'This Week' Transcript: Gov. Schwarzenegger

PAUL KRUGMAN: He's got a big backlog of people who know how this town works and know how to get things done. So it's a good thing.

COKIE ROBERTS: Well that is...

SAM DONALDSON: But I take your point about competency and people who know how to do it but you dance with the people who brung you and the people who brung Mr Obama to the presidency are the minorities to a large point. I mean the data is clear. So all the names we've been hearing about and he may not appoint these people I understand, most of them are white and most of them are Clintonites.

GEORGE STEPHANOPOULOS: Well he did...

COKIE ROBERTS: And most of them are men.

GEORGE STEPHANOPOULOS: Well he appointed Valerie Jarrett...

SAM DONALDSON: And most of them are men.

GEORGE STEPHANOPOULOS: ...his senior adviser inside the White House, also a new deputy chief of staff, a woman today and, you know, one other person mentioned for a possible job, Susan Rice for a top foreign policy job.

GEORGE WILL: Well the fundamental attribute of leadership is capacity for robust disloyalty, Sam.

SAM DONALDSON: No, no, excuse me. If you're going to keep Gates and we know who he is and you're going to put Senator Clinton in as secretary of state, who's gonna be secretary of treasury? Larry Summers? He has experience. He was Clinton's secretary of the treasury.

COKIE ROBERTS: Well he...

SAM DONALDSON: I don't know. Go down the list.

GEORGE STEPHANOPOULOS: Well, but I…

SAM DONALDSON: For you to say that Jarrett who is very - I understand she's going to be very close and very powerful somehow balances the top members of the cabinet, I don't think it balances out in the country.

COKIE ROBERTS: You know what I find really interesting in this scenario if it comes to pass is that Bob Gates as secretary of defense would end up being the dove in the group. He has been so interesting on the question of public diplomacy and soft power and really has attracted a tremendous amount of support, both in this country and the...

GEORGE STEPHANOPOULOS: I completely agree with that, although that is the kind of rhetoric that all Democrats have used. It just gets less attention when the Democrats...

COKIE ROBERTS: Well, but he has really been, you know, he's been out there doing it and trying to make it happen and working with the State Department to do that and with foreign entities. So I think that would be a fascinating thing to watch play out.

GEORGE WILL: It's also interesting for two centuries we had white male secretaries of state. Now if you go back to the beginning with Madeleine Albright...

COKIE ROBERTS: That's right.

GEORGE WILL: ...Colin Powell, Condoleezza Rice and Hillary Clinton, you could have 18 years without.

GEORGE STEPHANOPOULOS: Paul, how about what Sam brought up about Larry Summers? Does it make this more difficult if Senator Clinton becomes secretary of state for Summers to become secretary of treasury? And if so is that a good or a bad thing?

PAUL KRUGMAN: It might make it more difficult. It would be just a little too much maybe like just recreating and, of course, Larry Summers has vocal opponents. You know, this is my bailiwick and I can't get really excited about treasury thing because...

GEORGE STEPHANOPOULOS: Why not?

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