You can click here to read the full transcript. Below we’ll dissect the interview and add our two cents.
President Obama gave this interview in the context of U.S – Russia relations:
Question #1 Do you agree with the opinion expressed by many Russian and European politicians that the United States is primarily responsible for the economic difficulties that their countries are now living through?
Obama’s response:
No.
So even though he’s been talking to us about recovering from this mess, he doesn’t believe we are primarily at fault? Let’s read on.
This crisis resulted from a culture of irresponsibility regarding financial matters that took hold over a number of years in the United States, Europe and elsewhere.
So you named two continents with the United States first; and you don’t think we’re primarily at fault?
We need to spend less time thinking about who is to blame and more time working together to do what needs to be done to get all of our economies moving in the right direction.
Well I agree with that. So why don’t you, Mr President, stop speaking about how the past policies failed us. “Spend less time thinking about talking about who is to blame” please.
Question #2 Do you agree that lies and greed – - lies about the state of markets and greed of their participants — are the main reasons for the current economic crisis?
And the response:
our economy did not fall into decline overnight.
So is that a “yes” or “no”?
And though all these challenges went unsolved, we still managed to spend more money and pile up more debt, both as individuals and through our government, than ever before.
Of which, your administration continues to do. This is incredible – the idea that the debt we piled up is higher than what is currently there because of what your administration has invoked.
Question #3 Many experts believe that the 21st Century Financial Regulatory Reform you proposed may become the most significant innovation in the U.S. financial system since the era of President Franklin D. Roosevelt. What do you consider to be the most important element of this reform? Are we at the doorstep of new transparency of business and finances?
Obama answers:
The plans include three important components. First, we’re proposing a set of reforms to require regulators to look not only at the safety and soundness of individual institutions, but also — for the first time — at the stability of the financial system as a whole. Second, we’re proposing a new and powerful agency charged with just one job: looking out for ordinary consumers. Third, we’re proposing a series of changes designed to promote free and fair markets by closing gaps and overlaps in our regulatory system — including gaps that exist not just within but between nations.
Did you get all that? You will be protected by the federal government now.
Skip the boring question and moving to Questions #5
“Restarting” the relationship implies cooperating with Russia in those areas where it is possible. Does this mean weaker attention to Russia’s observation of civil rights and liberties, and to persecution against and murders of journalists? Specifically, to [the need to] apprehend and punish those who ordered and committed the murder of journalist Anna Politkovskaya?
Obama says:
Of course not.
Finally, a quick answer. But followed by:
I seek to reset relations with Russia because I believe that Americans and Russians have many common interests, interests that our governments recently have not pursued as actively as we could have.
For instance?
For instance, I believe that Americans and Russians both would benefit from fewer nuclear weapons in the world, greater control over nuclear materials around the world, a defeat of extremist elements in Afghanistan and Pakistan, an Iran that produces nuclear energy but not nuclear weapons, and a North Korea that refrains from launching missiles and exploding nuclear weapons and instead returns to the negotiating table.
All of this sounds great. The only problem is implementing these changes. Who’s gonna trust us?
Here’s a good question in #6
Will you sign the new START treaty if Russia conditions its signing upon non-deployment of the U.S. missile defense system in Central Europe?
Obama responds:
Given the threats around the world, especially those growing from North Korea and Iran, our goal is to enhance missile defense for the United States and our allies in Europe and elsewhere.
Basically “no”. All this diplomatic speak is hard on the eyes.
We are not building and will not build a system that is aimed to respond to an attack from Russia.
Stop being afraid of us!
Then there’s a stupid question about his political relationship with Secretary of State Clinton. So we’ll ignore that.