tv The War Room With Jennifer Granholm Current May 21, 2012 9:00pm-10:00pm PDT
runs. but people can see the website, the link down at the bottom of the page. thank you for your time. stay righththththththththththththththththththththththththththththththththt granholm. thanks for watching. ♪ >> in "the war room" tonight time to take mitt romney to school. >> he's bought houses. he has bought companies. heck, he has even bought horses. >> i have a missouri foxtrotter. >> so when it comes to business why is mitt romney putting 2 and 2 together and coming up with purple. you don't need a nobel prize to set him straight but it sure helps. paul krugman helps us to take mitt romney behind the woodshed. tonight on "the war room."
and that's way america works. some people experience a loss in this case because of a bad decision. by the way there was someone who made a gain. the $2 billion jpmorgan loss, someone else gained. >> somebody gains. that's mitt romney showing his utter disconnect. the huge loss at jpmorgan should be another teachable moment that we need more rules. and here we have noble prize winning economist, paul krugman. it's my privilege to welcome you into "the war room." >> hi. >> doing a book tour? >> yeah. >> you wrote a column this morning saying jpmorgan and mitt romney were sort of poster children for why we need some
additional regulation and actually you even called mitt romney clueless. is he clueless or shrewd? >> he is talking incredible nonsense and the question is does he know better than that and i have been working under the assumption that he knows better. but scientists believe he does not understand the economy at all. >> so when he says someone won, that's just the creative destruction of the economy. isn't that just an accepted economic theory? >> not when it comes to banks. adam smith in the wealth of nations in 1776 said banks need to be regulated. everybody, i thought, understood that apparently not mitt
romney. lehman brothers lost money, but when it fails, it nearly destroyed the world economy. that's a huge lesson and the practice of jpmorgan will be bailed out. if they lose a lot of money, they will be bailed out, which means they are gambling with taxpayer's money. >> so the idea is that it's not just the banking sector it affects the entire economy, which is why every day citizens should care about whether common sense regulations are intact. >> yeah, you have a steak as a taxpayer deposits are insured. jpmorgan has insured deposits which means if they go bust you as a taxpayer end up paying part of the bill. we just had the worst financial crisis since the great
depression, we are still suffering the effects of that. so my god for somebody to say what does it matter if jpmorgan chase it turns out is taking huge risks, and it's teachable because jpmorgan is supposed to be the bank that doesn't take big risks. >> right. >> we don't need regulation because people like me are prudent. we don't need people in washington telling us what we shouldn't do. guess what turns out that not only were they taking big risks, they were making exactly the same kind of risky plays that caused the world economy to go into a terrible crisis. >> so they are playing with what was traditionally bank money, they are risking, and on the private equity side that too is a risky position, and this weekend defending essentially private equity and the president
coming back at him today. take a listen to what the president said in his press conference at the nato summit. >> right. >> my job is to take into account everybody. not just some. this is not a distraction. this is what this campaign is going to be about is what is a strategy for us to move this country forward in a way where everybody can succeed. >> cory booker was cite sizing the president's team's aedes is that fair game? >> totally. mitt romney was a one-term governor of massachusetts, why should he be president? and his answer is i'm a businessman. i know how to run things. i know how to run his economy. so his business career is perfectly fair game. he made a lot of money in ways that often not good for workers,
that's certainly worth talking about, and it is important to point out that what a president needs to do is not what you need to do if you are trying to make a bunch of money for private equity investors. if they imagine to layoff a lot of workers is doing a good thing, pat who provides over the same thing is being restrictive. >> this is exactly what the point is. >> right. >> that you need pick somebody who will be concerned about all and not just making profits. this is a great political argument as well. and in this book you make the argument for more intervention more government involvement in the economy in order to help create jobs. the democrats right now are worried that the republicans are
going to sabotage the economy. and that -- there was an ap story out today about that. is it possible for political figures in a short amount of time to sabotage the economy for the purpose of winning an election? >> it is certainly possible. there is a fair bit of evidence that the debt ceiling crisis was a significant hit to the economy, that the republicans by playing chicken over the debt ceiling actually knocked us doubt that we would be some distance along further in the recovery if that hadn't happened. if a political party shows it is willing to do anything just to make trouble, sure that will be bad for the economy. realistically, the pace of job creation over next few months is going to have a big bearing on the election. republicans have every incentive to make mischief. >> of course they will say it
