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Press Briefing by Press Secretary Dana Perino
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For Immediate Release Office of the Press Secretary November 14, 2008

Press Briefing by Press Secretary Dana Perino James S. Brady Press Briefing
Room

˙ /news/releases/2008/11/20081114-3.wm.v.html ˙˙Press Briefings
˙˙Audio


11:11 A.M. EST

MS. PERINO: Hello, everybody; good morning, Helen.

The President recorded his radio address this morning. In it he discusses
the global financial summit and the economy. And in a departure from the
norm, we will release that unembargoed as soon as it's ready, which could
be any minute; so you'll have that.

Q The audio, too?

MS. PERINO: I will check. I'll check.

The President will greet each leader tonight in reverse protocol order on
the North Portico, which will be pool coverage. And then this evening
President Bush will welcome leaders from the G20, along with the heads of
key international organizations, to the White House. They will have a
working dinner on the eve of the Summit on Financial Markets and the World
Economy, which will kick off tomorrow morning at 8:00 a.m. And we'll have a
guest list for you as soon as possible.

And then one personnel announcement for you. The recent rescue legislation
-- financial rescue legislation created a special inspector general for the
TARP program to monitor the functioning of it. We chose today -- the
President chose Neil Barofsky for this important position. He's a seasoned
career federal prosecutor. He's known for his meticulous attention to
detail, his sharp intellect, and we think he's an outstanding choice to
fill this position.

And with that I can take questions. Jen.

Q Thanks. Have the delegations agreed -- and particularly, the White House,
agreed to an early warning system, a clearinghouse for derivatives, and a
college of supervisors for oversight?

MS. PERINO: On those two issues, on college of supervisors and early
warning systems, these are things that we have been supportive of in the
past. For example, specific sectors, the financial sector, the insurance
sector -- those private sectors have set up their own college of
supervisors. We have been supportive of those. So what I'd like to do is
let this meeting take place and let the leaders actually discuss it, and
then we'll have a full Washington communiqu‚ for you to read tomorrow at
the conclusion of the meeting.

Q But not today?

MS. PERINO: I don't think we'll have anything specific on that today. I
think the leaders need to meet first.

Q Even you told us last week you might be able to tell us this week what --

MS. PERINO: I know I referred you to this briefing. And now we are here --
(laughter.) Well, I went a step further to tell you that we have been
supportive of those types of ideas in the past. And so I'll let the leaders
meet.

Q We've been good. (Laughter.)

MS. PERINO: Well, we want you to show up tomorrow. (Laughter.)

Q Oh.

MS. PERINO: On a Saturday.

Anything else? Helen.

Q Is the auto industry bid for a bailout dead now?

MS. PERINO: Well, what we've been waiting for is to hear from Congress as
to whether or not they're going to move forward in utilizing the program
that they had designed specifically for the auto industry. This is the 136
loans that required the Energy Department to do regulations, to figure out
how to structure loans for the auto industry. We did that. That's been
completed for about 10 days now, and we're awaiting those applications.

One of the things that the auto industry wanted was help sooner than those
loans could provide. So what we have been wondering from Congress is, since
their intent in the TARP legislation, in the Treasury legislation, was for
financial institutions, could they figure out a way to accelerate loans for
viable companies under the program that they already designed for the auto
industry. We're waiting to hear back from them. We just don't know yet.

Q Well, is the President putting the arm on his fellow Republicans to
approve it?

MS. PERINO: Well, right now we're waiting to know what the leadership in
Congress wants. The leadership is Democratic and we don't know what Speaker
Pelosi or Leader Reid are going to put forward. But we are certainly open
to their ideas. We're trying to talk to them about what they might or might
not put forward, and we're seeing if they would be willing to accelerate
loans for viable companies.

Q What's the problem?

MS. PERINO: Well, I think -- I hate to have to refer you to somebody, but I
think I have to refer you to the Speaker's office and the Leader's office
to find out what the Democrats are thinking. I just -- I can't speak for
them, because we just don't know.

