Recap President Obama's "CBS 60 Minutes" Interview

March 24, 2009 Presidential Address: The address appears to be more effective and safer for President Obama to present information to the media. After the president makes his presentation, updating Americans on the economic issues, there is a Q & A session with the media.

An earlier interview with CBS 60 Minutes with no scripted notes may be exposing President Obama to unnecessary risks. The interview shows him to be at ease with the media. It is reassuring to know he is a man with steadfast demeanor, quick wit and self-assurance who is most interested in sorting out facts before rendering decisions. The interview may be an attempt for his administration to be more "transparent".

Going into office, there is an unusually heavy load of serious issues facing a new president. The nation's pressing issues are swarming him in consecutive waves, without the luxury for him to ease into his presidential role. His youth, lack of vast experience and lack of a full key administrative staff seem to hamper his ability to function at optimal efficiency. On the other hand, his youth also gave him an edge on stamina not available to the former presidential candidate John McCain.

Guantanamo and Dick Cheney's concerns are not addressed satisfactorily. President Obama needs a delicate balance of global reaction and America's best interest regarding terrorist attacks. The incarcerated prisoners of Guantanamo long term is
"unsustainable" but there is no clear indication what is considered sustainable.

The default of use of "I think" about 20 times in the interview is perhaps an attempt to be non- defensive or non- aggressive, however, the frequent use seems to exude a lack of conviction or commitment on the part of Obama. In his March 24 Presidential Address, there was no "I think" at all.

Family Life: It's heart-warming to know that he has the comforts of a loving family that is a priority in a president's life. This may be the First family that we can relate to, be proud of and consider our model family. Perhaps this is a family we cold champion for their success and one that is not to be salaciously scandalized that so often deraisl the administration.

Lastly, a lot is focused on his "punch drunk" laughter, which seems much ado about nothing. Though the issues discussed are of a serious nature, no one died. As President Obama makes a good point when he explains, "There's gotta be a little gallows humor to get you through the day." He has a lot on his plate and major decisions of cosmic proportions are made including the aversion of an economic catastrophe, all of which could cave in a lesser president, surely such levity and optimism are not uncommon.

CBS 60 Minute Interview with President Obama

Since the 44^th president took office on January 20, 2009, President Barack Obama, a U.S. president, is recognized as the most powerful leader in the world. It has been over 2 months since the inauguration and he's inudated relentlessly with national issues which make Iraq (the much debated issue during the presidential campaign) relatively less significant in priority. With no real executive experience other than running the Harvard Law Review (1991) and directing his presidential campaign, the new young president is geared steadfast demeanor, confidence and quick wit is thrust into the throws of tackling paramount challenges of pressing concerns directed unrelentingly at him.

The CBS 60 Minutes interview on March 22, 2009, covers the following issues:

A) AIG Bonuses, Public Outrage & AIG Taxation
B) Treasury Secretary, Timothy Geithner
C) Recession & Government Spending to Revive the Economy
D) Automobile Industry
E) President Obama's "Punch Drunk" laughter
F) Guantanamo and Dick Cheney
G) Guantanamo and Dick Cheney Obama family life, office life and his personal wish
H) The White House and Obama Family Life

A. AIG BONUSES, PUBLIC OUTRAGE & AIG TAXATION

Q: 1) AIG is responsible for bringing the company to the brink of bankruptcy and American economy to its knees and now being propped up by U.S. taxpayers. Surprised at the public outrage over the AIG bonus debacle?

2) Is House 90% taxation on AIG bonuses in excess of $250,000 a year for companies receiving bailouts of $5billion or more constitutional? And the legislation, if passed, will affect many AIG employees, some of them may have nothing to do with the financial crisis and may deserve their bonuses. How fair is the proposed law?

A: 1) President Obama's economic team is not surprised by it. The focus is to dig ourselves out the economic hole. His focus is to stay on course and be efficient, and to : a) Not govern with anger, b) Make decisions based on facts, c) Focus on the vital goal to increase employment by putting Americans back to work and d) Get credit flowing again. His major target is getting the economy moving again and refused to be distracted by what's happening day to day. The goal is to increase employment, and get credit and the economy moving.
He ordered Treasury Secretary Geithner to use all legal means to recover AIG bonuses. If money is not returned, it will be deducted from the next AIG bailout payment.

2) The House would like 90% taxation on AIG bonuses in excess of $250,000 a year for companies receiving bailouts of $5billion or more. President Obama says the proposition is to target a handful of executives, and pass laws with some broad applicability, not to punish people. Carefully crafted legislation is necessary. AIG, on the other hand, functions today as they did before the bailout, and are rewarded with their usual bonuses while on taxpayer's dime and still not grasping the seriousness of the economic issues. On the other hand, for the economy to recover, banks need money to get credit flowing.

