'This Week' Transcript: Former President Bill Clinton

Look, Congress -- Wall Street is as popular as a root canal. And I think the Democrats can go out there and fight for transparency, accountability, and they can win this debate and pass this bill. And if the Republicans decide once again to delay and to put up more tactics to cherry-pick through the bill like health care, they will find themselves on the wrong side of history.

WILL: Republicans have to articulate, which they have not yet done, that their position is more fierce against Wall Street than the existing one is. What they're saying is that there's still enough discretion that will be used to bail out creditors and shareholders of these firms, and the Republicans really want to guarantee their ruin, as I understand it.

STRASSEL: Just, I mean, on this Goldman thing, talk about marketing, by the way. I mean, this is now being put forward by Democrats as a reason to pass this.

The fact that the SEC has a civil complaint against this, their argument is that this is about misrepresentation of marketing a security, a law that has been on the books forever, and the SEC unrooted this, and they have a complaint out there. No one has made an argument as to why this legislation in particular would make this any less likely. This is -- they're arguing a fraud and one that they uncovered with the tools that they have now.

TAPPER: So the bill wouldn't necessarily prevent this from happening? It already is against the law?

STRASSEL: It isn't clear how this would make it any different.

BRAZILE: Well, tell that to the Royal Bank of Scotland. Tell that to all of the foreign banks and the domestic banks that went out there and invested in these exotic instruments that somehow or another this was OK. Now, this is going to...

(CROSSTALK)

TAPPER: ... because she's saying it was against the law.

BRAZILE: It was against the law...

TAPPER: And this bill wouldn't necessarily address it, but...

HUNT: Well, if you put a simple transparency requirement in there that those people who bought it had to know that Mr. Paulson put it together, that would go a long way towards -- I mean, nothing -- nobody should be able to stop instruments like this. It's a question of transparency.

I also think that the Republicans -- I don't think you can group the Republicans, you know, as one monolithic bloc. I think this is quite different than health care. They all signed a letter, to be sure, but the minute they signed that letter, the 41 Republicans, Bob Corker said, wait a minute, this is not -- you know, this is not the end. This is just so we can get in the process.

I think there probably are 10 or 15 Republicans who either believe there should be a bill or very much want to vote for a bill. I think that's quite different than the health care debate.

TAPPER: But, Donna, do you think that the Democrats will be able to pick up some Republican votes on this?

BRAZILE: I think so. I think Sue Collins, who was a former financial regulator, she's eager to come back to the table. Shelby -- just a month ago, Senator Shelby, the ranking member on the Banking Committee, said that he agreed with 80 percent of the bill.

So I think that Senator Reid will be able to go out there and find a few Republicans. And who knows? Scott Brown might be the missing link again.

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