is because of their philosophy about austerity. you say if you have austerity now it will damage the economy. >> yes. and that's -- yeah which is -- i mean we have just had what amounts to a massive -- i like to say a massive unethical human experiment. and has confirmed what we should have known to begin with which is flashy spending at times like these is a terrible thing. it makes the economy much much worse. >> you have said in this book using an as example the cuts to the public sector if you had a $300 billion infusion for those public jobs to be taken back you will have a significantly lower unemployment rate. >> right. >> and how politically feasible do you think a $300 billion stimulus would be? >> this is not a
stimulus -- although it is -- but phrase it as we need those school teachers those firefighters, those police officers, we are starving essential public services. >> isn't that exactly what grover norquist would like to happen? starve away so the private sector could pick up where the public sector left off. >> i think that right-wing rhetoric depends on people thinking the bureaucrats doing god knows what? it is that person teaching your kids the police officer keeping you safe. then they become a lot less susceptible to that kind of right-wing propaganda.
>> you have been very forceful about saying that the leadership inside and outside the government should articulate a strong position the right position. even though it is not necessarily politically popular, because eventually you make room for those who are in decision-making positions to come in that direction. >> you have to move the window of discussion. >> yeah. >> if i have a criticism for president obama it was for too long he accepted the republican's proposition -- i was horrified when he adopt the belt tightening phrase. the other thing to say is elections are won by results. you ask voters what they want that will -- they will say slash spending, but they don't understand or care. they look at what is actually happening to their jobs and their neighbors jobs. so govern by what is right, and the voters will reward you.
>> don't you think republicans have a simpler argument on it? >> sure but in 1936 powe said that people wanted franklin roosevelt to cut the budget and lower taxes. and he did that. >> we'll talk about the policies of growth versus austerity and all of that after the break. and after the break we'll go to europe where they are learning the merits of choosing austerity over growth. and of course, we'll catch up on all of the day's political us in as well.............................. >>(narrator) gavin newsom, lieutenant governor of california, and former mayor of san francisco is on current tv. >>every night on cable news networks everyone's focusing on what's wrong. i want this show to move past that. i love creative people, and with all the vexing problems we have we need creative thinking. >>(narrator) with interviews with notables from silicon
[ train whistle blows ] [ ball hitting paddle ] [ orbit girl ] don't let food hang around. yeah! [ orbit trumpet ] clean it up with orbit! [ orbit glint ] fabulous! for a good clean feeling. ♪ eat, drink, chew orbit! ♪ >>(narrator) we are the trailblazers, the truth seekers. we are the idea no one wants to hear until it grabs you and won't let go. we push, we prod until the truth reveals itself. we are fearless, independent trendsetters, problem solvers, and above all, we are politically direct. the young turks with cenk uygur at 7, viewpoint with eliot spitzer at 8, the war room with jennifer granholm at 9, the gavin newsom show fridays at 11. and there's only one place you'll find us: weeknights on current tv. ♪ we're back inside "the war room," i'm jennifer grandholm along with noble prize winning
economist paul krugman. he is the author of two books, including his latest "end this depression now." love the command. over the weekend the g-8 meet and it looks like now they will be focusing on growth policies rather than austerity. and it was see of some sort of deceit of -- >> yeah. >> do you feel indicated? or are they learning? >> yeah they are learning. >> politically, though, they are learning? >> yes but slowly. the rhetoric has changed, which is a good start, the policies not so much not yet anyway. >> what do they need to do as opposed to us. >> europe is very close to the edge now. we are just a few more bank runs of a total break down of the
whole euro system. so they need to move fast. the european central bank has to open up the taps because otherwise this whole thing is going to fall apart. and i think greece will have to be dropped out. >> out of the union, or their debt has to be dealt with -- >> their debt is already -- i think they are going to have to leave the euro. >> wow. what happens to us if that happens? >> it partly depends on how the rest of europe cooks. if it contains it which means lots of money from the central bank more money printing and if our federal reserve deals with panic here not so bad. europe is a customer but we only sell about 2% of what we need to europe so we can handle it. spirals into a full-blown financial crisis of course nobody is safe. but it has been a race between
us and them to see who can do worse in this crisis and at the moment they are winning. >> it's good for us from our own little silo but we're not in a silo obviously, so it will impact us. you talked about the financial transactions tax, that might be one step that they could do but certainly not enough. >> right, and that's a longer-term issue. the problem is not raising more money or slowing down hot money. there is an unsustainable position. there is 50-plus% percent youth unemployment. >> it will force the leaders to do something more concrete than just give lip service. >> i think the fact that greece is really cracking may be doing europe a favor. otherwise they would just drag on with this thing doing ever-more damage.
