Ali Velshi

  • Aired:  08/15/11
  •  | Views: 52,727

CNN correspondent Ali Velshi explores ways in which the American government can provide effective governance and reduce unemployment. (6:39)

>> Jon: WELCOME BACK.

MY GUEST TONIGHT IS CNN'S

CHIEF BUSINESS CORRESPONDENT.

HIS FORTH COMING BOOK DUE OUT

IN NOVEMBER IS CALLED "HOW TO

SPEAK MONEY: THE LANGUAGE AND

KNOWLEDGE YOU NEED NOW."

PLEASE WELCOME TO THE PROGRAM

ALI VELSHI.

( APPLAUSE )

THANK YOU FOR JOINING US.

NICE TO SEE YOU.

>> THANK YOU, SIR.

GOOD TO BE HERE.

>> Jon: EXPLAIN TO ME, I WATCH

TELEVISION.

THE STOCK MARKET, A TERRIBLE

THING HAPPENED TO THE STOCK

MARKET.

IT WENT DOWN 600 POINTS ON

NEWS OF EUROPE.

THEN THE NEXT DAY FROM WHAT I

UNDERSTAND EUROPE WAS STILL

VERY SIMILAR TO HOW IT HAD

BEEN THE DAY BEFORE.

AND IT WENT UP 500 POINTS.

THEN THE NEXT DAY IT WENT DOWN

450 POINTS ON NEWS OF

SOMETHING.

AND THEN THE NEXT DAY IT WENT

UP 300.

ARE THEY (BEEP) WITH US?

>> YOU KNOW, IT'S EXACTLY

RIGHT WHAT YOU'RE SAYING

BECAUSE THE COMPANIES THAT

MAKE UP THE STOCK MARKET

DIDN'T CHANGE.

THEY WEREN'T WORTH 5% LESS THE

NEXT DAY AND THEY WEREN'T

WORTH 3% MORE AFTER THAT.

THAT'S EXACTLY RIGHT.

THE STOCK MARKET IS THE

COLLECTION OF A VALUE OF

UNDERLYING COMPANIES.

THAT'S WHAT THE JUDGMENT

SHOULD BE, BUT THE STOCK

MARKET HAS BEEN A BAROMETER OF

HOW INVESTORS AROUND THE WORLD

KIND OF FEEL ABOUT THE WAY

THINGS ARE GOING.

THAT'S THE STUFF YOU'VE SEEN

OVER THE LAST FEW WEEKS.

>> Jon: MORE OF A MOOD RING.

>> EXACTLY.

IT'S A MOOD RING WITH A BIG

BOARD THAT YOU CAN WATCH ALL

THE TIME.

>> Jon: HAVE WE GOTTEN TO THE

POINT, ARE WE TOO HOOKED INTO

THIS IDEA OF THE STOCK MARKET

AS A PERMANENT THERMOMETER.

>> YES.

>> Jon: OF THE HEALTH OF OUR

NATION, ECONOMICALLY AND

OTHERWISE.

>> ABSOLUTELY WE ARE.

ABSOLUTELY WE ARE.

IT'S ONE MEASURE.

>> Jon: WHAT IS A MEASURE THAT

WOULD PERHAPS OR IS IT JUST

TOO COMPLICATED TO REALLY SHOW

GRAPHICALLY TO TELEVISION

VIEWERS, WHAT WOULD GIVE US A

BETTER SENSE OF THE UNDERLYING

HEALTH?

>> IT WOULD BE GOOD TO HAVE A

REAL FEEL FOR THE ECONOMY.

REALLY WE ALL FEEL IT IN OUR

LIVES.

THE THREE THINGS THAT MAKE YOU

FEEL PROSPEROUS IN YOUR LIFE

ARE THE VALUE OF YOUR

INVESTMENTS GOING UP IF YOU

HAVE INVESTMENTS.

THAT'S THE STOCK MARKET.

NUMBER TWO THE VALUE OF YOUR

HOME GOING UP IF YOU HAVE A

HOME.

BUT YOU CAN ACTUALLY LIVE

WITHOUT INVESTMENTS AND A

HOME.

YOU CAN'T LIVE WITHOUT AN

INCOME.

