DYLAN: NO QUESTION. YOU KNOW, NOT ONLY AS COMMERCE SECRETARY BUT AS FORMER BOSS AT KELLOGG PART OF THE REASON WE ARE SEEING INCREDIBLE STRENGTH IN EXPORT GROWTH IN ADDITION TO THE REASONS YOU CITE DEPRECIATION VALUE OF THE DOLLAR. CURRENCY BENEFIT TO ALL THE MULTINATIONAL CORPORATIONS HAS BEEN TREMENDOUS. IS THERE IMPLICIT ACCEPTANCE IF NOT ENCOURAGE OF CURRENCY DECLINE ALBEIT ORDERLY IN ORDER TO SUPPORT EXPORT GROWTH WHICH MAY BE ONE THING THAT KEEPS US OUT OF RECESSION, DR. HUBBARD.

HUBBARD: WE HAVE A RULE.

DYLAN: I KNOW THERE IS A RULE. WE ALL KNOW THE RULE.

HUBBARD: WE STICK TO THE RULE ONLY THE PRESIDENT AND, THE SECRETARY OF TREASURY SPEAK ABOUT THE DOLLAR.

DYLAN: FAIR ENOUGH. BUT TO THAT END, SO LET'S NOT SPEAK OF THE DOLLAR. LET'S SPEAK OF EXPORT GROWTH AND ROBUST NATURE OF IT AND EXTENT THERE HAPPENS TO BE A WIND RELATED TO CURRENCY RELATIONSHIPS IS SUPPORTIVE OF IT.IN OTHER WORDS, ARE YOU ULTIMATELY WHEN YOU GO TO BED AT NIGHT, YOU SAY LISTEN THIS CURRENCY SITUATION IS BENEFICIAL TO OUR ECONOMY RIGHT NOW BECAUSE OF THE -- LET'S BE HONEST. WE HAVE MEANINGFUL HOUSING DECLINE AND WE HAVE A MEANINGFUL GROWTH IN EXPORTS. THOSE ARE TWO VERY POWERFUL FORCES AT ODDS WITH ONE RIGHT NOW. TO THE EXTENT WHICH CURRENCY RELATIONSHIP IS BENEFICIAL TO THE STRONG COMPONENT OF THAT, THAT HAS TO BE ON SOME LEVEL A GOOD THING.

GUTIERREZ: LAST YEAR, 2006, CALENDAR YEAR EXPORTS GREW 12.7% THIS HAS BEEN GOING ON FOR YEAR-AND-A-HALF, TO TWO YEARS. WE SEE FREE-TRADE AGREEMENTS BUILDING UP. GETTING MOMENTUM. SEE BUSINESSES GETTING BEHIND EXPORTS. SMALL BUSINESSES EXPORTING. THIS IS PART WHAT WE'VE BEEN DOING UNDER THE PRESIDENT, GETTING OUT THERE AND ENGAGING THE WORLD AND COMPETING. WE'RE SEEING THE BENEFITS OF THAT.

HUBBARD: JUST TO ADD TO THAT THE OTHER THING THAT'S GOING ON IN TERMS OF THE WORLD IS THAT ECONOMIES AROUND THE WORLD HAVE STRENGTHENED IN THE LAST COUPLE YEARS. EUROPE IS STRONGER. JAPAN IS STRONGER. OBVIOUSLY CHINA CONTINUES TO BE STRONG. INDIA CONTINUES TO GROW VERY RAPIDLY. THAT GIVES, THAT PROVIDES A MARKETPLACE FOR OUR GOODS AND SERVICES AND AS CARLOS POINTED OUT, AS A RESULT OF THE PRESIDENT'S POLICIES, MOST IMPORTANTLY AS A RESULT OF THE ENTREPRENEURAL SPIRIT AND HARD WORK OF THE AMERICAN PEOPLE, WE ARE, COMPETING VERY, VERY SUCK SUCCESSFULLY. THAT'S WHY OUR EXPORTS ARE GROWING RAPIDLY. WE DON'T SPEAK ABOUT THE DOLLAR.

DYLAN: DOES ANYBODY HERE, DOES ANYBODY, YOU'RE GOING TO SAY --

HUBBARD: NO.

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