John McCain

peter cook __PUNCT__ senat_mccain __PUNCT__ thank you veri much for join us again __PUNCT__

mccain __PUNCT__ thank you __PUNCT__ peter __PUNCT__

cook __PUNCT__ i appreci it __PUNCT__

i want to ask you about some of your econom idea __PUNCT__ but i need to begin by ask you about your competit __PUNCT__

democrat debat last night __PUNCT__

i gather you didn't catch much of the debat __PUNCT__ mccain __PUNCT__ no __PUNCT__ i did not __PUNCT__

i obvious heard some of the dissect of it and analysi thi morn __PUNCT__ but i did not watch it last night __PUNCT__

cook __PUNCT__ your name __PUNCT__ of cours __PUNCT__ came up sever time __PUNCT__

mccain __PUNCT__ i am sure __PUNCT__

__PUNCT__ chuckl __PUNCT__

cook __PUNCT__ let me ask you about on aspect of the debat __PUNCT__

senat_clinton said last night __PUNCT__ and mayb you can help democrat out on thi __PUNCT__ that senat_obama comment about pennsylvania voter __PUNCT__ small __PUNCT__ time pennsylvania voter be bitter about some issu __PUNCT__ also hi connect to reverend_wright that have drawn so much attent __PUNCT__ that that would be ampl ammunit for you in a gener_elect __PUNCT__

is she right __PUNCT__ is that go to be fair_game __PUNCT__ mccain __PUNCT__ well __PUNCT__ in the case of reverend_wright __PUNCT__ i have express in the past that i am sure that senat_obama doe not share the extremist statement that reverend_wright made __PUNCT__

but in the case of pennsylvania made __PUNCT__ i think it veri reveal __PUNCT__ a veri elitist statement __PUNCT__ a failur to recogn histori __PUNCT__

these ar the peopl from these __PUNCT__ quot __PUNCT__ small_town __PUNCT__ that went through on of the worst econom period in america_histori call the great_depress __PUNCT__

and __PUNCT__ yet __PUNCT__ thei the on who __PUNCT__ when the call came went out __PUNCT__ and we call them our greatest_gener __PUNCT__ went out and made the world_safe for democraci and defeat an enemi and serv and sacrif __PUNCT__ not becaus thei were depress by the econom_situat nor were thei driven to their fundament faith and valu or their respect for the constitut of the unit_state __PUNCT__ the second amend __PUNCT__ but becaus thei had an ultim faith and hope and belief in america and it futur __PUNCT__

those peopl still have that __PUNCT__

and to attribut our fundament valu and belief that these peopl have __PUNCT__ not onli in pennsylvania __PUNCT__ but all over america __PUNCT__ to some kind of econom circumst is probabl as out of touch as anyth i ever seen __PUNCT__

and i note with some interest that senat_obama basic defend those statement and continu to do to thi dai __PUNCT__

so __PUNCT__ yeah __PUNCT__ i think it would be becaus that realli is a fundament differ between myself and senat obama about our faith and confid and trust in the american_peopl __PUNCT__

when you don't have that kind of trust and faith in the american peopl __PUNCT__ then you want govern to do thing for them __PUNCT__

i want the peopl to do thing __PUNCT__ not the govern __PUNCT__

cook __PUNCT__ let talk about the econom circumst face american right now __PUNCT__

mccain __PUNCT__ sure __PUNCT__

cook __PUNCT__ i go to ask you a version of the ronald_reagan question __PUNCT__

you think if american were ask __PUNCT__ ar you better off todai than you were befor georg_bush took offic more than seven year_ago __PUNCT__ what answer would thei give __PUNCT__ mccain __PUNCT__ certainli __PUNCT__ in thi time __PUNCT__ we ar in veri challeng time __PUNCT__

we all recogn that __PUNCT__

famili ar sit around the kitchen_tabl thi even and figur out whether thei go to be abl to keep their home or not __PUNCT__

thei figur out whether thei __PUNCT__ why it is that suddenli and recent someon in their famili or their neighbor ha lost their job __PUNCT__

there no doubt that we ar in enorm difficulti __PUNCT__

i think if you look at the overal record and million of job have been creat __PUNCT__ et cetera __PUNCT__ et cetera __PUNCT__ you could make an argument that there been great progress econom over that period of time __PUNCT__

but that no comfort __PUNCT__

that no comfort to famili now that ar face these tremend econom challeng __PUNCT__

but let me just add __PUNCT__ peter __PUNCT__ the fundament of america_economi ar strong __PUNCT__

