cook __PUNCT__ senat __PUNCT__ thank for the time __PUNCT__
welcom back to bloomberg __PUNCT__
mccain __PUNCT__ thank __PUNCT__ peter __PUNCT__
it good to be back with you __PUNCT__
cook __PUNCT__ i want to ask you just from the start here __PUNCT__ five month ago until elect dai __PUNCT__ as we sit here right now __PUNCT__ do you feel like you the underdog or ar you the like victor here __PUNCT__ mccain __PUNCT__ actual __PUNCT__ i think we do rather well and we do have a challeng __PUNCT__
i would have to sai i think i am in some respect the underdog __PUNCT__ but on of the problem is __PUNCT__ you know __PUNCT__ the gener ballot between democrat and republican __PUNCT__
but overal __PUNCT__ i think we do veri well and get the messag out __PUNCT__
and there ar stark differ between senat obama and myself __PUNCT__ and so i happi with where we ar but i recogn it go to be a veri tough __PUNCT__ hard __PUNCT__ fought __PUNCT__ and i think veri close campaign __PUNCT__
cook __PUNCT__ let talk about the role the economi is go to plai in thi campaign __PUNCT__
as we sit here todai __PUNCT__ given the problem __PUNCT__ the challeng american ar face with the economi __PUNCT__ do you think the economi ha becom more a decis issu to voter than __PUNCT__ sai __PUNCT__ nation secur will be __PUNCT__ mccain __PUNCT__ i think it becom the transcend issu __PUNCT__
we don't know how badli american ar hurt and thei ar hurt veri badli __PUNCT__
the issu of nation secur is an underli on and will alwai be there __PUNCT__
and we don't know what is go to happen in the world __PUNCT__
and becaus we succeed in iraq with a strategi that senat obama adamantli oppos and still doesn't recogn __PUNCT__ fail and refus to recogn the success of __PUNCT__ it kind of move off the front page __PUNCT__
i can't tell you how happi i am __PUNCT__
but we still got the iranian threat __PUNCT__
we got our depend on foreign oil __PUNCT__
there is so mani thing that ar affect america economi that also have to do with america secur __PUNCT__
cook __PUNCT__ let me ask you about on of those thing __PUNCT__
mccain __PUNCT__ sure __PUNCT__
cook __PUNCT__ it energi price right now __PUNCT__
we have seen oil price roughli doubl in the last year or so __PUNCT__
sinc you and i spoke just a few week ago __PUNCT__ price up the pump up about __NUM__ cent __PUNCT__
can you explain how that ha happen __PUNCT__ is it simpli suppli and demand __PUNCT__ do you think someth els is at work __PUNCT__ mccain __PUNCT__ i think __PUNCT__ peter __PUNCT__ from talk from a lot of peopl that know __PUNCT__ know what goe on insid that there is a certain specul effect here __PUNCT__
and how big that is is a littl hard for me to judg __PUNCT__ but there should be a thorough and complet investig of it __PUNCT__
but the main problem is that there is a finit suppli in the world and it control by a few __PUNCT__ by cartel __PUNCT__ and therefor as grow demand on that finit suppli __PUNCT__ we ar not keep up in oil exploit that is keep up with demand __PUNCT__ but we have a veri __PUNCT__ veri seriou problem on our hand __PUNCT__
cook __PUNCT__ ar those countri do enough to help the unit state right now __PUNCT__ saudi arabia __PUNCT__ for exampl __PUNCT__ mccain __PUNCT__ of cours not __PUNCT__
but the lesson here is __PUNCT__ is not so much to beat up on them __PUNCT__ the lesson is __PUNCT__ is to get independ of foreign oil and also elimin our green or drastic reduc our greenhous ga emiss __PUNCT__ also understand that it a nation secur issu becaus some of the monei we send oversea end up in the hand of terrorist organ __PUNCT__
so we have to innov wind __PUNCT__ tide __PUNCT__ solar __PUNCT__ nuclear is a veri big aspect of ani reduct and depend on foreign oil __PUNCT__
we have to find place to store spent nuclear fuel __PUNCT__
