tv This Week With George Stephanopoulos ABC May 27, 2012 4:00pm-5:00pm PDT
panetta, he's charged with winding down the war in afghanistan. preventing iran from going nuclear. and defending the nation against a resurgent al qaeda. can he do it? what keeps him up at night? then -- >> if your main arguement for how to grow the economy was, i knew how to make a hot of money for investors, then you're missing what a day is like. >> obama and romney spar over job creation. while the facebook ipo turns from frenzy to fiasco.st of sto the week's politics with our powerhouse roundtable. george will, jennifer granholm, liz claman, nia-malika henderson and ron brownstein. good morning, everyone.
george stephanopoulos has a well-deserved day off. this memorial day weekend, as the country pays tribute to its fallen heroes, we remember that for the 11th consecutive memorial day weekend we are a nation at war. with 88,000 soldiers, sailors and airmen, fighting in afghanistan and countless others monitoring hot spots around the globe. on warships in the persian gulf. down the arabian peninsula in yemen as al qaeda continues to threaten the home land. in pakistan, where tensions with our supposed ally continues to mount. and where china seeks to build its military might. to discuss all of this this, let's bring in defense secretary leon panetta. secretary panetta, welcome back to "this week." i want to get some specifics in a moment. but, before i do, just broadly speaking, in this era of terrorist threats, nonstop terrorist threats, as a former
director of the cia and the current secretary of defense, what is it like having this responsibility, how often does a terrifying message come on your desk about some threat and you just think, oh, my god? >> well, you don't get a lot of sleep, let's put it that way. there are a lot of challenges. you know, as a director of the cia, i got an awful lot of intelligence about all of the horrible things that could go on across the world. in this job, i get a lot of the same intelligence, but i'm responsible for a lot of those operations dealing with those threats. but i probably have the greatest strength of our country is the men and women in uniform who serve this country and put their lives on the line. i'm very proud of them and what they do. >> so, turning to afghanistan, one of the biggest challenges that the nation faces right now
and you face, at the nato summit, president obama and the administration made it clear that the combat mission ends come midnight december 21st, 2014. but, from the briefings in afghanistan, they believe that taliban is stronger now since the surge began. do we have a plan in place in of it before they start falling to taliban? >> well the most important point is, we're not going any place. we have an enduring presence that will be in afghanistan, we'll continue to work with them on counterterrorism. we'll continue to provide training assistance, guidance, we'll continue to provide support. we are making good progress. i mean, the taliban, in my view, is that they have been weakened. we haven't seen them able to conduct any kind of organized attack to regain any territory that they have lost. we have seen levels of violence
go down. we have seen an afghan army that's much more capable of providing security. we have seen transitions take place. we're beginning to transition, now worried about 50% of their population that has been transitioned to their control. we'll be at 75%. we're on the right track. >> you're not naive, but there are problems with the afghan forces. >> no question. >> always planning for a worst-case scenario, i'm assuming that there's some sort plan in place there? >> we still have a fight on our hands. to knowerican people neew that. we still have a fight on our hands. we're still dealing with the tali have been weakened. they are resilient. the concern about the safe haven in pakistan and the fact that they can seek refuge in that safe haven, that's a concern. but we're on the right track. general allen has laid out a plan that moves us in a direction of an afghanistan that can govern and secure itself.
and that will be our greatest safeguard for the potential of the taliban ever coming back. >> in chicago, general allen the commander of nato alliance troops there, provided a briefing and he was asked about the so-called green on blue attacks, afghan army, afghan police forces, attacking u.s. forces. forces and this was his response. i want to get your reaction. >> it's a good news story here. the afghans have arrested more than 160 individuals in the last several months that they believe could have been in the throes of planning for an attack on forces. so the process is working. >> that doesn't seem to a good news story to me. 160 afghan security forceshan sy considered to be threats. that seems like a lot? >> you know, as general allen pointed out, you know, we are making progress on that front. it is concern. of course it's a concern.
