Video: Ben Bernanke Interview on 60 Minutes – Depression Averted, Recovery Soon
Filed under: Bailout Bill, Ben Bernanke, Recession, U.S. Economy, U.S. Financial Crisis
Bernanke on 60 Minutes Part 1:
Bernanke on 60 Minutes Part 2:
Jindal’s Failure Is That He’s Gotten Ahead of Himself In the Ambition Department
Bobby Jindal’s relative youth may give him a second chance later in life to mount the national stage; but at 37, the Louisiana governor is letting his ambition get in the way of acquiring the wisdom it will take to truly change the Republican Party.
Tonight, at about 30 seconds into a feature on Jindal on 60 Minutes, he said, “I think the Republican Party needs to stop thinking about who’s the next messenger, is they need to stop thinking about how do they fix their party. We need to start thinking about how do we help fix our country?”
I would call that wise. That’s Jindal, unscripted, answering a question.
Then there’s the Jindal being handled – by God knows whom – who gave the Republican response the other night. There’s also the Jindal who says he won’t take any of the federal government’s stimulus money for his state – Louisiana a state that needs it more than most. (I think his fingers are crossed behind his back … he knows damn well his state legislature won’t let someone ‘move their cheese.’)
60 Minutes Airs 24-Minute Infomercial for Saudi Aramco
Lesley Stahl gushed all over the Empty Quarter at the amazing feats of engineering occurring in Saudi Arabia in order to bring their production from about 10 million barrels per day to 12 million. She visited Saudi Aramco’s nerve center in Dahran and gushed some more about the Saudi’s high tech mastery of horizontal drilling from hundreds of miles away.
Stahl’s piece centered on the Saudis bringing on line the Shaybah and Khurais fields. Shaybah was discovered in the late 1960s but couldn’t be exploited until recently with the advent of horizontal drilling. Khurais is reported by the Saudis as containing more oil than the entire U.S. but it will take 84 million gallons per day of seawater – being pumped from over 100 miles away – to supply the pressure to bring the oil to the surface.
The Saudis didn’t used to have drill horizontally or pump seawater into oil fields at the beginning of their production life. Although Stahl didn’t deal directly with the subject of peak oil, the evidence is there that the Saudis are now engaged in producing the harder to find, harder to yield oil.
Much of the report was an interview with Saudi Oil Minister Ali Al-Naimi. At the end of the piece she asked him about Saudi research into solar energy. From the story on the 60 Minutes website:
Rather than oil pushers, the Saudis see themselves as good global citizens who are trying to save the world from a catastrophic oil shortage. But, as Al-Naimi told 60 Minutes, the kingdom is hedging its bets.
He told Stahl the kingdom is doing research on solar energy, as sunshine is more than abundant in Saudi Arabia.
And he says it won’t hurt their oil industry, but supplement it. “Our vision is that we will be exporters of gigawatts of electricity. We will be exporting both: barrels of oil and gigawatts of power.”
And so, he says, the kingdom will still be in the energy business long after the sun sets on the age of oil.
If Saudi Arabia is now banking on fields that take $60 billion in investment before the first oil is produced and they have long-term plans to be the world’s supplier of solar power, is there any question that we’re in the era of peak oil?
Video: CBS 60 Minutes – The Oil Kingdom – December 7, 2008
Check out C2’s Commentary on This Piece Here
Video: Barack and Michelle Obama on ‘60 Minutes’ | Entire Interview | November 16, 2008
Transcript: President-Elect Barack Obama and Michelle Obama on ‘60 Minutes’ | November 16
(Source: CBS News)
(Narration) Steve Kroft:Since Barack Obama was elected the 44th president of the United States 12 days ago, he has largely remained out of sight, getting high-level government briefings and conferring with his transition team. But he surfaced on Friday afternoon in Chicago, alongside his wife Michelle to give 60 Minutes his first post-election interview.
It covers a wide range of subjects including the economy, the ailing automobile industry, the government’s $700 billion bailout program, their visit to the White House, the emotions of election night and the quest for a family dog. You’ll hear all of it. But we begin with the president-elect and his thoughts about the new job.
Steve Kroft: So here we are.
President-elect Barack Obama: Here we are.
Kroft: How’s your life changed in the last ten days?
Mr. Obama: Well, I tell you what, there seem to be more people hovering around me. That’s for sure. And, on the other hand, I’m sleeping in my own bed over the last ten days, which is quite a treat. Michelle always wakes up earlier than I do. So listen to her roaming around and having the girls come in and, you know, jump in your bed. It’s a great feeling. Yeah. Read more
U.S. and World Markets Poised for Another Rocky Week
Hong Market Plunges Most Since 1989 Tiananmen Crackdown
– Bloomberg
Global markets continue slide, U.S. futures off 4%
- New York Times
‘Dr. Doom’ doesn’t see things getting better yet – Times of London
Grim GDP figures shows U.K. on verge of recession
– Times of London
Forecasters race to call the bottom
– New York Times
Last night, CBS News’ 60 Minutes ran another great, explanatory piece on how the investment class nearly ruined our economy. Check it out below:
Watch CBS Videos Online
For an explanation of credit default swaps go here.
Video: Henry Paulson on ‘60 Minutes’ September 28
Transcript: Barack Obama on ‘60 Minutes’ – September 21, 2008
If You Are Looking for Barack and Michelle Obama on 60 Minutes from November 16, 2008 Click Here
CQ Transcriptswire
Sept. 22, 2008
SPEAKERS: SEN. BARACK OBAMA, D-ILL.
STEVE KROFT, CBS CORRESPONDENT
(BEGIN VIDEOTAPE)
KROFT (voice-over): This week, during the biggest economic meltdown since the Great Depression, the candidates were forced to stop playing politics and to start talking about some of the major issues in this campaign. And 60 MINUTES was with both of them.
(on camera): Why do you think you’d be a good president? Read more
Transcript: John McCain on ‘60 Minutes’ – September 21, 2008
CQ Transcriptswire
Sept. 22, 2008
SPEAKERS: SEN. JOHN MCCAIN, R-ARIZ.
SCOTT PELLEY, CBS CORRESPONDENT
(BEGIN VIDEOTAPE)
MCCAIN: Many political pundits said my campaign was over. Senator Obama moved to the left of his party and said we shouldn’t, said the surge would fail, said it was doomed to failure and still fails to acknowledge that he was wrong about the surge.
PELLEY (voice-over): The surge was a gamble back when McCain was low on support, out of money and expected to fail. Its success helped capture the nomination that once seemed so improbable. Read more