cook __PUNCT__ let me ask you about that __PUNCT__ i wa go to ask you about thi topic anywai __PUNCT__
last week the bush administr announc it go to proce with it file __PUNCT__ feder file to open the yucca mountain repositori in nevada __PUNCT__ to store the spent nuclear fuel from around the countri insid yucca mountain __PUNCT__
what ar you sai to the peopl of nevada about what would happen to that project under a mccain administr __PUNCT__ mccain __PUNCT__ i have gone there and told them that i favor yucca mountain becaus we have to have a place to store the spent nuclear fuel __PUNCT__
but we also have to reprocess __PUNCT__
there is not enough storag space there __PUNCT__
the first thing that goe in is defens __PUNCT__ relat materi that have to be store __PUNCT__
what about all of the spent nuclear fuel that is sit around in pond next to nuclear power plant all over america __PUNCT__ that is a nation secur threat __PUNCT__
but we not onli have to store but we have to reprocess __PUNCT__
the european do __PUNCT__
cook __PUNCT__ the prolifer issu is there __PUNCT__
you know __PUNCT__ there ar a lot of peopl worri about what that might mean __PUNCT__
mccain __PUNCT__ somehow the european ar abl to handl it __PUNCT__
by the wai __PUNCT__ there is also a russian propos that we could have a central place for reprocess of spent nuclear fuel __PUNCT__ and we could keep up that suppli __PUNCT__
there is lot of wai to do thi __PUNCT__
it a nimbi problem __PUNCT__
it take about five year to build a nuclear plant __PUNCT__ power plant in europ __PUNCT__
it take __NUM__ year in the unit state __PUNCT__ by the latest estim __PUNCT__
and we don't know becaus it been so long sinc we built on __PUNCT__
and i believ you not go to address climat chang serious unless nuclear power is a big part of the equat __PUNCT__
but the most urgent issu now is get independ and have our own sourc of energi so that we can elimin that and elimin thi terribl burden on american famili that ha taken place todai __PUNCT__
and by the wai __PUNCT__ on small thing __PUNCT__ why not give them a littl holidai from the ga tax __PUNCT__ why not give the gui i encount that own three truck that pai __NUM__ cent a gallon tax on everi gallon of diesel fuel that told me that he about to go broke __PUNCT__ why not give him a littl break __PUNCT__ i mean __PUNCT__ instead of build a bridg in alaska to an island with __NUM__ peopl on it __PUNCT__ why don't we give him a littl break __PUNCT__ i still think it wa a good idea __PUNCT__
senat obama call it a gimmick __PUNCT__
cook __PUNCT__ yeah __PUNCT__ let me ask you about tax polici __PUNCT__
you disagre with barack obama on a rang of issu __PUNCT__ but tax sort of front and center right now __PUNCT__
i want to get back to your vote back in __NUM__ against the bush tax cut __PUNCT__
you said at the time that thei weren't link enough to spend restraint __PUNCT__ also that you worri that mayb thei were tilt too much toward the wealthi __PUNCT__
have you chang your view on that part of the bush tax cut __PUNCT__ do you think thei have unnecessarili tilt toward the wealthiest american __PUNCT__ mccain __PUNCT__ oh __PUNCT__ i had a signific and substanti tax __PUNCT__ cut packag of my own __PUNCT__
but right along with it wa spend restraint __PUNCT__
look __PUNCT__ our problem is not with revenu __PUNCT__
our problem is with spend __PUNCT__
the size of the feder govern ha grown astronom __PUNCT__
discretionari __PUNCT__ that a great word __PUNCT__ you know discretionari __PUNCT__ spend ha grown __PUNCT__ my understand __PUNCT__ like __NUM__ percent __PUNCT__ someth astronom __PUNCT__
we have let spend get complet out of control __PUNCT__
and i predict at the time that unless we had spend restraint __PUNCT__ as we did in __NUM__ and __NUM__ when the reagan tax cut took effect __PUNCT__ that we were go to pai a veri heavi price __PUNCT__
