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 Going Backwards - White House Press Briefing by Robert Gibbs 3/16/09 — Tuesday, March 17, 2009 —  MR. GIBBS: Jake.Q Did you guys first find out about these bonuses last week? MR. GIBBS: I think that's true, based on what I read in the newspaper. Q But you gave money to AIG two or three weeks ago. How could you not know that they have these millions, hundreds of millions of dollars -- MR. GIBBS: Well, again, Jake, there's -- according to news reports, there's existing contracts, some of which the President -- of which the President has asked the Secretary to examine, going forward. I think you also heard the President speak today about having a resolution authority that gives the government and taxpayers far more flexibility in dealing with the disposition of AIG in a way that gives taxpayers protection and flexibility; a disposition that we don't currently have, but steps that we would like to see taken in order to deal with AIG as a whole. Q But why didn't you attach it to the $30 billion you gave a couple weeks ago? MR. GIBBS: Again, Jake, the -- Q You're looking to retroactively attach it to this new $30 billion. MR. GIBBS: Well, they're looking through contracts to see what can be done to wrest these bonuses from their recipients. Q No, I'm sorry, I don't think -- I don't understand, so maybe I'm just not understanding. But President Obama said in early February when he gave the speech on executive compensation, "These kinds of compensation packages in the midst of this economic crisis isn't just bad taste, it's bad strategy, and I will not tolerate it as President. We're going to be demanding some restraint in exchange for federal aid." Since that time, he gave tens of billions of dollars in federal aid to AIG without demanding restraint. MR. GIBBS: Well, again, Jake, we've got existing relationships, contracts, as I just mentioned, that were negotiated a year ago, assistance that was granted outside of the legal authority prior to the creation of the Troubled Asset Relief Program. The President has asked the administration to go back and look at what remedies are possible to block those bonuses. Q Well, why didn't he do that before? MR. GIBBS: Well, again, the excessive compensation rules that you noted -- and I think somebody asked this at the background briefing that we had -- obviously are prospective based on some limitations that we have in looking backwards. The President has asked Secretary Geithner and members of the administration to exhaust all legal remedies in looking backwards to see what steps could be taken to block these bonuses. Q I know, but since -- and I'm sorry to belabor this point -- but since President Obama gave his speech, you guys gave more money to AIG. Why wasn't it attached to the new money? MR. GIBBS: Because it's -- again, it's part of the -- Q Part of the old contract. MR. GIBBS: Right. It's part of -- Q But you're looking now retroactively to see if you can attach something to that old money? MR. GIBBS: That's what we're looking at. Q Well, why didn't you do it at the time, if you're looking to retroactively do it? MR. GIBBS: The administration is taking the steps today to go back and see what can be done, as Jeff said, to call those bonuses back. Q But, Robert, to follow up on Jake's point, did Secretary Geithner make a mistake by not reviewing these contracts -- they're a year old -- before he cut a new check to AIG? Why didn't he do that? MR. GIBBS: I would certainly ask the Treasury -- I'll ask the Treasury that. But again, to some degree, there are legal instruments and contracts that predate this administration, that predate the legal founding of the TARP program. The President has asked this administration to exhaust all legal avenues to see what can and should be done going backwards. Economy | Obama Administration | Press Briefing | Robert Gibbs | TARP | Treasury Department | Treasury Secretary Timothy Geithner | Wall Street | White House Press Corps Labels: Economy, Obama Administration, Press Briefing, Robert Gibbs, TARP, Treasury Department, Treasury Secretary Timothy Geithner, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 12:20:00 AM  Outlawing Bubbles - White House Press Briefing by Robert Gibbs 3/12/09 — Thursday, March 12, 2009 — MR. GIBBS: He's far more eloquent than I am, so if you're -- Q He phrased it rather interestingly, saying, "We cannot go back to endless cycles of bubble and bust." Does he think the business cycle can be repealed? I mean, I just -- you know, bubbles are one thing, but -- MR. GIBBS: Well, read me the phrase again. Q "We cannot go back to endless cycles of bubbles and bust." Surely there are going to be ups and downs in an economy. MR. GIBBS: Well, right. But again, there -- certainly there are ups and downs. There are ups and down in lots of facets of life. But are those ups and downs controlled by a sustained