MSNBC Interview - Transcript

Interview

MSNBC Interview - Transcript

MSNBC INTERVIEW WITH REP. JAMES CLYBURN (D-SC)
SUBJECT: ECONOMIC STIMULUS PACKAGE INTERVIEWERS: CARLOS WATSON, CONTESSA BREWER

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MR. WATSON: Joining us live from Capitol Hill is the House Majority Whip, South Carolina Representative James Clyburn.

Congressman Clyburn, good to have you on the show.

REP. CLYBURN: Thank you, Carlos. Thank you so much for having me.

MR. WATSON: Congressman Clyburn, you see that there's a lot of heat on those eight CEOs. Are you satisfied with what you've heard from them so far this morning?

REP. CLYBURN: Well, I have not been listening to them this morning, Carlos. Unfortunately or maybe fortunately, I've been preoccupied with trying to get ready for this conference that we are going to have later on today regarding the recovery package, and so I have not listened to the eight CEOs at all.

MR. WATSON: Congressman Clyburn, to your point about the stimulus package or the recovery plan, I do understand that it has moved a lot more quickly as those from the House and the Senate have come together to work on them. Do you expect that there will be a vote as early as this afternoon or might it wait until tomorrow before we see the first vote on a joint package?

REP. CLYBURN: I think it will probably be tomorrow. I don't see how we can get around to voting today. I think we'll have some conference in between the House and Senate conferees and get something done tonight. We'll probably be able to take this to a rules committee or something tomorrow and maybe have votes late tomorrow or Friday.

MS. BREWER: So congressman, we're watching the plans for the economic recovery of our nation on two different fronts, one is the stimulus package that you're talking about, the one that's in conference right now; the other is this infusion of cash they're planning for the banks. We're watching right now as these hearings on Capitol Hill continue and in the meantime while taxpayers are struggling to pay for their mortgages, you've got Lloyd Blankfein of Goldman Sachs getting a bonus of $70.3 million or his salary, his 2007 salary. Jamie Dimon got $27.8 million and his bank received $25 billion, on down the line, Ken Lewis, Bank of America, $16.4 million, John Stumpf, Wells Fargo, $12.6 million.

Do you think that there's a role for government to play in capping the compensation that these CEOs should get?

REP. CLYBURN: Absolutely if those institutions are into the government's pockets so to speak, trying to get assistance that would be stabilizing themselves, trying to determine how they go forward with our help. We ought to be helping them in setting some of the policy that they will be utilizing our money well.

MS. BREWER: So is this whole thing on Capitol Hill today, I mean, is this just for public consumption? Is this just to show taxpayers, yeah, we're angry just like you? Or is there something real that's going to come out of this?

REP. CLYBURN: I hope there's something real that's going to come out of this. There is no mileage at all in us bringing these gentlemen here before the public just for show. We got enough up here to do with this recovery package, with the TARP funds, trying to get this economy set back up. We don't have time just to do things for show.

So I am convinced that what we're here today with them, we're trying to build a record, we're trying to get everything out on the table so that when we move forward, setting new rules, new regulations, putting new stuff in statutes, we can do it with the kind of input that is necessary for the American people to feel comfortable with what we've done.

MR. WATSON: Congressman Clyburn, two questions to you, number one, how big do you think the ultimate stimulus package will be that ultimately is agreed upon on both sides? I'm hearing that it will now be actually smaller than what either the House or the Senate proposed. And number two, how will we as everyday Americans actually ultimately see the stimulus package show up? Should we expect to see our neighbor hired? Should we expect credit card rates to get lower?

What practical ways do you expect to see the stimulus package come into play?

REP. CLYBURN: Well, I think, number one, I think it will be lower than both the House and the Senate did. We have been meeting here late into last night and this morning, so I think you see a lower number, a significantly lower number than both of us did.

On your latter question, I think we'll see some stuff almost immediately. If we pass this package by Friday afternoon, I'm convinced that by Friday next week, you'll begin to see some positive stuff coming out of it because people will then begin to act on things that they've been kind of holding back on, wondering whether or not that they will have this kind of security being built under or safety being built under some of the things they would like to do.

MR. WATSON: So Congressman Clyburn, for example in South Carolina where unemployment is north of nine percent --

REP. CLYBURN: Yes.

MR. WATSON: Do you expect to see several of the large companies, auto companies and others do hiring? Do we expect to see some hiring notices next week and in the weeks to come?

REP. CLYBURN: Well, not just that, remember, we're trying to save and create between three and four million jobs. So I think immediately you will see a lot of companies, a lot of agencies especially in the public sector not laying off people, not furloughing people that they were planning to furlough and lay off, that will have an immediate impact.

So there will be some time before these so-called shovel-ready projects get going so that the kinds of construction projects may take 30 to 90 days, but jobs that people are sitting on, they will be stabilized almost immediately.

MR. WATSON: Congressman Clyburn, thank you so much for your time and look forward to seeing you again soon.

END.

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