This is a rush transcript from "Your World With Neil Cavuto," July 28, 2009. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: All right, stocks down a little bit today, but is the vice president taking credit for the recent run on Wall Street?
Listen to this.
(BEGIN VIDEO CLIP)
JOSEPH BIDEN, VICE PRESIDENT OF THE UNITED STATES: When we took office on January 20 — 20, our market was in freefall. We put in place a three-legged approach to deal with this great recession to prevent it from becoming a Great Depression, and began to climb out of that deep hole.
(END VIDEO CLIP)
CAVUTO: So, did the White House safe the economy from a freefall?
Let's ask former vice presidential nominee Geraldine Ferraro, who says that a guy who did become vice president is lying through his teeth.
GERALDINE FERRARO, FORMER U.S. CONGRESSWOMAN: Oh, no, I never said that.
CAVUTO: Kidding. No.
FERRARO: Never, never, never.
No, he's absolutely right.
CAVUTO: All right.
FERRARO: If you take a close look at — at what makes Wall Street do what it does, it is usually confidence in what is going on.
And this has been going on for the past at least month. I have heard more than one analyst — I do watch other shows as well. I am sorry, Neil.
FERRARO: But I do hear — I have heard them say, wow, look at this. We're — it's — we're moving out of a recession now.
You know, for the first time in how long, the stock exchange has reached over 9000, since what? Now, you tell me. Eighteen months? More than that?
CAVUTO: Well, then — then — last January.
FERRARO: A long time. So, it's...
CAVUTO: So, let me ask you this.
FERRARO: It's more than since January, because it's gone...
CAVUTO: No, we are back to numbers we had in January.
CAVUTO: Early January. But you're fine. I am not going to quibble with numbers with you, because I love you.
CAVUTO: But — but how much of this is built on growing confidence that the president is not going to get all he wants, that he's not going to get maybe a $1 trillion health care...
FERRARO: Stop looking at...
CAVUTO: ... mug's game, mug's game.
FERRARO: Well, because the — the health care bill, he is going to get something. He's not going to get all...
CAVUTO: Are you so sure of that?
FERRARO: Now, wait a minute. But I also think that the...
CAVUTO: What if he gets zero of it?
FERRARO: ... when — he is going to get something. I mean, you can't...
CAVUTO: ... all the time. It looks like he is not.
FERRARO: No. What he — he may not the government option...
FERRARO: ... because we already have three government programs.
FERRARO: We have the Veterans Administration. We have Medicare and Medicaid. So, he may not get that. But he's going to get a plan.
Forty-eight million people who...
CAVUTO: What if he doesn't?
CAVUTO: I'm just asking, you, what if he doesn't?
FERRARO: He will. There are too many people in this country...
CAVUTO: You're not going to answer my question.
FERRARO: No, because it's...
CAVUTO: That's what makes you so good.
CAVUTO: You are so discrete in what you say, whereas the guy who became vice president, he...
FERRARO: You know what? You have to..
CAVUTO: Let me ask you, do you think he is like the crazy uncle?
FERRARO: No. Let me just tell you, you go from being...
CAVUTO: You are always measured in how you — you speak.
FERRARO: Hey, I spent four months — four years working as a diplomat.
CAVUTO: I know. I know.
CAVUTO: Well, he didn't. And that's obvious.
CAVUTO: So, I'm just saying, now, I — I — I — I love him. I really do. He is — he's a good, patriotic American.
FERRARO: He's very smart.
CAVUTO: But do you think he is just a little nutty? Every way...
CAVUTO: Every time after he speaks, someone in the White House has to come out and say what he meant to say.
FERRARO: No. Let me just tell you something about Joe Biden.
CAVUTO: I have an uncle — Geraldine, I have an uncle like that. And he says crazy stuff at the dinner table.
FERRARO: Italian uncles are like that.
CAVUTO: Yes. Well, right. Right. I know.
And — and what they always say is, uncle Al meant to say this.
FERRARO: Yes, except Biden, you have to remember, he was Mr. — very, very important, head of the Judiciary Committee, in the Senate a long time.
CAVUTO: I know. I know.
FERRARO: His own boss. He speaks from the gut. He speaks the truth.
