Transcript: Alan Greenspan

VANDEN HEUVEL: You know, John Kenneth Galbraith once said that astrology -- that economic forecasting exists to make astrology look good. In these conditions, Matt, it's very hard to have predicted what we would see. And don't forget, the danger of the health care reform is that is it weakened and diluted in the way that the recovery package was so as to address Republicans' concerns. That could have been a stronger recovery -- but not strong enough to do what you rightly suggest, which is, parks, bridges, tunnels, an industrial policy, which may make George go berserk because it sounds like socialism, which it isn't, every advanced industrialized country has an industrial policy which would address the auto industry. Build light rail, buses. WILL: Yes, the jobs numbers were the worst since the summer of 1983, 17 months later, Ronald Reagan came within 3,800 votes in Minnesota of carrying all 50 states. So this is not necessarily a political disaster, except the differences. What Reagan was doing was lightening the burden on the economy, cutting taxes, cutting regulations. This comes with the president trying to increase the burdens, with higher taxes, with more regulations, with cap and trade. ROBERTS: You know, right now, 40 percent, 40 percent of GDP is state, local, or federal money. I mean, that's an incredible number. So that, you know, adding more to that, I think, is going to just make the -- distort things even more. And the public is so concerned about it... (CROSSTALK)

VANDEN HEUVEL: But, Cokie, last point, and at the moment, when George said earlier, one out of six are unemployed or underemployed, I think the focus is on putting people back to work, and not on debt. I continue to resist this belief that debt is this animating feature of our political system. (CROSSTALK)

STEPHANOPOULOS: ... have that debate with Alan Greenspan. But meanwhile, let me turn it back to the issue of Afghanistan, because we did have some news this morning, probably the worst firefight of the year in Afghanistan, eight Americans killed in a major firefight with 700 Taliban. Of course, it comes in the midst of the president doing his review of policy. And the commanding general on the ground, General McChrystal, actually weighed in on this debate publicly this week. He gave a speech in London where he was asked about Vice President Biden's policy of trying to address the problem of terrorism in Afghanistan with drones and missiles the way we do in Pakistan. Here was his answer. Will it work? (BEGIN VIDEO CLIP)

GEN. STANLEY MCCHRYSTAL, COMMANDER, ISAF: The short glib answer is no. And the first reason is I believe you have to navigate from where you are, not from where you wish you were. We're in Afghanistan, and we have established relationships, expectations both with the Afghan people, the Afghan government. (END VIDEO CLIP)

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