economic idea that creates jobs of the future, invests in the education in order to produce people to do those jobs of the future, take into account some fiscal restraint and fiscal responsible to ensure that government lending isn't crowding out private investment? But the President will I think take on quite clearly that if -- you know, if -- he does not believe the theory of economic growth through an overheated housing market makes a whole lot of sense. I would posit to you that I've gotten God knows how many questions from up here about the danger of toxic assets that were leveraged by factors of 30 and 40 to 1, surrounding many of the mortgages that -- or some of the mortgages that were contained in an overheated and over-speculated housing market. I don't think there's any doubt about that. Or whether we've seen through any number of statistics -- the President doesn't believe that economic growth is having six credit cards maxed out at $25,000 to $50,000; that that may produce in economic statistics great increases in retail sales or consumer spending, but I don't think any of us here would argue that that is a case for long-term sustained economic growth. I don't think the President is -- I'm not even sure where one would go to repeal the business cycle. Q It's not like they're going to outlaw irrational exuberance or investors making -- MR. GIBBS: No, I don't think it outlaws -- I mean, I don't think we're going to outlaw irrational exuberance. I do believe, though, the President believes that we must make tough choices now in order to put ourselves on a path that presents for the American people the opportunity to grow their economy not on something that will bust in three years, you know; not on something that will see stock prices go through the roof only to have stock prices collapse through the floor in a matter of months. I mean, you know, let's -- the high point of the market recently was October of 2007, right -- 14,000 and some change. Exactly two months before, economists now believe what I think in the end might well be one of the biggest and deepest recessions in our country's history started. I think there's an -- I'm not an economist, but I'm pretty sure it all didn't go to pot in that November. Economy | President Obama | Press Briefing | Robert Gibbs | Wall Street | White House Press Corps Labels: Economy, President Obama, Press Briefing, Robert Gibbs, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 9:45:00 PM Six Weeks and Six Days - White House Press Briefing by Robert Gibbs 3/9/09 — Monday, March 09, 2009 —  Q Back to Warren Buffett for a second. Understanding what you said and what he said about part of the confusion that people feel is the function of 535 members in Congress, and so on. He did say the President has the most authoritative voice. Does the President bear any responsibility for what Warren Buffett described as confusion and fear --MR. GIBBS: Well, look, I think that Mr. Buffett, and again I -- I think Mr. Buffett is talking about a period of time that has spanned now two administrations, that has watched different policy proposals to deal with different things. But I think Mr. Buffett would agree that -- and in fact, said in not so many words -- but that this problem isn't going to be fixed overnight. We didn't get here -- we didn't get here overnight; the problems that we dealt with starting in sort of early to mid-September of last year didn't start last summer. Many of those problems started years ago. Many of the systemic problems that were rooted in what ultimately failed took place a while ago. Q In terms of communicating a solution or even a sense that we have it well in hand, can you -- any room for improvement there? MR. GIBBS: Well, I think obviously the President would always say there's room for improvement; that the President believes that we have to continue to give people a realistic sense of where this economy is, but also talk about, as he did at the speech to Congress, that we've got to make sure people understand that brighter days are ahead. But I think there's a sense from certain people that -- of either chagrin or surprise -- that in one day less than seven weeks all of the problems that took many years to take hold haven't necessarily been solved. I think if you look -- if you realistically look at what this administration has done in that six weeks and six days, you'll see putting in place a recovery and reinvestment plan that we think will create jobs, put money in taxpayers' pockets, and get money directly out to the states to deal with crushing budget cuts that will impact those that can least afford it; a home foreclosure plan that will begin to address millions of people that have played by the rules, but should they get into further economic trouble, might have problems making their mortgage payment and watch a home foreclosure crisis spread; put in place the building blocks