it's the kind of thing that the taliban will use to commit our forces and it's an indication that because they can't organize efforts to come at us, they'll use this kind of tactic to frighten us and it's not going to work for several reasons. number one, the afghan army has put into place a very though row -- thorough effort to review those that are serving. secondly, our forces are going to be very vigilant as well in terms of how they operate to make sure they watch their backs as we go through this process. thirdly, i think, overall what we're seeing the basic training th army iafghan army is one that truly is testing the qualifications and quality of individuals that are going to be fighting on behalf of afghanistan. >> mitt romney had this to say about that. about the president's afghan strategy and the dates certain. >> how can you be so misguided and so naive?
the secretary of defense said, on a date certain, the middle of 2013, we're going to pull out our combat troops from afghanistan.o why in the world the people that you're fighting with and tell them the day that you're pulling out your troops? >> now, first of all, a factual error that mr. romney made that you would like to correct. the larger point getting to the end of the combat mission. can you address that as well? after you correct him. >> well, look, i think, without getting into the campaign rhetoric of what he's asserting, i think you've got 50 nations ia nato that agree to a plan in afghanistan, it's an agreement that, you know, others, president bush, president obama, everyone has agreed is the direction that we go in afghanistan, to take us to a point where we draw down by 2014. that's the plan that has been
agreed to and it is a plan that is working and, very frankly, the only way to get this accomplished in terms of the transition that we have to go through is to be able to set the kind of timelines that have been set here in order to ensure that we fulfill the mission of an afghanistan that governs and secures itse that's what this is about. >> you mentioned pakistan just a minute ago, this week the pakistani doctor who helped the u.s. find osama bin laden was sentenced to 33 years in prison by the pakistan government.nt. secretary of state clinton said that the arrest was unwarranted aid to pakistan. realistically, is there anything that the u.s. can do to help this doctor? it certainly seems like this is a shot across the bow, saying anyone who ever helps the united stat not goinu.s. is not goin going toyou're going to be held accountable by your own government?
>> it's -- it is so difficult to understand and it's so disturbing that they would sentence this doctor to 33 years for helping in the search for the most notorious terrorist in our times. this -- this doctor was not working against pakistan. he was working against al qaeda. and i hope that ultimately pakistan understands that. because, what they have done here, i think, you know, does not help in the effort to try to re-establish a relationship between the united states and pakistan. >> secretary panetta, can we call pakistan an ally when they do something like this, when they sentence a doctor who helped the united states find bin laden who has killed more muslims than i can count? how can we call them an ally when they sentence this guy to prison? >> well, jake, this has been one
of the most complicated relationships that we have had, working with pakistan.tinue tooo work at it. it is important. this is a country that has -- that has nuclear weapons. this is a country that still is critical in that region of the world. it's an up and down relationship. there have been periods where we have had good cooperation and they have worked with us and there have been periods where we have had conflict. but they're dealing with the terrorist threat just like we are, so our responsibility here is to keep pushing them to understand how important it is for them to work with us, to try to deal with the common threats that we both face and what they did with this doctor, doesn't help in the effort to try to do that. >> and you have been in the middle of a very difficult negotiations with the pakista pakistanis, about the line of
transit, where we supply u.s. troops in afghanistan by using pakistan, they shut them down after that incident at november. they're now trying to charge $5,000 per truck. we already give them, u.s. taxpayers already gives pakistanis billions of dollars a year. now they're trying to charge $5,000 per truck. how high are you willing to go in this negotiation? are you willing to pay more than $1,000 a truck? >> we're going to pay a fair price. we're going to pay a fair price. they're negotiating whatto be. price ought to be. clearly, we're not about to get gouged in the price. we want a fair price. >> let's move to yemen right now, this past week a suicide bomber killed 100 soldiers. the al qaeda affiliate in yemen has tried twice to bring down an u.s. plane. you said that al qaeda in yemen poses the greatest threat to the united states. you also said that you won't send american troops into the country. if this is the biggest threat to the u.s. why would we not to
play a bigger role? >> our effort there is aimed age going after those terrorists that threaten our country. we have been successful. we have gone after a number of key targets there. we'll continue to do that. >> but i thi >> but i think the question is, whether or not the smaller counterterrorism approach to this is enough? what we're seeing in yemen, a possible terrorist state, the portion shaded in red, where al qaeda has a strong and significance presence, as you can see, that's most of the country and they're starting to hold those territories. but, can we really fight them without boots on the ground there? >> the answer is, yes. because, very frankly, what we're targeting, the operations we're conducting, require the kind of capabilities that don't necessarily involve boots on the ground but require the kind of capabilities that target those