B. TREASURY SECRETARY TIM GEITHNER

Q: 1) Should Tim Geithner be replaced and the hypothesis that he asks to resign.

2) Tim Geithner's plan without enough details to solve the problem has been met with extreme tepid response. Criticisms were from individuals including businessman billionaire, Warren Buffet.

3) Do the financial community and Wall Street trust the president to fix the economy?

A: 1) Without hesitation, President Obama's definitive response was a "NO" and that Geithner is doing a "terrific job." In response to a hypothesis of Geithner asking to resign, Obama emphasized that he would acknowledge it but tell Geithner he still has the job. Obama claims to takes the responsibility of the Geithner's debacle as he is not fully staffed and has a lot on his plate (banks, bailouts, auto industry, oversees money to be spent wisely and accountable to Congress are the major economic problems). A dozen key positions in the Treasury department are unfilled and Geithner still has no deputy. Positions offered were turned down, and two people under consideration for the deputy post but withdrew from the intense and onerous vetting process and the 24/7 media vigilance. The setbacks for staff positions include many downsides of huge pay cuts, scrutiny and embarrassment.

2) Obama's immediate response is, "Warren still does support me," and that Buffet has a stake interest as a major owner of Wells Fargo Bank. Some members of Congress have a different perspective of not wanting to spend more taxpayer money. There is a whole host of players with completely different solution. Those with staked interests want more input of money with no strings attached, while the Congress representing Americans want banks fixed without spending any money, resulting in a "difficult line to walk" in solving the bank crisis at some point.

3) President Obama says that it is part of his job to communicate with the financial community and Wall Street. He wants them to do well, and is a champion of financial innovation and success. Unlike a few decades ago where management earned 20 times that of the teacher, but today they make an astronomical 200 folds, extremely skewed in favor of the rich. He suggests that disgruntled New York executives with earning $250,000 salary who are favoring to work elsewhere for a lot more income should look into North Dakota where folks "would be thrilled to be making$75,000 a year without bonus" and then perhaps the executives could grasp the frustrations of Americans. The best and brightest of Wall Street didn't do too well, and perhaps the incentive structures set up did not produce for long term growth exacerbates the frustrations. In addition, the severity of the crisis stems from Wall Street making bad bets on derivatives (SWAP - in-house home insurance to cover risky loans) and making a fortune but are now resulting in enormous losses, and turned out to be "completely worthless".

C. RECESSION & GOVERNMENT SPENDING to REVIVE THE ECONOMY

Q: 1) If the president is surprised by the depth of the recession.

2) Is there still some systemic risk out there? Could the financial system still implode if there were a big failure at AIG or Citicorp?

3) Limit to the amount of money the government can spend to solve the economic crisis and how close to that limit are we.

4) When to expect "this" ending or when things might begin to get better?

A: 1) No anticipation on the unprecedented economic decline would be, particularly in employment where millions of jobs are shed over the course of a few months. In an economy that is very intertwined and wired, events happen speedily in decline but President Obama anticipates that recovery is faster than past recoveries.

2) Yes on systemic risk out there, and in doing nothing, we could still have some big problems. Certain institutions are so big, they bring other financial institutions down with them. And if they all fail at the same time, an even more destructive recession and potential depression would ensue. President Obama is optimistic about a financial catastrophe not happening.

3) It is limited by the ability of the government's ability to finance expenditures by borrowing. Stating that U.S. has the largest and most stable economy and political system with the dollar still going strong, and people are still buying Treasury Bills, considering them to be the safest investment out there. Obama states that the current crisis is crucial and start long long-term deficit projections or there might be a time people might stop buying T-Bills.

4) Obama says that signs are already showing with the "flickers of hope out there" and refinancing have increased significantly. Interest rates never lower, the possibility of the housing market bottoming out to begin stabilizing, but the effects are not going to be felt equally throughout the country.

D. AUTOMOBILE INDUSTRY

Q: 18% in favor and 76% against aiding the auto industry

A: Obama Administration is still committed to help GM and chryler avert bankruptcy if they can remain economically viable which is yet to be demonstrated. There are major political obstacles and bailouts to the auto industry is less popular than bailing out banks

E. PRESIDENT'S "PUNCH DRUNK" LAUGHTER

Q: Comment regarding the inconsistency of the president's light mood and laughter ("Are you punch drunk?") in midst of a serious discussion, like economic issues.

A: "There's gotta be a little gallows humor to get through the day," and further comments that a year ago had someone told him that other dire problems would overshadow the Iraq concern, it would not be conceivable. The president truly has a lot on his plate of enormous difficult issues that need to be solved.

F. AFGHANISTAN & PAKISTAN

Q: 1) U.S. mission regarding Afghanistan

2) Afghanistan is hard to govern, and throughout history, it is the graveyards of empire. U.S. is viewed by Afghanistan as well as Pakistan as yet another foreign power to take over the region.

