Transcripts

DNC Preview

SUSIE GHARIB: Democrats gather in Denver on Monday to kick off the national convention nominating Barack Obama as their presidential candidate. Washington bureau chief Darren Gersh has been an election point person and he joins us now with a preview. Hi, Darren.

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: Hey Susie, finally, huh?

GHARIB: Finally and everybody is waiting eagerly for Senator Obama to name his running mate, so once he makes that announcement, what will this vice presidential pick tell us about Obama?

GERSH: Well, I think that is the key. I mean, what does it say about Obama is really the issue here, so it is kind of his first governing decision, so it is kind of tells us a little bit about how he is as a manager, how he makes decisions. It looks like he is pretty disciplined about the decision and it didn't leak out, which is what reporters care about. Yes, really. Also, I think it says a little bit about maybe how he wants to run the White House, if he wins. You know, Susie, does he want somebody who's maybe independent and loud about their opinions like Delaware's Joe Biden or does he want somebody who is kind of a team player. It might also tell us a little bit about how Obama sees his own weaknesses that he wants somebody with foreign policy experience. Does he want somebody who helps with a key constituency, say, women.

GHARIB: Well, let's talk about what the big issue is for voters and that's the economy. At the convention next week, what are we going to hear about Obama's economic platform? Will there be any specifics?

GERSH: A lot of specifics, a lot of talk about how the middle class is hurting, a lot of talk about how the economy isn't working for a lot of people. You are going to hear a lot about how people need immediate relief. This is all key. In fact, when I talked to Obama's economic advisor Jason Furman, I asked him to define Obamanomics and this is what Jason Furman had to say.

JASON FURMAN, ECONOMIC POLICY DIRECTOR, OBAMA CAMPAIGN: Obamanomics is a real belief that the way to generate growth in this country is from the bottom up, by empowering families to succeed and the economy and drawing on an eclectic set of ideas to implement that broad guiding vision.

GERSH: You know, I think that the eclectic set of ideas is kind of interesting there, because Obama is saying you know, look, I am a pro market guy. He says that I am in favor of free trade but at the same time he is saying he's for progressive ideas and using the tax code to, you know, help middle class incomes and redistribute incomes and that is the divide in the Democratic party, Obama is trying to combine those two messages. It is not an easy thing to do. GHARIB: But Darren, do you think that he is going to have some fresh innovative ideas on how to turn around the economy? GERSH: Policy wonks like me, we're always hoping for a lot of new ideas in presidential campaigns and we are always disappointed. And that is not knocking Obama or McCain because they do have people who are very good economic advisors who have new ideas, but I have come to the conclusion that presidential campaigns are not about new ideas, in fact,, you know, an historian told me that Franklin Roosevelt used to tell his people, look, campaigns are not exercises in adult education. They are about winning and you don't want to take a risk on a new idea, you want to win, so you don't tend to (INAUDIBLE), but if the economy gets worse, we might see more new ideas. GHARIB: Let's talk a little about John McCain because there is a lot of speculation I am sure you heard it, that, who is he going to pick as his vice presidential pick. "Time" magazine is reporting that McCain has chosen Mitt Romney as his running mate. If that is true, what does this say about McCain's strategy? GERSH: I heard that and I was really surprised, because it is my understanding that to be very blunt, that John McCain does not like Mitt Romney very much, that he was not a fan of the campaign that Mitt Romney ran. He thought Romney did not do a good job and personally didn't like the kind of campaign that Romney ran. If that is true, I think what it says is that McCain still feels the need to shore up his credentials with economic conservatives, with business voters who are a key Republican constituency and after all the people who voted for Mitt Romney. GHARIB: All right. We have got to wait for all of these announcements to come out and then come back and have you brief us again. GERSH: The text message, right? GHARIB: That's right. Thanks, Darren. Thanks for the update and we look forward to seeing more of your "Economic Choices '08" coverage as we get closer to the November election. And we have been speaking with Darren Gersh, NBR's Washington bureau chief.

GERSH: Thank you.