of a financial stability plan through a capital investment program, business and lending initiative that the Secretary announced just last week. And obviously we've started and will continue in Congress and through the G20 to ensure that a regulatory structure is in place to ensure these types of problems never happen again. We've made tremendous progress in getting the pillars, as the President said last week, in place to deal with our economic problems. The recovery will take quite some time, as it's taken quite some time to get into these problems. But the President remains focused each and every day in ensuring that we take the steps to make those decisions and get the economy moving again. Economy | Obama Administration | Press Briefing | Robert Gibbs | Wall Street | White House Press Corps Labels: Economy, Obama Administration, Press Briefing, Robert Gibbs, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 11:20:00 PM Of Course We Have A Plan; We Just Don't Know What It Is - White House Press Briefing by Robert Gibbs 3/3/09 — Wednesday, March 04, 2009 —  Q February 10th, Secretary Geithner came out with his plan to deal with the banks, and there was obviously some negative reaction to that. And at the time we were told, well, this was a broad outline; details are going to be filled in. It's three weeks later, and a lot of analysts on Wall Street continue to say, we don't know where the bottom is because we don't know how many toxic assets are out there. So when are you coming out with more details?MR. GIBBS: Well, but let's complicate the question a little bit. Let's -- because I think you may have seemingly vastly oversimplified that the market on 20-some days ago acted on one piece of information and has followed Jake's trend for the better part of those three weeks in order to get us to where we are yesterday. Q There was a lot of negative reaction to the plan. We could agree on that. MR. GIBBS: We could, and we could also agree on that -- in watching your network I've seen any number of reports about the earnings of different companies. I've seen bank problems in Europe. I've seen bank problems in Eastern Europe. We've seen regulatory failings both here and overseas. I think the larger message of what the President was trying to convey today is that it's also overly simplistic to look at any one piece of information or one group of information that's driving the market in any particular direction. I'd -- Q Okay, so people could agree -- MR. GIBBS: Hold on, let me finish. I think the broad scope of data and information that we're getting denotes the fact that the economy is suffering severe problems. I think that's probably what has driven, in the short term, the market to where it is. And I don't think that's necessarily surprising given the data that we see. I don't -- I think the market is looking at what Mr. Buffett said over the weekend. I think the market is probably looking at the notion that the growth rate in the 4th quarter was vastly different than what we presupposed because we ended December -- we now understand that goods were sitting in warehouses, but not leaving stores. So I think a lot of things are priced into the market. Q We can agree the President can't control all this economic data, especially around the world and other countries. But he does have some control over what his administration is going to do about failing U.S. banks, toxic assets that these banks have on their books. And this administration said at the beginning they were going to deal with that problem. So the question is, putting aside all the other data, what is the administration doing to deal with U.S. banks? MR. GIBBS: Well, I've been asked in recent days about Citi. I was asked yesterday about AIG. As you know, Treasury and others are beginning the process of trying to find out exactly the health of banks given different economic scenarios. The President and his team have developed and passed through Congress a comprehensive recovery plan that is beginning. Tax cuts will start showing up in people's pay checks in April. Again, if you want to take just your time line of three weeks or three and a half weeks, I don't think the American -- I think the American people understand we didn't get into this problem in the beginning of February. So we're not likely to get out of this problem by the end of March. We've got many steps to take, and the administration and the President particularly have taken those steps: a home foreclosure plan that for the very first time deals with people that have played by the rules, but if the economy changes and gets even worse, they may find their selves the next on their block with a home foreclosure sign. So let's take steps to reduce that and make sure that the crisis in home foreclosures doesn't spread. The budget obviously doesn't just look in the short term, but lays out a long-term plan for economic growth. And I