that we're after who are threats to the united states. that's what this mission is about. >> president obama recently told john brennan, his counterterrorism adviser, at the white house that he wanted a little bit more transparency when it comes to drones. one of the approaches that you're alluding to in yemen. the times of london reported last week the civilian casualties in yemen has "emboldened al qaeda." is it not a serious risk because of its civilian casualties is creating more enemy than it is killing? >> first and foremost, i think this is one of the most precise weapons that we have in our arsenal. number two, what is our sibilit? our responsibility is to defend and protect the united states of america. and using the operations that we
have, using the syst have, using the weapons that we have, is absolutely essential to our ability to defend americans. that's what counts. and that's what we're doing. >> let's turn now to iran, our diplomats were in baghdad this week, trying to convince iran to stop its suspected nuclear weapons program. we recently saw an iranian diplomat seemingly bragging to "new york times" about outnegotiating us. are they not just running out the clock? and are these negotiations, once a month, enough?begin with the a >> we begin with the fundamental premise here, and the fundamental premise is, neither the united states or the international community is going to allow iran to develop a nuclear weapon. we'll do everything we can to prevent them from developing a nuclear weapon. international community has been unified. we put very tough sanctions on
them as a result of that, an wer are, you know, we are prepared for any contingency in that part of the world but our hope is that these matters can be resolv resolved diplomatically. >> quote, the u.s. is from a military perspective to carry out a strike if ready, is that true? >> one of this things that we do at the defense department, jake, is plan. and we have -- we have plans to be able to implement any contingency that we have to in . >> there's been a lot in the press the last few days about the fact that the obama administration cooperated with the lmmakersfilmmakers on the o laden film. >> nothing inappropriate was shared with them. jake, you know, we get inquiries every day from the entertainment industry, we get inquiries from people writing articles, people writing books. people doing television shows p and the process that we have
established is that, you know, we'll work with those individuals, we'll try to make sure that we give them accurate information so that, the historic record is protected. but, you know, we don't share anything that's inappropriate with anybody. e cia were the h when bin laden was captured and now you're the head of pentagon. there was an effort by the obama campaign to talk more about the capture an what is yoaden. what is your take on this? are you uncomfortable with what some have described as chest bumping? >> you know, i guess my view having participated in that oper operation is that, it was -- it was something very special in terms of both the intelligence and military communities, working together to go after bin laden. and doing it successfully. and whether you're republicans,
democrats or independents, i think this country ought to be and military communities did. you know what, i'll let history be the judge as to whether or not that was a successful mission. >> obviously, it was a successful mission. but the politicalization of it, that doesn't make you uncomfortable at all? >> i would hope that both republicans and democrats would be justly proud of what was accomplished. >> there are massive mandatory budget cuts heading your way, if congress doesn't come to an agreement on deficit reduction. you said that the defense cuts would lead to a hollow military. but in a recent interview, senate majority leader harry reid said this, to now see the republicans scrambling to do away with the cuts to defense, i will not accept that. my people n the state of nevada and i think the country, have had enough to whacking all the programs. we've cut them to a bare bone, and defense is going to have to
bear their share of the burden. >> you know, my view is that, when you're facing this size deficit that we're facing that obviously defense has to play a role in trying to be able to achieve fiscal responsibility. and we provided a budget that we think meets, not only the goal of savings but also more importantly, protects a strong national defense for this country. the thing that concerns me is the sequester, which iher $500 another $500 billion in defense cuts. >> these automatic cuts that i'm talking about -- >> these automatic cuts would tt would take place that i think would be disastrous in terms of our national defense. and i would say this, i think, what both republicans and democrats need to do and the leaders on both sides, is to recognize that if sequester takes place it would be disastrous for our national defense and very franklyery impe lot of very important domestic prey have a responsibi they have a responsibility to
come together, find the money necessary to trigger sequester. that's what they ought to be working on now. >> lastly, several key members of the president's cabinet, clinton and gooit geithner, have said if there's a second obama term, they will not be in it. will you? >> you know, one thing that i have learned over 40 years, when you have jobs in washington you do it day by day and that's what i'm doing as secretary of defense. i serve at the will of the president. that's what i intend to continue to do. >> if there's a president mi romney and he asks you to stay on, would you consider it? >> i don't engage in hypotheticals. >> all right. secretary panetta, thank you so much for joining us. we appreciate your time. >> thank you. a little later on in the program, the secretary and i pay a visit to the vietnam veterans memorial. but up next, this week's politics in the roundtable.
