'This Week' Full Transcript: Dec. 13, 2009

HUFFINGTON: There's actually a lot more that he can do. In fact, for Larry Summers to say that the president needs to encourage the bankers to lend is really for the president to give up on his responsibility, which is to be the head of the executive branch. He is not a pundit cajoling and admonishing, which he's been doing constantly. Remember, he's gone to Wall Street. He has spoken to them. He talks to them on the phone. Larry Summers talks to them on the phone. Tim Geithner talks to them on the phone.

George gave you the answer. They're not going to do that. While it's in their interest to continue to borrow money at practically zero interest rate and trade that money and have the safety net of the government.

HUFFINGTON: Paul Volcker gave a very impressive speech in Berlin in the last couple of days, where he basically said, we need to end the safety net for the banks.

While the safety net is there, Goldman-Sachs returned the TARP money, but it still has $21 billion in FDIC guarantees. That has to end. And Larry Summers -- it was so clear from your interview, George, is the wrong man to be heading the president's economic team. His response is so lackadaisical, no sense of urgency. He keeps quoting the same forecasters who predicted, remember, that unemployment would not go beyond 8.5 percent.

STEPHANOPOULOS: Yet -- yet, April, he did say, and I think it was pretty significant, that he agrees with those forecasters (inaudible) job creation beginning this spring.

RYAN: That may be true for mainstream America, but this week, as we've seen, there's a problem in the black community. The overall unemployment rate, right now, in this country, is 10 percent; African- Americans, 15.6 percent.

And the highest numbers right now from November, black teens, 49.4 percent. And you have several issues here in the black community. You've got the Congressional Black Caucus and other leaders saying, yes, there needs to be a targeted approach. Because during the Bush and Clinton years -- you know, in 2001, at the end of 2001, blacks did not return from pre-recession times financially.

STEPHANOPOULOS: So what would that mean? What would the targeted approach entail?

RYAN: A targeted approach means do something (inaudible) for businesses maybe to hire. Not only that; you have issues with the federal government. The federal government itself is falling short of meeting its minority set-aside contracting goals.

And many in the African-American community say that, if that were the case; if they were to fix that problem, they would themselves create jobs.

STEPHANOPOULOS: And we actually saw, Ed Gillespie, a little bit of resistance from the Congressional Black Caucus during these negotiations over the financial reform. But the other tension the administration is facing is how to create these new incentives without blowing a hole, even a bigger hole in the -- in the budget, and increasing the deficit even more. GILLESPIE: Well -- and they're trying to have it both ways. You can't take the $200 billion that's not been spent on the TARP funds and then use it for stimulus, or money that's being paid back that's supposed to go to debt reduction or deficit reduction, and use it on stimulus and say you're also trying to reduce the debt.

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