WRKO>Audio & Video on Demand>>Audit the Fed? Jon Huntsman talks with Tom about foreign policy, the Fed and energy policy

Audit the Fed? Jon Huntsman talks with Tom about foreign policy, the Fed and energy policy

Dec 29, 2011|

Audit the Fed? Huntsman says yes, he also talks with Tom about energy policy and foreign issues.

Transcript - will not be 100% accurate

Good morning and welcome back to the Thomas Dodd showed taught he has taught not here I should say talk he had. -- on vacation Jon Huntsman. Serious candidate for the presidency of the United States seeking the Republican nomination. Spending a lot of time in New Hampshire these days which is. A little less now then well it's it's the tenth of January so you know when the heck it is I don't have to account to the calendar days -- Scott Lehigh from the globe has written. Some pretty good. Articles about Jon Huntsman and we're delighted to welcome him here to the -- dodge show and AM 680 WRK -- good body govern not. Opportunity to be what you think it is a delight to join a wanna get right into it Federal Reserve Bank fairly recently it was revealed through court papers. No less. That they had made some massive massive transfers of money two a couple of organizations and institutions a lot of I guess this fear of too big to fail. And you come up with some proposals on a two part question. Give us some insight into the proposals to address too big to fail as a concept. And tell us this note about -- a little bit about the Fed what do you think they. Doing the right if -- thing and how they should be curbed if at all. Well that the let's start with the Fed the Fed it needs to be audited I think the people of this country deserve to understand the numbers. They haven't been audited and I think it needs to be greater transparency there we've had a central bank for a hundred years we're the largest economy in the world when he 5% of the world GDP. I believe that it is Serbs developer interest well but I think we need to look. When he'd opened put the cart so to speak comic take a look at those numbers. The quantitative easing programs have not worked for this country. The leader of flooded our economy with the hundreds of billions of dollars with nothing to show for more debt on the balance sheet. And I say we can do better than that. I've put forward -- tax reform proposal for the Wall Street Journal has endorsed. It's similar to what I did as governor of the state Utah were delivered a flat tax is calling for the phasing out of all loopholes and deductions. The phasing out of all corporate welfare in subsidies we've got to get a level playing field for small businesses once again in this in this country. But more than that it also addresses what the big problems we have on Capitol Hill which is crony capitalism. If there's nothing to lobby for in terms of additional rate the breaks and loopholes for businesses and result in a -- before. I like status and outcome in in dealing with what to date is a huge deficit the on the economic deficit and that's a trust deficit. We no longer have trust in our institutions of power starting with congress. Yeah thank you that -- -- -- do you think congress should have a larger role in the oversight Ian or control of the Fed. The -- as an independent body I think by auditing the numbers were good at probably know a lot more about that is an institution and we can make decisions about that going forward. But that's been the bigger issue that you cited there a moment ago Thomas we can fix taxes as I wanted to do was I did as governor. In taking our state to number one -- job creator in the country. It's a very very powerful steps that I think -- stimulated fire the engines of growth in this country that does so desperately needs to be done. Which can do all of that but we're left with banks that are too big to fail we still have this damocles hanging over us. And we're setting ourselves up for another bail out we'd been through that before -- not gonna let it happen again but if you got six institutions today Tom. That combined have assets that are equal to two thirds of our nation's GDP nine point five trillion dollars. They're too big to fail. If any one of these institutions goes south we all we also we also -- and I say you know we're two British people to allow that to happen. So the next president the United States is gonna have to be bold enough cannot be in the hip pocket of Wall Street that is gonna have to do something to right size these banks. -- -- the only candidate in this race who basically is talking about the issues. And moreover the only candidate is put forward any plan to deal with the. We got a -- little push in the times today from roster Todd has the had too big to fail. Component of the candidacy in which he said -- there should be out of anyone's platform let me shift he has Middle East Iran. Very very naked hostility toward Israel end. Secondarily to us and Arab Spring uprisings in Syria Egypt Libya Tunisia. Jon Huntsman is take as president. What should we be doing what has been missed by the Obama administration. Well for -- for first of all let let's recognize the fact that Afghanistan is not our nation's future here Iraq is not our nation's future. Our nation's future is how well prepared