we the greatest export __PUNCT__ the greatest import __PUNCT__ the greatest innov __PUNCT__ the greatest produc __PUNCT__ still the greatest econom engin in the world __PUNCT__

and __PUNCT__ by the wai __PUNCT__ export and free_trade ar a kei_element in econom_recoveri __PUNCT__

but these ar tough_time __PUNCT__ tough time __PUNCT__ and nobodi know that more than american_famili includ in small_town of pennsylvania __PUNCT__

thei haven't lost their fundament religi_belief __PUNCT__ their respect for the constitut __PUNCT__ their right to bear_arm __PUNCT__

thei ar still __PUNCT__ keep america as a beacon of hope and freedom throughout the world __PUNCT__

cook __PUNCT__ let talk about some of your econom idea __PUNCT__

you roll them out thi weekend in pittsburgh __PUNCT__

you talk about cut the corpor_tax tax_rate __PUNCT__ you talk about expand the exempt for children __PUNCT__ doubl that __PUNCT__ you also talk about repeal the altern minimum tax on top of __PUNCT__ mccain __PUNCT__ could we __PUNCT__ do you want to mention those in order or a larger question __PUNCT__ go ahead __PUNCT__

cook __PUNCT__ i go to add to that the biggi and that make the bush_tax_cut perman __PUNCT__

mccain __PUNCT__ mm __PUNCT__ hmm __PUNCT__

cook __PUNCT__ you also talk about freez discretionari_spend for a year __PUNCT__ remov earmark __PUNCT__

democrat __PUNCT__ even some republican that i talk to can sai there no wai you can do all of those thing and still balanc the budget __PUNCT__

you still can't do that without ad to the deficit __PUNCT__

ar thei wrong __PUNCT__ mccain __PUNCT__ first of all __PUNCT__ you cannot have declin revenu and sever econom difficulti and balanc the budget __PUNCT__

we all know that when the economi is wors then revenu declin __PUNCT__

we can go back to jack kennedi when he cut capit_gain and we had econom_growth and therefor increas revenu __PUNCT__

so all i can tell you is that these ar tough thing __PUNCT__ but it now time for chang __PUNCT__

and that kind of chang is the action that i talk about __PUNCT__ includ freez discretionari_spend for a year __PUNCT__

i mean __PUNCT__ why is it that __PUNCT__ as we speak __PUNCT__ the unit_state state_senat is go to refus to vote on a ga __PUNCT__ tax holidai for everi american to give them a littl break thi summer when thei travel and yet thei ad pork __PUNCT__ barrel project after pork __PUNCT__ barrel project to the tune of billion to our highwai_system __PUNCT__ which doesn't go to the area of the greatest need __PUNCT__ now __PUNCT__ on of the critic is __PUNCT__ well __PUNCT__ thi will harm our abil to restor our basic need __PUNCT__

well __PUNCT__ if we cut out the earmark __PUNCT__ if we cut out the bridg to nowher __PUNCT__ which senat_obama vote for __PUNCT__ if we cut out the bridg to nowher and the billion of dollar of pork __PUNCT__ barrel project __PUNCT__ why don't we move that monei to our veri vital infrastructur need as oppos to just ad pork __PUNCT__ barrel project onto it __PUNCT__

so of cours we need to __PUNCT__ cook __PUNCT__ but __PUNCT__ sir __PUNCT__ a lot of peopl see earmark as __PUNCT__ perhap repugn as those mai be to a lot of american_voter __PUNCT__ that the seriou sum of monei you talk about last year wa about __MONEY___billion __PUNCT__ that it just not enough to do what you talk about in term of tax_cut __PUNCT__

mccain __PUNCT__ you know __PUNCT__ that just fundament misunderstand of what go on in congress __PUNCT__

there were __MONEY___billion total in two year of pork __PUNCT__ barrel project __PUNCT__ __MONEY__ billion sign into law by the presid of the unit_state __PUNCT__

it wa an addit___MONEY__ __MONEY___billion pork __PUNCT__ barrel project that were put on and the crazi wai that we do budget __PUNCT__ those then becam part of the baselin __PUNCT__

so we increas_spend by some __MONEY___billion that i could elimin in a new york minut if we had the gut to do it __PUNCT__

now __PUNCT__ __MONEY__ billion is not chump chang __PUNCT__

and then when you look at a freez in discretionari_spend __PUNCT__ when you look at reform in defens procur __PUNCT__ which i save the taxpay by myself __PUNCT__ not by myself __PUNCT__ with the help of a lot of wonder peopl __PUNCT__ of __MONEY___billion __PUNCT__ __MONEY__ billion on a flaw boe deal that ha sent peopl to jail __PUNCT__