SO YOUR JOB AND THE IDEA THAT

YOU WILL EARN AND CONTINUE TO

EARN IS THE MOST IMPORTANT.

THE STOCK MARKET IS NOT THE

MOST IMPORTANT THING.

THE DEBT CEILING IS NOT THE

MOST IMPORTANT THING.

EMPLOYMENT OR UNEMPLOYMENT

THAT WE HAVE NOW IS THE MOST

IMPORTANT THING.

THAT'S WHAT YOU FEEL GOOD OR

BAD ABOUT.

( APPLAUSE )

>> Jon: NOW I WATCH C-SPAN.

>> I LIKE THESE PEOPLE.

>> Jon: VERY NICE PEOPLE.

I WATCH THE C-SPAN ALL AND

THESE THINGS.

ALL OF OUR REPRESENTATIVES IN

CONGRESS NO MATTER WHAT

ANYBODY IS TALKING ABOUT IF

IT'S SOMETHING THEY DON'T LIKE

WILL SAY WE SHOULDN'T BE

TALKING ABOUT THAT, WE SHOULD

BE TALKING ABOUT JOBS.

BACK AND FORTH.

THEY KEEP SAYING WE SHOULD

REALLY BE TALKING ABOUT JOBS.

LET'S TALK ABOUT JOBS.

WHAT CAN THEY ACTUALLY DO

ABOUT JOBS AND IS THAT JUST A

KUJAL THEY USE TO SHUT THE

OTHER PERSON UP?

IS THERE ANYTHING THEY CAN

ACTUALLY DO?

IT REMINDS ME OF WHAT THEY

USED TO DO WITH TERRORISM.

WE SHOULDN'T BE TALKING ABOUT

THIS WE SHOULD BE TALKING

ABOUT TERRORISM IF THEY

BROUGHT UP SOMETHING THEY

DIDN'T WANT TO TALK ABOUT.

>> I WISH WE HAD TREATED JOBS

THE WAY WE TREATED THIS DEBT

CEILING WHICH WAS A BIT OF A

MANUFACTURED CRISIS.

JOBS ISN'T.

WHAT IF WE ACTUALLY GOT

EVERYBODY TOGETHER AND SAID IF

THERE WAS SOME DEADLINE TO

FIGURE OUT HOW WE CAN CREATE

JOBS IN THIS COUNTRY, CAN YOU

IMAGINE THE PASSION THAT WENT

INTO THIS RIDICULOUS DEBT

CEILING DEBATE WENT INTO HOW

DID WE ACTUALLY GET JOBS

CREATED?

GOVERNMENT CAN'T CREATE JOBS

UNLESS IT'S A STIMULUS WHERE

THEY ACTUALLY HIRE PEOPLE TO

DO THINGS BUT THEY CAN CREATE

AN ENVIRONMENT THAT MAKES IT

EASY FOR COMPANIES TO HIRE

PEOPLE.

THAT MIGHT BE WHAT THE

PRESIDENT IS TALKING ABOUT,

REDUCING PAYROLL TAXES.

GENERALLY ACCOMMODATING

BUSINESSES THAT MIGHT HIRE

SOMEBODY.

ULTIMATELY YOU DON'T HIRE

SOMEBODY UNLESS THERE'S

DEMAND.

BUT NUMBER THREE WE HAVE A

WHOLE LOT OF PEOPLE UNEMPLOYED

IN THIS COUNTRY WHO ARE NOT

TRAINED FOR THE THINGS WE

ACTUALLY NEED PEOPLE TO BE

ABLE TO DO.

SO WHAT IF WE HAD A WAY FOR

THOSE UNEMPLOYED PEOPLE WHO

ARE TRAINED IN THE WRONG

THINGS TO GET RETRAININGED,

TAKE THE TIME OUT TO DO THAT,

MAYBE IT'S A YEAR OR TWO YEARS,

MAYBE IT'S LONGER.

>> Jon: WHO WOULD RETRAIN IT?

>> IN THE PRIVATE SECTOR.

THERE ARE COMPANIES, COLLEGES

THAT DO THIS OR YOU GO TO A

COLLEGE TO BECOME A NURSE IF

YOU WERE A MANUFACTURING

WORKER.

>> Jon: WHO PAYS FOR YOU... IF

YOU DON'T HAVE A JOB.