>> this isn't a distraction, this is what this campaign is going to be about. >> the obama campaign doubles down on its bain capital attacks but is it resonating? >> while attending meetings in chicago this week, president obama stayed in a hotel instead of his own house. true. it was annoying though when they asked them for a wake-up call, they showed him his latest poll numbers. and facebook fallout, the most hyped ipo in a generation now dogged by lawsuits and investigations. what went wrong? and what can do now? >> facebook has lost so much money, mark zuckerberg has been named an honorary board member of jpmorgan. are you still sleeping? just wanted to check and make sure that we were on schedule.
and what it's doing live. our e-trade pro platform offers powerful functionality that's still so usable you'll actually use it. and our mobile apps are the ultimate in wherever whenever investing. no matter what kind of investor you are, you'll find the technology to help you become a better one at e-trade. sadly, no. oh. but i did pick up your dry cleaning and had your shoes shined. well, i made you a reservation at the sushi place around the corner. well, in that case, i better get back to these invoices... you know what? i'm going to tidy up your side of the office. i can't hear you because i'm also making you a smoothie. [ male announcer ] marriott hotels & resorts knows it's better for xerox to automate their global invoice process so they can focus on serving their customers. with xerox, you're ready for real business.
♪ . there's no question that he's attacking capitalism in part i think because he doesn't understand how the free economy works. >> i don't know how they have been bamboozling folks into thinking they're the fiscally responsibility party. they run up the wild debts. >> someone who spent their career in the economy is more suited to help fix the economy than someone who spent his life in politics and as a community organizer. >> if that's true, why is he pedaling the same badideas that brought our economy to the brink of collapse? most good business people when they know something doesn't work, they do something that works. >> a little bob dylan there.
but we're joined now by our powerhouse roundtable. as always george will, liz claman, ron brownstein, nia-malika henderson and former michigan governor jennifer granholm. welcome one and all. george, these attacks on bain capital, could they work? >> it depends on how mature the american public is. the president is quite right. the president wants capitalism without casualties. he wants dynamism with no dislocations. this president said that atms and airport ticket kiosks cause unemployment. that gives you his grasp of the economy. and the question is -- what's his alternative to the market allocating wealth and opportunity? the answer is the government to do it.
it's solyndra, it's the energy investment, investing in companies, 70% of its money went to obama bundlers and contributors. >> liz, bain capital, do you think that's going to make the difference in this election? >> it's disingenuous to say that all private equity is dry up debt. here are four examples of when i saved a company and it's still alive and viable today. but the president, if he's smart, will go after it and use the other examples. the fact is that, you have to bn real about private equity and say that it's in part of creating profits not necessarily about creating jobs. if either side can take that part of the message and make it work for them better than the
other guy, then you'll have who wins. >> ron, you think there's something that he has yet to say that he needs to work? >> i think, look, i covered the 1994 senate race with ted kennedy and mitt romney. in that race, bain was a knockout punch. i won't be a knockout pinch this time. the ground is more contested today. their tolerance for imperfection in a challenger is higher. what obama has done so far i thiney on the grounds of philosophy, and biography. using the bain experience shows that romney is not going to produce an economy that's going to generate positive results for everyone. that's his agenda and his background. all of that has been pretty ektsive. the big hole is a referendum on that incumbent. where obama has been explaining what he would do in a second term getting the economy faster than before.