>> well, you are very clear about all of the data. in your book you document the data about what works and what doesn't work and the frustrations you have expressed for example, in your column today about the economists that don't seem to rely upon data about what works to get an economy under control and to create jobs. >> we just had a mammoth test of opposing views of how the economy works. there is a change in view which said that cutting government spending in a depression will make the depression worse, and the alternative view which was very much the opposite. but the fact is we just had a tremendous test of that point of view. clearly the view that says that now is the time for the government to support employment has won on the data and yet a lot of my colleagues i'm sorry
to say are clinging to their positions. >> to their positions despite data. >> that's right. >> how can you be an economist when you are flying in the face of clear data? >> well human beings are human, they don't like to admit mistakes. >> name names. who are those that -- >> there is a long list of people. many but not all of them come from the university of chicago, but it's really a terrible thing, and i have to say at a time like this it's one thing to be defending your intellectual, but when the human suffering is so large because we are following the wrong policies then defending your turf becomes a moral issue, and that's a bad thing to be doing. >> i can hear my dad's voice saying don't forget about the
deficit long term? that's given. everybody hears you and says all he wants to do is increase the deficit. but growth will address the deficit in a lot of ways. >> but not enough. >> right. >> i was furiously opposed to those tax cuts. >> so the most important question is in addition to the public sector job creation what is it that a government can do to create jobs in the private sector in a good economy. >> good education, and particularly higher education affordable for those of all classes. government investment in infrastructure, which we are allowing to lag terribly -- >> which by the way are private
sector jobs that are created -- >> of course. >> and also we get to use though infrastructure. once in a while it becomes necessary to rescue an industry which is having a crisis as has hand with the auto industry. so there is a bunch of things but basically have the view that we rely on the private sector to make most decisions, but there are times when we can do only what is needed and at those times the government should act. >> despite the depressing title of your book it is encouraging that will are solutions and examples you can point to. really appreciate you coming into "the war room." >> thanks so much for having me on. >> you bet. you bet. that's paul krugman, nobel prize
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look at the totality of bain capital's record they have done a lot to support businesses to grow businesses. >> those comments must have made the obama campaign want to throw up a little. two hours later, booker posted this on his youtube page. >> in fact i believe that mitt romney in many ways is not being completely honest with his role and his record or even while a business person and is shaping it to serve his political interests, and not necessarily all -- and including all of the facts of his time there. >> well the obama campaign said it had nothing to do with booker's attempt at backtracking. but another piece of information came to light today. a financial industry has tributed $565,000 to booker's campaign including from bain
capital. now we'll turn to "san francisco chronicle" senior political reporter carla marinucci, and susan kennedy, who knows all about putting out political fires from her time as chief of staff to former california gov northern arnold schwarzenegger. so welcome back to you both inside "the war room." karla let me start with you. it didn't take very long for the romney war room to put out their own response to include cory booker's gaffe in their own video. take a listen to this for one moment and i'll get your reaction. >> have you had enough of president obama's attacks on free enterprise? his own key supporters have. democrat major cory booker from new jersey. >> i'm not about to sit her and indict private equity. >> the romney campaign are drinking the happy juice today.