would be happy for any number of reasons if this were a three to six week problem. But I think the American people understand that. Q Does it take longer the longer it is for you to come up with a plan, is really my question, because if you keep three weeks, three weeks, then -- MR. GIBBS: Well, I guess our -- we're passing in the night largely because despite my enumeration of the many things that we're doing, you at least have priced into the market with the acceptance of -- Q But you came back to housing and other things, and I understand they're all part of the broader issue. MR. GIBBS: Right. They're all part of the broader issue because, again, as I've said many times from up here, there isn't just one thing that we have to do. There isn't just -- if just passing an $800 billion recovery plan would get the economy going again, I'm sure that would be received quite well here. We'd have more time, probably, on the weekend. But again, there's -- the economy faces many challenges, and the President and the administration are working day and night to address the many challenges that have gotten us to this point, and the many steps that we have to take over the course of the next many months to turn the economy around. And look, let me -- let me look ahead. We have unemployment numbers coming out on Friday. I don't anticipate that they're going to be good. I don't know anything, I'm just surmising. But I don't think that's -- I don't think that speaks to the implementation of the recovery plan. But I do believe and understand, and the President believes that we have taken and are continuing to take the steps that we need to get the economy back on track. Economy | Obama Administration | Press Briefing | Robert Gibbs | Treasury Secretary | Unemployment | White House Press Corps Labels: Economy, Obama Administration, Press Briefing, Robert Gibbs, Treasury Secretary, Unemployment, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:21:00 PM Health Care Taxes Obama Administration - White House Press Briefing by Robert Gibbs 2/3/09 — Tuesday, February 03, 2009 —  Q I'm sorry, can I follow up real quick? You didn't quite answer the question. Was Daschle given any kind of signal, yes or no, from the White House that he should withdraw?MR. GIBBS: I don't know how much more clear I can be. The decision was Senator Daschle's. Q No, no, no, no. He could have decided after he got a signal. Did he get a signal -- just say yes or no -- from the White House? You can answer that question, yes or no. MR. GIBBS: No, from the White House, he did not get a signal. Q From anywhere else? (Laughter.) I just -- words are chosen -- MR. GIBBS: You know what I'm going to do from now on? I'm going to have you guys write down your questions so I don't misinterpret -- Q Words are chosen very careful in this briefing room, as you know, that's why I'm -- MR. GIBBS: I don't know how much more clear I can be with the word "no." Laura, please phrase your question clearly and succinctly. (Laughter.) Q I'll do my best. MR. GIBBS: Speak in slow monotone so that I can understand. (Laughter.) Go ahead. Q I don't know about the slow monotone. But Robert, the President and others have spoken of Senator Daschle's unique qualifications to lead the health reform effort. Given his withdrawal, two questions. One, what impact do you think that will have on the opportunity to get health care reform, which was a heavy lift to start with? And secondly, was there or is there any consideration of keeping him on in the White House post, which does not require a confirmation? MR. GIBBS: The President -- well, Senator Daschle has withdrawn his nomination and withdrawn from serving in the White House in the capacity that we had talked about earlier. As it relates to your first question on health care, I think Senator Daschle would be -- and I think he says it, in essence, in his statement -- that much like the agenda that the President has outlined on any number of subjects, the issue of affordable health care for every American is bigger than one person; and the job of ensuring health care reform will outlast any person nominated for the Secretary of HHS and likely anybody that serves in this administration. This a problem that confounds federal and state governments. It confounds families and businesses large and small. We watch each year as health care prices get higher and higher and higher, and more people slip through the cracks, more businesses are unable to afford to provide health care coverage for their employees. We are hopeful to sign a bill this week that closes that gap for children by expanding the popular Children's Health Insurance Program. I don't think the effort slows down for health care reform, and I think Senator Daschle and others would admit that the effort is far bigger than any one individual. It's so important, it encompasses so much of our economy, and we understand that the system