>> and nia, you covered romney on the road, on the ground, you'll go out with him to las vegas this week, do they think that these attacks aren't worth responding to? >> in some ways, yes. they feel like that they can essentially throw back the alist anti-capitalist argument to obama. that's essentially what they're doing now. they also feel that they're in the beginning stage of really painting a picture of romney on this canvas to explain his record, to explain what he did at bain and that's what you see him doing. couple of weeks ago, he was talking about spending and education. this week he'll talk about energy. so they feel they're in this transitional phase. in terms of talking to republicans privately, they say they do feel like romney hasn't quite made the transition from coming across as a very wealthy, successful businessman to being an actual job creator. i think that's one of the transitions that he still needs
to make, really telling his narrative in story form. he doesn't quite do that. he doesn't talk about bain. like you said, these are the four companies that i helped succeed. that's what we're going to see the coming week. >> we have someone at our table who has been an incumbent during a rough economic time and then in a difficult re-election and that is you, governor jennifer granholm. here's a little ad from your 2006 race. against businessman dick devos. >> what do we really know about dick devos? we know as head of amway, he eliminated nearly 14000 michigan workers. we know that he built a factory in china and created thousands of jobs there. now we know that dick devos incorporated his business in bermuda. avoiding paying their fair share of taxes.
>> first of all, i'm terrifi i'm so scared. i'm going to hide under my desk. so, obviously, it worked. why did it work? >> first of all, it was very similar circumstances, michigan had the highest unemployment rate in the country. i was an incumbent, is this a referendum or a choice? this is a choice. this is a choice. the choice in michigan, do you want to pick a businessman that got rid of jobs in michigan and invested overseas? he's a billionaire. very wealthy man. spent way more money on this election tha i was under water in my favor ability. but i won. why? because it was a question of he is not the solution, he is part of the problem. he is not going to fix this. he exacebrated what we're going through. and he supports those bush policies that got us into this mess. >> ron? >> we're at a point in this election where we're right now
standing with a double negative. we don't have a majority that are convinced that they want to re-elect obama to a second term or a majority that they want to turn the power over to blicans. the bain attack is to basically link romney's private experience with his public agenda and to argue that in both cases essentially he's trying to enrich the few at the expense of the many. as the governor said that, one of the big vulnerabilities that romney has, his agenda, looking forward, cast doubt. another 20% marginal tax cut. obama wants this to be a choice as much as possible. but the referendum is big on the incu on that front, he's not looking at a majority today. >> i don't understand the dichotomy between the choice and the economy.hat it seems to me that it's the same thing looked at from different sides. surely it seems to me that the romney campaign boils down to
an eight-word sentence, is this really the best we can do? ask that to the american people, and they'll say no, because, next sunday, when this ll show regathers, we'll be in june, june is the third anniversary of this recovery and it does not feel like a recovery to most of the american people. >> although there's a brand-new piece of data this week, jake, the consumer sentiment hit the one piece of dnce 2007. one piece of data, you can argue all over the place. because other pieces don't look so good. when you look at that, that translates directly to how the consumer is feeling, whether they will buy more or they will be spending. if the president capitalizes on that and says we're not at least -- now at least, back on that part of it, to where this disaster began -- >> i'm sorry. that is why obama is back in the game. because those numbers are better than they were a year ago.
i mean, the risk to him whether the slowdown and the job growth ultimately kind of breaks that chain. because what he wants to argue is, we're not where we want to be. we're better than we were. we're moving in the right direction, do you want to go back? the link in that chain is we're moving in the right direction. a >> the president can't claim victory because he knows people aren't feeling it. with gas prices going down and consumer confidence going up and 4.2 million private sector jobs that have been created since he took over, he has something to hang his hat on and saying the other guy would make it worse because he's adopting the policies of the previous administration. >> one of the things that you se mney campaign, they are moving the goalpost in terms of what constitutes a bad economy. anything over 8% is unacceptable. he would guarantee 6% unemployment, they always say.
