RICHARD HAASS But we are making some progress. We are basically introducing an enormous amount of stimulus. Whether you look at essentially flat interest rates, which are at zero. Anyone can get money to the extent it's out there. We're looking at the amount of stimulus, you're looking at the IMF capacities and so forth. There is a tremendous amount of stimulus on the table. This economy will turn around. I think it's a question of when, how quickly, how much. That - we've basically fueled to use the missile imagery again. It's fuel. Now at some point we're gonna have other problems. We're gonna have a dollar crisis conceivably down the road. We're gonna have inflation crisis down the road. Individual companies are going to pay an enormous price. But this administration has introduced and I think the G-20 meeting contributed to it actually a tremendous amount of stimulus into the US economy and global economy. And it's going to have some effect. It has to have effect.
DAVID FRUM But also a tremendous amount of new regulation which is going to be an anti-stimulus. That's coming, too.
RICHARD HAASS Well regulation is not an anti-stimulus. Regulation if done well can actually help an economy.
ARIANNA HUFFINGTON Actually, this week, we saw so many concessions to the banks. We saw the suspension of mark to market which is absolutely tragic. Japan by not having mark to market made it much harder for them to recover.
GEORGE STEPHANOPOULOS (OC) Just quickly explain to our viewers who may not know. Suspending mark to market means that banks do not have to put in, publicly proclaim the real value of assets?
ARIANNA HUFFINGTON Exactly. So basically it has now become mark to fantasy. They can put down any number they want. And they're basically perpetuating all of these gimmicks that have gotten us where we are. And the government is going along with that. Because basically, Tim Geithner and Larry Summers understand that well. This is their world and this is really the world to which they keep making concessions.
RICHARD HAASS But there is long-term investments, which should not - which is exactly why Arianna is wrong on this. These things should not be forced to be marked on a daily basis. There's no market for certain things that are illiquid which are long term. So it's healthy.
ARIANNA HUFFINGTON It's not a daily basis. It's only when they're available for sale. It's not on a daily basis.
RICHARD HAASS It is healthy to basically move away from this short-term accounting. This is actually a positive thing, which is why the market's reacted so positively to it.
ARIANNA HUFFINGTON And you think they'll continue….
GEORGE WILL (OC) It's a mess isn't it, Arianna, when you get into the business of government allocating wealth and opportunity in a society. Let's agree on that. And it can't be done prettily.
ARIANNA HUFFINGTON Well I agree on that. But it can't be done because of, of the club, supporting the oligarchs. Right now, the banks have become the oligarchs of America. We just found out this week that Larry Summers had hundreds of thousands of dollars in speaking fees to Citigroup, to all - a lot of the same companies that have been bailed out. I'm not suggesting for a minute that Summers or Geithner are corrupt. All I'm suggesting that's the world we're living in.