Q You're opposed to additional money on top of that $25 billion, correct?

MS. PERINO: We think the $25 billion that they've already authorized and
appropriated, and that we've designed through the regulations would be
something that they might consider accelerating to those companies. But
they would have to pass legislation to do that. So we're waiting on them.

Yunji.

Q Dana, we had that briefing with Dan Price and he talked a lot about this
weekend, wanting to identify the problem. But beyond that, what are the
White House's benchmarks for success out of this summit? On Sunday, when we
look back -- what exactly are you looking for to have gotten out of these
two meetings?

MS. PERINO: Well, identifying the causes of the crisis are important,
because you can't talk about solutions until you've identified the problems
and really understand what they are. There were problems here in our
country, and there were problems in other countries, as we've since
learned. And having the G20 here was a good idea, because it represents
about 90 percent of the world's economy.

We will also discuss the efforts that are already underway. There have been
lots of coordinated efforts, especially amongst our Fed offices both here
in America and across Europe and other places. Some countries have opted to
put forward a stimulus package, like China has done. So we'll discuss those
efforts that are already underway. And then we want to agree on principles
for reforms that we can then ask working groups to come back with specific
ideas on how to implement agreements that some of the leaders will make,
particular leaders would make this weekend.

They would be asked to develop specific, concrete actions. But that is
going to take a while for them to come back and provide that. So then the
next thing that we'll do is we'll identify -- hopefully be able to identify
when the next meeting should be. Obviously, we're in the middle of a
transition here from one administration to the next. And so, we're working
very closely and talking to President-Elect Obama's team on this during
this week.

Q Dana, how do you push back, though, when other world leaders are -- some
of them are looking for some hard and fast agreement on specific reforms at
the summit this weekend?

MS. PERINO: Well, I think -- as I said, let's let the meeting take place
and see what comes forward. And also let's take a look at the fact that
those task forces will be able to come back with specific concrete actions.
I think that the goals that we've laid out for this meeting are robust, in
terms of just identifying the problems and agreeing on efforts that are
already underway, and then figuring out how do we move forward with
principles for reform, and then asking the working groups to go back, work
with their financial experts in their countries and in their governments,
and identify specific concrete actions that can be taken.

We've always said that this was going to be a series of summits; nothing is
going to be solved overnight. But we're going to get a long way towards
moving the ball down the field tomorrow night -- well, tonight and tomorrow
afternoon.

Q Will President Bush be pushing other leaders to do more to stimulate
their own economies?

MS. PERINO: I think that there will be a full discussion, and we'll be able
to provide you a readout for it afterwards. The President is going to make
a statement after the summit tomorrow, as well.

Mark.

Q Dana, let me ask that same question but in a larger way. Most of the
leaders coming here are saying there needs to be very specific, direct, and
comprehensive re-regulation of the financial sector. Many of them are
coming here saying the world needs to get together and do stimulus for
everybody. The President is reluctant on stimulus here in America, and
warned yesterday, yet again, don't over-regulate. Is he in danger of being
the odd man out here?

MS. PERINO: Well, I think that there might be some countries who feel that
way. But one of the reasons that the President wanted the G20 to be here is
because it does represent 90 percent of the world's economy. And by no
means does everyone feel like they have all the answers at their disposal
and that they should prescribe their solutions for their own countries to
others.

Now, some people coming to the meeting, some leaders might think that they
have solutions that could be applied worldwide. That will be something
that's discussed. But I'm not going to get in front of the leaders on that.
And I think that it will be important when the President invites leaders
from all these other countries that he not invite them and then ignore
them; that he invite them and hear them out, because they have a stake in
this, as well.

Q Dana.

MS. PERINO: I'm going to go to Andre.

Q Thank you. I might have misheard, but did you just say reverse protocol
order?

MS. PERINO: Yes.