if we had restrain spend __PUNCT__ given the growth of revenu that have result from these tax cut __PUNCT__ we be celebr now and talk about more tax cut __PUNCT__
and could i just sai __PUNCT__ capit gain affect __NUM__ million american __PUNCT__
senat obama want to rais that tax __PUNCT__
the social secur tax cap __PUNCT__ he want to rais from __NUM__ __PUNCT__ dollar __PUNCT__ to i think __NUM__ __PUNCT__ dollar __PUNCT__
do you know how mani employ __PUNCT__ small __PUNCT__ busi peopl that would mean a __NUM__ __PUNCT__ percent increas in their social secur tax __PUNCT__ i mean __PUNCT__ thi is just __PUNCT__ senat obama want to rais tax __PUNCT__
i want to keep tax cut in place __PUNCT__
and i think that it import that in a time of real crisi __PUNCT__ econom crisi in america __PUNCT__ the last thing we want to do is rais peopl tax now __PUNCT__
cook __PUNCT__ is incom inequ a problem in america right now __PUNCT__ mccain __PUNCT__ i believ that incom inequ is a problem in america becaus of the rise cost of health care __PUNCT__ and now becaus we distort the market __PUNCT__ among other thing __PUNCT__ by have subsidi for ethanol __PUNCT__ which i oppos __PUNCT__ that american ar pai a veri heavi price __PUNCT__
and what we need to do though is not penal the rich in america __PUNCT__
we been through that drill __PUNCT__
what we need to do is help the lower __PUNCT__ incom peopl by give them a simpler __PUNCT__ flatter tax code __PUNCT__ by get the price of oil under control __PUNCT__ gasolin under control by elimin depend on foreign oil __PUNCT__ by lower their tax __PUNCT__ by give everi famili in america a doubl from __NUM__ to __MONEY__ dividend for a child in their famili __PUNCT__
all of those thing __PUNCT__ a tax break for their famili __PUNCT__
cook __PUNCT__ you know __PUNCT__ barack obama sai you can't __PUNCT__ you talk about all these tax cut __PUNCT__
but you haven't come up with wai to pai for it __PUNCT__
pork __PUNCT__ barrel spend __PUNCT__ cut that out is not enough to foot the bill under john mccain propos __PUNCT__
mccain __PUNCT__ first of all __PUNCT__ let stop the pork __PUNCT__ barrel spend __PUNCT__
senat obama ha sponsor and been engag in ten of million of dollar of pork __PUNCT__ barrel spend __PUNCT__
if we don't stop that __PUNCT__ the american peopl will never give us credit __PUNCT__
i never ask for a pork __PUNCT__ barrel project for my state of arizona __PUNCT__
we can grow the revenu __PUNCT__
but most importantli __PUNCT__ we can restrain spend in a broad varieti of wai __PUNCT__
and with restrain spend and keep tax low __PUNCT__ we can grow revenu and we can grow thi economi __PUNCT__
and i can pai for the tax cut that i envis __PUNCT__
and i know that i can __PUNCT__ whether it be the phase out the altern __PUNCT__ minimum tax __PUNCT__ which can affect i don't know how mani million american famili __PUNCT__ or whether it is free trade __PUNCT__
and let me just sai on word about free trade __PUNCT__
on of the most import aspect of our futur __PUNCT__ and on of the thing that a littl bit of a bright spot in our economi now is our export __PUNCT__
senat obama want to unilater renegoti the north american free __PUNCT__ trade agreement __PUNCT__ a sourc of incred wealth for all three countri __PUNCT__
and unilater renegoti __PUNCT__
and of cours __PUNCT__ that would have repercuss all over the world __PUNCT__
he oppos the colombia free __PUNCT__ trade agreement __PUNCT__
cook __PUNCT__ a lot of american support __PUNCT__ right now __PUNCT__ what senat obama posit is on free trade __PUNCT__
thei think it do more harm than good to the u. __PUNCT__ economi __PUNCT__
ar you prepar to lose vote and stick to your support for free trade __PUNCT__ mccain __PUNCT__ i alwai been prepar to lose vote for what i know is right __PUNCT__
