Obama's interview on 60 Minutes


Maxel
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Here are some excerpts from it:

KROFT VO: The president ordered his treasury secretary Timothy Geithner to use every legal means to recover the bonus money from AIG. If it is not repaid it will be deducted from the company's next bailout payment. BUT The House decided to extract its own revenge passing a bill that would impose a tax of up TO 90% on the AIG bonuses and on the bonuses of anyone making more than $250,000 a year who works for a financial institution receiving MORE THAN five BILLION IN bailout funds.

STEVE KROFT:

I mean you're a constitutional law professor.

BARACK OBAMA:

Yeah.

STEVE KROFT:

You think this bill's constitutional?

BARACK OBAMA:

Well, I think that-- as a general proposition, you don't want to be passing laws that are just targeting a handful of individuals. You want to pass laws that have some broad applicability. And as a general proposition, I think you certainly don't want to use the tax code--is to punish people.

I think that you've got an-- pretty egregious situation here that people are understandably upset about. And so let's see if there are ways of doing this that are both legal, that are constitutional-- that uphold our basic principles of fairness, but don't hamper us from getting the banking system-- back on track.

STEVE KROFT:

You've got a piece of legislation that could affect tens of thousands of people-- Some of these people probably had nothing to do with the financial crisis. And some of them probably deserve the bonuses that they got.

BARACK OBAMA:

Well--

STEVE KROFT: I mean is that fair?

BARACK OBAMA:

19:21:45:00 Well, that's why we're going to have to take a look at this legislation carefully. Clearly-- the AIG folks getting those bonuses didn't make sense. And one of the things that I have to do is to communicate to Wall Street that, given the current crisis that we're in, they can't expect help from taxpayers but they enjoy all the benefits that they enjoyed before the crisis happened. You get a sense that, in some institutions that has not sunk in. That you can't go back to the old way of doing business, certainly not on the taxpayers' dime.

Now the flip side is that Main Street has to understand, unless we get these banks moving again, , then we can't get this economy to recover. And we don't want to cut off our nose to spite our face.

I think this makes sense. I would be concerned about any law that specifically targets an individual. I think Obama's idea of withholding AIG bonuses from the next government bailout payment to a company that's paying those ridiculous sums. It seems the House has overstepped its bounds on this one.

Here's another quote:

STEVE KROFT:

Your Treasury Secretary's plan... Geithner's plan, and-- your plan really-- for solving the banking crisis-- was met with very, very, very tepid response. And you had a lot of people criticize... a lot of people said they didn't understand it. A lot of people said it didn't have any-- enough details to-- to-- to solve the problem. I know you're coming out with something-- next week on this. But these criticisms were coming from people like Warren Buffett, people who had supported you, and you had counted as being your--

PRESIDENT OBAMA:

And-- and-- and-- and Warren still does support me. But I think that understand Warren's also a big player in the financial markets who's a major owner of Wells Fargo. And so he's got a perspective from the perspective of somebody who-- is part owner of a bank. You've got members of Congress who've got a different perspective. Which is, "We don't want to spend any more taxpayer money." You've got-- a whole host of players, all of whom may have a completely different solution. (LAUGHS) Right?

And-- you know, one of the challenges that Tim Geithner-- has had-- is the same challenge that anybody would have in this situation.

people want a lot of contradictory things. You know, the-- the-- the banks would love a lot of taxpayer money with no strings attached. Folks in Congress, as well as the American people, would love to fix the banks without spending any money. (LAUGHS) And so at a certain point, you know, you've got just a-- a very difficult line-- to-- to walk.

STEVE KROFT:

You need the financial community--

BARACK OBAMA:

Right.

STEVE KROFT:

--to solve this crisis.

BARACK OBAMA:

I do.

STEVE KROFT:

Do you think that the people on Wall Street and the people in the financial community that you need trust you, believe-- believe in you?

PRESIDENT OBAMA:

Part of my job is to communicate to them, "Look, I believe in the market. I believe in financial innovation. And I believe in success." I want them to do well.

But what I also know is that the financial sector was out of balance. You look at how finance used to operate just 20 years ago, or 25 years ago. People, if you went into-- investment banking, you were making 20 times what a teacher made. You weren't making 200 times what a teacher made.

STEVE KROFT:

1There is a perception right now, at least in New York, which is where I live and work.

BARACK OBAMA:

Right.

STEVE KROFT:

That, um, people feel they thought that you were going to be supportive.

