Obama On Economic Crisis, Transition

Also Discusses National Security, Iraq, And His Cabinet In 60 Minutes Interview

(CBS)  Kroft: Once you become president, are there things that you'll change?

Mr. Obama: Well, you know I think we still have to see how this thing unfolds over the next couple of months. One area that I'm concerned about, and I've said this publicly, is we have not focused on foreclosures and what's happening to homeowners as much as I would like. We have the tools to do it. We've gotta set up a negotiation between banks and borrowers so that people can stay in their homes. That is gonna have an impact on the economy as a whole. And, you know, one thing I'm determined is that if we don't have a clear focused program for homeowners by the time I take office, we will after I take office.

Kroft: Are you being consulted by Secretary Paulson?
Is he telling you what's going on?

Mr. Obama: You know what we've done is we've assigned somebody on my transition team who interacts with him on a daily basis. And, you know, we are getting the information that's required to and we're making suggestions in some circumstances about how we think they might approach some of these problems.

Kroft: Are they listening?

Mr. Obama: Well, you know, that we'll find out.

Kroft: People are comparing this to 1932.

Mr. Obama: Right.

Kroft:Is that a valid comparison, do you think?

Mr. Obama: Well, keep in mind that 1932, 1933 the unemployment rate was 25 percent, inching up to 30 percent. You had a third of the country that was ill housed, ill clothed, unemployed. We're not going through something comparable to that. But I would say that this is as bad as we've seen since then. And if we don't take some significant steps then it could get worse.

Kroft: You have a situation right now where you have General Motors, which is in dire straits.

Mr. Obama: Yeah.

Kroft: May run out of cash by the end of the year, maybe by the end of certainly, if we believe what we read in the papers, by the time you take office.

Mr. Obama: Yeah. Well, let's see how this thing plays itself out. For the auto industry to completely collapse would be a disaster in this kind of environment, not just for individual families but the repercussions across the economy would be dire. So it's my belief that we need to provide assistance to the auto industry. But I think that it can't be a blank check.

So my hope is that over the course of the next week, between the White House and Congress, the discussions are shaped around providing assistance but making sure that that assistance is conditioned on labor, management, suppliers, lenders, all the stakeholders coming together with a plan what does a sustainable U.S. auto industry look like? So that we are creating a bridge loan to somewhere as opposed to a bridge loan to nowhere. And that's, I think, what you haven't yet seen. That's something that I think we're gonna have to come up with.

Kroft: Are there a lot of people that think that the country would probably be better off and General Motors might be better off if it was allowed to go into bankruptcy?

Mr. Obama: Well, you know, under normal circumstances that might be the case in the sense that you'd go to a restructuring like the airlines had to do in some cases. And then they come out and they're still a viable operation. And they're operating even during the course of bankruptcy. In this situation, you could see the spigot completely shut off so that it would not potentially permit GM to get back on its feet. And I think that what we have to do is to recognize that these are extraordinary circumstances. Banks aren't lending as it is. They're not even lending to businesses that are doing well, much less businesses that are doing poorly. And in that circumstance, the usual options may not be available.

[amaleksouth]

Billy Graham''s Prayer For Our Nation

THIS MAN SURE HAS A GOOD VIEW OF WHAT''S HAPPENING TO OUR COUNTRY!


''Heavenly Father, we come before you today to ask your forgiveness and to seek your direction and guidance. We know Your Word says, ''Woe to those who call evil good,'' but that is exactly what we have done. We have lost our spiritual equilibrium and reversed our values. We have exploited the poor and called it the lottery. We have rewarded laziness and called it welfare. We have killed our unborn and called it choice. We have shot abortionists and called it justifiable. We have neglected to discipline our children and called it building self esteem. We have abused power and called it politics. We have coveted our neighbor''s possessions and called it ambition. We have polluted the air with profanity and pornography and called it freedom of expression. We have ridiculed the time-honored values of our forefathers and called it enlightenment. Search us, Oh God, and know our hearts today; cleanse us from every sin and Set us free. Amen!''


Commentator Paul Harvey aired this prayer on his radio program, ''The Rest of the Story,'' and received a larger response to this program than any other he has ever aired. With the Lord''s help, may this prayer sweep over our nation and wholeheartedly become our desire so that we again can be called ''One nation under God.''

[bjcone8559]

Mr. Obama: Surprisingly enough, I feel right now that I''m doing what I should be doing. That gives me a certain sense of calm.


FINALLY!!!!
A LEADER!!

[ftk158]

Please someone set me straight on this.....is he islamic or Christian.....does anyone know for sure??????

