Robert Gibbs

“ In terms of your second question, I think the President understands -- we've seen more statistics, more layoffs -- that our failure to act, our failure to take action that is bold enough to meet the challenges that our economy faces will simply result in far greater job loss for the American people. ”

“ At the same time we want to ensure that access to greater capital ensures that banks that are more healthy can lend money to the American people and to small businesses, and that that not be overly punitive. The policy I think stuck that right balance, and we believe will give the American people the confidence that they need in the financial system and as it relates to executive compensation. ”

“ The balance he wants to strike is to continue to get our economy going by -- without -- without unnecessarily starting something with trading partners all over the world and global partners that will hinder getting our economy moving again. The President believes we can strike that balance in this legislation.
You've heard the President speak any number of times about we have to be coordinated in the strategies that we undergo, whether it's recovery or stability or regulation, not just here, but throughout the world, in order to meet those collective global challenges. ”

“ The expectations by the American people, that we act in a way that helps the economy and puts people back to work, weigh on him -- and I assume others in this town -- greatly each and every day.
Our failure to do something in size and scope commensurate with the challenges that we have, we'll find ourselves worse off than where we are now. ”

“ But I think the process that the President is undertaking, whether it's stimulus recovery, financial stability, reregulation, energy, health care, any number of issues that are going to land on his plate -- that the process that he's used in reaching out to those, regardless of party, regardless of political philosophy, have served him well throughout his political career, and he means that in what he does right now. ”

“ The President believes that setting that standard and reaching high for that standard each and every day is far, far, far better than continuing the way this town has worked and continuing the politics as usual that we've seen for so long.
So he is going to -- he outlined those standards. He asks us every day to meet them. There are days that we won't. But to try to meet those every day far exceeds never trying at all. ”

“ Without a significant stimulus, over the next three years our administration estimates we could lose an additional 5 million jobs. Some economists as recently as a couple of weeks ago -- Mark Zandi, his estimate without a significant stimulus would result over the next three years in a loss, an additional loss of nearly 6.5 million jobs.
The President understands, and the American people expect us to take decisive and bold action to meet those challenges. ”

“ One of those principles is what the President and the Secretary spoke about today, which was how do the American people feel confident in a financial system where they become -- through extraordinary assistance -- a lender to a bank in order to stay healthy in this financial system. ”

“ There are real, discernible limits in executive compensation for CEOs and top management for banks that accept an extraordinary amount of assistance from the taxpayers. It caps their compensation. Any additional compensation would have to come in the form of restricted common stock that couldn't be cashed in unless or until the taxpayers are paid back with interest. ”

“ Democratic Congressman Jim Cooper of Tennessee recently said that the White House wants to keep the Speaker happy and the traditional Democratic leaders, but they've let them know privately -- the White House has let the Democrats in the House know privately they're not interested in all the pork. Has the White House conveyed to the Democratic leaders in Congress that you're not interested in all the pork? ”

“ Since you obviously believe it's important to have a stable funding mechanism for SCHIP, how concerned is the White House that in a recessionary time, those who make less money will not buy cigarettes, which may have positive healthful effects, but may undermine the funding mechanism for the very program you're trying to expand. ”

“ Many of us have been with the President for quite some time, and I think those that have only been with him for a short period of time can understand the standards that he set out for them and for us and for all of this administration. ”

“ The legislation that is going through -- went through the House and is going through the Senate the President believes is the basis for creating more than 3 million jobs, more than 90 percent of which would be in the private sector.
I think obviously we have advocated, and previous administrations have advocated, for instance, using tax policy to spur job creation. So I think obviously that's -- without getting into the exact numbers, I think obviously using that to create jobs and to lay down the important long-term investments is critical. ”

“ The President and the Secretary spoke about the need to ensure that confidence in the American people by ensuring that as these banks come hat in hand to the American taxpayers, that the American taxpayers are reasonably assured that executive compensation isn't excessive. ”

“ Again, I go back to Jake's question -- the actions of CEOs coming from Detroit to testify about the help that they needed from the taxpayers in the auto industry, their behavior was changed not by some rule or regulation, but by the transparent viewing of their practices. The transparent viewing of the practices of businesses that are involved in receiving assistance from the federal government I think will have a tremendous impact, as it already has, in changing the behavior of individuals, the top management, in banks in general. ”

“ I do know that one of their reports said that you would have a significant -- the economic downturn would be even more significant with the absence of a significant stimulus package. And that's what the President believes has to happen quickly to get the economy moving again. ”

“ The CBO has come out with an analysis of the job creating potential of the Senate bill. You might regard these numbers as the upside of that: 2.8 million to 8.2 million jobs over three years. The cost side, that depends on the multiplier effect that CBO uses on the stimulative effect of the bill. It also says the cost on a per job basis would range from $100,000 to $300,000 for a job created. ”

“ To do anything less would be to fail the American people.
Jeff.
[REPORTER] : Robert, two questions on a related issue. First -- (laughter) -- in contrast.
GIBBS: Extra -- you get extra for that. (Laughter.)
[REPORTER] : First, on the executive pay announcement today, is there any concern in the administration that this might backfire, that banks or other companies that actually should be asking for money or need the money would avoid asking because they don't want to follow these rules? ”