Google CEO on Outlook, Expected Job Growth

" Advertising. Obviously fell off a cliff for many companies over the past -- want to go back about a year and a -- because you probably -- of this recession even before. It actually started -- what's it like now do you see any come back."

" How -- we don't see it yet but we think that roughly the consensus is correct. That and you know due to general consensus is that the summer will be the bottom rung of the business cycle -- in the US. And it can be the worst the worst part of unemployment will be in the early part 30 we haven't seen anything in our business -- counter to that. And in many ways these consensus things become true because it's all about belief. You know businesses begin to Europe because they believe that -- passed by -- sense of what its own consumers have to spend they feel better. A crisis is is behind us. So from our perspective we think we're roughly on schedule from the -- perspective we have been affected by advertising although not as much as other advertising companies we're not immune for sure."

" What worries you about the economy -- mean obviously September there was a banking crisis. That the administration both bush and Obama were able to tap the brakes on that by bringing forth TARP money. A that was appropriate at the time a lot of people feel to you."

" Absolutely and there's no question that the governments -- the world had to intervene. The first thing that worries me is why couldn't they see this common. All of the computers at all these banks have are all interconnected he will be relatively easy if they'd been more transparent if they publish the risk levels. To have measured what was ultimately it speaks to tremendous housing bubble. Which was then correlated with this huge increase in capital capital availability too much money if you will and when that collapsed in September. Her -- regulators really understood the level exposure they might have behaved differently. Having said that. The actions that they took were correct. So I wonder first do we have the systems in place now so that these kinds of structural problems won't recur again in a few years of its first question. In the second concern I have is with all of the money that has been created. How much of of additional add additional credit is going to be needed to get through for example the commercial real secret systems before the."

" What we know that's coming -- Warren Buffett told us on Fox Business that commercial real stable hit the skids big time and he said will as if it hasn't happened just yet."

" The consensus on that issue is that the bank stocks in the bank capital structures or you reflect the risk of default both commercial real estate loans. That's not my point -- real pointy ears. We've never been in a situation where we created so much capital so quickly first in the bubble and second in fixing the liquidity crisis in the banks and we really don't know what will happen."

" Talked about how did we miss this. With the so called smartest guys in the room down on Wall Street this thing imploded in such a dramatic way that --"

" It's still it's possible to be smart and simply wrong it's very -- to be smart and wrong if you don't have the right data. Again all of this data that was ultimately discovered for example that AIG failure. Was easily accessible to people have it simply you know like the computers and publish that information. What I hope will happen is the regulators will discover that transparency of markets which is what Google really stands for would allow allow people to see these things coming better. You touched upon regulation. -- think we need more of that now. Well I think it's it's pretty clear that the financial industry will be more regulated. Precisely because of the excesses that we just saw I think that's probably -- very good thing but we don't want to go too far over to the other side I am concerned that we are now in the process of forgetting that. Private jobs are created by private capital by private industry and that is the engine of such a wealth creation in America. It's very very important to remember. Although this is it recession that the growth in the recovery will come from investments dismayed by private firms hiring. Now hiring employees and entered this."

" We've got much more ahead with Eric Schmidt of Google right here all the on Fox Business when we come back. Eric Schmidt has actually had the ear of the Obama administration both during the campaign and now so."