Fred Thompson: Michigan is a "pocket of difficulty" in an otherwise "vibrant, dynamic economy"

[Amerigo Vespucci]

Transcript: The GOP Debate
October 9, 2007 5:16 p.m.

http://online.wsj.com/article/SB119196048730753698.html?mod=googlenews_wsj

The Republican presidential candidates met in Dearborn, Mich., for their first debate in a month, their sixth major debate overall. The Wall Street Journal/CNBC/MSNBC debate, focused on the economy, started at 4 p.m. ET. The debate is a first for late entry into the 2008 race, Fred Thompson. Below, see the first installment in the transcript of the debate.

Ms. Bartiromo: Hi there. I'm Maria Bartiromo of CNBC. On behalf of the Michigan Republican Party and the University of Michigan-Dearborn, welcome to the first presidential candidates debate focused on the economy. We're coming to you from the Ford Community and Performing Arts Center here in Dearborn, in the heart of the American auto industry, a fitting backdrop to the economic issues facing the American people.

Ms. Bartiromo: The economy is America's greatest strength. In a recent poll by the Wall Street Journal and NBC News, two-thirds of the American people said that we are either in a recession or headed toward one. Do you agree with that? And, as president, what will you do to ensure economy vibrancy in this country?

Mr. Thompson: I think there is no reason to believe that we're headed for a recession. We're enjoying 22 quarters of successive economic growth that started 2001 and then further in 2003 with the tax cuts that we put in place.

Mr. Thompson: We're enjoying low inflation. We're enjoying low unemployment. The stock market seems to be doing pretty well. I see no reason to believe we're headed for an economic downturn. As far as the economic prosperity of the future is concerned, I think it's a different story. I think if you look at the short term, it's rosy. I think if you look at a 10-year projection, it's rosy.

But we are spending money we do not have. We are on a mandatory spending lockdown that is pushing us in a direction that is unsustainable. We're spending the money of future generations, and those yet to be born. That has to do with our mandatory spending problem.

Everyone knows that we have to address that. And it's the fundamental and foremost challenge, I think, facing our country economically.

Ms. Bartiromo: Senator, you painted a very nice picture. The Dow and the S&P 500 today at new highs -- tonight -- record numbers.

Ms. Bartiromo: And, yet, two-thirds of the people surveyed said we are either in a recession or headed for one.

Why the angst?

Mr. Thompson: Well, I think there are pockets in the economy that, certainly, they're having difficulty. I think they're certainly -- those in Michigan that are having difficulty. I think you always find that in a vibrant, dynamic economy.

I think that not enough has been done to tell what some call the greatest story never told, and that is that we are enjoying a period of growth right now and we should acknowledge what got us there and continue those same policies on into the future.

[ixion]

1. Mr. Thompson's disconnect from reality:

"Mr. Thompson: We're enjoying low inflation. We're enjoying low unemployment. The stock market seems to be doing pretty well. I see no reason to believe we're headed for an economic downturn. As far as the economic prosperity of the future is concerned, I think it's a different story. I think if you look at the short term, it's rosy. I think if you look at a 10-year projection, it's rosy."


Huh? Are you out of your mind, Mr. Thompson? Yeah, gee, we've only got massive foreclosures, stagnant wages, a REALLY crappy job market... what planet does this guy live on? :shrug: :crazy:

[mediaman007]

5. I just reopened my Amazon account after 2 years of inaction. I had a number

of books/cd's/DVDs on a hold list. Of the 20 or so books, only one decreased in price, while every other item increased at least 10%.

I don't believe that we have inflation under control. In fact, I can't trust my government to give me the honest truth. Thompson is just a water carrier for corporations.

This might not be a good time to retire.

[Az]

2. Gee, the fact that Michigan's econ is based on manufacturing couldn't have a thing to do with it

With the destruction of the US economic ability to compete in manufacturing in the world is it any wonder that Michigan is suffering?

[Romulox]

3. Thanks for NAFTA and MFN for China, BILL CLINTON!

[Romulox]

4. The Democrats won't even come here to speak. Thompson is winning the debate by default...nt

[WCGreen]

6. Thank god the S&P and the DOW hit record territory today...

My god, there is such a disconnect from what happens on Wall Street from what happens on Main Street that head CNBC cheerleader Maria just looks like, well, a cheerleader for a losing team...