'This Week' Transcript: Biden

But at least you're going to see some kind of, what, consumer advocacy where it wasn't there before.

WALLACE: You talk to people in finance, and they'll tell you, we got into this crisis because the housing market became overheated. Housing is one of the most regulated industries in this country. Finance collided with an overheated housing market, also one of the most heavily regulated industries in this country. So what did we do? We added more regulations and we increased the political involvement, and it's a recipe for disaster.

PAGE: It's regulated, but I was -- I had a broker try to sell me on an interest-only mortgage, because he gets a bonus for selling me on that, for charging me a higher interest.

WALLACE: That'll never happen, because there isn't any more credit, so I think we've taken care of that.

PAGE: Well, it won't happen again now because it's been written out of existence, virtually, by these new regulations, as it should have been out of existence before, and warnings will be out there for people ahead of time.

WALLACE: But even Democrats admit that these regulations will do nothing to protect us from a similar financial collapse.

MYERS: That's not true, Nicolle. I mean, most people think it will help prevent -- it won't completely prevent another financial crisis, but most people think it will help prevent another one and make -- and create some additional tools for managing a crisis should another one occur.

You know, you can't fight the last war. And so regulating against everything that happened in the last, you know, collapse is -- is -- is sort of short-sided. People said a lot of the same things after, you know, the last round of big regulation after the '29 collapse, and they turned out not to be true.

Now, I do think George is right in -- in -- in the medium term or the short term, as we've gone from the legislative phase to the regulatory phase. There's going to be a couple of years of actually writing these regulations and putting details onto the legislation, and that's going to be a tough time.

But I think it's encouraging that the markets didn't go crazy on Thursday and Friday in response to this passing. They went crazy in response to the fact that there was lower-than-expected profits on Wall Street.

TAPPER: A lot of people in the White House think that if it weren't for the recession, all the unemployment, people would be paying attention to the fact that this is a big legislative accomplishment. Obviously, not everyone agrees that it's a good accomplishment, but for a president to achieve this, health care reform, the stimulus package, the president deserves credit. Is -- is that true, you think?

MYERS: Yes, I think -- I think it's amazing how much he's been able to do, whether you agree or disagree with the content of these packages. As a legislative accomplishment, these are huge.

But I think the president and the administration are not getting much credit, and I think the number-one reason, the most important number, and in some ways the only one that matters is 9.5.

You know, you still have millions of people -- we -- we lost 7 million jobs in the last couple of years. Now, we've gone from losing 750,000 jobs a month in the spring of last year to creating somewhere around 100,000 private-sector jobs a month now. That's a huge turnaround, and the stimulus contributed to that. But unemployment is still 9.5.

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