as you mentioned she was a hero -- but call out the hook and ladder truck, this guy's career is toast as the obama surrogate. >> every single day they are talking about bain capital is a good day for the obama campaign. >> it wasn't intentional, no but i don't think that booker realized the backlash he was going to get for saying something that is pretty damn honest. bain capital has given to a lot of democrats. private equity funds are very important to the pension funds of every union in the country, a lot of retirees and stuff. he said something that was off the campaign message, to some degree, but on the other hand every day they are talking about bane is not a bad day for obama. >> but it undercuts the obama
campaign -- >> i don't think it does that at all. i don't think it lessens or dulls the message of the obama campaign -- >> but that's what he tried to do in the video -- >> he walked it back because there was a reaction. >> but the obama campaign is not going to have to change their message -- >> i think there is a lot of room to take that bain theme and run with it. we saw it here in california with the meg [ inaudible ] campaign. and it didn't work here -- >> and it won't work anywhere else. >> surrogates aside, a few weeks from now we'll be on to some other nightmare. >> romney could take booker and put him on every tv in america, and it would not dull the message.
>> they put out a six-minute video saying this is what happened. but that message is a killer message. but let me get to a "war room" kind of issue which is about surrogates. you have had to reign in counter-productive surrogates before, what do you do in that instance? >> first of all you don't make a big deal out of it unless you want to take the story longer. but the -- the thing -- the best thing to do is to try to make light off of it and pivot off of it. >> in fact didn't the president handle it well today by saying it is not a distraction. it is the issue. >> yeah he right to an argument in a very very effective way. the fact is he handled it well. i think this whole thing underscores a whole issue in this campaign. these candidates are doing very
limited events so we're left with the surrogates and the checkbook events to cover. and that is not good for anybody. >> don't some of romney's surrogates have their own bain issues? >> absolutely right. he is coming here to california and who is his co-chair here meg whitman? she is about to lay down 30,000 people at hewlett-packard. the surrogates, you are right are becoming an essential part of this campaign and i don't think that's good for the discussion and it's not good for the candidates and it's certainly not good for the voters. >> hang on you guys we'll come back for another blog. and now to my point, and this is on a slightly separate issue. if politics is art of addition it's clear that the catholic hierarchy based upon news today is not seeking to be elected.
in fact you would think the hierarchy would want to add to their ranks, rather than subtract, but you would be wrong. i don't have to tell you that contraception is the most important form of women's empowerment. contraception enables individual women to control their destinies on their lives. but today the catholic bishops sued the obama administration over contraception claiming their right to freedom of region was violated. this even though the administration made a concession to the church that catholic employers can be an exception, but still they sued even though
98% of catholic women have used birth control at some point. even though 58% of catholics agree with president obama that employers should be required to provide health care plans that cover contraception. even though 30 million more people will get health care coverage which obviously is in line with jesus' teachings to care for the most vulnerable but that was not good enough. so the second frustrating church move from my perch this week was the objection to the commencement speech at georgetown university. she is the head of the department of health and human services, and even though she is a practicing catholic who negotiated the contraception issue in favor of the church and even though her husband and son went to georgetown still it
was not good enough. now i'm not going to get into the hype hypocrisy of the church's position on this issue, i just wish more of the church was focused -- like my priest was this sunday on raising money for an orphanage in kenyan. if you are going to file suit take action over the cost of food service programs and it is sad in ohio today the university would rather cut off health care coverage for students than allow an independent ininsurer to offer contraception. really? no wonder parishes are closing, and pews are emptying. please choose your battles. you already won this one.
please start using your ample outrage to fight for the poor and powerless with at least as much zeal that you might for this position that we parishers overwhelmingly oppose. otherwise you may soon turn to those empty papapapapapapapapapapapapapapapapapapapapapapapapapapapapapa you're about to watch an ad message created by a current tv viewer for allstate save 11 campaign. at 14 my life changed forever. i was in a horrific automobile crash with other teenagers. the driver was 16, he had lost control. when we hit the telephone pole the metal bent, the glass shattered, people were screaming and my body was just destroyed on impact. when i woke up, i didn't know who i was. i had to relearn who my family was, who my friends were, how to walk, how to talk, i had to get fed through a tube in my stomach. i had to like like a baby up until about 16 years old. wearing diapers, you guys, at high school.