we are. To rise up to the 21 century competitive challenges that's about economics and that's about education and it's gonna play out over the Pacific Ocean. In countries and I have lived in before it would -- oversees four times. I've seen with these countries in Asia have done to prepare for the rest of the 21 century. And here to tell you if we don't get Smart about our position in the world are foreign policy priorities we're going to see the end of the American century by 2050. And we're too good were too optimistic we're too good this problem solvers in this nation to let that happen to us. Also the Middle East right now is a confused situation. We missed the person's wearing in late 2009. We should have taken advantage of that opening. We went into Libya where arguably we have no national security interest were scratching our head over Syria. And we're lecturing Israel all the awhile and I say it's no wonder that we got friends and allies and -- to wonder exactly where we York. I would tell you that the most transcended foreign policy challenge of this decade is going to be Iraq. And the question of player movement toward nuclear weapons I believe that the most in Toronto already decided to go nuclear. And that shifts the balance of power in the Middle East you know -- that if they go nuclear. You're going to see Saudi Arabia follows suit -- likely see Turkey probably Egypt followed suit as well. And then Tommy got a proliferation problem in the Middle East and so changes the dynamic and I think you have an unsustainable region in terms of the overall security equation. You speak really in a very -- sophisticated persuasive way it sounds to me and an account Iran had tube plow through the snow via. It sounds to me is if you say this is so transcend dental that every option is not only a run on the table. But the option the unstated option is. Almost has to be the choice. You have to be you have to be ready to use all elements of national power including the military option everything must be on the table. Because you can't live with the implications and I can't live with the implications of the nuclear is out. Is our military overstretched that we capable of that now with the commitment in Afghanistan and other commitments that exist around the world. This is why I'm concerned about a 100000 troops nation building. In Afghanistan. -- first of all this nation needs to be built we need to fix our -- we don't have a foreign policy we don't have a defense policy. Unless we fix and strengthen our nation's -- and we're not gonna be prepared to rise up to the truly transcended challenges of this decade including Iran. Until we get our act together in terms of what the real transcended foreign policy challenges or. How about -- what energy picture it I I believe you tell -- home state. We with a governor for two terms has nuclear power plants I think you export -- had energy to the Green he's in California which is curious. But isn't nuclear power eight -- unnecessary plot in important pot of our economic future. The nuclear power must be an option there's no question about debt that must be part of the fixed but outplayed Tom if you wanna know where jobs are gonna come from if you wanna know what's gonna stimulate this economy going forward we have a huge opportunity talk about low hanging fruit. Look at the energy prospects that we have in this country get but the raw materials and resources we have to draw from. We have natural gas we have a lot of different types of fuel sources. That can help fire or transportation needs are powered electricity needs in our manufacturing needs as well. And I'm here to tell you that I think this country's on the cusp of -- manufacturing Renaissance. We're 25% of the world's GDP. Where I was when I was born in 1960 that the label it was so far different than it is today we exported three bucks for every two books we imported. We have 36% of the world's GDP 25%. Of our GDP in those states came from manufacturing and were doubtful paltry 9%. We can get back on our feet again and part of -- will come from. How we fuel our future natural gas for example I believe is going to be the most important bridge that we can build from where we sit today as we move into the future. How about Keystone Pipeline I don't -- coming up against the clock I just wanna get your opinion on that because I think you people have the mobile lob by. He's -- -- go -- Keystone Pipeline must be done before gonna move toward energy independence stomp. And wean ourselves from this heroin like addiction we got the imported oil. In the 300 billion dollar transfer of wealth from this country to other regimes that are unfriendly. And that transactional at best we've got to have things like the Keystone Pipeline. Governor Huntsman you are a delight to talk to we want to welcome back by the way -- make a little commercial IKO is a 50000 watt station we have a huge audience. Up to southern and middle New Hampshire will be out the year after Iowa. And would love to have you back on this has been very very instructive and -- you are great to give us so much time got to deal -- we'll see you next guy okay Jon Huntsman former governor of Utah Syria's president serious candidate for president the United States.