Speaker 1: You're listening to Comedy Central September twenty thirty, two thousand and.
Speaker 2: Eight, from Comedy Central's World News headquarters in New York.
Speaker 3: This is The Daily Show with John Stewart.
Speaker 2: Here you are not loving the darly Show. My name
Speaker 2: is John Stuart. What a program for you tonight? Former
Speaker 2: President Bill Clinton will be our guest tonight. He'll be
Speaker 2: here on the show. Hey, did you guys see Letterman
Speaker 2: last night? He and I'm in Los Angeles at the
Speaker 2: Emmy Awards. By the way, we won another little Emmy
Speaker 2: there last.
Speaker 3: Night to have a stop in story.
Speaker 4: Back and coil here.
Speaker 2: Everybody here, I'm so proud of them, so proud of
Speaker 2: everybody that works there, just putting so much effort. I
Speaker 2: was so glad to see that pay out. But I
Speaker 2: was coming back on the plane there, and then I
Speaker 2: have little children, so I helped them to bed, so
Speaker 2: I didn't see it, but I heard, you know, the
Speaker 2: guy in the audience that he was on, and then
Speaker 2: Chris Rock was on and Chris Rock said funny things,
Speaker 2: and then after that I just started getting dizzy, you know,
Speaker 2: and everything got real dark.
Speaker 1: But either way, we got a big show for you.
Speaker 2: Tonight and the big story continues to be economic meltdown.
Speaker 2: For anybody out there who's been living in a cave,
Speaker 2: let me just say this, congratulations. You've apparently made the
Speaker 2: sound just real estate investment possible once again been wins.
Speaker 2: With Wall Street in shambles, Frankenstinian Treasury Secretary Henry Paulson's
Speaker 2: has ridden to the rescue with a brilliant plan, the.
Speaker 5: Federal government seven hundred billion dollar plan to bail out
Speaker 5: the financial industry.
Speaker 2: Seven hundred billion dollars of your money, seven hundred billion dollars.
Speaker 6: Seven hundred billion, seven hundred billion dollars.
Speaker 4: Obviously is a lot of money.
Speaker 2: It's also as American as apple pie McDonald's apple pie.
Speaker 4: That is, two thousand of them.
Speaker 7: That's how much seven hundred billion dollars would buy for
Speaker 7: every single American.
Speaker 2: Oh, now I understand how powerful is a hydrogen bomb.
Speaker 2: Let's put it in terms of tacos.
Speaker 4: Geez.
Speaker 2: One hundred billion dollars is an awful lot of money.
Speaker 2: Do you think Paulson will take it? Well, he will,
Speaker 2: but only under certain conditions. For Secretary Paulson to accept
Speaker 2: our money, his decisions must be quote, non reviewable and
Speaker 2: committed to agency discretion and may not be reviewed by
Speaker 2: any court of law or any administrative agency. And we
Speaker 2: must allow him to wear a cape, and we must
Speaker 2: address him only as Baron von money Pants. And on
Speaker 2: your wedding night, he must be the first to deflour
Speaker 2: your bride. Basically, it's the Carter administration all over again. Look,
Speaker 2: before we hand this monster esque unelected official seven hundred billion,
Speaker 2: no strings attached dollars, there is one thing you should know.
Speaker 1: This financial guru never saw it coming.
Speaker 8: I've got great confidence in our financial market, our financial institutions.
Speaker 8: Our markets are resilient, they're flexible. Our institutions, our banks
Speaker 8: and investment banks are strong foresight.
Speaker 2: It's his achilles head, all right, Before we make this decision,
Speaker 2: let's hear from Paulson's supervisor. He's the CEO president, He's
Speaker 2: got an MBA from Harvard Business School.
Speaker 7: It turns out that there's a lot of interlinks throughout
Speaker 7: the financial system.
Speaker 3: Whoa slow down, Greenspan, Wow, I mean that went.
Speaker 2: Actually, the interlinks was one of the major themes of
Speaker 2: Bush's Harvard thesis, suppor and demand. So you've discovered that
Speaker 2: our financial systems aren't connected. Is there a metaphor that
Speaker 2: you could use, mister president, that would inspire even less confidence.
Speaker 7: And then obviously AIG came along, and Lehman came along
Speaker 7: and it was declared bankruptcy. Then AIG came along in it.