[vjackson4]

I am thrilled that our new young president who actually knows how to speak and pronounce the English language along w/ his lovely family are a typical somehwat ''normal'' American family, the only ones since the Carters in my opinion. My excitement for and about them and him as the soon-to-be fisrt family could not be greater! It is a relief and blessing!

[frjimt]

first mom?

what happened to the angst that 60 minutes/cbs & the rest of our fellow communists felt when gov. palin had a child issue?

geeshe, talk about a double standard.

oh, that''s right, don''t criticize, after all, we''re going to have free gas, free food, free dogs & the world will be saved.

please, someone get me a doggie bag

[yeswedid]

Please someone set me straight on this.....is he islamic or Christian.....does anyone know for sure??????

Posted by ftk158 at 08:21 PM : Nov 16, 2008
-----------------------------------------------
And what does this have to do with anything? Leave religion out of politics.


Posted by ftk158 at 08:21 PM : Nov 16, 2008

[shanev137]

All the sniveling Republicants are out in full force again today, doing a group lick of wounds, while they lay together hand-in-hand, moaning and bleeding.

The most hilarious thing will happen next November when we get a filibuster-proof Senate. hahahaha

[billfaster-2009]

did he just refer to michelle as "that one"???

[tj20091]

IT''S SO GREAT TO HAVE A SMART & INTELLIGENT PRESIDENT!!!

THANK YOU AMERICA!!!

THANK YOU MR/MRS OBAMA!!!!

WHAT A GREAT TEAM. I''M SOOOOOOOOOO HAPPY!!!!!

GREAT INTERVIEW!!!!

[tterry8]

We are "One Nation under God".....just because a good percentage of the population does not agree with his economic and socialists ideas and his lack of experience and pro Arab associations means we are Americans and not the mindless and mesmerized.

[shider-2009]

The country has 2 wars and an ecnomic depsression going on and were learning about what kind of dog he wants, whether or not his mother in law might move in, his apartment he had as a senator.....

how about what kind of socks he likes.... am i watching 60 minutes or inside edition

does steve croft not know what kind of questions to ask?

i guess i understand why cbs news is in last place.

[yeswedid]

We are "One Nation under God".....just because a good percentage of the population does not agree with his economic and socialists ideas and his lack of experience and pro Arab associations means we are Americans and not the mindless and mesmerized.

Posted by tterry8 at 08:29 PM : Nov 16, 2008
-------------------------------------------
What in the world are you talking about?

[tj20091]

Not that it matters, but I always thought that the Bush and Clintons were Muslim because they always SUCKED UP TO the Saudi leaders. Bush even walked with some of the Saudi Men holding their hand ;-). Well I guess that''s a cultural thing.

[msylvester6]

Good Interview and I voted for the other guy. Good luck to him and to us.

[serenityman1]

What a pathetic interview of Obama by Kroft. What has happened to the Walter Cronkites of the world. Kroft, you might have just as well dropped to the floor and started shining his shoes. A first year journalist could have done a better interview. ie: When you asked him about Guantanamo, did you think of asking him "What will you do with the terrosists at Guantanamo?" "Will you bring them to the United States?" "There has been talk about bringing them to Leavenworth..Is that your plan?" "Would they present a threat in the United States?" "Have you seen the ''Berg'' be-heading?" Kroft...the fluff goes on. CBS become an second rate news organization. You don''t ask the tough questions, which makes you a disgrace to broadcast journalism.

[shanev137]

The guy isn''t even in power and hasn''t even done a dam thing yet and all you Republicants talk about is having him lynched Mississippi style.

[diana9559]

I''m more impressed with this man every day. He talked about how down to earth his girls are, and hoping that they are still that way in 4 years - those are my hopes for him as well!

[nunyadmbz]

The difference that his religious affiliation makes is that they have to continue to find anything to try and tear this man down. Just a bunch of sore losing bigots. That cameraman must have been one of that crowd, considering the horrible way he focused the camera on the President Elect and First Lady Elect. He didnt push the camera up in Krofts face like that. Its okay though, just get over it....or dont. It doesnt matter at this point, because at the end of the day he is still Barack Obama, President of the United States. And start counting, because he has 1500 more of those days to go, lol.

[tterry8]

We are "One Nation under God".....just because a good percentage of the population does not agree with his economic and socialists ideas and his lack of experience and pro Arab associations means we are Americans and not the mindless and mesmerized.

[kmdudley1]

I loved the interview. The first half was serious and the second half less so. I thought the mother-in-law thing was pretty funny. Obama will be a great President if he continues to be the open and funny guy he is naturally. Good Luck President Obama!

