Return to Transcripts main page

CNN Live Today

President Planning Economic Summit in Texas

Aired August 12, 2002 - 13:25   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL LIN, CNN ANCHOR: Much attention is being focussed this week on the nation's economy. Federal Reserve officials will meet tomorrow to consider interest rates. And President Bush will be hosting a townhall meeting in Waco, Texas, to focus on economic problems and solutions.
For more on this, we go to CNN's Alan Wastler, who joins us now live from New York.

So Alan, this economic summit that the president is holding, what is supposed to come out of this?

ALAN WASTLER, CNN CORRESPONDENT: Big old confab down in Texas. Over 250 executives, Cabinet officers, whatnot there talking about the problems.

What's it about? Well, a lot of this has to do with appearance. If you recall back in early July, the president gave an economic speech. It was really built up -- a lot of buzz about it. And as he started talking, he did it while the markets were open. And the more he talked, the more the indexes went down and down and down. And that was kind of a bad thing for the White House. It makes the president look like he doesn't really have a firm control on the economy; it looks a little disengaged.

So this confab sort of attacks that problem a little bit. You know what? You can be really cynical and say this is just to make the president look good, but actually, a government engaged in working on the various problems attacking the market and the economy, that might not be bad for public confidence, might do a little bit to boost public confidence, boost the markets a bit.

LIN: Yes, but the Democrats are already coming out and saying that this is a faux conference. Right, that it's meant to really boost his image and a chance to see some of his old pals from the business community on the ranch.

WASTLER: Yes. A lot of (UNINTELLIGIBLE), a lot of (UNINTELLIGIBLE)

LIN: So what is the concrete plan that you expect to see come out of this?

WASTLER: Well, there probably won't be a concrete plan. You know, the Democrats probably do have a point: It will allow the president to sort of, well, I was down there and I talked about jobs in this section and I talked about technology research in this section. Health care? I got that one too. So it's going to make him look like a really busy man.

On the other hand, it'll give him a chance to look at each and every separate issue that are really combining into the sort of this perfect storm on the economy and the markets, and perhaps -- just perhaps -- get a little bit of some hardcore suggestions to really approach some of the problems. So a lot of it...

LIN: I'm sorry, Alan. I was just wondering if you knew anything about the format?

WASTLER: The format, they are going to have -- this is great, OK? We've gone from townhall. Now they're going to have breakout sessions from the townhall, each one concentrating on an individual problem. And the president's going to sort of like flit from session to session to session, pop in and out, sort of like one of those really big moderators working different parts of a huge conference trying to get some problem-solving going.

So new-age management style going on. But we'll see how it works. You never know. Some of this stuff might actually work, might get some brain power cooking.

LIN: Well, he's supposedly going to have 250 of the best minds in the country there. Minus the Democrats.

(CROSSTALK)

WASTLER: No Democrats there.

LIN: Lots of Republicans...

(CROSSTALK)

WASTLER: That's a big danger of this. It could just sink into a lot of rhetoric about we didn't cause this recession, and we're going to fix it, but they started it. You sort of hope it doesn't sink into that. But he's going to gave everything from Cabinet officers there to academics to a UPS truck driver, a restaurant owner. So it is going to be an interesting mix of minds and ideas. You never know.

LIN: That is an interesting mix. That's pretty good.

WASTLER: Yes.

LIN: Thanks so much, Alan Wastler.

WASTLER: Sure thing, Carol.

LIN: Always going to have some tough competition from Alan Greenspan and the Fed tomorrow, but we will see who has the starring role in the economy.

Thanks, Alan.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com