Speaker 4: The house of cards was.
Speaker 7: Much bigger, and so when one card started to go,
Speaker 7: we were worried about the whole deck going down.
Speaker 1: House of Cards.
Speaker 2: Oh yeah, mister president, the problem with your financial house
Speaker 2: is right over here. It's very clear hitded walls are
Speaker 2: made completely out of playing cards.
Speaker 4: Yeah.
Speaker 2: For example, right over here there we should have a
Speaker 2: low bearing stud There you have a looks like a
Speaker 2: six of clubs. I would recommend water steel or at least.
Speaker 1: A face card. No disrespect, how you doing.
Speaker 2: But none of this really explains why our invisible hand
Speaker 2: loving president now wants to use the red hand of Lenin.
Speaker 7: Well, now, my first instinct wasn't to lay out a
Speaker 7: huge government plan.
Speaker 2: My first instinct was to shotgun five core silver bullets.
Speaker 1: I got a fat that one day at a time.
Speaker 2: So the president wants to make one thing clear, his
Speaker 2: core principles of free market can create these problems.
Speaker 4: Not so helpful.
Speaker 7: In the fixing department, My first instinct was to let
Speaker 7: the market work until I realized that up, I'm being
Speaker 7: briefed by the experts of how significant this problem became.
Speaker 2: It's like normally I pray to Jesus, but in this case,
Speaker 2: upon being briefed.
Speaker 1: By the experts, hail seating.
Speaker 2: For more on this, return to senior analyst John Oliver.
Speaker 1: John, thanks very much for joining uspically.
Speaker 4: Stunning destroy.
Speaker 2: For this administration, for this administration after Katrina, after a
Speaker 2: raq Guantanamo bike. Yes, that also put us in a
Speaker 2: difficult situation.
Speaker 6: How about the politicization of nation's judicial system, Yes, upsetting
Speaker 6: the draconian secrecy, yes, Okay.
Speaker 2: My point is this, I didn't think there was another
Speaker 2: area that these guys could screw up.
Speaker 6: I know, and it wasn't easy. It was like finding
Speaker 6: a vein on a failure junkie.
Speaker 1: So is this I understand that's once the veins collapse,
Speaker 1: it's difficult. It is very hot.
Speaker 2: Is this economic crisis then sort of the third icing
Speaker 2: on this administration's cake, if you will?
Speaker 6: Okay, two things, One that was classy and and two
Speaker 6: don't count them out.
Speaker 4: John.
Speaker 6: It's a long way to January.
Speaker 1: So you think there's more out there?
Speaker 2: What is left for them to de accomplish if you will.
Speaker 6: Well, let's see, do you still have a home. Yes, well,
Speaker 6: there you go. Did your children have breakfast this morning?
Speaker 1: They did, They had a good breakfast.
Speaker 6: Was it something they found in the street?
Speaker 1: No, it was not.
Speaker 4: All right.
Speaker 2: But you're saying the president here won't be satisfied until
Speaker 2: American children are eating roadkill.
Speaker 6: Well, until they're fighting over road kill, until roadkill is
Speaker 6: the prize for the strongest American children.
Speaker 2: But why legacy?
Speaker 4: John?
Speaker 6: Look, we all know he'll never be ranked as the
Speaker 6: best president, but he could still, if he works hard.
Speaker 1: Enough, be the worst, the last.
Speaker 4: John, All of us will be right back. What about
Speaker 4: my god?
Speaker 2: Tonight a two term president of these United States? His
Speaker 2: Clinton Global Initiative kicks off its annual meeting tomorrow, September
Speaker 2: twenty fourth. Please welcome back to the show, President Bill Clinton.
Speaker 2: Thank you for joining us.
Speaker 4: Nice to see you again.
Speaker 1: Very excited.
Speaker 2: Let me ask you, you know, I know that presidential
Speaker 2: legacy is an important thing.
Speaker 1: Are you grateful to this president?
Speaker 4: Actually? I was thinking about how.
Speaker 9: Now that you've shown me the light, if I were there,
Speaker 9: I'd spend this seven hundred million for two thousand pies
Speaker 9: for everyone, and I never realized how optionally was out there.
Speaker 4: That's I want to thank you.
