'This Week' Transcript: Rahm Emanuel

Secondly, the administration seems obsessed with long-term alternative fuels and the problem it, it is long term. We need to do something about the short and medium term. What I would suggest, we have that answered here at home, which is natural gas. You don't hear those words mentioned a lot, but natural gas is competitive in price, it is incredibly omnipresent, now, in the United States and it is very good for the environment. So instead of thinking about 30- or 40-year solutions we really need to think about the near term.

TAPPER: Greta, the congressional hearings with Tony Hayward, the CEO of BP, testifying provided a lot of good theater and obviously a lot of good powder for Rahm Emanuel. What was your take on that?

VAN SUSTEREN: I thought it was great theater, but that is all it was. I mean the whole idea of Congress, who-let's back up. I mean, I agree with George, and everybody else here. BP is horrible. In fact, I even think they go off easy at the White House, at $5 billion, they could have paid $7 billion in shareholder dividends.

TAPPER: $5 billion a year.

VAN SUSTEREN: $5 billion a year. Yes, I think they go off easy to start with. But the idea that Congress, who has the obligation to oversee the Department of Interior, who has the obligation to oversee MMS, and they are sitting there and for all these years they have let BP cut corners, create risks, do a cheaper way of trying to extract this oil from deep down in the Gulf floor. The idea that all of a sudden they are scandalized by what was going on BP.

Why weren't they checking up on the Department of Interior, and MMS? We hear these scandals out of what they were doing. That sort of the scandals, whether it is pornography, or getting too chummy with BP, but then Congress the gall to sit and point fingers. They, themselves, ought to point fingers at themselves. It doesn't let BP off the hook. BP is horrible. But I thought Congress was only grandstanding.

TAPPER: Rahm Emanuel seemed to really seize on those Barton comments almost as if President Obama were on the ballot this year, for the 2010 midterms, running against Joe Barton. Democrats argue that Barton's comments are not really out of Republican mainstream. And here are some comments from the Republican Study Committee, in the House; 114 members of the Republican Party in the House saying: "BP's reported willingness to go along with the White House's new fund suggests that the Obama administration is hard at work exerting its brand of Chicago-style shakedown politics. These actions are emblematic of a politicization of our economy that has been born out of this administration's drive for greater power and control."

George, it seems like mainstream Republican thought, if that is from the Republican Study Committee?

WILL: Well, among those asking, upon what meat doeth our Caesar feed that he has grown so great?, is "The Economist" of London, which I think we have all accept as a mainstream publication. They say, in a section of their lead editorial, called "Vladimir Obama", "The collapse of BP's share prices suggest he has convinced the markets that he is an American version of Vladimir Putin, willing to harry firms into doing his bidding. If the president does not stand up for due process he will frighten investors across the board. The damage to Americans environment is bad enough, the president risks damaging the economy, too."

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