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Interview with Michael Weisskopf

Aired July 09, 2002 - 14:07   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.
KYRA PHILLIPS, CNN ANCHOR: Politics is part of any proposal by any president of any party. But this president's own background in business, and his party's long-standing kinship with corporate leaders make the issue even thornier and the stakes even higher. Joining us now with some insights is Michael Weisskopf, senior correspondent for "Time" magazine. Hi, Michael.

MICHAEL WEISSKOPF, SENIOR CORRESPONDENT, "TIME" MAGAZINE: Hi, Kyra.

PHILLIPS: Let's talk about why this speech by President Bush is just is -- why it's important for him personally, first.

WEISSKOPF: He has been identified, or at least in the eyes of his critics, as the scion of important political family, one in which he's had to do very little on his own to be successful. He's gotten help from all sides.

This is a different story than most American experience. Most Americans work for what they have. He didn't, really. And it -- although he does a very good job of appearing like a regular guy, when people's own fortunes are dwindling because of abuses on Wall Street, it's very easy to look at him as a scapegoat.

PHILLIPS: Well, and he's got to look like he's on the side of investors and not the greedy corporations, right? And can he do that?

WEISSKOPF: Yes, he did a good job today of focusing on the issues for Wall Street, but this is problem that's much larger than the board room. It affects ordinary Americans who feel that they have been terribly screwed in this process. And I question whether he will have broken through to those people, because he didn't really strenuously lecture Wall Street. He made points sort of talking like a weatherman.

But he didn't really kind of open up the fuselage. At the same time he didn't feel the pain of people who built up nest eggs and seen them shredding piece by piece in recent months. This is something his predecessor was quite good at, and so was Ronald Reagan.

PHILLIPS: Here's a man -- he's grown up very wealthy young man and done very well on the business side. So can the average investor or the average consumer really look at him and have the faith and confidence that everything is going to be OK? WEISSKOPF: Well, other blue bloods have done a good job of that. The Rockefellers have and the Kennedys have over the years, but he has to make a sharp break from Wall Street and from his business friends, and show that he's on the side of the little guy, rather than playing a balancing game here. These are important political stakes for him.

PHILLIPS: Why do you think he didn't he talk about stock options?

WEISSKOPF: That's pretty arcane. It goes over the head of most of audience. And he may not also believe that that's the best way to go.

PHILLIPS: Michael Weisskopf, "Time" magazine. Sorry, I lost your voice -- lost your voice there for a moment. I apologize. We will be talking again soon, Michael. Thank you.

WEISSKOPF: Good.

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