Speaker 2: The first one you burn the roof of your mouth,
Speaker 2: But you learn by pie three.
Speaker 1: Hundred and fifty.
Speaker 9: You'll learn after you eat three hundred and fifty, you
Speaker 9: won't care that you don't own a home anymore.
Speaker 1: You'll be so full.
Speaker 2: Or you could just build an apartment building out of
Speaker 2: pies and live in there and they heat themselves.
Speaker 1: Here's what's difficult for me to understand.
Speaker 2: The President says, boy, this problem is so big that
Speaker 2: I need seven hundred billion dollars of taxpayer money to
Speaker 2: save us. I've never normally do this. I'm a free
Speaker 2: market guy. But he rails on. If you want to
Speaker 2: give health insurance to kids without it, that's socialism. Does
Speaker 2: he have a fun.
Speaker 1: The cognitive dissonance?
Speaker 9: We ought to say, Okay, you want us to put
Speaker 9: up to seven hundred billion, here are the conditions. Number one,
Speaker 9: there has to be an effort to There ought to
Speaker 9: be a moratorium on home mortgage foreclosures.
Speaker 4: And every single one of these mortgages ought to be reviewed.
Speaker 9: And if you can write them down a little bit,
Speaker 9: and somebody can make the payment that will cost the
Speaker 9: taxpayers less and the economy less than a foreclosure. So
Speaker 9: first rewrite it. That's what we did in the depression.
Speaker 9: It actually made money for the taxpayers. By the way,
Speaker 9: when I loaned Mexico you money, you remember that they
Speaker 9: paid it back early with a six hundred million dollar profit.
Speaker 9: So that's the second criteria. The one thing that the
Speaker 9: government did that I liked in the last few days
Speaker 9: when they helped when they helped AIG, they.
Speaker 4: Loaned the money.
Speaker 9: They took an eighty percent ownership share. They loaned the
Speaker 9: money at interest. It was a very high interest rate.
Speaker 9: They're going to make profits. The second thing we ought
Speaker 9: to say is, look, you want to take all of
Speaker 9: our money as taxpayers and help these people get through.
Speaker 4: A rough spot.
Speaker 9: Fine, you either got a loan of money at interest
Speaker 9: so we can make money, or if you loaning the
Speaker 9: money in effect with no interest, then you.
Speaker 4: Have to get a piece of the upside.
Speaker 9: You get a percentage of the profit that goes back
Speaker 9: to the taxpayers.
Speaker 2: Now and that nationalization are we now France?
Speaker 9: Then no, But it's it's the heavier involvement of the government.
Speaker 9: But it's what happened because we had too much speculation, too.
Speaker 1: Long, the starnment see this coming. Do your in countet meetings?
Speaker 1: You held countet meetings?
Speaker 2: Does the Treasury secretary in a meeting go oh before
Speaker 2: we go?
Speaker 1: I want to I just want to mention real quick.
Speaker 1: You know those banks yet they don't have any more money.
Speaker 9: Well they should have because all markets play out. This
Speaker 9: all started because you had too much money and the
Speaker 9: only place that could make money was in housing.
Speaker 4: If you remember, in my second term, we had.
Speaker 9: Lots of jobs, in part because all these high tech
Speaker 9: industries were booming, right, So like every boom, it.
Speaker 4: Led to a downturn.
Speaker 9: When the downturn occurred, the Federal Reserve left a lot
Speaker 9: of money in America, but the only thing was in
Speaker 9: making money was housing. Two thousand and one the fundamental
Speaker 9: This is one of those presidential elections, important folks, not
Speaker 9: to find evildoers, but growth. In two thousand and one,
Speaker 9: all this money was out there and it all went.
Speaker 4: Into houses and construction.
Speaker 9: So we had to keep finding funny ways to have
Speaker 9: more houses. Like the subprime mortgages are the derivatives. What
Speaker 9: if we had put a lot of this money into
Speaker 9: solar energy and the wind energy into a hybrid electric vehicle,
Speaker 9: and all these things making all of our cities as
Speaker 9: energy efficient as possible.
Speaker 4: We would have.
Speaker 9: Created millions of jobs, raised incomes, had the revenues to
Speaker 9: provide health care to everybody, and there would have been
Speaker 9: competition for investment.
Speaker 4: Looking like a crazy person, now you've got All I'm saying.