that will take away that talking point. greece as the worst-case they're also talking about greece as the worst-case ue on this path america could hit a greece-like wall. i think they're trying to reframe it. there are little signs that the economy -- >> you know, also to your point, not everyone is responding in the same way. not everyone has the same view of what's happening here. consistently, your abc/washington post poll, the separation between white-collar america and blue-collar america. >> first of all, as a general point, trust to handle the economy it was obama 46%, romney 47%. so they're neck and neck. with white noncollege educated voters, romney, 59%. obama, 35%.>> absolutely, you k, we have been living between 30
years in this election, all of that is of class inversion. being reinforced. not only the idealogical, more open to activist gov blue-collar america. in your poll, roughly 40% of nonchey knew somebody had been laid off in their household.half, half half, half in your poll, half of working-class whites said that they're struggling to remain in the middle class. so, this is a very -- >> he's going to lose white, noncollege-educated voters. >> he >> he won 40% of them last time. those are historically low numbers and that makes it a challenge. >> the millenial generation is going to, i think, create the bubble for victory for obama. there are 4 million millennials
that have aged into this system every single year since 2008. this means 16 million are available to vote. they support the obama administration 2 to 1 over romney. if only half of them vote that's a significant bubble. i think they'll make a huge difference. >> george? >> that some kind of evidence. but so is this, this week nancy pelosi suggested to boehner that he conduct a vote on the floor on preserving the bush tax cuts that's huge. $1 billion. that's huge. so, it seems that the democrats are at this point flinching from their own president's agenda. >> i want to turn to the political trail. you're going to be going to las vegas. mitt romney is going to be there with donald trump, the billionaire developer, and it's an interesting timing.
ay, doubled down with these birther claims that the president was born in kenya. obviously, they're false claims and they're nonsense and trump keeps doing it. george, mitt romney wants us to take him as voters and the media, seriously, as a serious man, why does he keep doing things with donald trump? >> i don't understand the cost benefit here. the costs are clear. the benefit, what voter is going to vote for him because he's seen with donald trump? donald trump is redundant evnet worth is high enough, your iq can be very low, and you can still intrude into american politics. again, i don't understand the benefit. what is romney seeking? >> it's a dangerous game that mitt romney is playing here. because donald trump doesn't have a lot to lose by keeping this birther claim alive.
but mitt romney -- >> if you believe that barack obama was born in kenya, you're probably not going to vote for him. >> mitt romney and his people have to decide whether standing next to donald trump means more votes or fewer votes, and it is a scary prospect for them because right now, you talk to americans and here's what they care about, putting food on their family tables. getting an upwardly mobile job. a career-type job where they can continue to make money each year of the way. and putting their kids through college. if mitt romney doglegs somewhere off to the side on this issue, it end up annoy some conservative business people who are saying, being friendlier to business. >> mitt romney throughout the entire primary season has shs t very little willingness to confront the right. and there's a big portion of the conservative base of the party that believes that barack obama wasn't born in the u.s. and romney has -- seems to be
spooked throughout the whole process at the thought that the right will mobilize. the risk is, i think the key swing vote in this election are those upper middle class white voters. many who are disappointed in president obama on the economy. they're clearly not convinced they're ready to turn the country back to the republicans and to the extent that this associates with extremism and intel rance is just one more brick in the wall, one more hurdle that romney has to get over to win this. >> not only this event they're appearing aty campaign money, tf to raise money, they're raffling to donors dinner with barack obama and bill clinton. romney is raffling off tickets for dinner with mitt romney and donald trump. >> that's it. it's to raise money. i'm quoting you here, donald trump is short of their version of george clooney. not as handsome. but certainly -- >> i'm going to get a call for that.
>> i mean, i think that he can be a surrogate to the business community. i don't think they imagine that he'll be on sunday shows talking about the economy. this might be a two, three-day news cycle. we'll talk about it today and on tuesday. but after that, i think donald trump goes away. >> i have this belief that he's setting this up as an opportunity to say i disagree with this issue, because everybody's complaining that he can't stand up to his base. this gives him a chance to say disagree. but in front of donald trump right there. >> it's the border point. when rush limbaugh called the georgetown student a -- romney was almost silent. all opportunities to identify yourself as kind of more
centrist. and he's not having it. if you look at some of those upper middle class, socially liberal is holding them, especially the women, and that is the thin margin that is keeping him on top. >> both of these people, president obama and mitt romney, better get off the whole birther issues, the dog on car roofs, bain capital, these are side shows. americans care about the main act and that is the jobs and the economy. at this point, we're not seeing enough jobs. the economy is getting mentally getting better. where are the ideas? we better start presenting them. >> i don't think bain capital is a side show as the president said. this is an issue. this is the issue -- >> why does he go to businesses that were helped by private equity? >> but that's the whole point. he's not going after free enterprise. because he's attacking this man for his job experience. that would be like saying, if you did a story that i didn't like, free speech, i'm attacking free speech. that's not the case.
