"“You can afford to operate on the basis of your ideological predispositions.”

Continuing from Rolling Stone:

There’s also a concern when it comes to financial reform that your economic team is closely identified with Wall Street and the deregulation that caused the collapse. These are the folks who were supposed to have had oversight of Wall Street, and many of them worked for or were close to banks like Goldman Sachs.
Let me first of all say this. . . .

You used to work for Goldman Sachs!
[Laughs] Exactly. I read some of the articles that Tim Dickinson and others have produced in Rolling Stone. I understand the point of view that they're bringing. But look: Tim Geithner never worked for Goldman; Larry Summers didn't work for Goldman. There is no doubt that I brought in a bunch of folks who understand the financial markets, the same way, by the way, that FDR brought in a lot of folks who understood the financial markets after the crash, including Joe Kennedy, because my number-one job at that point was making sure that we did not have a full-fledged financial meltdown.

The reason that was so important was not because I was concerned about making sure that the folks who had been making hundreds of millions of dollars were keeping their bonuses for the next year. The reason was because we were seeing 750,000 jobs a month being lost when I was sworn in. The consequence to Main Street, to ordinary folks, was catastrophic, and we had to make sure that we stopped the bleeding. We managed to stabilize the financial markets at a cost that is much less to taxpayers than anybody had anticipated. The truth of the matter is that TARP will end up costing probably less than $100 billion, when all is said and done. Which I promise you, two years ago, you could have asked any economist and any financial expert out there, and they would have said, "We'll take that deal."

One of the things that you realize when you're in my seat is that, typically, the issues that come to my desk — there are no simple answers to them. Usually what I'm doing is operating on the basis of a bunch of probabilities: I'm looking at the best options available based on the fact that there are no easy choices. If there were easy choices, somebody else would have solved it, and it wouldn't have come to my desk.

That's true for financial regulatory reform, that's true on Afghanistan, that's true on how we deal with the terrorist threat. On all these issues, you've got a huge number of complex factors involved. When you're sitting outside and watching, you think, "Well, that sounds simple," and you can afford to operate on the basis of your ideological predispositions. What I'm trying to do — and certainly what we've tried to do in our economic team — is to keep a North Star out there: What are the core principles we're abiding by? In the economic sphere, my core principle is that America works best when you've got a growing middle class, and you've got ladders so that people who aren't yet in the middle class can aspire to the middle class, and if that broad base is rolling, then the country does well.