that we currently have whereby Americans pay more for health care and get less from it than virtually any industrialized country on the planet underscores that this is bigger than any one group or any individual. Q But given the fact that you now have to start all over trying to find someone to lead this effort -- MR. GIBBS: Well, we have to -- Q -- to be HHS Secretary, you don't think that this is going to put things back? MR. GIBBS: No, I -- no, because I think there are obviously many people in this administration that are working on this issue right now. We're looking for a new nominee, but the problem has existed for quite some time and the work toward a solution to make health care more affordable won't stop or won't pause while we look for that nominee. Major. Q Since you brought up the process with Secretary Geithner -- Max Baucus, the Chairman of the Finance Committee, has put out a statement saying he thinks that if allowed to stay, Tom Daschle would have been confirmed. John Kerry put out a statement saying it was a mistake to withdraw his nomination. Why would the White House believe it's a good idea to disappoint Democrats, who are their natural allies on health care, by preemptively taking away someone they believed could have been confirmed, as Mr. Geithner was -- despite his tax problems -- and they believe would have been someone that -- MR. GIBBS: Major, I wouldn't -- I think I'd address those questions to Senator Daschle, who, taking all of my answers into account on these subjects, made a decision to withdraw today, a decision that the President accepted. Q But it's the President's health care reform agenda, not Senator Daschle's, and -- MR. GIBBS: Well -- Q -- the natural allies of yours appear to be, A, believing he could have been confirmed, and disappointed that this was done, in their view, prematurely. What is your explanation to them? MR. GIBBS: My explanation to them is if you want to know the decision-making process of Senator Daschle, that's the best person to address that question to. Q How seriously would the White House consider Howard Dean for the Health and Human Services Secretary? MR. GIBBS: I've given -- been given many opportunities to play the name game and I don't want to spin the wheel and start today. Q So assuming that Daschle stays in the private sector, will he be able to lobby the administration on health care? And will he be in any way involved in health care? MR. GIBBS: I assume that Senator Daschle's passion for health care isn't diminished by today's announcement. But Ann, as you know, Senator Daschle has not been and is not a registered federal lobbyist; therefore, based on the rules that the government -- stringent rules that the government sets out, he can't lobby the federal government. Health Care | Nominees | Obama Administration | Press Briefing | Robert Gibbs | Taxes | White House Press Corps Labels: Health Care, Nominees, Obama Administration, Press Briefing, Robert Gibbs, Taxes, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 9:52:00 PM G7 Pileup - Air Force One Press Gaggle by Dana Perino 10/10/08 — Friday, October 10, 2008 —  Q What is -- what's the President hoping to achieve with the ministers' meeting tomorrow, with the G7 meeting?MS. PERINO: Well, we have been keeping you regularly updated on all the calls and coordination amongst the G7 countries and beyond, because as we said this morning, the President spoke to Prime Minister Rudd, I expect he spoke to President Lula earlier this week, amongst others. The G7 has been working together on a variety of things: sharing information, finding common areas where they can work together on instituting rescues that will address their individual nation's needs, as well as what we need to do as a whole, since we are all so interconnected. So today's meeting at the Treasury Department will allow them to meet face to face, maybe dot some "I's," cross some "T's," and then tomorrow morning the President will have a chance to meet with them. I'm going to let that meeting take place, but I will tell you that the goal of the meeting overall is to continue the good communication and cooperative spirit of trying to find common solutions, while respecting the fact that each nation has individual problems and challenges and needs and ways to address them. Q Dana, has anyone at the White House spoken to Berlusconi or any of his aides about his proposal to close global markets? MS. PERINO: I don't know if you saw an update, but it was retracted. Q Did you guys talk to him about retracting -- MS. PERINO: No, I don't think so. I think that it all happened so fast it was -- Q It wasn't like the White House asked him to retract that or anything like that? MS. PERINO: Not that I'm aware of. I just saw a news report as it came across. I don't know of any of us -- I wasn't involved at all. Q What about the idea of guaranteeing some of the bad debt at the