'This Week' Transcript: Treasury Secretary Timothy Geithner

In other words -- and you can see it in the reaction that the administration itself had to -- what seemed like good news on the economy with the jobless rate this month. It is going to be a long slog out of this, and it's not at all clear that it's going to be a steady uphill climb. It may be a steady trough that inches very slowly uphill. It may go down again before it goes up. And that's what's holding back business.

NOONAN: I think people who might otherwise be hiring or taking on new help or expanding are feeling nervous. I think they're feeling nervous in part because every time the administration speaks about economic issues, what they say doesn't sound true. It sounds like some kind of mix between "rah-rah" and gobbledygook.

So -- so another problem I think is that the administration did not depart from the Bush administration way of spending and spending, and people can see it. Bush kind of broke the bank, and now Obama is double-breaking the bank. And so people look at this and they think, "I don't feel secure to hire someone. I can sort of feel the pressure of bad stuff coming down the pike," so I think that's part of the problem. TAPPER: Al, you also have been critical of the economic message coming from the administration. When you heard Secretary Geithner in that interview and when you've listened to the president more recently, has that improved at all?

HUNT: Not much. They don't have anyone that really conveys a very coherent economic message. I don't think it is. I disagree with Peggy and George in the sense that I think it's the policies. I -- I do think there's a psychological problem that is huge.

A year-and-a-half ago, the global economy almost went off the cliff. Everyone knows that, whether you're a small-business person or you're Goldman Sachs. There is a sense that we have avoided the cataclysm, that we're on the way back, but there's nervousness about that.

And if we're -- if we are on the way back, we're not on the way back very -- very rapidly. If you look at that jobs report the other day, yeah, the headlines were pretty good. It went to single digits for the first time in a long time. But when you dig deep in there, there was a lot of very, very discouraging numbers there.

So I think -- I think the psychological problem is -- is -- is really very vivid.

TAPPER: OK. We're going to have to take a quick break. But after the break, the roundtable will be back with the politics of national security and Sarah Palin's Tea Party speech. And, of course, later, the Sunday funnies.

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FALLON: Let's take a moment to remember the accomplishments of the Democrats' 60-seat supermajority.

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PALIN: The administration says then there are no downsides or upsides to treating terrorists like civilian criminal defendants, but a lot of us would beg to differ. For example, there are questions we would have liked this foreign terrorist to answer before he lawyered up and invoked our U.S. constitutional right to remain silent.

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Our U.S. constitutional rights.

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TAPPER: That's former Alaska Governor Sarah Palin speaking in Nashville last night at the Tea Party convention, one of the many topics we'll talk about in the roundtable.

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