And now I think there are a lot of people say, "Look, we're not going to be able to keep our best people. They're not going to stay and work here for $250,000 a year when they can go work for a hedge fund, if they can find one that's still (LAUGHTER) working--

BARACK OBAMA:

19:30:14:22 Well, that-- that--

STEVE KROFT:

19:30:15:21 --and make a lot more.

BARACK OBAMA:

I've told them directly. 'Cause I've heard some of this. they need to spend a little time outside of New York. Because-- you know, if you go to North Dakota, or you go to Iowa, or you go to Arkansas, where folks would be thrilled to be making $75,000 a year-- without a bonus, then I think they'd get a sense of why people are frustrated.

I think we have to understand the severity of the crisis that we're in right now. The fact is that, because of bad bets made on Wall Street, there have been enormous losses.

I mean there were a whole bunch of folks who, on paper, if you looked at quarterly reports, were wildly successful, selling derivatives (CHUCKLE) that turned out to be--

STEVE KROFT:

Worthless.

BARACK OBAMA:

completely worthless.

STEVE KROFT:

And insuring them.

BARACK OBAMA:

And insuring them. Now-- you know, gosh, I don't think it's me being anti-Wall Street just to point out that the best and the brightest-- didn't do too well on that front, and that-- you know, maybe the incentive structures that have been set up-- have not produced the kinds of long term growth that-- that I think everybody's looking for.

This quote is very sad to me. I can't disagree with any base assertion here: Many people in Wall Street messed up. They've started fighting for massive, risky, short term gains because the individuals bonuses depend upon it and they are not responsible for any risk.

However, I can disagree with the extension of this: That the bailouts were necessary. Heck, everyone admits that everybody has different ideas on how to resolve this issue. My opinion: The bailouts were done too quickly and fearfully. Wall Street had to change and now they have no incentive to change because they refuse to fail.

Here's another quote:

STEVE KROFT:

One question about Dick Cheney and Guantanamo. I'm sure you want to answer this.

PRESIDENT OBAMA: Oh, absolutely.

STEVE KROFT:A week ago Vice President Cheney-- said essentially that your willingness to shut down Guantanamo and to change the way prisoners are treated and interrogator-- interrogated-- was making America weaker and more vulnerable to another attack. And that-- the interrogation techniques that were used at Guantanamo were essential in preventing another attack against the United States.

PRESIDENT OBAMA:

I fundamentally disagree with Dick Cheney. Not surprisingly. You know, I think that-- Vice President Cheney has been-- at the head of a-- movement whose notion is somehow that we can't reconcile our core values, our Constitution, our belief that we don't torture, with our national security interests. I think he's drawing the l-- wrong lesson from history.

The facts don't bear him out. I think he is-- that attitude, that philosophy has done incredible damage-- to our image and position in the world. I mean, the fact of the matter is after all these years how many convictions actually came out of Guantanamo? How many-- how many terrorists have actually been brought to justice under the philosophy that is being promoted by Vice President Cheney? It hasn't made us safer. What it has been is a great advertisement for anti-American sentiment. Which means that there is constant effective recruitment of-- Arab fighters and Muslim fighters against U.S. interests all around the world.

STEVE KROFT:

Some of it being organized by a few people who were released from Guantanamo.

PRESIDENT OBAMA:

Well there is no doubt that-- we have not done a particularly effective job in sorting through who are truly dangerous individuals that we've got to-- make sure are not a threat to us, who are folks that we just swept up. The whole premise of Guantanamo promoted by Vice President Cheney was that somehow the American system of justice was not up to the task of dealing with these terrorists.

I fundamentally disagree with that. Now-- do these folks deserve Miranda rights? Do they deserve to be treated like a shoplifter-- down the block? Of course not.

STEVE KROFT:

What do you do with those people?

PRESIDENT OBAMA:

Well, I think we're going to have to figure out a mechanism to make sure that they not released and do us harm. But-- do so in a way that is consistent with both our traditions, sense of due process, international law. But this is-- this is the legacy that's been left behind. And, you know, I'm surprised that-- the Vice President is eager-- to defend-- a legacy that was unsustainable

let's assume that we didn't change these practices. How-- how long are we going to go? Are we going to just keep on going until-- you know, the entire Muslim world and Arab world-- despises us? Do we think that's really going to make us safer? I-- I don't know-- a lot of thoughtful thinkers, liberal or conservative-- who think that that was the right approach.

I agree with this. The bailouts, the auto-industry. I can disagree with those actions and still respect the man who made them because, even if I disagree with what they did, at least I understand why they did. This, I agree with wholeheartedly. We can not sell down our principles for temporary safety.