so to somehow believ __PUNCT__ well __PUNCT__ that just a small_amount __PUNCT__ you know what that is __PUNCT__ my dear friend __PUNCT__ that is a cop __PUNCT__ out __PUNCT__

that is a cop __PUNCT__ out becaus the american_peopl no longer believ that we ar care steward of their tax_dollar __PUNCT__

so when we ask them to reform medicar and social_secur __PUNCT__ while we spend billion on these wast project __PUNCT__ __MONEY___million in most commun in american isn't chump chang __PUNCT__

that wa the cost of the bridg to nowher __PUNCT__

cook __PUNCT__ let me ask you about hous becaus you said you wouldn't plai polit with the hous_crisi __PUNCT__

you also said a month_ago __PUNCT__ i want to quot you directli here __PUNCT__ it is not the duti of govern to bail out and reward those who act irrespons whether thei ar big_bank or small borrow __PUNCT__

yet __PUNCT__ now you propos __PUNCT__ potenti __PUNCT__ feder taxpay help to as mani as __NUM__ american face the risk of foreclosur includ some who got in over their head becaus of decis thei made __PUNCT__

ar you plai polit with thi __PUNCT__ is it fair for peopl to suggest thi might be a flip __PUNCT__ flop __PUNCT__ mccain __PUNCT__ i don't think it fair __PUNCT__ peter __PUNCT__ becaus i also said in that statement that there ar hard __PUNCT__ work_american american_famili that find themselv in the conundrum of all of a sudden ratchet up of their mortgag_payment __PUNCT__ which thei had no control of nor were not awar when thei sign the document __PUNCT__ and thei could afford the previou payment __PUNCT__

cook __PUNCT__ so none of the __NUM__ sir __PUNCT__ ar guilti of simpli sign __PUNCT__ look at hous thei want to bui and couldn't afford __PUNCT__ mccain __PUNCT__ well __PUNCT__ it ha to be a primari resid __PUNCT__ thei have to provid proof that thei could afford the mortgag payment at the time __PUNCT__

there ar certain paramet __PUNCT__

that why it __NUM__ and not everybodi __PUNCT__

but i think there ar legitim homeown who ar in their primari resid who should be elig for a __NUM__ __PUNCT__ year fix rate guarante by the fha loan and therebi help both the lender and the borrow __PUNCT__

it seem to me that __NUM__ __PUNCT__ relief to __NUM___peopl who ar basic caught up in thi crisi is a legitim role for govern __PUNCT__

it not a legitim role to reward the specul __PUNCT__

in other word __PUNCT__ thi ha to be primari resid __PUNCT__

it is not a reward for greedi peopl on wall_street __PUNCT__

that is why i have also ask for a depart of justic investig of some of these practic on wall street __PUNCT__

and i find it obscen when some of these execut take major pai_packag as a reward when ordinari_american american_famili ar risk the loss of the american_dream __PUNCT__ which is their home __PUNCT__

cook __PUNCT__ sir __PUNCT__ there is a debat go on right now whether alan_greenspan __PUNCT__ when he wa the fed_chairman __PUNCT__ kept interest_rate too low __PUNCT__ and that is part of the problem we ar see __PUNCT__ not onli with the economi __PUNCT__ but with the hous situat as well __PUNCT__

do you have a view on that __PUNCT__ mccain __PUNCT__ i view alan_greenspan stewardship __PUNCT__ and i know thi mai be in contradict to some peopl opinion __PUNCT__ i believ hi overal stewardship __PUNCT__ i believ __NUM___year as chairman of the fed __PUNCT__ as have been good for america_economi __PUNCT__ whether he kept interest_rate too low or too high __PUNCT__

look __PUNCT__ that is a judgment made by the feder_reserv __PUNCT__ and politician __PUNCT__ by intent __PUNCT__ ar kept out of it __PUNCT__

in other word __PUNCT__ unfortun __PUNCT__ congress doe not set interest_rate __PUNCT__

histori __PUNCT__ i think __PUNCT__ will judg alan_greenspan rather well __PUNCT__

cook __PUNCT__ if you did __PUNCT__ would you be lower them next week __PUNCT__ mccain __PUNCT__ sure __PUNCT__ i would __PUNCT__

is there ani politician that wouldn't __PUNCT__ chuckl __PUNCT__ that would sai __PUNCT__ look __PUNCT__ i want you to pai higher interest_rate __PUNCT__ that is why we put that respons in the hand of the fed __PUNCT__ not in the hand of the __PUNCT__ mai i sai __PUNCT__ politician who believ in short __PUNCT__ term gratif __PUNCT__

