today, "new york" magazine, john hileman and rana foroohar and nia-malika henderson and congress getting no where fixing our generation economic prospects. we have chris christie swooned over for telling a reagan library audience that barack obama has to talk honestly about the big challenges. >> lead on the by telling your citizens the truth about the depth ofur

approach. about the depth ofur approach. >> economies aren't and historically, ar financial crises, recessions are deeper and they last longer than after the usual business cycle recessions. chris: americans want realism. they know something is different about this downturn. a quarter of the country sees a long-term decline ahead and a third of the country, and the optimismists think it will be more than three years before we start seeing a recovery. rana, this is your piece. tell us what the people are thinking about when we are going to climb out of these bad times. >> we are looking for any light at the end of the tunnel and it's a very long tunnel. it will be three years and the estimation of most of the people we surveyed that we will see any kind of good economic news.

young people are honkering down, making the tough choices. chris: what are they doing differently? how this downturn, now that we know it's going to be a while, are they giving up long trips? >> they are trading down. and nordstrom and wal-mart are making any sales. the middle is gone, the middle class is gone and macy's is gone. they aren't taking vacations. two-thirds would take a pay cut to keep their jobs. there is a lot of worry. and they are worried about america's prospects than their own. chris: i'm hearing things, people like the high rollers are splitting their steaks, but is obama catching on to this sense of the times? >> finally. he is talking in that clip about how recovery after financial

crises. a famous economist from harvard went to the president and economic advisers and said you should do the stimulus but this will take a long time. don't promise that way. and for political reasons, the white house didn't do that. it talked things up. it talked about the recovery summer in 2010. for two years, it built up people's hopes and when the economy didn't live up to it, it hurt the administration. finally they are talking the way they should have been talking from the beginning. chris: the president is a breezey personality. he almost floats when he walks along. very height-hearted and playing golf in saddle shoes. does that hurt him that he doesn't seem to be part of the pain? >> he doesn't look like he is going to get in and wrestle with these difficult problems.

if chris christie is anything, he is anti--obama. chris: and angry. >> on this question of the economy, what are people doing? the simple answer is people aren't investing, they are risk averse and don't want to tie money up. they are sticking with cash. and as long as that continues, you have a lack of what the great economist described as animal spirits. what powers you out of these longdown turns is that confidence, i'm going to make money. chris: how does the president adjust to the bad times without joining in and making it worse? how does he say yeah, i know it's tough, but -- >> you have to be the happy warrior. i don't think americans want that much bad news because they are feeling it and at the kitchen table. he has to split the difference on the one hand acknowledging there is pain out there.

maxine waters wanted, listen, there is all of this unemployment in the black community and she wanted him to really recognize that and he is starting to do that. but you have to strike a balance there and not blame himself too much. carter had this internal many alaise. chris: he blamed the people. let me go to your piece, but you are saying we are going into a period like we had wen world war i and world war ii. the stock market ends up going down a bit each week. >> it used to be that the business cycle was shorter. recessions were more often but the recovers were morrow bus. but obama has a jobs plan and it's all about jobs. he can go out and say i'm doing something to create jobs. and people are honkering down. they want the truth. chris: creating jobs, building

roads and bridges, real jobs? >> he needs to have more of a jobs plan than he currently has and a longer term one. part of the solution is, he has proposed a lot of temporary things, temporary stimulus and tax cuts and infrastructure. for the country to get in the area, we need to look at a long-term strategy, for human capital development, physical capital development, long-term tax reform. the president needs to make the argument that he understands how to get us out of this better than anyone else. chris: does he need to say he knows how tough it is? >> yes. >> what's the smarter strategy for the president in the way he talks. optimism like he has been or the new realism. nine say realism. three say optimism. john, you say do more, not just talk it. >> there is a way you can talk in a realistic, clear-eyed way and have a plan, not a