he's attacking for that experience. claiming that experience is the experience that we should be looking to create jobs in america. when it's clearly not. >> so, it would be fair for romney to say, look at solyndra, they laid off 1100 people with no pensions, no severance, nothing else. that's the result of. president's idea of -- >> george, to your point, those are the two competing frames that the c that the candidates are offering for what's happening in america. as you said the romney frame is that the government is intruding on the private market and producing weaker results. the obama frame is that private market isn't producing s economy that's producing opportunities for every. >> there's a bige with solyndra. the president was not personally profiting from solyndra, trying to jump-start an industry. romney was personally profiting --
>> there's at difference, when bain invested money, when the president throws away half billion dollars on solyndra, it's money taken away from -- by the federal government from unwilling taxpayers. i want to get to one of the biggest financial stories of the last year, which happened in the last week, which was the facebook ipo, and liz, you covered this from your perch. this was a disaster. what happened? >> it's a categorical disaster. when all is said and done, it will be the aptly named companyg there will egg on a select group of people's faces. what happened was, nine days before the initial public offering of what was supposed to be the most populous of companies, 900 million members, anyone can join, it's free, they looked at it and saw their numbers, more people are using smartphones to access facebook. and there are no ads on the facebook app. they downgraded their estimates
on how they would make money. the problem is, they only told a select few people in the beginning. a group of 20 or so. while they put it in a perspective for all to read the argument is that retail investor, the so-called little guy didn't get enough time to see that. look, are we sitting in the business of making sure that everybody catches up? no. but now the question becomes, did the big boys on wall street, the big analysts, the morgan stanleys of the world, get that information early and often, they were able to realize, "i don't want this stuff"? on top of it, nasdaq plummeting got gummed on because the trades that didn't go through. >> georg >> facebook, has to answer the question of turning the word friend into a verb. beyond that, this is all about advertising. there are metrics by which you measure advertising.
the metrics for facebook don't add up for their model to monotize waste of time. >> this is where it links back, most americans look at this that's the way the economy works every day. big institutions are profiting at my expense. they don't trust government. they don't trust the private sector. we have a double negative at this point. where neither candidate will be pull away. because whichever frame you put on it, more people are distru distrustful of the institution. facebook and the kind of story that you talked about is exactly why people feel that way. >> that's right. i think people are asking themselves why, what is the purpose of facebook at this point? people poke me. but beyond that, it seems like, what is this all about? it's obviously a vehicle for advertising. he looks like he's trying to make it easier to go on facebook and be an organ donor. it doesn't seem, i mean, it's
not like apple where you let in line for your shiny new object. that's the question, what's next for facebook. >> the market has to figure out how to value this intellectual capital. i also agree that it's an advertising mecca if they can figure out how to do it. but facebook and social media have givenns in elections in egypt. they have given us freedom and democracy in other nations. not only facebook but other social media. i think there's huge value there. >> all right, we'll have to leave it there. we'll have more in the green room. back in the moment with the story behind this incredible photograph that resonated with so many of you. >> we still have that experience where you can come in, have a r kids can order ice cream and charge it to their family account. hello, it is i your boss.
great news! the video call went very very well. ia is on board. hello, it is i your boss. too bad you couldn't participate. probably you were worried about overages on that limited data plan you use. perhaps you shouldn't have uploaded so many vacation photos. ooh. ah. ♪ these shorts are for a younger person, wouldn't you say. [ male announcer ] switch to sprint, the only network with truly unlimited data. or creates another laptop bag or hires another employee, it's not just good for business, it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $6.4 billion in new credit to small businesses across the country last year. because the more we help them, the more we help make opportunity possible.
