them on -- -- and one on 9/11 happened you know.
The last week effect we're gonna stay next or a chartered to -- -- -- -- -- a group of kids.
From an organization called truce is children of all.
Children of people who were loss of my alone -- traveler group of them on her to -- you know the -- that's like.
Did not but I I -- you because it's a wonderful organization that I.
Helped out a bit last year you know we can't do or not for the children.
Those who we lost on 9/11 and particularly.
The children -- firefighters.
And police officers.
Who were running up the stairs and who -- in my view save the lives of 50000 people saying the truth guidance for the for the children.
Of the 22 Navy SEALs we just lost.
A week ago or so and and all of our military people who.
-- really make what we do in this country possible.
You know freedom is not free the cost of freedom.
Is having brave young warriors willing to go out and tracked down and erased those who would erase this society we've come -- -- There was Jeff -- a little quirks idle or crook just unfortunate.
My friend several Plano.
I was is I did have a lot of leverages -- very -- man did Europe.
We're so vertebrae were re delighted tourists that's a great thing -- -- was -- you're gonna have a good time was it so.
Awarded the sort of standard poors credit -- -- of the country.
Well you know I I think -- Standard and Poor's did the -- take a a political stand.
More than necessarily so that a financial stance because if you read their reports.
They're concerned was about the gridlock.
In the congress.
The inability.
-- seriously attacked our budget deficit and to and to cut spending in a significant way.
I think they did the this sad part about it is the byproduct of the US stand -- remember US sponsored rally.
Last week and people poured into -- but municipalities.
Who have got to finance.
And who were basically about -- off the credit of the United States.
We'll find it much more expensive.
To just build roads and bridges in fixed tunnels and you know do all the things that local municipalities have to do.
Because of the downgrading look the reality is America will never default if you believe America.
He's going to default.
Sell everything then -- to Botswana.
Okay there is no greater country on -- in this warns it will never default.
You know see you mentioned Churchill a moment ago Churchill had a very famous quote you know count on America to do the right thing.
Only after they've tried everything else.
We've now tried everything else here guns and the -- is that we send to do something we call the congress.
-- the United States have got to come back in September and listen to what the people at home are telling them.
Get something done or will get rid of you and I think they'll get something done.
-- drilling is on Tim Geithner done a good job and own.
-- I think you know.
In the history of financial markets and you know whether.
The entire earth was about to implode financially or not you know when you -- different.
Valuations -- that.
I think He He took on a job that have been a good job of Treasury Secretary.
At a very very tough time.
I think -- if He if He gave him his druthers he'd be in the private sector today.
I don't think that is the president wants and believe because who would be.
The signal of weakness but look the reality is no one is irreplaceable.
I think Geithner has given the hand.
-- we still he's done a good job.
I think that what we need now is a pro growth strategy.
You know and I think He should be the lead person still behind the president.
In stimulating.
Smart uses -- the tax code how do you get that two and a half trillion dollars.
Of corporate cash that's its offshore back into the United States in this stimulating way to create jobs.
Jobs is the key -- and I would say this you know Geithner is as smart as they get I'm sure he's got some strategies.
Maybe they they conflict with the political strategies -- the near term from the twelve election.
But I think this president if He wants to be reelected.
There's got to step up and say I'm gonna do the right thing.
Whether it's politically acceptable.
To one particular faction of one party or the other or not and if He does that.
I think he's got a better chance although you know you look at the polls now and they say he's a one term president.
Sandra -- Lewis of what she's really surprise on.
Certainly here wearing -- regional Fred Imus.
El Paso, Texas auto body expressed.
Shirt which I wore out to the ranch when I visited.
You know -- -- is thought I was perhaps a little bit.
What China -- sure -- -- I'm sorry what are those are constant.
I paid full price that retail don't try and suggest that it was a it was a -- You know what it costs -- tell me four million dollars.
-- display you know you can afford it -- -- emphasized.
That but He.
-- --