cook __PUNCT__ let me ask a coupl quick issu befor we leav you here __PUNCT__

mccain __PUNCT__ cough __PUNCT__

yeah __PUNCT__ i sorri __PUNCT__

sure __PUNCT__

cook __PUNCT__ climat chang __PUNCT__

yesterdai __PUNCT__ the presid __PUNCT__ thi is on of the area you have broken with the presid __PUNCT__

you have support mandatori greenhous_ga_emiss cap __PUNCT__

the presid signal for the first time he want to stop the growth of greenhous_ga_emiss by __NUM__ __PUNCT__

there is a bill about to hit the senat_floor __PUNCT__ which would cap and reduc greenhous_ga_emiss about __NUM__ percent by the year___NUM__ __PUNCT__

it is be offer by your good_friend __PUNCT__ joe_lieberman __PUNCT__

ar you go to support that bill __PUNCT__ mccain __PUNCT__ i will support if we have a dramat_increas role for nuclear_power __PUNCT__

the radic environment_group ar still plai too great a role in thi legisl __PUNCT__

nuclear_power ha got to be a veri big_part of ani effect action to reduc greenhous_ga_emiss __PUNCT__

i am glad that congress is move __PUNCT__

in due respect of the presid __PUNCT__ it is not enough __PUNCT__ and it is too late __PUNCT__

cook __PUNCT__ all right __PUNCT__

let me ask you about the vice __PUNCT__ presidenti select process that you ar begin here __PUNCT__

first of all __PUNCT__ have you narrow your choic at all __PUNCT__ mccain __PUNCT__ no __PUNCT__

__PUNCT__ chuckl __PUNCT__

but we ar move along __PUNCT__ we ar move along __PUNCT__

but we have found __PUNCT__ and i realli have and it unfortun __PUNCT__ anytim anyon name is mention __PUNCT__ then immedi thei ar almost subject to an invas of privaci __PUNCT__

so we ar just move along with the process __PUNCT__

cook __PUNCT__ should anyon who is consid for the job expect that a vice_presid under presid_john john_mccain would have less author and power than dick_chenei ha for georg_bush __PUNCT__ mccain __PUNCT__ hmm __PUNCT__ i don't know __PUNCT__

i think that __PUNCT__ it ha got to be a team __PUNCT__ and i think thei have got to work togeth __PUNCT__

certainli i believ in parcel out respons __PUNCT__ whether it be to the vice_presid or cabinet member __PUNCT__

i believ in deleg __PUNCT__ and i think that that is on of the great aspect of great leader is deleg of author and respons __PUNCT__

but everi presid achiev a relationship with their vice presid __PUNCT__

cook __PUNCT__ did the vice presid exce the bound of that offic in ani wai __PUNCT__ do you think __PUNCT__ dure the cours of the last seven year __PUNCT__ mccain __PUNCT__ it is not so much exceed the bound of offic __PUNCT__

i think some decis were made __PUNCT__ and i sure with the presid __PUNCT__ in the issu of tortur that i don't agre with __PUNCT__ but i don't know if it quot __PUNCT__ exceed the bound of hi author __PUNCT__

as far as i know __PUNCT__ everyth that the vice presid ha done wa with the consult and agreement of the presid __PUNCT__

cook __PUNCT__ final question __PUNCT__ sir __PUNCT__

ar you look forward to final have a singl democrat_oppon to take on __PUNCT__ and will you know who that person is after pennsylvania on tuesdai __PUNCT__ mccain __PUNCT__ sure __PUNCT__ i am look forward to get the campaign crank up __PUNCT__

but i have no clue __PUNCT__

you and i were last togeth in south_carolina __PUNCT__

the relationship __PUNCT__ as far as senat_obama and senat_clinton and their chanc __PUNCT__ were differ than thei ar todai __PUNCT__

and i am sure the next time we get togeth __PUNCT__ thei mai be differ again __PUNCT__

on thing about thi primari_season on both side of the aisl __PUNCT__ i think you would agre __PUNCT__ it veri unpredict __PUNCT__ includ in my case __PUNCT__

__PUNCT__ chuckl __PUNCT__

cook __PUNCT__ senat_mccain __PUNCT__ we thank you veri much for the time __PUNCT__

we appreci you join us here on bloomberg __PUNCT__

mccain __PUNCT__ thank you __PUNCT__ peter __PUNCT__