'This Week' Transcript: Arnold Schwarzenegger

SCHWARZENEGGER: I know, but that's why I said, you know, you've got to go beyond just the principles. You've got to go and say, "What is right for the country right now?" I mean, I see that as kind of like, you go to a doctor, the doctor's office, and say, "Look, can you examine me?" The doctor says, "You have cancer."

What you want to do at that point is you want to see this team of doctors around you, have their act together, be very clear, and say, "This is what we need to do," rather than see a bunch of doctors fighting in front of you and arguing about the treatment. I mean, that is the worse thing. It creates insecurity in the patient.

The same is with the people in America. That creates insecurity when you have those two parties always arguing and attacking each other, rather than coming together and saying to the American people, "Here's the recipe. This is going to be tough, but this is what we need to do for the next two years. And we both believe in that." That will bring calmness to the market and stability to the market.

STEPHANOPOULOS: So you think Republican leaders in Washington should be cooperating more with President Obama?

SCHWARZENEGGER: I think that, if they -- they should make an effort to work together and to find what is best for the people, because by derailing everything, it's not going to help anybody, and it creates instability and insecurity.

And I think, also, the Obama administration -- I mean, as you know, the president is very clear when -- in his message. And he's a very great speaker and articulates really well. But there's people around him that they -- they also have to have that same clarity when they go out there, and make people feel at ease and that they have their act together.

And I think that, all together, we can really bring this country back, because I tell you, no matter where you look, this is still by far the best country in the world. There is no one that can come even close to us.

STEPHANOPOULOS: Yet California has one of the worst foreclosure crises in the country right now. President Obama laid out his plan to deal with that this week. And a lot of critics said that this is, you know, creating a moral hazard, it's bailing out people when those who were responsible with their mortgage, they're getting no government help.

SCHWARZENEGGER: Well, you know, there is people that are failing with their mortgages because they have been laid off, they've lost their jobs. There's others that they signed up to a deal where they didn't know there will be this bump in the interest rate and all this.

What we have in -- in California is we have sat down with the lenders and we have worked out a voluntary agreement with them to go and do modifications, loan modifications, where we had them reduce the interest rate or where we amortized the -- the loans out further, another extra 10 years.

And so I think that's what the -- the federal government -- as a matter of fact, Sheila Bair has recommended that already more than a year ago, and she has been terrific with that housing crisis.

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