CNBC Press Releases

DYLAN: WHAT CAN YOU TELL US?

LAZEAR: OBVIOUSLY, THESE ARE REALLY SIGNIFICANT FIRES. CALIFORNIA IS USED TO DEALING WITH FIRES. WE HAVE A SUPERB FIREFIGHTING FORCE. THAT'S ONE OF THE POSITIVES. THAT'S BEEN COMBINED WITH FEDERAL EFFORTS THAT HAVE BROUGHT FIREFIGHTERS IN FROM OTHER STATES AS WELL. BUT THIS IS REALLY SIGNIFICANT EVENT. THIS IS NOT A SMALL SET OF FIRES. IT'S COMPARABLE TO THE ONES WE SAW IN NORTHERN CALIFORNIA IN OAKLAND YEARS BACK. THAT HAS BIG EFFECTS. THE IMMEDIATE EFFECTS OF COURSE ARE THE PERSONAL ONES. THE EFFECTS ON THE INDIVIDUALS. THAT'S WHAT THE PRESIDENT AND GOVERNOR ARE DEALING WITH RIGHT NOW. AS WE MOVE INTO THE LONGER RUN, YOU WORRY ABOUT THE EFFECTS ON THE LOCAL ECONOMY. FORTUNATELY THE AMERICAN ECONOMY TENDS TO BE PRETTY RESILIENT. I THINK KATRINA IS GOOD EVIDENCE ON THIS POINT. IF YOU LOOK SIX MONTHS AFTERKATRINA, WE HAD OVER 5% GROWTH AND IT'S PRIMARILY BECAUSE OF ROBUSTNESS OF THE AMERICAN ECONOMY. WE HAVE TO MAKE SURE WE BRING IN THE RESOURCES TO ALLOW THAT TO HAPPEN IN SOUTHERN CALIFORNIA AS WELL.

DYLAN: AT WHAT POINT, MR. SECRETARY, DOES THIS BECOME AN ECONOMIC VARIABLE?

GUTIERREZ: AS JIM MENTIONED AND EDDIE, FOCUS RIGHT NOW IS ON THE EMERGENCY. PRESIDENT AT CABINET MEETING WAS TALKING ABOUT WE NEED TO GET HELP TO THOSE IN NEED BUT THE POINT HERE ABOUT THE ECONOMY AND THE FACT THAT WE HAVE BEEN ABLE TO WORK THINGS LIKE KATRINA, THINGS LIKE 9/11, IT TALKS ABOUT THE IMPORTANCE OF OPEN, FLEXIBLE MARKETS. OUR CAPITAL MOVES QUICKLY. OUR LABOR MOVES QUICKLY. OUR BUSINESSES MOVE QUICKLY. THAT IS SO IMPORTANT TO KEEP THE ENVIRONMENT THAT WAY SO THAT BUSINESSES CAN MOVE FREELY. THAT'S ONE OF OUR TREMENDOUS ADVANTAGES AS AND ECONOMY. AND WE HAVE BEEN THROUGH DISASTERS BEFORE AND THE ECONOMY'S BEEN ABLE TO WORK THROUGH IT BECAUSE IT IS FLEXIBLE AND OPEN.

DYLAN: I KNOW WE'LL MOVE ON. WE HAVE A LOT OF OTHER SUBJECTS TO COVER. ARE WE AT A POINT NOW WHERE THIS IS A COMPARABLE SITUATION? ARE WE NOW DEALING WITH A SITUATION COMPARABLE TO A KATRINA OR --

NUSSLE: YEAH. THIS IS REALLY NO COMPARISON AT TO KATRINA. WHAT WE DON'T KNOW YET IS, HOW THIS IS ALL GOING TO UNFOLD. WE'RE GOING TO MONITOR THAT.RIGHT NOW AS THE SECRETARY SAID AND OTHERS, THIS IS A PERSONAL ISSUE FOR SO MANY PEOPLE WHO LOST THEIR HOMES. LOST THEIR BUSINESSES AND,\ WE JUST DON'T WANT ANYMORE LOSS OF LIFE. AND SO EVERYTHING WE'RE DOING RIGHT NOW IS TO PREVENT ANYMORE DISASTER OCCURRING, THEN WE'LL ADD UP THE NUMBERS. I'M SURE THAT WILL BE DONE.

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