Transcript: Gibson Interviews Barack Obama

And -- and that is as important as anything. And the fact that, if you've seen President Bush come out of the Rose Garden for two minutes at a time and, you know, not give a clear sense of what is taking place, describing this -- describing this rescue package as -- seeing it described as a bailout where the average person still thinks that what's happening is $700 billion is going out the door, and we're never going to see it again, and it's going to a bunch of Wall Street types. You know...

GIBSON: That's puts you in a position -- that puts you in a position of essentially saying trust me. I'm a 47-year-old guy with one term in the Senate.

OBAMA: Yeah.

GIBSON: You got to put your faith in me.

OBAMA: Well, of course. Look, if I wasn't -- if I didn't have confidence in the ability to lead the country, I wouldn't be running for president. But it's not simply trust me. What I'm saying to the American people is trust in us. Trust in ourselves. Trust in our innovation, the talent of our workers. Trust in our ability to be pragmatic and think these problems through and solve them. I mean, the truth is that very rarely when we have a crisis like this do we just have a blueprint solution that pops out and everything runs smoothly. That's not how things work. One of the great gifts of America is we're practical people so we try things. If they don't work, then we try something else. And we fidget with this and we tinker with that. But we maintain confidence in our core institutions, our core values, and we remain confident in the American people. And that's the job of the president to organize the -- the best people out there to rally the country, to give them a sense of direction and vision and say, you know what, we're going to keep on trying a bunch of stuff until something works.

GIBSON: But we -- we passed the $700 billion rescue package. The market went down.

OBAMA: Right.

GIBSON: The Fed said we'll be the primary lenders to bank and to businesses.

OBAMA: Right.

GIBSON: Market tanked. We now have a worldwide rate cut to try to increase liquidity. The market is yawning at that today.

OBAMA: Right.

GIBSON: It almost -- and the credit markets remain frozen.

OBAMA: Right.

GIBSON: It almost seems as if rationality is out the window.

OBAMA: Well, look, in the same way that I think Greenspan, the former Fed chairman, talked about irrational exuberance, we now have irrational despair. You know, trust is broken down in our financial institutions. Banks are afraid to lend to each other. They're afraid to lend to companies that have great balance sheets and have done everything right.

And that's, again, why it's so important for the president to be able to restore a sense of confidence and to help change the mindset of -- of traders, the markets. Now, what makes it more complicated is we now have a global economy. And that's why it's going to be so important for the next president to show global leadership.

One of the things that I will do as president is to gather together the G-20. You know, we have this G-7 that is an organization of what used to be the biggest economies. But it doesn't include China. It doesn't include India. It doesn't include huge markets.

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