CNBC Press Releases

WHEN: Wednesday, October 24th at 11:00am ET
WHERE: "The Call"

The following is the unofficial transcript of CNBC's Dylan Ratigan's exclusive interview live from Washington, DC following a cabinet meeting at the White House, with Bush's economic team for "The CNBC White House Summit." Ratigan speaks with Commerce Secretary Carlos Gutierrez, Chairman of the Council of Economic Advisors Edward Lazear, Director of the National Economic Council Allan Hubbard and Director of the Office of Management and Budget Jim Nussle, on CNBC's "The Call" today. All references must be sourced to CNBC.

In the interview, Bush's economic team discusses a broad range of topics including the mortgage crisis, the diving dollar, and China.

TRISH REGAN: WE WANT TO GO OVER TO DYLAN. DYLAN RATIGAN IS IN WASHINGTON, D.C. WITH A VERY,VERY, SPECIAL INTER.

DYLAN: HI, GUYS. YEAH, THANK YOU VERY MUCH. AS YOU CAN SEE, BY WAY OF INTRODUCTION, DR. ALLAN HUBBARD WITH US HERE. JIM NUSSEL. CARLOS GUTIERREZ AND ED LAZEAR. YOU'VE GOT THE TWO CHIEFECONOMIC ADVISORS TO THE PRESIDENT. THE DIRECTOR OF OFFICE OF MANAGEMENT AND BUDGET AND OF COURSE SECRETARY OF COMMERCE. WELCOME, GENTLEMEN. THANK YOU FOR TAKING THE TIME TO TALK.

LET'S START UNFORTUNATELY WITH THE SITUATION DEVELOPING IN SOUTHERN CALIFORNIA. WHAT CAN YOU TELL US AND WHAT DO YOU KNOW AND WHERE DO WE STAND TERMS OF GETTING RESOURCES TO THAT PART OF THE WORLD?

NUSSLE: THE PRESIDENT MADE INITIAL DECLARATION OF DISASTER. NOW AS JUST AS WE SAT DOWNHERE TODAY MADE THE MAJOR DISASTER DECLARATION. MEANS ALL OF THE ASSETS OF THE FEDERAL GOVERNMENT WECAN POSSIBLY PUT TO BEAR ON THIS ARE BEING COORDINATED AS WE SPEAK. WE'VE GOOD COORDINATION ONTHE GROUND WITH STATE AND LOCAL OFFICIALS AS WELL WITH THE FEDERAL LEVEL. THE PRESIDENT IS GOING THERE PERSONALLY AS WE ALL KNOW TOMORROW. THIS IS A, COMBINED, VERYUNIFIED, POSITIVE EFFORT. WE'RE DOING EVERYTHING WE CAN. THIS IS A TRAGEDY THAT IS UNFOLDING. WE DON'T KNOW THE EXTENT BUT WE'RE DOING EVERYTHING WECAN RIGHT NOW. I THINK IT'S A GOOD EFFORT.

DYLAN: I KNOW YOU'RE A FORMER STANFORD PROFESSOR AND GO TO CALIFORNIA AS OFTEN AS YOU CAN IT'S YOUR HOME.

LAZEAR: IT IS.

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