Struggle Between Wall St. & Washington
Understanding our nation's financial meltdown
- Duration 6:53
- Date Oct 6, 2011
Understanding our nation's financial meltdown
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Are right before my next -- -- invite you to write a live chat foxnews.com.
It's just beneath the live box which are watching me now -- -- referred to page I will include your questions -- you get any end quickly enough for -- that's kind he's the author of confidence man.
A critical look at how Barack Obama first audition for the job the president by responding to the national crisis that the economy was -- And any rights very critically about how that.
President responded to that once -- He -- a Pulitzer Prize winning journalist.
Telling the complete story of the nation's financial meltdown in confidence.
Let's welcome him now Ron good to see this morning.
Nice to be here.
First of all I wanna get an idea you say that the president -- then candidate auditioned for this job what do you think He saw that.
Maybe others didn't -- Well in the fall of 2008.
When Barack Obama and John McCain were fighting it out George W.
Bush and sort of retreated from the stage.
And what what's clear from the reporting is that Obama had so many Wall Street contributors and advisors.
And He was ahead of others in terms of an understanding of what was broken in the financial capital of new York and on Wall Street that He did have an advantage over John McCain.
When the two of them went head -- ahead Obama pretty much crushed him in that audition even guys like Hank Paulson the Treasury Secretary.
Was saying Obama understands this McCain doesn't that was so important -- in a bombing getting elected.
And and interestingly the group B had a rather than much more active this bipartisan Paul Volcker.
Bill Donaldson the SEC -- on the George Bush.
That group I couldn T may.
Which was in favor of much more dramatic actions from Washington toward Wall Street He replaced them with a much more.
Wall Street affectionate group of real advisors when the administration started.
So you're critical of who He had around him I understand you say that He ignored advice for instance.
Not to hire Rahm Emanuel his chief of staff back -- into -- bringing quote unquote Chicago friends to Washington.
-- that's all it's all the reporting in the book it's not my allegation is just what the reporting show there's everybody cooperated with the book they're all on the record on tape.
And what's interesting is that Obama was warned He needs a chief of staff for real CEO type Obama sort of set up a break guy I can do some of this myself.
I know -- manuals not a traditionalist.
Chief of staff he's impulsive.
You know he's unpredictable he's emotional but Obama felt.
With a kind of hubris that I think showed to be to be problematic that He -- sort of be his own chief of staff that proved to be.
The president even from the day of his inauguration tried to lower expectations.
What do you mean.
This is something that I think -- find in terms of a kind of sympathy of walking in the shoes of the president.
In He arrives at this moment with no management experience and not that much experience on the national stage.
He has to own Washington team New York a save the country from an impending depression.
You do you feel kind of -- cut a shudder.
-- gripped the president and what He felt even in grand park.
Was -- -- I need to lower expectations they're expecting too much and -- people are painting their yearnings.
On Barack Obama He canceled -- fireworks and even as He walks off the stage Michelle puts upper hand for a high five.
He gently grabs and pulls it down and says no no He felt the pressures of office quite acutely.
You know I'm curious -- you as the author of confidence man critics have said about you that -- present a very unkind.
Depiction of the president while he's in office while He is yet to seek reelection what is your response to your critics.
Well you know it's a balance but -- the balance fair and accurate portrait of Barack Obama during a very difficult period.
It tracks -- from 2007.
All the way up to almost present tense.
You know there are many people are reading the book tour critical of the president they find stuff in there that supports their -- but many were sympathetic to the president said He was in a tough spot.
He's tried to grow an office that's of the president's says in the final interview I -- don't live all the disclosures to him.
He responds to them -- a look it was a tough time -- words and very hard lessons I feel I've grown in office it takes precedence a year sometimes solar and had to do that job.
Obama says I'm ready to lead.
On on the president the country needs now the time of crisis let's see if He can deliver that's of people are watching and waiting for.
You say that's -- lightning.
Obama's most important decisions as president -- kind of slow walked three things what do you mean by that.
Well He was He was opposed by some very strong and -- Advisors many -- of course worked for Bill Clinton.
Many of -- have long experience is one another secretary Tim Geithner the treasury Larry Summers the chief economic advisor and of course Rahm Emanuel.
The discussions between those men was off -- more defining than what they said or didn't say to the president.
In many cases the president made decisions that his advisors basically said we're gonna protect him from himself.
And we're not gonna carry them out we're gonna slow walk then we're gonna re litigate as as as an internal memos.
That's a president losing control of his White House ultimately Obama says he's got control of -- White House but during a time of crisis clearly He didn't.
All right so the new jobs numbers have come out this morning -- worse than they were before we're still up above 9% unemployment in this country.
The president set to speak at about 44 minutes.
At a press conference.
Visibly to the nation to tell them.
What his jobs bill will do to stop a halted -- bleeding jobs and people coming onto the unemployment benefits rolls each week.
You say things are being slow walked back then does He have control over this White House now can He pushed through hit this jobs -- Well I think He has control over his White House the question is.
Is He able to express the -- things of people are asking for now really innovative policy.
-- -- the jobs -- big but it's more -- -- off the shelf stuff you might say I think people are underwhelmed.
By what they were hoping for something a little more innovative more diverse off the left right political grid.
I don't I don't of the doubt that the president has learned to be president better.
He's having the White House do what He wants.
The question is will this president bring together word indeed that something one in the interviews in the book up points to the head of the Gallup organization talks about.
How confidence drains away from a leader.
It's when word indeed don't match up there the president is trying to bring them together he's had a problem with that of word indeed not matching up in his presidency yet raising.
Older and I know exactly which -- talking about it it mommy doesn't back up which He says they don't listen to me Ellison to me much anyway.
But if I don't USA and you forget about it.
Ryan -- on good to have you here this morning at a confidence man is the book thank you my pleasure.