'This Week' Transcript: Sen. John McCain

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MCCAIN: He's insane. But perhaps the people around him would begin to depart the sinking ship, and by, again, a no-fly zone, declaring our assistance or support of a provisional government, perhaps which is being formed up now. There's a lot of steps we can take, providing significant humanitarian aid.

Look at this humanitarian crisis. It's huge on -- on both borders. So I think there's a lot we could do, including intelligence capability and giving them technical assistance.

AMANPOUR: And in terms of where you've just come back from, Egypt and other parts of that -- of that area, many people look with great optimism to what's going on. Some are pessimistic. How can the United States help manage the transition?

MCCAIN: First of all, by not appearing to interfere or dictate. There's a lot of skepticism in Egypt and Tunisia and other countries about -- because of our support of past rulers.

But offer assistance -- perhaps the most important thing we could do in the long run for these countries is investment. Because you know this was all about jobs.

I'd love to see our high-tech CEOs go over there and say, OK, we're going to invest. But we need to give them incentive to do so, like a trade preference agreement, which we could enact immediately.

This is really about the economy of these countries. And, finally, there's so much to cover, Christiane. I don't mean to insult your intelligence. But really, Egypt is the key to all of this...

AMANPOUR: Everybody says that.

MCCAIN: ... the heart and soul of the Arab world. The other countries are very important. But maybe we could fail in one of those other countries. We fail in Egypt, it has severe consequences.

AMANPOUR: So much more to discuss, Senator McCain.

(LAUGHTER)

Thank you so much for joining us.

MCCAIN: Thanks for having me on.

AMANPOUR: Thank you.

MCCAIN: And when we return, how do we create jobs in America? Is buying American the answer? If not, what is?

We take up that discussion after this.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

OBAMA: One of the things that I think there is a misconception about is that somehow our manufacturing days have passed. that's not true. we're still one off the dominant manufactures in the world. the challenge, the difference is, is that what used to take 1,000 people to manufacture might now take 100.

MITT ROMNEY, FORMER GOVERNOR OF MASSACHUSETTS: You see row after row of textile mill buildings and you know when you see those buildings that this state had to have gone through an economic crisis at one point. It's going to take more than a speech in this part, more than rhetoric to put the Americans back to work. It's going to take a new president of the United States.

(END VIDEO CLIP)

AMANPOUR: Mitt Romney, last night in New Hampshire, the presidential campaign clearly well under way. And jobs will be at the very heart of it. Today, the number of Americans in manufacturing jobs is at a 70-year low. And as you have just seen, ABC has asking an intriguing question this week if each American spent just a little bit more on American-made products, would it put more people back to work?

So joining me to discuss that is mu ABC News colleague David Muir, Leo Gerard, president of the United Steel Worker, Chrystia Freeland, global editor at large for Thompson Reuters, and Mort Zuckerman, editor in chief of U.S. News and World Report.

Thank you for being here.

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