HEALTH VIEW BUT ALSO DAMAGING FROM ANY SENSE OF CREDIBILITY
THAT THE U.S. GOVERNMENT MAY
NEED IN THE FUTURE WHEN IT IS
APPROPRIATE.
APPROPRIATE. >> YOU’VE BEEN IN OFFICE AT THE
WHITE HOUSE WHEN THERE HAVE BEEN
CRISES THAT PEOPLE WORRY ABOUT.
AND YOU’VE GOT TO THINK ABOUT
THE MESSAGING AND LISTEN, WHEN
PRESIDENT TRUMP WAS IN OFFICE
AFTER THE RECESSION, I REMEMBER
BEING CRITICAL AT TIMES OF THE
ADMINISTRATION THAT WAS OVERLY
OPTIMISTIC ABOUT THINGS THAT
THEY SHOULD LESS OPTIMISTIC
ABOUT BUT WHAT DO YOU THINK IT
NEEDS TO BE?
THE STOCK MARKET THAT DONALD
TRUMP CARRIES ON ALL THE TIME?
THE BOTTOM LINE, JUST PUT UP A
CHART OF THE DOW, 1929 OR
SOMETHING, IN THE DEPRESSION,
STOCK MARKET TENDS TO GO UP OVER
TIME AND TENDS TO RECOVER FROM
THE RECESSION AND FROM 9/11
WITHIN A MONTH.
WHAT’S THE REAL WORRY HERE?
IS IT THE LIFESTYLE CHANGE WE’RE
GOING TO HAVE AND SAYING, I’M
NOT GOING TO THE BALLPARK OR
CASINO OR A TRIP, THEY DON’T
SPEND MONEY OR STAY HOME, WHAT’S
THE THING THAT YOU’RE MOST
WORRIED ABOUT WHEN IT COMES TO
THE ECONOMY?
THE ECONOMY? >> SO WHAT I WOULD SAY IS
EXACTLY WHAT YOU SAID, WHICH IS
THE STOCK MARKET IS NOT BEING
IRRATIONAL.
IRRATIONAL. THEY HAVE VERY LITTLE
INFORMATION BECAUSE WE HAVE SO
LITTLE TESTING HERE, AND SO
THEY, JUST LIKE ALL OF US, DON’T
REALLY KNOW WHAT THE IMPACT IS
GOING TO BE ON THE AVERAGE
AMERICAN AND THE AVERAGE
AMERICAN’S LIFE, AND THE THING I
WOULD EXPLAIN TO PEOPLE IS THAT
NORMALLY IN A CRISIS LIKE AN
EARTHQUAKE, ECONOMISTS THINK,
YES, GROWTH GOES DOWN ONE
QUARTER, BUT IT REBOUNDS WHEN
YOU REBUILD.
YOU REBUILD. THAT EVEN HAPPENED IN SARS, WENT
DOWN IN THE SECOND QUARTER OF
2003 AND REBUILDS.
IF YOU CANCEL YOUR SPRING
VACATION, YOU’RE PROBABLY NOT SO
ANYBODY WITH THE OLD MODE WILL
HAVE RECESSION IN THE FIRST
QUARTER OR DOWNTURN BUT IT WILL
COME BACK EASY IN THE SECOND OR
THIRD QUARTER AND SECOND, A LOT
OF THAT CONSUMER ACTIVITY, 70%
OF THAT, GDP IN THE U.S., THE
THING WE’VE BEEN COUNTING ON AND
REBOUND LATER.
REBOUND LATER. >> LET ME ASK YOU THIS.
NOT TOO MUCH TIME LEFT BUT ABOUT
THE THINGS THE GOVERNMENT CAN DO
AND WOULD HAVE DONE AND
PRESIDENTS THAT YOU WORKED FOR,
TAX CUTS?
TAX CUTS? ARE WE TALKING ABOUT THE FED
CUTTING INTEREST RATES?
I KNOW THAT’S NOT SOMETHING THE
PRESIDENT WILL TELL THE FED TO
DO.
DO. THIS PRESIDENT COUNTRYDOESN’T SE
HAVE PROBLEMS WITH THAT.
>> WHETHER YOU GO ON TRAVEL,
IT’S NOT CLEAR, IF FED CUTTING
RATES, WILL NOT HAVE BIG OF AN
EFFECT.
EFFECT. I THINK WHAT I WOULD BE DOING IS
SPENDING DRAMATICALLY ON THE
THINGS WE NEED TO PREPARE.
THAT’S THE TWO-FOR.
YOU’RE DOING IT TO GET TEST
KITS, WHATEVER IS NECESSARY TO
HELP PEOPLE STAY HOME IF THEY
NEED AND HELP PEOPLE GO TO WORK.
THAT KIND OF ALL-OUT
MOBILIZATION, MANY WAR-LIKE
MOBILIZATION WE GIVE PEOPLE AND
CONTAIN IT AND YEAH, IT MIGHT
GIVE US AN ECONOMIC BOUNCE, A