[kmdudley1]

President Obama is a Christian. He always has been. He attended Trinity Christian Church for 20 years. He has been baptized. His children have been christened. Geezzz.....what is wrong with people?

[tj20091]

Awwww is this SWEET or what????

http://www.csmonitor.com/2005/0426/dailyUpdate.html

President OBAMA PLEASE DON''T DO THAT!!!!!

[yeswedid]

Not that it matters, but I always thought that the Bush and Clintons were Muslim because they always SUCKED UP TO the Saudi leaders. Bush even walked with some of the Saudi Men holding their hand ;-). Well I guess that''''s a cultural thing.

Posted by tj20091 at 08:35 PM : Nov 16, 2008
-----------------------------------------------
Hey duh. You thought that Bush & Clinton were muslim? What kind of comment is this? Plain RIDICULOUSNESS.

[tterry8]

We are "One Nation under God".....just because a good percentage of the population does not agree with his economic and socialists ideas and his lack of experience and pro Arab associations means we are Americans and not the mindless and mesmerized.

[tj20091]

IS PRESIDENT BUSH A MUSLIM?

It looks like it in this pic.

http://www.cbsnews.com/stories/2005/04/27/eveningnews/main691413.shtml

NOT THAT IT MATTERS.

[foxfire_42]

What a cool, informative interview. "That one", or 44 for "short", could possibly be the best president we have seen for a very long time. Obama, I''ve gone from suspicion to what can I do to help America. I broke a long standing tradition to vote for you. Thank you for helping me believe I made a rational decision.

As for Michelle; possibly best FLOTUS *ever*!

Despite our current economic situation, I just cannot feel discouraged.

Thanks "60 Minutes" for a great interview (now going back to view House Oversight subcommittee meeting on use of TARP funds via CSPAN on-line)

[soose95]

I loved this interview! Obama appeared to be as straight forward now as he was while campaigning. I have much more faith and trust in this new president than I''ve had over the past 12 years (yes, I''m including Clinton years). Perhaps, America has a chance to regain some of the pride and trust that has been lost. To be totally honest, I was proud watching the Obama''s during Steve''s interview. Something, I haven''t felt for many years. Thank you 60 Minutes. Well Done!

[yeswedid]

We are "One Nation under God".....just because a good percentage of the population does not agree with his economic and socialists ideas and his lack of experience and pro Arab associations means we are Americans and not the mindless and mesmerized.

Posted by tterry8 at 08:39 PM : Nov 16, 2008
------------------------------------------------
And your point is?

[closethippy1]

We are "One Nation under God".....just because a good percentage of the population does not agree with his economic and socialists ideas and his lack of experience and pro Arab associations means we are Americans and not the mindless and mesmerized.
Posted by tterry8 at 08:39 PM : Nov 16, 2008

"Pro-Arab"? So how do you explain the following report?:

Obama aide in ''anti-Arab'' row

(AP)Rahm Emanuel, US president-elect Barack Obama''s chief of staff, has apologised to an Arab-American group for comments made by his father that disparaged Arabs.
Benjamin Emanuel was reported as telling an Israeli newspaper about his son last week: "Obviously, he will influence the president to be pro-Israel. Why wouldn''t he?
"What is he, an Arab? He''s not going to clean the floors of the White House."

Obama has no time to be "Pro-Arab". His main mission right now is to repair the US economy and not to please any foreign power.
On the other hand, I don''t understand why this anti-Arab comment didn''t make it in any of the US MSM. Shame on them for giving another anti-Arab Jew a break.

[becautious]

So far no questions on gun control policy??
No questions on taxes???
No questions about nay Sayers ????ex...birth records...
Constant blinking and looking down to the left?????

Not doing a very convincing job as of yet.......

[xlib]

Kinda hard to interview with your nose so far up his butt.

[jlmccawley]

EXCELLENT INTERVIEW with Barack Obama. I found it to be inciteful on both a "professional level" and on the family''s "personal level. I would only offer two pieces of advise to the newly-elected President: 1. You really know how to tie a tie...keep doing it as well as I have seen over the past two years; 2. NEVER lose your sense of humor...no matter what happens during your Presidency, your sense of humor will help. Advise for the family: Get a Shih Tsu...we have three and they run the house...if you keep their hair cut short, as we do, allergy issues may not surface, and the sheer joy of their personalities is indescribable.

[becautious]

JEFF DUNHAM IS ON SORRY OBAMA GOTTA GO LAUGH WHILE I STILL CAN

[destined41jc]

That last comment by amaleksouth, PRICELESS!!!

If God''s people who are called by my name would humble themselves and pray and turn from their wicked ways, God promised he would heal our land, the land of the Free and the home of the Brave!!!

