Where: CNBC's "The Big Idea with Donny Deutsch"
When: Monday, November 24 at 10PM ET
On tonight's CNBC's "The Big Idea with Donny Deutsch," Commerce Secretary Gutierrez shares his thoughts on Governor Bill Richardson who will follow Gutierrez in his job as Commerce Secretary with CNBC's Donny Deutsch.
Unofficial transcript below.
All references must source CNBC's "The Big Idea with Donny Deutsch."
Donny: Mr. Secretary, what do you think of the new Obama team?
Sec Gutierrez: Well, you know, a lot of big names, a lot of very talented people, a lot of very skilled people, pragmatists, which is always good. And as the president said, we are going to do everything in our power to make sure that they can hit the ground running, that they have a very smooth transition.
Jeff Macke: So the new administration is in favor of creating 2.5 million jobs, is the answer that you guys are against the working man on wall street and that you've been actively suppressing these jobs or is it perhaps beyond the purview of the federal government to create jobs in the free market?
Sec Gutierrez: During the current president's time in office, even if you look in spite of the recent job losses that we've had which are concerning and nobody likes to see that, but over 4 million jobs have been created, even with the dip that we saw when president took office, so we've had unemployment rates that have been below the average of the past three decades and four decades, so it's unfortunate that we've got this situation now, but the president has always been in favor of growth and job creation. The president has always had a view that jobs are created by the private sector, and what we have to do is ensure that we continue to create incentives and create an environment so that people invest.... Small businesses, large businesses.
Steve Liesman: Mr. Secretary, when the private sector is not creating jobs, do you disagree with the idea that the government should come in and create jobs in the absence of the private sector creating them?
Sec Gutierrez: To your point, in the absence of the private sector, we're going through a very difficult situation, we're going through a very unique set of circumstances. The important thing is that those jobs probably are not permanent, they're probably not long term, they are probably not going to create value, so I think it's just important to understand that long term it's the private sector that is going to create prosperity and growth.
Steve Liesman: The basic question is with the billions getting thrown around in Washington, what's in it for him?
Sec Gutierrez: What he should see, steve, is that he is getting credit and his customers are able to get credit and this will ultimately help his business. The whole idea of this financial package is to free up credit throughout the country. So the best thing we can do for ken the builder is to make sure he and his customers have access to credit.
Donny: Mr. Secretary before we go, Bill Richardson is going to be following you in your job, any thoughts on him?
Sec Gutierrez: I know Governor Richardson, he has a lot of experience. The great thing about Gov. Richardson is that he comes from a state that does a lot of trade, a lot of free trade, the governor has had a lot of experience around the world. He understands the importance of trade, the importance of free trade, and this is a time where we cannot afford to step back and to even give the impression that we're thinking about isolating ourselves or using protectionist policies, I think Governor Richardson will send a great message that we are committed to free trade and committed to the Colombia free trade agreement and Panama and South Korea.
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