Q What does it mean?

MS. PERINO: It means that the international organizations are going to come
first, and then the leaders of the countries.

Q And the order of their arrivals is set?

MS. PERINO: It is set. And one of the reasons is because of the way that
they will arrive, and then the way that they will depart. We have to make
sure that we can get everybody in and out of here in a way -- in a very
smooth fashion. We will have, I think, 300 to 400 hundred cars out on
Pennsylvania Avenue. So it has to be very well organized.

Q Does the President plan to confer with any of his guests individually
like -- or bilaterally? And maybe --

MS. PERINO: There's no separate bilateral setup. But I would never say that
the President of the United States wouldn't have -- if there's an
opportunity to talk with another leader about a certain issue, or if
another leader wants to talk to the President about an issue, that they
wouldn't be allowed to do that. But there's probably not going to be a lot
of time. It's a pretty full agenda.

Q Why is that, Dana? Because Gordon Brown, I believe, is meeting with Hank
Paulson today; the President doesn't really have anything on his schedule.
Is it because he doesn't want to slight some leaders by meeting with
others? Why aren't there --

MS. PERINO: The President is going to meet with all the leaders tonight.
And he's had a lot of bilateral meetings in the last couple of months, and
he'll have more even next weekend at the APEC summit. So I think that we'll
just keep the agenda as we have it. He's invited 20 leaders he'll have for
a reception and then dinner, and then he'll spend the entire day with them
tomorrow, as well.

Roger.

Q Thank you.

MS. PERINO: Looking at Wendell and calling you Wendell -- sorry.

Q I liked it. Separated at birth. (Laughter.)

Q Congress is going to be coming back next week for at least a short lame
duck. A stimulus may be coming up.

MS. PERINO: Have they announced that, that they're coming back for sure?

Q That's my understanding --

MS. PERINO: Okay. Let me just check that.

Q They have some hearings and so forth. Can you talk broadly about what
kinds of things the President might support in the way of a stimulus
package, should one develop?

MS. PERINO: I'm not going to presuppose something. We'll just see what they
come forward with. We're focused right now on implementing our rescue
package and on -- because the main issue has been the tightening of the
credit markets. And the actions that we have taken are starting to work. So
we're going to continue to focus on that. Whether or not they come forward
with a stimulus package remains to be seen. I think that there's a lot of
question right now, and it's hard for me to react to something that hasn't
even materialized.

Q At a minimum, they've been talking about another extension of
unemployment insurance benefits. We've already had one extension. Would the
President be in favor and sign a second?

MS. PERINO: We'll see what they put forward. Obviously the job market is
very tough for a lot of Americans out there and we're well aware of the
problems some people are having in finding a job. And we know that it's
going to take us a while to pull out of this downturn that we're in, in our
economy. So let's see what they put forward and then we'll let you know.

Q You won't rule it out then?

MS. PERINO: I will not rule it out.

John.

Q Do you think there's no chance that the administration would use the TARP
program to provide some funding to the automakers?

MS. PERINO: I think that the intent of the Congress when they put forward
the rescue package was for financial companies. And that's what we have
been focused on. But at the same time, they did put forward a plan to try
to help the automakers, and we rushed to try to get the regulations in
place. Now the question is whether or not Congress would put forward an
amendment to try to accelerate those loans, and that's what we're waiting
to see.

Q But if that doesn't happen by the end of the year and you reach a really
critical point, what would happen?

MS. PERINO: Well, I think I -- I'm just going to decline to speculate. I
will just tell you that our work so far in talking with them has -- to the
automakers has been the focus of the TARP program, the intent of Congress
was a focus on financial companies, and the automakers don't fall into that
category. So that's where we are.

Wendell.

