Meet the Press   |  September 15, 2013

Roundtable discusses strategy for further economic growth

A Meet the Press panel prescribes the steps needed to continue bolstering the American economy.

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This content comes from Closed Captioning that was broadcast along with this program.

>> doesn't exist alone in the world . i mean i just listen to a group of people act as if syria was one of the a1 states and could step in there and run it. we deal in an international world. if you look at the developed economies, yes, we're not doing as well as we'd like but we're doing better than any other just about. and these are our customers and there's a slowdown in china so given the economic reality i think we're doing well. i do want to add one thing, though, to your question about those boar beleaguered bankers who have been forced to do so much to keep from not being able to pay their gets they can't lend money. if they really are running businesses that are so stressed that they can't do their basic work, why are they paying themselves so much money gentleman where did these enormous salaries come from if they were in fact in such serious trouble?

>> right.

>> thank you for giving me that one. okay.

>> but your point is to get beyond -- to get beyond some of the resentment of the bankers and get to a place where we actually have more hiring going on, more investment going on and washington plays a more constructive role beyond whether it was the bailout of the banks which changed our politic.

>> right, i would like to come back to that, david. because what we did was very un unpopular. very unpopular because we never made the case. i was never able to make the case of what we did was for the american people to prevent economic disaster . it wasn't for the bankers. but i want to also make the point is we will have other financial crises . that's the history of mankind. as long as there are markets there will be crises. most of them have been manageable. we want to avoid these big dislocations like, you know, the great depression or had a 2008 which easily could have been the great depression but we have to continue to clean up our messes. we need to fix fannie and freddie, okay. that -- we should be focused on that. we need to focus on some things in the shadow banking market that --

>> yeah, but before you make your point i want to ask you one newsy question. who should be the next fed chair? i don't want that to go unanswered.

>> i'm sorry to disappoint you. i'll be honest i'm not in that position anymore. i have too many friends involved there. it becomes too deeply personal for me and, you know, there's a trade-offment you leave office. you don't have a lot of power and don't have to make decisions but you don't have to annoy a lot of other people either so i'm going to duck that one can i say --

>> very quickly.

>> first of all, many of the banks didn't want this mope. it's not -- secondly the federal government made money on the advances to the banks. what cost us money was the automobile industry bailout. but we made money in the banks.