Ben Franklin once wrote: Those who would give up a little liberty for a little security will deserve neither and lose both.

I agree with that.

EDIT: After I finished posting this, I realize I may have missed the point on this. I hadn't actually seen the 60 minute interview and instead read the transcript. Does anybody have anything specifically they disagree with that Obama said? I'm surprised and impressed most of the people here watched it, to be honest.

Edited by FunkyTown
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I wonder if he made the pledge to participate in any health care plan he ends up signing, instead of taking the free perk-filled one he's guaranteed to have for life.

This reminded me of a picture I was sent via email.

Posted Image

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Here are some excerpts from it...

Where did you find this? I spent half an hour looking and couldn't... (Sometimes my powers of googling fail me. :().

I'll wait for the chance to read the whole thing before commenting. The reason I startd this thread was I heard a sound byte (gotta love those...) of Obama blaming banks for repaying the bailout money, and saying they're not 'doing their part' in the economy's recovery because loans for small businesses are still few and far between. He then went on to blame 'fat cat' bankers for a large part of the problem.

What made me mad about this statement was that the administration forced the bailout money down the throats of the banks- I forget who, but one of the CEO's claimed that direct threats (not of physical violence, but still threats) were used when he tried to not take the money. There was also other evidence of the administration forcing bailout money onto the banks (also evidence that the government tried to/succeeded in forcing Texas to take part of the Stimulus Bill, despite its protestations).

Now it seems that Obama is angry that the banks are doing the responsible thing and repaying the money lent to them.

I didn't know anything else about the interview, so I wanted to see if anyone else knew more about it. I appreciate your thoughts, FunkyTown (and everyone else's, of course :P).

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I still marvel at the intelligence he exhibts over what weve been accustomed to.:)

Just because a person may be wrong--even spectacularly so, on occasion--does not make that person stupid. Dubya is many things, but "unintelligent" is not one of them.*

Now, I grant you that President Obama conveys intelligence much better than President Bush did. So maybe the word you're looking for is "polish".

* I never cease to be amazed at all the liberals who continually exhibit this notion that anyone who disagrees with them is obviously intellectually stunted--and then accuse conservatives of being responsible for the bulk of the divisiveness and rancor in modern political discourse.

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Will you provide a specific example, please?

Well he did trick Vizzini into drinking the poison! Wait that was Westley.

He found and killed the killer of his father, Count Tyrone Rugen (aka The Six Fingered Man)! No... that was Inigo Montoya.

Dang it, oh for two. Come back to me later.

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Will you provide a specific example, please?

Claiming a B+ grade when it is obvious he has not earned anything better than a D. If this health care debacle goes through I will call it an F. He has done more to facilitate the destruction of this country than any other person in history, and done it in less than a year. My grandchildren will be slaves to the Chinese if he gets his way.

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I never cease to be amazed at all the liberals who continually exhibit this notion that anyone who disagrees with them is obviously intellectually stunted--and then accuse conservatives of being responsible for the bulk of the divisiveness and rancor in modern political discourse.

I'm sure you realize the reverse is true as well.

It took me ten minutes to discover and verify twenty-two incidents where conservatives said liberals are "intellectually stunted" or "stupid." I didn't feel like spending any more time searching for more examples, so I stopped at 22. If you'd like I can provide the links.

My point is, conservatives are just as likely to call liberals "intellectually stunted" as is true of the reverse. Neither political position holds the moral high ground on this one.

Elphaba

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Obama "60 Minutes" Interview Transcript (VIDEO)

Hey Maxel!

Here's the link. You know I have a tremendous amount of respect for your views. It's okay if a sound-bite made you angry, so that link will provide the full transcript to decide what you think of his remarks in context.

Where did you find this? I spent half an hour looking and couldn't... (Sometimes my powers of googling fail me. :().

I'll wait for the chance to read the whole thing before commenting. The reason I startd this thread was I heard a sound byte (gotta love those...) of Obama blaming banks for repaying the bailout money, and saying they're not 'doing their part' in the economy's recovery because loans for small businesses are still few and far between. He then went on to blame 'fat cat' bankers for a large part of the problem.

What made me mad about this statement was that the administration forced the bailout money down the throats of the banks- I forget who, but one of the CEO's claimed that direct threats (not of physical violence, but still threats) were used when he tried to not take the money. There was also other evidence of the administration forcing bailout money onto the banks (also evidence that the government tried to/succeeded in forcing Texas to take part of the Stimulus Bill, despite its protestations).