Q Yesterday the President, and the day before Secretary Paulson, indicated
that we are turning the corner on this crisis, that the measures put in
place are having an effect, that credit is loosening. Are we really focused
on measures for preventing a repeat of this with the summit, or is there
still more work to be done to mitigate the recession that we're probably --

MS. PERINO: I think it's twofold. I think that we need to continue to
assess and see if there's anything more that we need to be doing. There are
-- other countries might feel that they need to take similar actions that
we have, or other people might have ideas that we want to take on board as
well. But loosening up those credit markets has been our focus.

At the same time, they want to try to move forward to try to alleviate any
future crises, or try to help prevent them in the future. Markets do go up
and down, that's the way that it is. But we want to alleviate the pain to
some extent now, but also try to prevent it in the future. So I think
there's a two-track problem that we're trying to deal with.

Q In light of the automakers request, I mean, how much can we say we have
actually done to deal with the credit crisis, the financial crisis now, the
economic crisis?

MS. PERINO: Well, I think that if you just -- I'm not an economic expert,
but as I understand the reading of the statistics regarding the Libor rate
and the loosening up of credit as the best thing that can help people,
consumers, can buy more cars or shop. We saw retail sales numbers today
that were obviously not good. And we're trying to get -- those numbers
lagged for a while, right, those were numbers from last month. I'm not
saying that this month's are going to be any better, and leading into the
holiday season, people are concerned. So there's things that we need to do
right now, which is continue to implement our program, but at the same time
look ahead and see if we can alleviate it in the future.

Paula.

Q The OECD came out with a projection today of global recession, and the
United States is one member of that. They're predicting a contraction of
the U.S. economy of close to 1 percent next year. Do you think that's
feasible?

MS. PERINO: I don't know Paula. I'll just refer you to the Treasury
Department.

Go ahead.

Q Iraq's national security advisor said today that all British troops will
be out of Iraq by the end of next year. What's your reaction to that?

MS. PERINO: I think that they've been working towards it. They've been
working hard in trying to establish a way for Iraq to be able to take care
of themselves. They've done -- the British troops have done a great job of
helping secure the population, but also in training the Iraqi troops, which
are gaining in number, in confidence, and in competence. So we hope that
they -- I didn't see that report. But I'm assuming that if the British are
able to reach their goals, they will be able to bring more of their own
troops home, just like we are.

Q And can you confirm that there's been a missile strike in Pakistan that's
killed 11 or 12 people?

MS. PERINO: No.

Les.

Q Thank you Dana. Two questions. A commission appointed by the governor of
Maryland has just recommended, by a vote of 13-7, that capital punishment
be abolished in Maryland. My question: Since the President is a devout
follower of world history's best-known victim of the death penalty, could
you explain how he can support the punishment of killings in cold blood by
doing just that in executions?

MS. PERINO: I think the President's position on death penalty is well
known. I'm going to move on.

Go ahead, Sam. I'm going to move on.

Q Wait a minute.

MS. PERINO: Les, no.

Sam, go ahead.

Q I said two questions.

MS. PERINO: Sam, please go ahead.

Q Dana, I know that the White House has been in contact with the transition
team. But specifically, has anybody from here been in touch with Secretary
Albright and Congressman Leach? And how do you all envision their role this
weekend?

MS. PERINO: I'll check. I know that Dan Price, as he told you the other
day, had been in touch with his counterpart on the transition team. I don't
know if they've actually spoken to those two individuals, but we'll check
and get back to you.

Mark.

Q Dana, does the President now regard himself as titular head of the
Republican Party once again?

MS. PERINO: Once again? (Laughter.)

Q Well, wasn't McCain in that role during the campaign, don't you think?

MS. PERINO: Yes, that's a good question. I haven't talked to the President
about it. We're in a period of transition. The RNC is going to elect a new
head. So I guess for the time being we are. But we'll see, after this
debate that they have within our party, who emerges. And I think that
there's a lot of good candidates out there talking about it.

Q Does he have a candidate in the contest?

MS. PERINO: Not that I've talked to him about.

Q Thank you.

END 11:27 A.M. EST
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