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weeknights on current tv. we are in deep solidarity in our conviction that the government is not authorized to force us to violate our consciouses, by making us provide, pay for, and/or facilitate services that are contrary to our religious beliefs. that was fort wayne, south bend indiana catholic bishop explains why he is joining the lawsuit of the catholic church
against the obama administration. is this hype that is good or bad for the obama administration? >> i think it can only be good for the obama administration. >> really? >> you impassioned commentary said it all, but when you have an issue that is so basic that when women watch their pennies that go into that collection plate to pay for this lawsuit, it reminds women of an issue that is a line in the sand. >> republicans have associated themselves with the contraception issue, so voters will see a choice in terms of the quality of life quality of care, and the candidates' positions, and the democrats are in one camp and the republicans are in the other, and they are going to be connected with this.
>> staying with religion mitt romney's mormonism came up yesterday. take a listen to what david axelrod said. >> does the reelect commute tee repudiate the idea that mormonism should is not be on the table? >> absolutely. >> is that good politics? >> absolutely. they should not be the ones debating someone's religion in this campaign. >> i agree. axelrod has these teenage delinquents called super pacs and they will throw anything they want out. >> that's right. we also have teenage delinquents if you will on the democratic side, and there was a -- a very
i think unfortunate tweet by bill maur today. why listen to mitt romney: karla do you think dtaunt is realistic. mahr is a loud mouth and a jerk and he is trying to be a comedian and provocative. >> he is a rush limbaugh bill mahr you will have that toxic stuff happens throughout the campaign. >> while we're on the topic of social issues there was a really interesting event. the naacp put out a resolution that endorsed gay marriage.
will that make a difference in the african american community? >> i don't think so. because i think the african american community is going to solidly support republicans and democrats. i think it is incredibly important for the african american community that the naacp did this. >> i agree with you. it takes the venn ur for what has been a religious issue for many african-americans. >> american culture is changing on this issue in a very big way, in ways we never thought possible before. this is just one more example of how people -- people's views that -- their knowledge of -- their sons their daughters are just changing public opinion at every level. >> i think this is a very exciting time in america for those reasons. all right. well you guys thank you, as ever
for coming inside "the war room." and up next just how far did the apple fall from the tree? we'll look at the failed presidential bid of george romney and what it might mean about his son's run in 2012. that story has a best-in-class driving range of more than 550 miles per tank. so you can catch morning tee time in monterey and the afternoon meeting in los angeles, all without running out of gas. just make sure you don't run out of gas.
