Ross on Geithner

" Like Wilbur Ross is happy that could be good start for the next Treasury Secretary. Wilbur -- joins me now whether you liked this stagnant choice line."

" Oh I'd like it very much as you perhaps remember from some of the earlier discussions we had. He was my number one candidate and and several reasons. First of all he's not a political tide is a technician. He's an expert his of professional. Second has been in the middle of everything both coasts of being at the New York Fred. As a result he will have no learning curve no nothing it is ready to work right now."

" Yet when they're learning curve -- includes. Rightly or wrongly. Putting his stamp on what turned out of the debacle of a 700 million dollar rescue that they had to change that -- very good reason. On but they changed and it looks like. You know he --"

" Well believed that treasury was calling the shots and things like buying the toxic gas some."

" Nevertheless not my point is I'm not blaming him he wasn't a passive player there was you know."

" No but we don't know what -- said behind the scenes it was treasurys call. And Paulson has kind of put the hard things over into the new administration. Anyway what to do with the automotive. Is one thing and then whether or not to buy toxic assets is the other."

" Live what do you think your -- weren't inclined to do what mean is he more inclined to. You more aggressive in this regard. What."

" Well I think he will be a very good -- that helped implement. The idea that what the car people should do is come back with a real plan. And I think what they need for a plan. Is something that will let them operate profitably even that eleven of twelve million cars. And that means sacrifice. By each of the stakeholder constituencies. That equities should be massively deluded. The debt should be converted that equity. In a General Motors spends over a thousand dollars in car -- hear an interest payments. So there -- there problems there economic problems and not just labor. Not just pension funds that they have a lot of other problems."

" But if you -- I don't know what you're saying but if your -- right now -- the Treasury Secretary for a man who was elected overwhelmingly. By union voters. And you're looking at a package for the auto industry potentially. That would call for tough sacrifices. And maybe opening up contracts including legacy contracts with. Now long retired but expensive workers. I don't know how that's going to fly."

" Well of Ron Gettelfinger announced today that he was prepared to go back to the bargaining table as part of a comprehensive package. I think the key would be to the degree that labor is impacted. Government needs to give them some sort of a relatively soft landing. Because they aren't fully to blame for these successive contracts to -- parties. Signed a collective bargaining agreement. One is called labor the other is called management. So I think it's fine. To take down the cause we need to take them down particularly work rules need to be changed job descriptions. And factories unfortunately are going to have to be close. I'm personally in favor of also consolidation. I think the ideas that were brewed it about of combining Chrysler and General Motors have to make sense just think of the huge admittedly."

" You do that went out of Dallas community -- you do that went out of balance you can force that issue will accept severance and severance payments are one time -- items factory closures involved. One time items are so I'm very optimistic about that I really frankly field with the appointment of them. I feel like Christmas came and it isn't even Thanksgiving yet. Well I mean you know and I'd be happy if I -- in West Palm Beach, Florida right now so you view of reasons that it will ever get that it's always good -- thank you very much. Will be over Baghdad."