banks? MS. PERINO: This is one of the ideas that Gordon Brown has put forward. What we have said is that with any proposal that's put forward by one of our global partners, that we'll take a look at it and we will review it, but beyond that I don't have any comment on it. Q What about insuring all deposits temporarily at U.S. banks? MS. PERINO: All of those things are questions that the policymakers can take up and think about, discuss. And then once we have -- if we have a decision about moving forward on any of those issues, it will either come out of the Treasury Department or we'll keep you updated. Air Force One | Dana Perino | Economy | G7 | President Bush | Press Gaggle | Treasury Department | Wall Street | White House Press Corps Labels: Air Force One, Dana Perino, Economy, G7, President Bush, Press Gaggle, Treasury Department, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:13:00 PM Hit Me Baby One More Time - White House Press Briefing by Dana Perino 10/9/08 — Thursday, October 09, 2008 —  Q Thanks. Does the idea of the federal government taking part ownership in a number of U.S. banks fit with the President's philosophy of free enterprise?MS. PERINO: As the President has said, the radical and bold aggressive steps that we are taking on the economy are not ones that were part of his natural instincts. But when presented with the evidence that the financial crisis about to hit the United States would affect every single America up and down the economic food chain, this President decided that it was important that the government take robust action. That's why we worked with Congress to establish the rescue package. Part of that package includes a broad range of authorities for the Treasury Secretary. What you're referring to, I believe, is capital injections that would actually be investing in banks but not taking them over. Q Not taking them over, but doesn't this idea envision that the government would have part ownership in a number of banks? MS. PERINO: It would include an equity stake, yes. Q And how far along is that idea? MS. PERINO: I would refer you to the Treasury Department for that, but it is a part of the range of authorities that they were given, and this is a dynamic situation. We still have a volatile stock market, and Secretary Paulson is looking at all the different tools to figure out which one should be used at what time and how robustly, and how much money to put into each. He said it's going to take a little bit of time, though, as they implement these -- the rules and regulations that Neel Kashkari is now involved in. So let me refer you over there on specifics for that. Q But that's an idea that the President would be okay with? MS. PERINO: It was a part of the rescue package that the President supported, and it gives the Treasury Secretary a range of possibilities, and investing in banks directly was one of those authorities. And Secretary Paulson can use that authority as he sees fit. Q But given the fact that the markets have not reacted positively so far, or at least not very, wouldn't the President like to see that kind of authority used sooner than later? MS. PERINO: Well, one of the things that the President wants is to make sure that these new authorities are used in the most effective and efficient way possible. They are moving at lightning speed for government-type work in trying to establish how quickly people can get in those positions so that they can work on the reverse auctions that were also a part of the authority. This -- these capital injections are something that Secretary Paulson is actively considering, but I'd have to refer you to him as to when he thinks he'd be able to make the first move. Q And the President -- back over this ground again -- the President doesn't object to this in spite of his free market stance? MS. PERINO: As I -- the President's natural instincts when first presented with these issues was not to have government involvement, but when he realized that it wasn't just a few executives on Wall Street who were going to lose their shirts, but it was possibly everyone in America, and now if you look around the world, everybody is suffering -- the President said the government has the tools and the ability to be able to step in and stem this crisis, and there was no way he was going to stand by and let everyone be hurt by the bad decisions of a few. Dana Perino | Economy | President Bush | Press Briefing | Treasury Department | Wall Street | White House Press Corps Labels: Dana Perino, Economy, President Bush, Press Briefing, Treasury Department, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:29:00 PM A Day at the Spa with AIG - White House Press Briefing by Dana Perino 10/8/08 — Wednesday, October 08, 2008 —  Q Is the President following any of the financial hearings that are going on, on the Hill, specifically at AIG executives? When the White House hears about these executives