KRUGMAN: I can't predict, but right now, let me tell you, they really don't want to run banks. They so badly don't want to run banks, I think it's actually kind of hamstringing their ability to deal with them. Because they don't want to go where they just went with Chrysler on the banks. And this is definitely not a socialist-minded administration.
STEPHANOPOULOS: How do you get out, though?
KRUGMAN: You know, the only thing you can say is, auto sales right now are so low that looking at the current situation is not a good guide. Right? At current rates of sales, it would take 27 years to replace the existing stock of automobiles. So we know that automobiles -- you know, cars don't last that long. So automobile sales are going to go up. So things are going to look better, even if they do nothing, even if they just hold the fort. Not enough to make these going concerns as currently structured, but maybe it is going to be easier. You know, what looks impossible now may look doable in a year.
SEIB: You know, there's an interesting political effect that you referred to briefly, George, which is that in the White House, people are sort of likening the president's willingness to use the bankruptcy threat and follow through on it here to Ronald Reagan's firing of the air traffic controllers, to say that you show toughness, it has an effect on the immediate situation and it has a ripple effect down the line. It makes people realize you're willing to do tough things. Now, it may or may not turn out that way, but there is the potential here, as messy as this current situation is, to have a sort of a broader impact.
STEPHANOPOULOS: And the hedge funds may be even less popular than the air traffic controllers were.
SEIB: That's almost certainly true.
IFILL: That's what we're counting on.
STEPHANOPOULOS: In 1981. You know, George, we only have about a minute left. The political world lost -- the Republican Party lost one of its stars overnight, Jack Kemp, of course, former congressman, former vice presidential candidate, a HUD secretary under Ronald Reagan, succumbed to cancer last night. He was a good friend of yours.
WILL: He was a good friend. He was a good friend of all people who encountered him. He was a big-hearted man, very strong convictions, but didn't know how to make an enemy and didn't know how to hold a grudge. He was just a terrific fellow.
SEIB: And always an optimist. And Gwen and I were talking before, didn't seem possible he could be 73, because he was such a youthful guy and had that youthful energy start to finish of his political career.
IFILL: I covered Jack Kemp when he was secretary of HUD and also when he ran for vice president, and he was the original happy warrior for the Republicans as opposed to the Hubert Humphrey mold. He was kind of that way. He really thought he could be elected vice president in 1996, when nobody else thought so, and he also thought he could expand the Republican Party and make a broader umbrella, something which is proven not to be so.
STEPHANOPOULOS: And one of the nicest men you'll ever meet in politics.
This roundtable is going to continue in the green room and on abcnews.com. And when we come back, more of remembering Jack Kemp.