>> WHAT IF THE GOVERNMENT

COULD GUARANTEE THE COST OF

THAT TRANSFORMATION.

>> Jon: SO YOU'RE A SOCIALIST?

>> MA WHAT IF THE BANKS DO IT?

THE BANKS CAN DO IT.

I CAN TELL YOU WHAT IT WOULD

COST TO REINVENT YOURSELF.

WHAT IF YOU CAN TAKE THAT

CALCULATION AND SAY IT'S GOING

COST ME THAT MUCH MONEY AND

I'M GOING TO MAKE THIS MUCH

MORE AND PAY TAXES FOR THE

REST OF MY LIFE.

WHY NOT FINANCE THAT

TRANSFORMATION.

>> Jon: WHEN I HEAR YOU SPEAK

YOU SOUND RATIONAL.

THIS SOUNDS DO-ABLE.

IT DOES NOT SOUND

IDEOLOGICALLY INSANE.

IT SOUNDS LIKE A MIXTURE OF

SOME SUGGESTIONS AND REMEDIES

FROM DIFFERENT SIDES OF THE

AISLE.

WHAT IS IT ABOUT GETTING

SOMETHING LIKE THAT DONE AND

YOU'RE TALKING ABOUT THE

PUBLIC SECTOR BECAUSE THE

PRIVATE SECTOR IS FREE TO DO

WHATEVER THEY WANT TO DO.

WHAT IS HOLDING THIS UP?

WHAT IS THE OBSTACLE?

IS IT ALL SELF-INFLICTED

WOUNDS?

>> WELL, I THINK WHAT WE'VE

DONE IS WE ARE NOW SORT OF 25

YEARS INTO THIS IDEA ABOUT HOW

GOVERNMENT IS... INTERFERES IN

YOUR LIFE AND IS BAD FOR YOUR

LIFE.

NOW WE'VE GOT PEOPLE WHO HAVE

BEEN ELECTED TO CONGRESS ON

THE BASIS THAT THEY WILL BE

UNCOMPROMISING IN THEIR

REPRESENTATION OF THEIR OWN

CONSTITUENTS AS OPPOSED TO

GOING TO CONGRESS IN ORDER TO

FIND COMPROMISES THAT ARE GOOD

FOR THE WHOLE COUNTRY.

I THINK WE'VE JUST GOTTEN TO

THIS POINT WHERE WE'RE SO DUG

IN ON MY PARTICULAR INTEREST

WHICH IS LIKELY IN MANY CASES

NO NEW TAXES OR DON'T RAISE

TAXES UNDER ANY CIRCUMSTANCE,

THAT WE DON'T HAVE THE ABILITY

TO COMPROMISE.

>> Jon: ISN'T WHAT THEY'RE

SAYING IF YOU JUST REMOVE

TAXES AND ANY REGULATION,

SUDDENLY OUR ECONOMY WOULD GET

BACK ON SOLID FOOTING AND WE

WOULD ONCE AGAIN BUILD

RAILROADS....

>> THERE IS SOME TRUTH TO

THAT.

THERE IS SOME TRUTH TO THAT.

THERE'S ALSO SOME TRUTH TO THE

FACT THAT RIGHT NOW WOULDN'T

BE A GREAT TIME TO RAISE

TAXES.

BUT THE GOVERNMENT IS THERE TO

PROVIDE SOME SORT OF

LEADERSHIP AND GUIDANCE AROUND

WHERE PRIVATE SECTOR MONEY CAN

GO.

>> Jon: EFFECTIVE GOVERNANCE.

>> THAT MEANS TRUSTING YOUR

GOVERNMENT.

GOVERNMENT CAN'T INFLUENCE

ANYTHING BECAUSE NOBODY TRUSTS

GOVERNMENT RIGHT NOW.

>> Jon: VERY INTERESTING, ALI

VELSHI.

( APPLAUSE )

IF WE WERE TO DO THESE THINGS

IT'S AS THOUGH WE WOULD HAVE A

FUNCTIONING INFRASTRUCTURE IN

THE COUNTRY AGAIN.

>> YEAH.

>> Jon: VERY INTERESTING.

I WILL PASS YOUR WORDS ON.

ALI VELSHI.

( CHEERS AND APPLAUSE )

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