Now it seems that Obama is angry that the banks are doing the responsible thing and repaying the money lent to them.

I didn't know anything else about the interview, so I wanted to see if anyone else knew more about it. I appreciate your thoughts, FunkyTown (and everyone else's, of course :P).

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Whoah! You think President Obama is worse than:

1) President James Buchanan, who thought that invading a US state on spurious intelligence was a good idea.

2) Theodore Hall - Gave nuclear secrets to Russia and plunged the world in to 50 years of terror where fear was rampant that the world would end in nuclear fire. And could have, if a madman had taken a nuclear sub.

Claiming a B+ grade when it is obvious he has not earned anything better than a D. If this health care debacle goes through I will call it an F. He has done more to facilitate the destruction of this country than any other person in history, and done it in less than a year. My grandchildren will be slaves to the Chinese if he gets his way.

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I'm sure you realize the reverse is true as well.

Absolutely.

My point is, conservatives are just as likely to call liberals "intellectually stunted" as is true of the reverse. Neither political position holds the moral high ground on this one.

Well . . . sorta. Can you name three recent liberal politicians who have acquired a popular reputation for dumbness comparable to those "enjoyed" by Dan Quayle, George W. Bush, and Sarah Palin?

(None of whom were necessarily geniuses, but none of whom were exactly village idiots, either.)

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It would appear to me that we have decided not to have a government that is dependent on its people (this is known as liberty or democracy) - our generation would rather as the people depend on the government (this is known as slavery or bondage).

We have become an entitled generation - we think our work should provide benefits like health care, paid vacation, paid sick leave. The truth is that if we took responsibility for ourselves we would all be better off.

What I do not understand by the current trend is why responsible people would believe that we should not have 1/3 of our citizens involved and invested in what is provided for them. I can understand subsidizing the poor but I do not believe that it is sustainable for one segment of the population to be expected to provide for another segment of the population without any input from those being provided for.

The Traveler

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Obama "60 Minutes" Interview Transcript (VIDEO)

Hey Maxel!

Here's the link. You know I have a tremendous amount of respect for your views. It's okay if a sound-bite made you angry, so that link will provide the full transcript to decide what you think of his remarks in context.

I don't have the time to watch this now- I'll sit down and watch it tomorrow.

Thanks for the link, he-who-Googles-well. :lol:

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Whoah! You think President Obama is worse than:

1) President James Buchanan, who thought that invading a US state on spurious intelligence was a good idea.

2) Theodore Hall - Gave nuclear secrets to Russia and plunged the world in to 50 years of terror where fear was rampant that the world would end in nuclear fire. And could have, if a madman had taken a nuclear sub.

Yep. And when my grandchildren are enslaved to the Chinese because of the actions of this man and his cronies, I hope they have the strength to deal with it.

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Yep. And when my grandchildren are enslaved to the Chinese because of the actions of this man and his cronies, I hope they have the strength to deal with it.

If not enslaved by the Chinese (and forced to do laundry) then he and his cronies will still leave our grandchildren vulnerable to the Reptilians in the West Desert area.

Yeah, I know... I am probably a Reptilian hater.

^_^

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Yep. And when my grandchildren are enslaved to the Chinese because of the actions of this man and his cronies, I hope they have the strength to deal with it.

How much do you want to bet that Obama's actions do not lead to the invasion of a US state by US soldiers, nor do they lead to 50 years of terror? ;)

I would say that war with China will happen, but not because of Obama. China has been preparing for war with the US since 1999, long before Obama went in to office.

http://www.carlisle.army.mil/DIME/documents/MilitaryReview_20081231_art009%5B1%5DThomas.pdf

I have said it before and I'll say it again: China said in 1999 that in order to go to war with the US, it would need the following:

1) Massive hacking in to US infrastructure.

It has this.

2) The ability to cause a massive financial crisis so the US has to concentrate on problems at home.

It has this. China owns more of the US dollar and debts than any other. If they decide to dump it, massive hyper-inflation. To this, Obama certainly is responsible to some degree. The bailouts were a terrible idea.

3) The US must lose the will to fight a major war.

US citizens have lost the will to fight because of numerous brushfire wars. Does anyone want a war with China or Russia when Iraq has sucked US soldiers dry?

Read the book Unrestricted Warfare written by the Chinese military as a briefing on how to defeat a technologically superior foe. They have set up a perfect storm.

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