A:1) Number 1 priority is to ensure Al Qaeda cannot attack the U.S homeland or U.S interests or U.S. allies. The terrorists' violence would not be tolerated, however, military approach in Afghanistan alone may not be able to solve the problems. In support of that goal, there is a need to: a) build up their economic capacity, b) bring a more regional diplomatic approach, c) have better & effective co-ordination with U.S. allies on focusing on the central mission we had after 9/11, d) look for a comprehensive strategy and an exit strategy, and e) this is not a perpetual drift [movement].

2) Coordinating information from the Pentagon and commanders on the ground, President Obama recognizes that Afghanistan is difficult on many levels, nonetheless, "it is not acceptable for us to simply sit back and let safe havens of terrorists plan and plot." Unlike Iraq, Afghanistan has its destabilizing border issues with Pakistan but Afghanistan lacks the infra-structure, easier terrain and better educated population.

G. GUANTANAMO and DICK CHENEY

Q: Former Vice President Dick Cheney stated that shut Guantanamo shut down, the change of treatment and interrogation of prisoners makes American weaker and more vulnerable to another attack.

A: President Obama said he fundamentally disagrees with Dick Cheney and that we don't torture as it does not reconcile our core values. the Constitution, and our national security interests. And that Cheney is "drawing the wrong lesson from history."

Cheney's attitude, philosophy and actions had adversely damage America's image and position in the world, promoted by the anti-American sentiment. He claims that Cheney's belief has not made America safer, and asks how many terrorists have actually been brought to justice or convictions came from Guantanamo. On the contrary, he claims that there is a "constant effective recruitment of Arab fighters and Muslim fighters against U.S. interests all around the world."

Americans don't feel safer, but there is more anti-American sentiments which provide easier recruit access for terrorists against America. He says that long term incarceration of Guantanamo prisoners is "unsustainable" but has not provided specifics on the fate of the imprisoned.

H. THE WHITE HOUSE & OBAMA FAMILY LIFE

Daily routine: It includes: workout in the morning (wife Michele is often at the workout too), have breakfast, read the papers and read morning briefing.

Office life: Then to the Oval Office and talk with the National Security team, the economic team, and other agendas follow. He says that typically between 7:00 and 10:00, he has a good idea "what I'm doing."

Job: The presidential office is exhilarating as well as challenging in the governance and decision making (which comes pretty naturally to him) aspect of the job. With a great team, he says they are making good decisions. Because there are so many demands and decisions demanding attention, staying focused on the job is the hardest task.

Home: He pointed out his living quarters and dining room on the second floor of the presidential executive mansion which also includes a gym (3^rd floor) as he quips on the "nice digs."

Dinner with the family most evenings. Usually visits with his daughters when they visit him after school, and he watches them play on the swing set from his office window. He was surprised by the "Rolls Royce of swing sets" his chief usher, Admiral Steve Rochon conceived. The girls enjoy living in the White House and adapt very well. He says that the girls are unimpressed, and continue their lives as the "same sweet, engaging, happy unpretentious kids" and have fun. Michele is thriving well, and she wants to promote good nutrition by starting a vegetable garden with the help from some Washington school children.

Q: Hardest decisions made in the last 60 days.

A: Sending more troops into Afghanistan, a weighty decision because the decision was made prior to the completion of strategic review that is being conducted. The weighty decision includes sending 17,000 young Americans affect their families, and signing a condolence letter to send to family of a fallen hero, all often reminding him that the decisions he makes counts.

Q: Most frustrating part of the job

A: "Be confronted with bad choices that flow from less than optimal decisions made a year or two years ago," where he may have to make a choice between a choice of bad or worse. Only tough decisions land at his desk because easy ones have already been made by others "down the food chain." He has to make numerous decisions daily, too many to count. To prepare for meetings and decision making, he's always briefed before they happen .

He has to be up to speed by reading and digesting huge amount of information (briefing books and related history and policy books).

Q: Taking a full day off

A: Yes, but never a full day, usually on a Saturday and Sunday when he goes to the Oval Office, and still have time for his children.

The family is still exploring the 55,000 square foot home with 132 rooms and 35 bathrooms in the White House. He has gotten lost in the executive mansion repeatedly. Former quips of the White House includes: The Great White Jail (Harry Truman), The Finest Public Housing in America or the Jewel of the Prison System (Bill Clinton's indecisive name)

Letter reading: Daily reading of 10 letters out of 40,000 received nightly, to be in touch with the public. He laments the inability to chat or listen or meet the public at coffee shops now that he is the president.

Source
CBS 60 Minutes (March 22, 2009)
President Obama's Press Conference transcript, March 24, 2009.