WHEN: Friday, March 14th at 7PM ET
WHERE: CNBC's "Kudlow & Company"
Following is the unofficial transcript of a CNBC exclusive interview with President Bush on CNBC's "Kudlow & Company." During the interview with CNBC's
All references must be sourced to CNBC.
GEORGE W BUSH: IN PROGRESS) --swift action, along with JP Morgan, to help bring some order to the financial markets.
LARRY KUDLOW: You have said, time and again, that you oppose government bailouts. That you oppose the use of taxpayer money to bailouts. I want to ask you if that opposition applies to these large banks?
GEORGE W BUSH: Well, these are unusual times. I-- these are times that-- where-- there's a confluence of housing market risks, and financial risks, that require unusual action. And-- it's very important for the-- American people to know that the fed and the treasury carefully weigh-- the necessary to bring some order and stability versus moral hazard. And I think that they've struck the right balance in this case. Particularly when people look at the details of the transaction.
LARRY KUDLOW:When did you first learn of the Bear Sterns' (PH)-- problem, and the actions to be taken?
GEORGE W BUSH: Oh, I was aware-- yesterday that the Treasury was thinking about-- taking some actions. I spoke-- they finalized their deal, evidently, late last night. So I talked to Secretary Paulson (PH) this morning.
LARRY KUDLOW: Does the Treasury Department extend any credit lines to this? I mean, the Federal Reserve is putting liquidity in, as they do. What's the role of the Treasury here?
GEORGE W BUSH: I think the Treasury was just part of making sure that the transaction was done in such a way as to balance stability and-- and moral hazard.
LARRY KUDLOW: All of this, of course, takes the so called credit crisis to a new low. So I want to ask you, yesterday-- House Financial Services chairman, Barney Frank (PH), unveiled a new plan. To use the FHA with a huge expansion for-- purchasing mortgages. Even mortgages from delinquent borrowers. Some people are saying it's $300 billion. It might cost the taxpayers about 20 billion when it's all done. Have you decided whether you would support Mr. Frank, or whether you would veto his--