lastin florida we hadulf's best tomore sun tans...years. in alabama we had more beautiful blooms... in mississippi we had more good times... in louisiana we had more fun on the water. last season we broke all kinds of records down here on the gulf. more people more good times. this year we're out to do even better... and now's a great time to start. the sun's out and the beaches are even more relaxing. you can go deep sea fishing or enjoy our world-class restaurants... our hotels and rentals have special deals for the whole family. go golfing, kite boarding, or build the worlds biggest sand sculpture... orld's best sand. with the world's best sand. so come on down to mississippi... get yourself down to louisiana... we'll see you in florida... you know you want to come to alabama. erica's the gulf is america's get-a-way... and we're 100 percent ready to see you. come on down and help make 2012 an even better year for the gulf. brought to you by bp and all of us who call the gulf home.
did you know when heartburn, it's too late to take prilosec because... but it's did you know when heartburn, it's too late to take prilosec but zantac® works differently. it relieves heartburn in as little as 30 minutes. in fact, so, when heartburn strikes, try zantac® this has been medifacts for zantac® now, your voice, your picks. for over a month we have been asking to see what americana means to you. you sent over 1,000 incredible snapshots. these two photos were the most popular. this classic scene from the american west. and this one of a country store with an amazing made in america >> i'm calling from minnesota.
this store is truly the heart of our neighborhood. years ago, a for sale sign went up in the front window of the store, and a group of concerned neighbors decided to purchase the store to prevent it from demolition. it'sa perfect example of what americans can do from when they join together for a great cause. >> i also wanted to share my favorite for two years now, i have been working on a book on the sacrifices of our soldiers. in afghanistan and iraq. this image of a sailor seeing his daughter for the first time over skype resonated with me. thank you for your submissions. remember, you can head on over to abcnews.com/ of the photos.all of the photos. when we come back, a personal look at the vietnam veterans memorial with secretary panetta. vietnam war memorial with secretary panetta. i just want to give her everything. [ whistles ]
three words dad, e-trade financial consultants. they'll hook you up with a solid plan. wa-- wa-- wait a minute; bobby? bobby! what are you doing man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade. [ male announcer ] get investing advice i never meant to...y contacts. relax... air optix® night & day aqua contact lenses are approved for up to 30 days and nights of continuous wear, so it's okay to sleep in them. visit airoptix.com for a free 1-month trial.
today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers.
this memorial day weekend, we mark 50 years since the official start of the vietnam war. i recently took a walk with secretary panetta to that powerful symbol of the fallen. heroes. to reflect on the meaning of sacrifice for country. >> this was a bloody war. a bloody war. 58,000. when you consider afghanistan and iraq, i think we have lost now close to 6500, which is too many, but to think back to vietnam and 58,000 lives were lost. >> and you know peop.is wall. >> oh, yeah. i had three good friends who i went through rotc with at santa clara. we all got commissioned. i went on to law school.
before i actually went in the service and they actually went right in, were deployed to vietnam and lost their lives there. >> what have we as a nation learned from that war? >> we can never lose sight of men and women in uniform who put their lives on the line. fight and die for america. for the people to agree or disagree with the cause, when there are men and women that are willing to do that for this country, that's a strength that i hope we always appreciate and are grateful for in the future. one thing that this wall is all about is it's a reminder that we always remember those who served. >> in that spirit, as we do every week, we pause now to honor our fellow americans who serve and sacrificed. this week the pentagon released the names of nine soldiers and marines killed in afghanistan. released the names of nine soldiers and
marines killed in afghanistan. that's all for us today. tune in for "world news" tonight with david muir. for the latest headlines tonight. two special programming notes -- tuesday morning, first lady michelle obama visits "good morning america" to discuss her new book and tuesday night, katie couric anchors a two-hour edition of "20/20" in honor of the queen's diamond jubilee. katie will have interviews with the queen's grandsons princes william and harry. finally, i hope you have a very meaningful memorial day. a personal note, getting to know troops and their families while working on a book project, has left an indelible impression on a sacrifice and service on few many. to those missing someone this memorial day weekend, thank you. you are in our thoughts and prayers more often than you may know.