short-term plan, but a long-term plan and contrast that against republicans who are about short-term. chris: how does he do that? >> this is beyond his control. he can have a jobs plan when he needs the economy to recover. if the economy next spring is turning up, all of the pessimism that we have will begin to look different. it's out of his control. and the decisions of investors, i'm go to go build that new factory. chris: $2 trillion. >> people have to find the confidence. chris: isn't it interesting how the numbers fit? $2 trillion in fixing roads and bridges and they say it's a fact and corporate america is sitting on $2 trillion. >> exactly, but that goes to the structural shift. they haven't been investing it in the u.s. for 0 years. that isn't a penny that has dropped here. since the 1980's, companies have

been exposed to global competition and put jobs abroad. >> you want to hear these sorts of things from the president. bill clinton was good at explaining things, explaining the economy, but reassuring people and obama needs to take a page from clinton's playbook. chris: that will be helpful. tell me how better clinton was better at this stuff. one last thought here. that was sarcasm. >> according to you, chris, all the bridges are falling apart. we need to repair that bridge to the 21st century because it's falling down. chris: the question is, will the republicans, whoever the nominee is paint a darker picture? >> the republicans will paint a picture of owe balla who has shown he is incapable of fixing the problem. chris: will they paint a darker picture? >> i think they will and make

the carter impressions. he has a plan. chris: carter was right. energy was the problem. >> no. i think -- chris: i think he said 68. >> the republicans will absolutely paint a doomsday picture of what obama has already done. >> they will paint a dark picture but will the picture be dark. and if it isn't, the argument won't go as far. chris: chris christie has a few arguments out there. >> this job has forced me because it's such a draining job for me from an energy perspective. one of the reasons i'm tired is because i'm too overweight. chris: democrat john corzine had an ad about christie's weight.

christie handled that great in the debate. >> i would like everyone in on a little secret. i'm slightly overweight. [laughter] >> i am. i have struggled with my weight for a good part of my life as i am sure many of you have. i don't know what that has to do with being governor of new jersey. chris: the other one that was this big was 332 pounds. look at that cartoon back in those days. taft couldn't downplay it after being stuck in the bathtub and had to have one custom made. a lot of us feel for governor christie and know what he is going through but that won't stop the late night commeed yarns. here is david letterman.

>> ruper murdock has hit with a pie. and long-time people who have been hit with pies, public figures. we have a list. well, here, it's right here. people being hit with pies. >> while testifying before parliament, rupert murdock became the latest. and chris christie welcomes attacks of pies, cakes, doughnuts, is cream sodas. chris: that was nasty. why do republicans love the unmade bed that is chris christie. what about this guy from new jersey? scoops and predictions. be right back.

chris: welcome back. you got to ask republicans, what's wrong with mitt romney?

he comes close to beating barack obama in match-up polls and romney is doing better in republican polls as rick perry has been fading. if romney so logical a choice, why all the frenzy over chris christie? what's wrong with mr. perfect? even a new title, romney looks perfect, and chris christie not so much. what's wrong with romney from sea to shining sea roots, from michigan to new hampshire where he summers or california where he lives. with christie, you have jersey. the biggest contrast, romney's restraint versus christie's non-p.c. style. see what you think about the contrast with christie. >> you have had your chance. anything else you want to say? >> i want to see what you are going to say. >> the way this is going to ask, you ask the question, you wait

for my answer, if you don't like my answer, you can vote for someone else. >> you know what? it's people who raise their voices and yell and scream like you who are dividing this country. we are here to bring this country together, not to divide. >> john, chris: you addressed the contrast, like the democrats in 2008 that addressed hillary clinton, the g.o.p. is hungry for someone who matches the red hot moment in hand. beat him to a bloody pulp. john, that's your writing. >> it is and it's true. they looked at mitt romney and been the front runner for the last three years and all we have seen is this frantic search, not among grassroots, for someone else. chris: what does christie got? >> he has charisma, conviction, has this quality that is so