Speaker 2: Is how much would you win if we owe the
Speaker 2: presidential race today?
Speaker 1: How many? What do you think you'd win by twenty No?
Speaker 1: For real, don't you think.
Speaker 2: Don't you think in your heart of hearts, don't you
Speaker 2: think if you threw yourself out there and you went
Speaker 2: up against them, you you would you would pretty much
Speaker 2: crush him.
Speaker 4: Well, I still got it. I don't know.
Speaker 5: No, why do you come back much?
Speaker 4: Allots O?
Speaker 1: Yes, what's important.
Speaker 4: Thing is Barack Obama's gonna win a black Obama. I
Speaker 4: think Obama's gonna win. Our party is going to win.
Speaker 5: There's presidential rights to every about Bland Belt partons, blah
Speaker 5: blah blah.
Speaker 2: Obama President Bill Clinton were discuss saying, Uh, I want
Speaker 2: to talk about you mentioned one of the parts of
Speaker 2: this bailout that you think is important, this congressional oversight.
Speaker 2: Can the Democratic Congress have that oversight and do it effectively.
Speaker 2: Because the difference between let's say the Republican Congress in
Speaker 2: ninety four that you were up against. They seemed focused,
Speaker 2: They had an ability to challenge you.
Speaker 1: They had an ability to uh.
Speaker 2: Try and reign in what they thought was an opposite ideology.
Speaker 2: This Democratic Congress seems unable to mount a meaningful challenge.
Speaker 9: Well, I think they First, let's give them credit. They have.
Speaker 9: They have passed a lot of progressive legislation in education
Speaker 9: and raise a minium ways, they did a lot of
Speaker 9: other things.
Speaker 4: They're going to pass a good energy bill here.
Speaker 9: I think they passed one that was pretty good before,
Speaker 9: but they're going to pass a better one I think.
Speaker 4: Now. Now here's the problem they have.
Speaker 9: The president can veto what they passed, and they don't
Speaker 9: have a veto proof margin. When new Gingrich Congress was elected,
Speaker 9: they were in a very different frame of mind. They
Speaker 9: wanted to do things and they knew I could stop them,
Speaker 9: but they also wanted to just say no to me.
Speaker 9: And they hadn't had a majority in decades. So I
Speaker 9: would say newt was a better better is the wrong word, but.
Speaker 1: Clearer even now, Yeah, bring yourself.
Speaker 9: No, I mean, oh, I'll get along with him, fine,
Speaker 9: But I never had any doubt what had happened to
Speaker 9: be if I got caught alone in a dark alley.
Speaker 9: But he was smart and articulate and forceful. But there
Speaker 9: was a lot of appeal the into this hardcore.
Speaker 4: Right wing rhetoric.
Speaker 2: But with everything going on, does it surprise you? Does
Speaker 2: it stun you? With the dire consequence of all these
Speaker 2: things that this election apparently is taking us all the
Speaker 2: way back to nineteen sixty eight and Nixonian and McGovern
Speaker 2: culture divide, it's once again the left demonizing the right
Speaker 2: for narrow mindedness and the right demonizing the left for elitism.
Speaker 2: And it almost seems like a repeat of this same
Speaker 2: movie that we keep seeing.
Speaker 9: And I think, as you know, I think it's a mistake.
Speaker 4: That is.
Speaker 9: I think for Senator Obama, I told you before, I
Speaker 9: think he'll win.
Speaker 4: I think he'll win.
Speaker 9: Because I think he's run a responsive campaign.
Speaker 4: To the issues. I think he's intelligent.
Speaker 9: I think he's really tried to come to grips with
Speaker 9: like this financial crisis here, tried to come up with answers.
Speaker 4: And I think that.
Speaker 9: The economies in trouble two Thursday, the American people having
Speaker 9: trouble paying their bills. Demographically, the country's moving towards US
Speaker 9: in greater diversity. Enthusiastically, there are more democratic new voters
Speaker 9: than Republican ones. And he's very well organized, as we've
Speaker 9: seen and as I saw in the primary. So I
Speaker 9: think so I'll be surprised, really surprised if he doesn't win.
Speaker 9: But you should understand that.
Speaker 4: We all vote for a whole welter of different reasons.