taking a spa vacation, spending thousands of dollars on massages and treatments -- I mean, do they think that there should be any kind of action taken against these executives, considering how much taxpayer money was put into that company to rescue it? MS. PERINO: I don't know how much he's been able to actually watch those. As you know, yesterday we were traveling out to Chantilly, Virginia. But certainly we've seen coverage of it. And I understand why the American people would be outraged -- I am. It's pretty despicable to realize how callous somebody might be as they go through this -- as some might be reacting to this crisis. And the President did not want to move forward on this rescue package to help anybody in the top positions in Wall Street. He was concerned about everybody -- everyday people like you and me in America and people all across this country who have worked so hard to put money into their retirement accounts, to pay their mortgages on time, who have been responsible in the loans that they've taken out. Not everybody has, and there were risky lenders -- lenders who gave people loans that they knew they weren't going to be able to pay, and borrowers who took out loans that they probably knew they didn't have the income in order to pay but thought maybe that eventually that they would. Now, Americans are not the type of people who fault success. When people succeed we like that, we think that that's good, and we aspire to be successful ourselves. But rewarding failure is something that we have a very hard time swallowing. And President Bush has said that his first instinct was absolutely not to go down this road. What he wanted was to make sure that we were asking all the right questions to prevent this financial market collapse and that we take the actions necessary on Capitol Hill, or anywhere else -- at the Fed, or the SEC, wherever we could independently -- to help save the system. But he didn't do that to help top executives and certainly not to help executives go to a spa. President Bush did that in order to try to help everybody save their accounts. Q Should some of that money be taken back from those individuals? Is there a way to do that? MS. PERINO: I don't know how it was all paid for or anything. I just know that I can understand that people would question the judgment of executives who would take that kind of action. AIG | Congressional Hearings | Dana Perino | Economy | President Bush | Press Briefing | Wall Street | White House Press Corps Labels: AIG, Congressional Hearings, Dana Perino, Economy, President Bush, Press Briefing, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:10:00 PM The Press and Body Language - Press Gaggle by Scott Stanzel 10/6/08 — Monday, October 06, 2008 —  Q If there's any -- going to be any change or update in whether [the President] might speak on the economy today, can you give us a heads up?Q -- we might hear from him when he gets back -- I mean, that's the body language I took from you. MR. STANZEL: You guys are all great at reading body language. Q Is that true? MR. STANZEL: No, it's not. But I think you're all very adept at reading body language. But my body shifting and walking back and forth here was not meant to indicate anything whatsoever, other than I read out this President's schedule as it stands right now. Economy | President Bush | Press Gaggle | Scott Stanzel | White House Press Corps Labels: Economy, President Bush, Press Gaggle, Scott Stanzel, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 4:26:00 PM Add-ons to Financial Bailout Bill - White House Press Briefing by Tony Fratto 10/1/08 — Wednesday, October 01, 2008 —  Q Tony, is the White House concerned at all about the possibility of losing votes in the House because of the add-ons in the Senate bill?MR. FRATTO: Right now we're focused on the Senate. We think the modifications are helpful and will help to achieve passage in the House. Q Didn't you want a clean bill, though? You didn't want a lot of add-ons and you're ending up with add-ons. MR. FRATTO: Well, we didn't want a lot of add-ons. We didn't want things that we felt would be harmful to the economy. But since we started working with the Congress 10 days ago on the actual legislation, we've made a number of changes and modifications. The things that are being added on right now, on the tax extenders, these are things that we have all supported. In fact, both Houses support extending the tax credits for renewable energy; both support AMT reform. There's a dispute in terms of whether they should be offset, and of course, we have opposed increasing taxes to pay for fixing a problem in the tax code. And the FDIC decision has been a recent one that we think will garner some additional support. So, yes, look, this is not -- it's never a straight line in trying to get legislation like this, and we're very appreciative of the Senate's efforts to try to develop this