'This Week' Transcript: Former President Bill Clinton

If you go back, I don't remember -- I mean, correct me if I'm wrong -- I don't remember Bill Clinton going back and saying, when all the antiwar protests were going on, when Code Pink was running into congressional hearings saying, whoa, you know, we all need to be very careful about what we say, it was viewed as public discourse and good.

And so I think that that's what they look at. It seems somewhat convenient that now that there's a Democratic majority which has -- putting forward the policies that people are unhappy about, now we all have to be careful about what we talk about.

TAPPER: Donna?

BRAZILE: Well, I think the president is right, and he struck the right tone in saying it, because he also talked about the teachers group or the person in Bergen County who made a vile threat against the governor of New Jersey.

TAPPER: A union -- a union official.

BRAZILE: A union official. And, look, we know that the level of vitriol is not at an all-time high and it's not that people are upset that, you know, some folks are angry and that they formed a movement that has energized the conservative base of the Republican Party.

What people are worried about is that this movement seemed to have a particular target, their demonizing of individuals that they disagree with. It's all right to disagree with people. I disagree with George Will all the time. In fact, I disagree with myself sometimes.

But the truth is, is that we can disagree without demonizing people. And then, of course, some of -- there's people worried that the level of incivility now is growing to a point where you can't even have an honest debate about tough issues. TAPPER: Al, President Clinton -- former President Clinton really has so much to say and really seems to be -- to miss being in the thick of it.

HUNT: Jake, we forget how good he is, too. I mean, he really is. He gave a speech at the Gridiron dinner several weeks ago, and he began by noting that it was the anniversary of the 1942 speech of General Douglas MacArthur when he said, "I shall return." And I think that was Clinton's message that night.

Bill Clinton had a very rough 2008. His standing was badly hurt with some of the things he said in the campaign, some of the way he behaved. He was bruised after it. He kept a very low profile.

I think he's had a very good last year. I think he is slowly coming back. Many people thought he'd embarrass his wife. He certainly has not done that. He's been very actively and admirably involved in Haiti, involved in North Korea.

There are more Democratic politicians I know now who, in what's going to be a tough year, are turning to Bill Clinton for advice.

There's one place, however, that doesn't turn to Bill Clinton very much for advice, and that is the Obama White House. The tensions between the Obama top people and the Clinton top people remain very raw, Jake.

TAPPER: Very interesting. President Clinton talked a bit in our interview about financial regulatory reform, and I'd like to switch to that topic right now, because President Obama is really making a big push. George, one of the issues with financial regulatory reform is whether or not the reforms create or keep a moral hazard.

Explain exactly, what is a moral hazard?

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