Also in this playlist...
This transcript is automatically generated
Now it's almost like the full 2000 it all over again mister vice president there's talk.
That a standard of borders.
And other ratings agencies could look at a number of European debts downgrade that but leading to a cascade of selling.
The likes of which we have not seen since the fall of that memorable.
Year -- you you rifles about in your book.
Are we facing another meltdown.
I don't know I'm not an expert -- I think -- say I think.
The way ahead really depends on some of the -- I talked about.
When we talk about going back to some extent that the kind of things.
That were done in the -- Reagan years.
When we went out aggressively and reform the tax system lowered rates of and -- traded off some of the deductions for lower overall tax rates and created a positive pro growth strategy long term strategy.
The economy the only way we're gonna ever address those issues if we get the private sector.
And growing and expanding and creating wealth and creating jobs and we're not doing that what we're doing is trying to find a way slap some more.
Paid on somebody suggested lipstick on a pig it's still -- -- Now on and and our banks are still deeply troubled Bank of America today and -- you don't improperly in your book it focuses almost entirely.
In the war on terror and then and what BG eight years of the -- and administration would find about.
But you do address that the the bail -- in the financial meltdown in 2008.
And the argument with that.
Dodd-Frank afterwards that's present was that we would never have too big to fail again and -- wanna raise a question view.
-- American out to 30000 -- today.
I can't imagine that our government would let Bank of America fail.
It's too -- -- I don't know nail on the I can't give any guidance and that.
I'm -- I'm not familiar with the Bank of America but there obviously is -- rescued and you were grudgingly in support of the ballots back then.
Because is that our entire financial system was on the -- And that this was something we had to do -- capital I think it's that it frozen completely other CEOs at the time agreed with you.
Many did not -- -- but.
If we were to face that again.
Wouldn't we despite all the criticism you received that wouldn't we have to do the same thing again or would.
I don't know.
I felt that's than I do to this day when we -- talk about financial institutions.
In our economy.
The federal government has the prime responsibility.
Terms of regulating.
That's sectors of the economy in terms of -- And maintaining the value of the dollar currency the Federal Reserve treasury and so forth that is a federal function.
There isn't anybody else in the in the country.
Who can do that when you move over into commercial enterprises manufacturing enterprises like for example in General Motors I have more -- a problem with that thank.
There you've got to let the market work with respect to Bank of America I simply don't know at this stage and what their circumstances are.
And you know the what I would do if I were still letters person had wanted to do.
Talk to the chairman of the Federal Reserve talk to the sectors treasury.
Has same people -- that's talking you know you know well and and and do we did get through terrible crisis back and in terms of the financial.
Markets and did get back on -- Who wrote in your books -- has that President Bush and his.
How much that just went against your gut how much that went against Indian partner less to do it.
For whatever reasons people can quibble.
But but I'm just wondering.
In retrospect when do you let the genie out of the bottle.
And invited all the rescues and bailouts to come they'll set the stage.
For every time something hits the fan.
Uncle Sam as the facts.
Well as I say I feel that there's a difference.
Distinction needs to be made between on the one hand are financial institutions.
Basically govern our currency and so forth and that's and that's absolutely crucial -- the -- responsibility of the federal government.
The rest of the economy.
As a separate proposition to banks that have an obligation once rescue -- and well.
Again I'm not.
Not an expert I supported TARP I thought I -- Halliburton you're not a dummy I ran Halliburton and had some good people working for me and not in yeah.
We were only in the oil business have -- -- easy -- so all right we're gonna take a quick break.
Filter by section