'This Week' Transcript: Gov. Schwarzenegger

PAUL KRUGMAN: Because there is really not an ideological hairs worth of difference among the various people. Geithner is a Summers protege. Tim Geithner,New York Fed president whose the likely alternative. They all basically played the same role. Other people who are on the list, possibly Paul Volcker as a temporary or Jon Corzine, they're all, you know, they're all basically the same position. So it's not clear it matter that much. But it might be a little harder to put Larry Summers in that role if Hillary is there.

COKIE ROBERTS: Also, think about the African Americans on the Harvard faculty and Larry Summers. I mean I think that's a real problem for him.

PAUL KRUGMAN: I have to say Larry is the Henry Higgins principal from "My Fair Lady." He insults everybody. So he really is equal opportunity. There's nothing about that.

SAM DONALDSON: I hate to repeat myself but then what else is new? You got to dance with the people who brung you. He has got to have, all right, he's got to have diversity and not just one or two women. Not just one or two African Americans. He represents something different and new. We can argue maybe later on how long that would last, but he's got to fulfill that promise.

COKIE ROBERTS: And can't be less...

GEORGE STEPHANOPOULOS: Well, no, but don't...

COKIE ROBERTS: And can't be less diverse than the Bush administration which has been very diverse and to have the first African American president come in and...

GEORGE STEPHANOPOULOS: I guess I don't disagree with that except you have to focus on excellence first and they're not incompatible in any way but you can't say that diversity should be the control rationale right now.

SAM DONALDSON: But George, I know you don't mean to make this argument, but are you saying these other people I've talked about aren't excellent.

GEORGE STEPHANOPOULOS: No, I said exactly the opposite actually.

SAM DONALDSON: Thank you. Scramble back on here.

PAUL KRUGMAN: Be part of what Obama is – what people are looking for is not just ideology, not just identity, but they're also looking for somebody that can actually run the country. You know, that's sort of what we've been lacking.

GEORGE STEPHANOPOULOS: Number one. But let's talk about some of the challenges they are going to face, specifically on the economy. The Congress is going to face this week the issue of whether or not to send a lifeline to the auto companies. We heard what Arnold Schwarzenegger said about it. Here is Governor Jennifer Granholm of Michigan.

GOVERNOR JENNIFER GRANHOLM, DEMOCRAT The auto industry would crumble if one of them went into bankruptcy. If GM is not buying from suppliers, those same suppliers are supplying to the rest of the auto industry too. But if they see a major collapse in their major customer, then they are not going to be able to survive.

GEORGE STEPHANOPOULOS: Some estimates, George Will, that a collapse would cost the federal government in the long run $200 billion.

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