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CNN Live At Daybreak

Minding Your Business: In This Corner, President Bush

Aired February 13, 2003 - 07:52   ET

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

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


JACK CAFFERTY, CNN ANCHOR: Federal Reserve Chairman Alan Greenspan saying no in no uncertain terms, he doesn't agree with the tax cuts plans being put forward by President Bush.
With more on that, and a preview of today's stock market, such as it is, Andy Serwer, "Minding Your Business."

Good morning.

ANDY SERWER, "FORTUNE" MAGAZINE: Good morning to you, Jack.

Do you know what kind of market we have?

CAFFERTY: Yes I do, but you can't say it on TV.

SERWER: No, not on TV, not even cable. It's a Paul Simon market, it's slip-sliding away, all right?

CAFFERTY: Oh, OK.

SERWER: Listen, the Dow was down 84 points yesterday. Everybody is down. The Nasdaq's down, the S&P's down, my 401(k) is down. We're now to a four-month low.

And so not surprisingly, the president was out yesterday trying to reassure Americans, and also pushing and making his case for his tax plan, basically saying why it worked. He was in northern Virginia at a Charles Schwab office. Let's listen in to what he had to say.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: If the economy needs a little extra oomph (ph), if more money needs to go into the pockets of our people so as to encourage economic vitality, why wait?

(END VIDEO CLIP)

SERWER: A little extra oomph (ph).

CAFFERTY: There you go.

SERWER: It may need a little extra oomph (ph)...

(CROSSTALK)

CAFFERTY: We could always use a little oomph (ph).

SERWER: Yes, I know.

CAFFERTY: I think so.

SERWER: He's a busy guy.

And as you said, Jack, though, the Fed chairman -- you know, as if we didn't mistake what he meant in the Senate...

CAFFERTY: Right.

SERWER: ... two days ago. Yesterday in front of the House, he said, no, you know, I just think budget deficits are a problem. And you know, we've all talked about how it's difficult to understand the Fed chairman, and how he's kind of boring.

CAFFERTY: Well...

SERWER: He's boring sometimes.

CAFFERTY: He speaks...

SERWER: Greenspeak (ph), right?

CAFFERTY: He speaks at a higher level than most of us.

SERWER: Right. This was funny. The footage yesterday, you've got to check this out. Someone found it a little boring.

(BEGIN VIDEO CLIP)

ALAN GREENSPAN, FEDERAL RESERVE CHAIRMAN: Municipal bonds, they actually -- the sustainability of our fiscal affairs goes up quite abruptly. (UNINTELLIGIBLE) basically is that the history of commercial bank defaults...

(END VIDEO CLIP)

SERWER: I identify at this point. I think she works for the Fed. That's (UNINTELLIGIBLE). And down at the New York Stock Exchange, traders were watching this and laughing hysterically. And when the woman woke up, they started cheering.

CAFFERTY: Well, that's a sick group down there.

SERWER: Yes, it is a sick group. It was pretty...

CAFFERTY: A lot of black humor on the floor of the exchange.

SERWER: ... pretty amusing, though. I mean, you know...

CAFFERTY: That's funny.

SERWER: It is funny, and you know, she probably worked long and hard preparing for that speech and just couldn't keep her eyes open.

CAFFERTY: Well, and that stuff just goes on forever. SERWER: It drones.

CAFFERTY: They all have to have their questions, some of which make no sense at all, but they have to ask them anyway, so that they'll be in the congressional record as having...

SERWER: Right.

CAFFERTY: ... addressed the question to the Fed chairman, yes.

SERWER: Mr. Fed Chairman, isn't it true that interest rates move?

CAFFERTY: Yes.

SERWER: Yes, and he says -- and he's very gracious about it, but it just goes on and on.

CAFFERTY: Yes, he has the patience of a saint. I couldn't sit there and entertain them.

SERWER: Yes.

CAFFERTY: Thanks, Andy.