I mean, you know, if ever do you want — you want to find out exactly what is going on, "Hi, Joe." Maybe we will find out if you can call him up some time, since you complain that you have nobody...
CAVUTO: I would love to call — I would love to call him.
CAVUTO: But you know what? I'm there — in like Flynn with the White House chef.
CAVUTO: You just said something very revealing...
FERRARO: What is that?
CAVUTO: ... that, if you want to know what is going on, you talk to the vice president.
CAVUTO: So, maybe through these crazy musings is how the administration really feels. So, that's how I could find out what is going on.
CAVUTO: Well, you know, that I don't know.
But let me just say to you, he said a whole bunch of other things about what else has been happening. The person who was on before said, oh, well, they have created jobs. They're putting money into infrastructure.
How do you think the infrastructure gets repaired, which is really a disaster in this country anyway, unless there are construction jobs that you give these guys to get out there?
CAVUTO: But even you would have to admit this is coming at a glacial pace?
FERRARO: Well, you know what? It...
FERRARO: Now, let tell you what the next problem is...
CAVUTO: Of course it is. It's 60-some-odd billion out of $800 billion.
FERRARO: Can I tell you what the next problem is, so you are ahead of the game for next time?
FERRARO: You know what it is? And I have been dealing with this since January. It's — it's what is happening to commercial real estate in this country. And I have been dealing with this since January.
There's self-interest involved here...
CAVUTO: So, you think that the next shoe to drop is that?
FERRARO: If you listen to Larry Summers on this, Larry Summers has said, you know...
CAVUTO: Oh, you caught him when he was awake?
FERRARO: No. I actually caught it on the Internet...
FERRARO: ... where I saw what he had said at some event.
CAVUTO: What did he — and what did he say?
FERRARO: And one of the things, he said, this is — this could be our next big catastrophe.
Look at the — the — the — and it is not only in New York. It is literally throughout the country. I have spoken to Senator Mikulski, who is a friend of mine. We were having — she came up to visit me on the 25th anniversary of my nomination last week.
CAVUTO: Oh, that's right...
FERRARO: And, so, we were chatting about a whole bunch of different things.
And she said, Baltimore is having the same problems. It is city after city after city. It's real estate, commercial real estate.
CAVUTO: So, what do you think the government, then, has to do?
FERRARO: I mean, they — they — well, I think they have got to take some of that TARP money and — and say to the banks, hey, listen, banks, you go money. Let — you're stabilized now. Let's loosen up some credit for some of these people, because they will put people back to work. They will get those jobs moving. And they will get this economy moving...
CAVUTO: But one last time...
CAVUTO: If you spoke to Joe Biden, would — would any part of you say, for the good of the administration, for the good of the guy who is trying to run the country, you have got to shut up?
FERRARO: No, because I think he's saying exactly what is true.
What it — what it is, Neil, is, he is going and he is saying, this is what happened before. This is what comes...
FERRARO: ... now.
CAVUTO: I know.
FERRARO: What happens is...
CAVUTO: But you explain it rationally, and then he does the Irwin Corey thing and scares people.
FERRARO: No, he — how does he scare people?
Let me just say, remember when he said on the other — about two months ago, get on a plane...
FERRARO: ... and it's the worst thing to do?
CAVUTO: Right. Right.
FERRARO: You — you tell me any doctor in this country who would not agree with him. The only thing that happened is...
CAVUTO: But you're the vice president of the United States. And you...
CAVUTO: Me saying that is...
FERRARO: That's the airlines getting hysterical, you know?
CAVUTO: No, it's a lot of people getting...
CAVUTO: If we — if we ground air travel to a halt because the second most powerful man in the... FERRARO: It was not ground...
FERRARO: It was not ground to a halt. What he was saying is, be careful if you have to...
CAVUTO: You will forgive this man for anything.
FERRARO: I do. I love him.
CAVUTO: All right, fine. Fine.
CAVUTO: Geraldine Ferraro, it is...
FERRARO: I'm not very helpful that way.
CAVUTO: ... always very good seeing you.
CAVUTO: So, this is — we're not making progress. But we are making progress...
FERRARO: A little bit.
CAVUTO: ... because you're here.
CAVUTO: You're here.
All right, thank you, Geraldine.
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