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When: Monday, June 9th at 12:30PM ET
Where: CNBC's "Power Lunch"
Following is the unofficial transcript of a FIRST ON CNBC interview with Treasury Secretary Henry Paulson today on CNBC's "Power Lunch."
All references must be sourced to CNBC.
HERERA: NOW DOWN TO WASHINGTON. STEVE LIESMAN JOINS US FROM THE TREASURY DEPARTMENT IN WASHINGTON, D.C., WITH TREASURY SECRETARY HENRY PAULSON. IT'S A FIRST ON CNBC INTERVIEW. OVER TO YOU, STEVE.
LIESMAN: OIL, HOUSING, THE CREDIT MARKETS, THERE'S NO BETTER TIME TO BE TALKING TO TREASURY SECRETARY HENRY PAULSON.THANK YOU.
PAULSON: GOOD TO BE WITH YOU.
LIESMAN: OIL UP ALMOST $11 ON FRIDAY ALONE. ARE YOU CONCERNED THAT IF THE ECONOMY IS NOT ALREADY IN RECESSION THAT OIL MAY TIP THE BALANCE AND REALLY GUARANTEE A RECESSION FOR THE UNITED STATES ECONOMY?
PAULSON: WELL, STEVE, THERE'S NO DOUBT OIL PRICES WHERE THEY ARE IS A PROBLEM. THERE'S NOTHING WELCOME ABOUT IT AND IT'S A REAL HEADWIND, BUT WE'RE FOCUSED ON IT AND I DO BELIEVE THAT THE STIMULUS CHECKS THAT WENT OUT LAST MONTH AND ARE GOING OUT THIS MONTH ARE GOING TO MAKE A DIFFERENCE AND WE'LL HAVE JOBS THAT WE WOULDN'T HAVE HAD IF WE HADN'T HAD THE STIMULUS CHECKS. SO THEY'RE GOING MAKE A DIFFERENCE.
LIESMAN: ISN'T THERE A CONCERN NOW THAT THE STIMULUS CHECK THAT MIGHT HAVE GONE TO ADDED SPENDING SIMPLY GOES ON PAY THE ADDED BILL FOR OIL?
PAULSON: I'M A GLASS HALF FULL PERSON, AND IT WILL GO TO PAY FOR THE FILLING UP PEOPLE'S CARS WITH GAS IN CERTAIN INSTANCES. SO IT WILL MAKE A DIFFERENCE, BUT IF WE HADN'T HAD THAT STIMULUS CHECK COMING IT WOULD BE MUCH TOUGHER FOR THE AMERICAN CONSUMER.
LIESMAN: WERE YOU SURPRISED BY THE HUGE RISE IN OIL? WHAT DO YOU ATTRIBUTE IT TO?
PAULSON: WELL, I WOULD SAY I ATTRIBUTE IT TO THE SUPPLY AND DEMAND FACTORS THAT ARE BECOMING TIGHTER AND TIGHTER.THERE'S NOT A LOT OF EXCESS INVENTORY.PRODUCING NATIONS HAVE NOT INCREASED THE PRODUCTION CAPACITY TO ANY SIGNIFICANT DEGREE OVER THE LAST TEN YEARS.SO WE HAVE RISING DEMAND AROUND THE WORLD.TIGHT SUPPLIES THAT ARE CONCERNED ABOUT TIGHTER SUPPLIES AND THEN YOU'LL GET VOLATILITY WHEN YOU'RE GOING THROUGH PERIODS OF TIGHT SUPPLY LIKE THIS.
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