SERWER: All right, Jack.

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







Aired February 13, 2003 - 07:52   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JACK CAFFERTY, CNN ANCHOR: Federal Reserve Chairman Alan Greenspan saying no in no uncertain terms, he doesn't agree with the tax cuts plans being put forward by President Bush.
With more on that, and a preview of today's stock market, such as it is, Andy Serwer, "Minding Your Business."

Good morning.

ANDY SERWER, "FORTUNE" MAGAZINE: Good morning to you, Jack.

Do you know what kind of market we have?

CAFFERTY: Yes I do, but you can't say it on TV.

SERWER: No, not on TV, not even cable. It's a Paul Simon market, it's slip-sliding away, all right?

CAFFERTY: Oh, OK.

SERWER: Listen, the Dow was down 84 points yesterday. Everybody is down. The Nasdaq's down, the S&P's down, my 401(k) is down. We're now to a four-month low.

And so not surprisingly, the president was out yesterday trying to reassure Americans, and also pushing and making his case for his tax plan, basically saying why it worked. He was in northern Virginia at a Charles Schwab office. Let's listen in to what he had to say.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: If the economy needs a little extra oomph (ph), if more money needs to go into the pockets of our people so as to encourage economic vitality, why wait?

(END VIDEO CLIP)

SERWER: A little extra oomph (ph).

CAFFERTY: There you go.

SERWER: It may need a little extra oomph (ph)...

(CROSSTALK)

CAFFERTY: We could always use a little oomph (ph).

SERWER: Yes, I know.

CAFFERTY: I think so.

SERWER: He's a busy guy.

And as you said, Jack, though, the Fed chairman -- you know, as if we didn't mistake what he meant in the Senate...

CAFFERTY: Right.

SERWER: ... two days ago. Yesterday in front of the House, he said, no, you know, I just think budget deficits are a problem. And you know, we've all talked about how it's difficult to understand the Fed chairman, and how he's kind of boring.

CAFFERTY: Well...

SERWER: He's boring sometimes.

CAFFERTY: He speaks...

SERWER: Greenspeak (ph), right?

CAFFERTY: He speaks at a higher level than most of us.

SERWER: Right. This was funny. The footage yesterday, you've got to check this out. Someone found it a little boring.

(BEGIN VIDEO CLIP)

ALAN GREENSPAN, FEDERAL RESERVE CHAIRMAN: Municipal bonds, they actually -- the sustainability of our fiscal affairs goes up quite abruptly. (UNINTELLIGIBLE) basically is that the history of commercial bank defaults...

(END VIDEO CLIP)

SERWER: I identify at this point. I think she works for the Fed. That's (UNINTELLIGIBLE). And down at the New York Stock Exchange, traders were watching this and laughing hysterically. And when the woman woke up, they started cheering.

CAFFERTY: Well, that's a sick group down there.

SERWER: Yes, it is a sick group. It was pretty...

CAFFERTY: A lot of black humor on the floor of the exchange.

SERWER: ... pretty amusing, though. I mean, you know...

CAFFERTY: That's funny.

SERWER: It is funny, and you know, she probably worked long and hard preparing for that speech and just couldn't keep her eyes open.

CAFFERTY: Well, and that stuff just goes on forever. SERWER: It drones.

CAFFERTY: They all have to have their questions, some of which make no sense at all, but they have to ask them anyway, so that they'll be in the congressional record as having...

SERWER: Right.

CAFFERTY: ... addressed the question to the Fed chairman, yes.

SERWER: Mr. Fed Chairman, isn't it true that interest rates move?

CAFFERTY: Yes.

SERWER: Yes, and he says -- and he's very gracious about it, but it just goes on and on.

CAFFERTY: Yes, he has the patience of a saint. I couldn't sit there and entertain them.

SERWER: Yes.

CAFFERTY: Thanks, Andy.

SERWER: All right, Jack.

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