legislation in a way that will be successful. Congress | Legislation | Press Briefing | Senate | Tony Fratto | Wall Street | White House Press Corps Labels: Congress, Legislation, Press Briefing, Senate, Tony Fratto, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:26:00 PM Treasury Department Economic Contingency Plans - White House Press Briefing by Tony Fratto 9/29/08 — Monday, September 29, 2008 —  Q Treasury had been working on a contingency plan for an economic meltdown for over a year. Treasury told me that. Did the White House know this? Did you ever see details of this plan?MR. FRATTO: We work very closely with Treasury. Q So why is it so complex? I mean, why -- MR. FRATTO: It's a complex -- it is an incredibly complex problem. And I think you can see that Treasury was dealing with some very difficult issues: the failure of a major investment bank, the failure of the world's largest insurance company, the failure of two government-sponsored enterprises that needed to go into conservatorship. I think Treasury was ahead of this, but -- I think we said this last week, your first choice isn't a $700-billion-program commitment of taxpayer dollars. That is, I think, a last choice, a major government intervention into the financial sector. That's not what you lead with. You see if there are ways that we can try to contain the problem. That's what Treasury and the Fed tried to do. It had some limited success. But we've seen an incredible transformation in our financial sector right now. But we're in -- we're in a point where because of the tightness in credit, the extreme illiquidity in credit markets, that something major had to be done. And it was the decision of Secretary Paulson. Q But Treasury saw this happening, the possibility -- MR. FRATTO: No. No, the Treasury -- the Treasury was aware of a lot of different potential solutions, and this was one of them. Q They knew a problem was coming, that's why they were looking for solutions a year ago. I mean, why didn't they -- MR. FRATTO: I don't know about a year ago, if that's what they -- if that's what they've told you. But I know that they were looking at different ideas for a long time. But I -- still, I think the point that I made is the right point. You don't -- you don't do this kind of major intervention as a first choice. Q My point is they could have warned the public a year ago that something was coming; they could have talked to Congress. MR. FRATTO: They were warning the public. And they were talking a great deal about the problems in credit markets. And I know it's something Secretary Paulson had been focused on for a great deal of time. And in particular, his focus on Fannie Mae and Freddie Mac as the -- one of the largest players in mortgage backed securities, he had been focused on that for a great deal of time. The administration had been focused on it for six years, even long before the Secretary came to Treasury. Henry Paulson | Press Briefing | Tony Fratto | Treasury Department | Treasury Secretary | Wall Street | White House Press Corps Labels: Henry Paulson, Press Briefing, Tony Fratto, Treasury Department, Treasury Secretary, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:23:00 PM Wall Street Bailout and McCain - White House Press Briefing by Dana Perino 9/26/08 — Friday, September 26, 2008 —  Q What do you think -- what progress do you think happened between yesterday and just now for John McCain to say he's going to resume his campaign and go to the debate?MS. PERINO: I don't know. I couldn't tell you what his -- Q He says there's been progress since yesterday's meeting. MS. PERINO: Senator Reid said the same thing; so did Senator Gregg. And I'm going to let the negotiators continue. As I said, we've been -- we feel like we've been close, but we're not quite there yet. There are many members of Congress, especially on the House Republican side, who have a lot of concerns, and I understand those concerns. We get it. This President did not want to have to take this route, either. But it was after being briefed repeatedly by his Secretary of the Treasury and his Fed Chairman that if we did not do something drastic, that we would have -- we would be facing financial calamity, that the President of the United States said we can't sit by and let that happen. If we have a way that could fix it and to stabilize and strengthen the financial markets, we have an obligation to do that. Q Do you think the debate adds to or detracts from the work that will be done on the Hill? MS. PERINO: I just don't know. But I think it'll be fun to watch. (Laughter.) Congress | Dana Perino | John McCain | Legislation | Press Briefing | Wall Street | White House Press Corps Labels: Congress, Dana Perino, John McCain, Legislation, Press Briefing, Wall Street, White House Press Corps >> Full Story
Posted by White House Press Corps @ 5:53:00 PM
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