Speaker 9: And you shouldn't be surprised that a lot of young
Speaker 9: people and people immigrants and identify with Center Obama. You
Speaker 9: shouldn't be surprised at a lot of Vietnam veterans and
Speaker 9: older identify with John McCain and the extraordinary.
Speaker 1: Sacrifice that they identify.
Speaker 2: I'm always surprised that the conversation, that the conversation is
Speaker 2: dominated some in the media and everything, all right, But
Speaker 2: if you.
Speaker 9: Go back to the speech that Hillary gave in a
Speaker 9: speech I gave in Denver, we tried to stop that.
Speaker 4: That is because what Senator over.
Speaker 2: Even that's that's a great example, and the media narrative
Speaker 2: for both of those was did Hillary say enough, did
Speaker 2: she show Obama enough love? Did Bill Clinton show Obama
Speaker 2: enough love? The whole thing was not about what you said.
Speaker 2: It was all about yet would you reach the bar
Speaker 2: of love? Even this guy I had some guy in
Speaker 2: the audience said to me, did you see him on Letterman?
Speaker 2: I don't know if he really endorsed Obama enough unless
Speaker 2: you get unless you get a tattoo, well you may
Speaker 2: have to get a tattoo or some type of permanent
Speaker 2: bumpers thick.
Speaker 9: But all I can say is I'm glad he's got
Speaker 9: people that love him that much.
Speaker 4: But those are not the people that hold this election.
Speaker 9: The people that hold this election are the people that
Speaker 9: think that he is on their side.
Speaker 4: And he loves them. In other words, he.
Speaker 9: Needs to get the votes of the people that voted
Speaker 9: for Hillary or our Independence didn't even vote. But they
Speaker 9: know the country's off in the wrong direction. They want
Speaker 9: to change. And what I tried to do, and what
Speaker 9: Hillary tried to do in Denver was to say, listen,
Speaker 9: this is not about people's personal feelings. This is about
Speaker 9: which president is on your side, Who is in there
Speaker 9: for you and your family and your children and your future.
Speaker 4: Who is going to restore the American dream? At home.
Speaker 9: Who is going to restore our country's position for peace
Speaker 9: and prosperity and.
Speaker 4: Harmony throughout the world.
Speaker 9: If you look at that, we she and I have
Speaker 9: concluded that even though we actually have had a long
Speaker 9: and good relationship with Senator McCain, we admire him no
Speaker 9: question that if you vote for Senator Obama and Senator Biden,
Speaker 9: you'll get better economic results, broader shared prosperity, fewer of
Speaker 9: these headache problems, and a better position in the world.
Speaker 9: That's what we believe, and I think that's the ground
Speaker 9: on which you want to fight the election. Look, the
Speaker 9: purpose of this election is not for people to pass
Speaker 9: emotional hurdle tests.
Speaker 4: You know, this is not a roar shock test. This
Speaker 4: is about winning.
Speaker 9: An election that can change the future of the country
Speaker 9: by giving you get back.
Speaker 4: To the American mean, that's actually great power. Let me
Speaker 4: just find this out.
Speaker 5: Is that doing?
Speaker 4: Are you told that all right?
Speaker 8: Now?
Speaker 4: He feels better.
Speaker 1: It feels better now if.
Speaker 9: You just say this just one thing, since you mentioned that,
Speaker 9: I have been I'm doing this global initiative, and then
Speaker 9: I'm going out. Hillary has already done more for Senator
Speaker 9: Obama than all the runners up in the democratic nominating
Speaker 9: process in the last forty years, combined jerk combined no hand.
Speaker 4: No, not jerk. But let's get real here.
Speaker 9: The purpose of this election is to win.
Speaker 4: We need to do what gets votes. We already got
Speaker 4: all the people that love us on this side. We
Speaker 4: got to get some others.
Speaker 9: Let me just say, we got to love them, not
Speaker 9: expect them to love us.
Speaker 1: That really hurt my arm.
Speaker 2: President Bill Clinton, I got shall guys tomorrow night and eleven.
Speaker 7: Here it is for loving to Daddy and the average family.
Speaker 7: We weren't gonna let that happen. You want to call
Speaker 7: on somebody.
Speaker 4: I never choose down. You never dned the question I would,
Speaker 4: he had on today, I have to do this.
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