John McCain

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 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__ __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 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 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 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 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__