and the fact is that i believ in the american worker __PUNCT__
i believ the most product __PUNCT__ innov worker in the world is the american worker __PUNCT__ includ the agricultur side __PUNCT__
and i will open those market to our good and servic __PUNCT__
i love to try to negoti a eu __PUNCT__ american free __PUNCT__ trade agreement __PUNCT__
but i also __PUNCT__ what our problem is todai is the displac worker __PUNCT__
we got to have program for displac worker that will train and educ and meet the demand of the new job __PUNCT__ which will be creat with green technolog and innov and the inform technolog revolut __PUNCT__
present system wa design for the __PUNCT__ 50 __PUNCT__
we got to go to the commun colleg __PUNCT__ have them design and implement educ and train program that will work __PUNCT__
we can't leav these peopl behind __PUNCT__
but then __PUNCT__ to practic protection __PUNCT__ look __PUNCT__ i seen the pictur of mr __PUNCT__ smoot and mr __PUNCT__ hawlei __PUNCT__
thei sent america from a recess into a deep depress __PUNCT__
that is a terribl thought that we would rais the specter of protection and cut off our access to market around the world __PUNCT__
that exactli what senat obama want to do __PUNCT__
cook __PUNCT__ given your nation secur experi __PUNCT__ ar you go to give greater weight __PUNCT__ as you consid vice presidenti candid __PUNCT__ choic __PUNCT__ to someon who ha got econom and busi experi __PUNCT__
mccain __PUNCT__ the import thing for me in a vice __PUNCT__ presidenti candid is someon who share my principl __PUNCT__ my valu __PUNCT__ and my prioriti __PUNCT__
as you know __PUNCT__ on of the hardest thing for ani newli elect presid is to set prioriti __PUNCT__
and so that realli primarili and almost sole the criteria that i would us for the select of a run mate __PUNCT__
cook __PUNCT__ all right __PUNCT__ let me just ask you final __PUNCT__ you challeng barack obama to these town hall around the countri lead up to the convent in __DATE__ and __DATE__ __PUNCT__
he hasn't respond directli back to you __PUNCT__
at the end of the dai __PUNCT__ do you think these thing ar go to happen __PUNCT__ and what will the american peopl learn as a result from these event __PUNCT__ mccain __PUNCT__ i know that the american peopl ar sick of the spin __PUNCT__ the spin room __PUNCT__ the gotcha __PUNCT__ the sound bite __PUNCT__ the 527 __PUNCT__
on of the oldest form of democraci is a town hall meet __PUNCT__
and it provid citizen an opportun to question the candid in an inform and ad __PUNCT__ hoc basi __PUNCT__
no prepar speech __PUNCT__ no teleprompt __PUNCT__ just respond to the american peopl __PUNCT__
i would be glad to fly anywher with senat obama __PUNCT__
thi is not an origin idea with me __PUNCT__
senat barri goldwat and presid clinton had __PUNCT__ excus me __PUNCT__ and presid kennedi __PUNCT__ senat barri goldwat and presid kennedi had agre to fly __PUNCT__ get on the same plane __PUNCT__ and fly around the countri __PUNCT__
unfortun __PUNCT__ the tragedi of dalla interven __PUNCT__
so i love to do that __PUNCT__
we could do on a week between now and the democrat convent __PUNCT__
cook __PUNCT__ do you think he go to do it __PUNCT__ mccain __PUNCT__ i don't know __PUNCT__
i hope that he will understand that that the most effect wai we can hear __PUNCT__ the american peopl can not onli hear our view __PUNCT__ but us to hear and listen to them __PUNCT__
thei think we not listen in washington __PUNCT__
and you know what __PUNCT__ thei right __PUNCT__
cook __PUNCT__ senat john mccain __PUNCT__ thank you veri much for your time __PUNCT__
appreci you join us here on bloomberg __PUNCT__
look forward to talk with you again sometim down the road on the campaign trail __PUNCT__
with that __PUNCT__ kathleen __PUNCT__ we send it back to you in new york __PUNCT__