[skiluuver]

I LOVED the interview with the Obamas1 What a fantastic, down to earth couple!!! How REFERSSHING a change from George Bush!!!

[jlmccawley]

JGG0002: You are quite correct...it should be "...insightful". Later, it should also read: "Advice for the family:..." Sorry, I was in a hurry to get the post done so I could get back to NFL Football on NBC.

[luwltr]

Absolutely Marvelous...

[solarrays247-2009]

FOX Fascist Ralph Limbaugh is already blaming todays economic woes on the president elect, calling this econom ic mess "Obamas recession." Do Fascist FOX listeners hear people like Ralph Limbaugh simply for his comedic value? Or do they actually believe what this neo-nazi says under the guise of our free press?

Posted by ConDumbistan at 08:54 PM : Nov 16, 2008

Many people today don''t even want to read...so I think you already know the answers to your own questions! ;)

[becautious]

THIS IS MY HOUSE
THIS IS OUR STEEPLE
OPEN IT UP AND SEE ALL THE SHEEPLE

[toolmangler-2009]

I watched the interview and found him to be the type person we need to lead this country.

[phantastek]

Amazing how all the McCain supporters are acting like spoiled little children that will NEVER get their way.

It makes me so Happy!!! :-)

Now grow up and give President Obama a chance....

[awood61]

just watched your interview with Barcak Obama and his wife after it was over I thought if this man care so much on how his daughters feel about how well he is going to handle the white house just think on what he is going to do for his country look out America here come another great man what a gift we will have in the white house! God Bless America and the freedom to elect. What a great look at the man himself interested to see what 4 years will do to this man we live in a county that is very divided! God Bless Mr. Obama and his family, You will all be in my prayers!

[toolmangler-2009]

Posted by tterry8 at 09:19 PM : Nov 16, 2008



When did T. Boone Pickens hire you? I thought I knew all the swiftboaters. Incase you don''t know, He ''IS'' the President-elect. Support him or shut up.

[becautious]

I didn''t support McCain
The real candidates didn''t have the money or the jaded staff to give him a run for his money....

Sheeple good for nothing oxygen burners...

[kmdudley1]

Romans 10:9
"If you confess with your mouth that Jesus is Lord and believe in your heart that God raised Him from the dead, you will be saved."

It doesn''t matter if who your father on earth is, in Romans if you confess your belief in Christ, you can and will be saved. Remember that Jesus was not a Christian, Muhammad was not a Muslim, and Buddha was not a Buddhist. Before you get stuck on stupid, remember even the holiest of the holy had to receive their anointing from a higher power than themselves.

[kmdudley1]

Romans 10:9
"If you confess with your mouth that Jesus is Lord and believe in your heart that God raised Him from the dead, you will be saved."

It doesn''t matter if who your father on earth is, in Romans if you confess your belief in Christ, you can and will be saved. Remember that Jesus was not a Christian, Muhammad was not a Muslim, and Buddha was not a Buddhist. Before you get stuck on stupid, remember even the holiest of the holy had to receive their anointing from a higher power than themselves.

[becautious]

When did T. Boone Pickens hire you? I thought I knew all the swiftboaters. Incase you don''''t know, He ''''IS'''' the President-elect. Support him or shut up.
__________________________________________________
1st amendment ToolMangler..
Don''t worry they will take that away too and maybe then we will shut up....Maybe...

[closethippy1]

Posted by tterry8 at 09:19 PM : Nov 16, 2008

You''re grasping for straws, dude. Let it rest. In the next few years Obama will solve our national problems one by one. It''ll be quite a sight. I hope you''ll enjoy it as much as the rest of the country.

[kmdudley1]

Romans 10:9
"If you confess with your mouth that Jesus is Lord and believe in your heart that God raised Him from the dead, you will be saved."

It doesn''t matter if who your father on earth is, in Romans if you confess your belief in Christ, you can and will be saved. Remember that Jesus was not a Christian, Muhammad was not a Muslim, and Buddha was not a Buddhist. Before you get stuck on stupid, remember even the holiest of the holy had to receive their anointing from a higher power than themselves.

[kmdudley1]

Christians never fail to embarrass me. I''m a Christian and I''m so very tired of the xenophobia and hate that spews out of our "Christian" mouths. It''s time to turn the page on this type of divisive and hatefulness. Obama is a Christian. Since when did Christians develop a litmus test for the faithful? Is there some Christian criteria examination I missed? People need to read the bible and stop listening to James Dobson and Rush Limbaugh for "the word". Do you really think there people running around the Middle East during biblical times named "Matthew, Luke, John, and Paul"? If you believe that, then you''ll believe anything.