authentic and people are criticizing him. he is elect tabble and great back grouped. conservatives feel like this is their moment and they don't want to settle and they want something special. >> i want to ask this, why christie? >> as he said, he is the anti- obama, he embodies everything that obama isn't. he is a big guy, jersey guy. hangs out at the pizza shop. he embodies -- chris: north italians versus south italians? [laughter] >> one of the problems with romney that he doesn't have an interesting bio. and there is no way into this -- chris: seems morrow boatic. no one would accuse christie of being a robot. >> you couldn't make one like

that [laughter] >> i watched chris christie this summer ignite a crowd. one of the most remarkable performances i have seen. trying to put together the bipartisan deal on the new jersey budget, which is as messed up as the federal budget. and people walked out of that session. he was funny, he was open. unmade bed, big, heavy guy and guy were shaking his heads. if he passed the hat, he could have raised 50 million bucks. he is unscripted and the sense that maybe he could maybe fix these problems given the mess. chris: how can republicans, even if he doesn't run and perry fades, how can they say, we'll settle for romney? >> that's going to be hard. he has improved since twauts but -- twaut, he is angry about real

problems. chris: 120 degrees and the humidity is 120, they are going to nominate romney, can they fall in love with him? >> they probably can, but it's going to be a hard sell. chris: can they fall in love with romney? >> no. >> no falling in love but they'll back him. chris: love the one they're with? [laughter] chris: habbed with george herbert walker bush. spame -- same speech writer.

chris: tell me something i don't know. >> florida is going to move its primary up, which means the whole republican schedule is going to move up and may be out in iowa at christmas time and all of this is good for romney. it makes it harder for rick perry to deal a knockout blow and builds a schedule that is in romney's favor. chris: after months of thinking, all the elections next year, it's now. if it's christmas time, it's october. >> in the middle east, it's time to start talking turkey. turkey is going to be the most

important country going forward. you hear obama talking about our relationship with turkey. the turks have actually been the rock stars of this whole movement in the middle east. chris: will they keep their ties with israel? >> yes. talking tough works in his favor. >> and romney is going to be a fixture on the stump. and she complicates his bio and has had too easy a path and she has had this background. chris: 16 grand kids. >> breast cancer and m.s. >> leon pe neta is -- panetta is so worried about passing the budget in terms of cuts in defense that he is telling his aides that we may have to choose between which threats we have to defend against. he means, are we going to look to china and captain afford to

deal with it. chris: do we have that 2 1/2 war scenario? >> he has to put it on the shelf. chris: the big question of our week, do we agree with andy rooney that obama is doinging better than the gentlelady up poll says he is? ok, kids, our cable will let us record one more show.

who should get it? i really love jennifer. yeah, she's great. yeah. yeah. kyle's got that thick head of hair. and that should be rewarded. ok, moment of truth. on "three," say which kid you love the most. oh, fun, yeah. 1...2...3... jennifer. jennifer.

whoa. wow. ha! she's so pretty. yeah. or, we give it to kyle. it's really all he's got. [ male announcer ] switch to at&t u-verse and record four shows all at the same time. just $29 a month for 6 months. at&t. chris: welcome back. "60 minutes" announced that andy rooney is retiring and we kick off with an andy rooney rant. he is on the subject of a gallup poll last fall showing barack obama's numbers down. >> i surveyed eight of my friends and said they liked obama. as far as i'm concerned, obama is doing the best job he knows how and it's good enough for me. chris: there he was a year ago and our question, willow bauma supporters keep the morale up in the face of low numbers? >> hard core probably will.

couple of years which there was no slipage among obama's base -- he is in some danger. >> i'm more optimistic post his job speech. he is ditching some of the attitude. >> there is -- the question is will they turn out in the numbers that they turned out in 2008 and these record numbers, black people, young people and hispanic. chris: will it be a enthusiastic push? >> less than 2008. >> you see the diminished enthusiasm. if mitt romney the quand, he will make obama look real. >> thanks to my we spend a lot of time together. well mainly in traffic. i'm serious. we've been together, what, a super long time. true. and at first it was all business, you know, i'd take him here, i'd take him there. everywhere. and over the years, we've really bonded. sure. why else would you always buy me chevron with techron?

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