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one year could an fluke, perhaps done for show. why don't you release yours. will you follow your father's example? >> maybe. i don't know how many years i'll release. >> well, that was mitt romney evading the question of whether he would release his multiple tax returns. it was an awkward moment revealing mitt's complicated relationship with his father's political career. george romney's bid for the 1968 republican nomination and how it might have shaped mitt's instincts is the subject of a fascinateing feature. joining me is the writer the piece, benjamin wallace wells. welcome into "the war room." >> thanks for having me. >> you bet. so your piece looks at george romney's conflict with the conservatives really in the republican party. how did he clash with them, and how did it ultimately hurt his
chances for the nomination? >> the key area of conflict nor george romney, and this is something that came to a head in the lead up to the 1968 convention but really was in the 60s was civil rights. george romney was after active and successful pro-civil rights governor. at that time the republican party was beginning to undergo it's process of southernization and barry goldwater in 1964 and then richard nixon in 1968 were pretty aggressive to playing to the sentiments of southern politicians and voters. and so there was this fascinating episode from 1965 to 1966 where george romney is writing a series of letters to barry goldwater, and had been encouraged to try to resolve their differences by the fathers of the republican party. george romney is demanding that barry goldwater disavow the
extremists who were the core of his support. again and again goldwater refuses to do it. what is fascinating to me about this and what forms a pretty marked contrast for mitt romney is that george romney did this. he broke very assertively with the conservative wing of his party at a moment when that wing was obviously ascentant. here was a man who took a risk to stand up for a cause which he leaved in, which was the civil rights of the party. >> it's fascinating to me that george romney was governor of michigan at the time of the riots. which i'm sure had an impact on his psyche. then when he was running for president, he started on what is basically an urban city tour. he wanted to go to ghettos if you will and take them the media there to highlight the
enequities. what an amazing thing for a republican to do. >> is really is. and it was at the time too almost all of his advisers were against it. the big issue at the moment was vietnam, and richard nixon was beginning to separate himself from romney in the polls. and the tactical thing for him to do was to stay in new hampshire, and go after johnson on vietnam, and establish himself in his foreign policy credentials. george romney said, no he gave a speech in the aftermath of seeing detroit, a city for which he had done a lot of work go up in flames. he said, we must arouse ourselves from our slumber as a nation and listen to the voices from the ghetto. then he travels around to 15 cities. he meets with sola linski. >> that's amazing of all people for him to be meeting with.
>> yes absolutely. and then there is a much of romney's work as governor had been genuinely devoted to improving the lot of the urban black poor. he won more than 30% of the black vote which is pretty remarkable for a republican. so he had some real common feeling. you know, one of the things that is particularly notable about that tour is that you just see his sort of politics kind of come up against their own limits. so what he believed in very much was that a progressive belief about how society might change. he didn't need big government because it could be vested in churches and charities and professional organizations. he's going around to newark and east st. louis. he's again and again telling his
audiences don't look to government to solve your problems but independent sectors, these groups-- >> well, in that sense there may be similarity of people who would pull themselves up and not relying on government. but in these themes of civil rights, do you think the son is different ideacally different from the father? >> they're operating in very different times. to be republican now meaning is very different than it did 45 years ago. i think, you know, george romney denounced the rugged individualism as a cult as a cover for greed. this was a man who declined to take bonuses that he was due as an auto executive because he felt it was unfair to the workers in his company.
i think that there is certainly a break. i think mitt romney's moderate republicanism is really sport of a pragmatism. it's a belief in himself as an informed decision maker. george romney had a really progressive feeling, and though that feeling was not vested in government, it was vested in private groups. there is still--you know there is still a feeling in his politics that isn't there with mitt romney. >> well, benjamin, i encourage people to read it. that's benjamin wallace wells of "new yorker" magazine. up next, mitt romney, imagine his first day in office. brett ehrlich is all to happy to walk through. >> i have super exclusive secret footage of mitt romney's political ad, don't go away.
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>> mitt romney's first campaign ad in the general election gave us a taste of what he might do on his first day in office if elected president. our resident funnyman brett ehrlich had a glimpse of what might happen once that first day is done. shh, brett is talking now. >> happy monday, everybody. last week mitt romney released the first officialed official ad of his campaign. it's called "day one." >> what would a romney presidency be like? day one, president romney immediate approves the keystone pipeline, creating thousands of jobs that obama blocked. he replaces obama care with sensible healthcare reform. i'm mitt romney, i approve this message. >> good, positive. do you know this is the first of a series of ads.
here is the next one. >> what would a mitt romney presidency be like? day two. it's a flip flop of day one. president romney will unapprove the keystone pipeline. then that whole obama care thing, it can stay, i don't know, sleep on it. president romney will fire half of the workforce because it's fun. >> i like being able to fire people. >> then he'll take the money he saved, and then he'll eat it--yum. then he'll reveal the hairstyle with gray on the side is completely fake. president romney is a natural blond. that's what a romney presidency would be like. >> i'm mitt romney, and i approve this message. >> wow, that's day two. i can't wait to see what will happen on day three. i'm down talking now. >> thanks everybody for joining us here in the war room. we have a great week coming up. on thursday night you have to make sure you're with us