'Meet the Press' transcript for Nov. 9, 2008

MR. TOM BROKAW:  Our issues this Sunday:  The nation elects Barack Obama its 44th president.

(Videotape)

PRES.-ELECT BARACK OBAMA:  It's been a long time coming but tonight, because of what we did on this day, in this election, at this defining moment, change has come to America.

(End videotape)

MR. BROKAW:  And the transfer of power now begins.  How will this new administration tackle the many challenges facing this country?  We'll ask our exclusive guest, a close, longtime friend of President-elect Obama and the co-chair of his transition team, Valerie Jarrett.  Then:

(Videotape)

SEN. JOHN McCAIN:  I urge all Americans who supported me to join me in not just congratulating him, but offering our next president our good will and earnest effort to find ways to come together.

(End videotape)

MR. BROKAW:  After a long, hard-fought election, can the two parties come together on the common challenges?  Joining us, the House Democratic whip, Congressman James Clyburn of South Carolina, and former chairman of the Republican Party, Senator Mel Martinez of Florida.

Plus, we'll have the insights and analysis from presidential historian Doris Kearns Goodwin; Newsweek editor and author of the new book "American Lion: Andrew Jackson and the White House," Jon Meacham; and Chicago Sun-Times columnist Mary Mitchell.

But first, the transition is under way, of course, and with us for an exclusive interview, the co-chair of the transition team, Valerie Jarrett.

Welcome to MEET THE PRESS, Ms. Jarrett.  Nice to have you with us.

MS. VALERIE JARRETT:  It's a pleasure to be here, of course; an honor to be here.

MR. BROKAW:  You're really very well-known in Chicago, but our national audience may not be as familiar with you.  So we have prepared what we call a MEET THE PRESS version of a baseball card.  We're going to tell our folks out there watching a little bit more about you.  We did not put a White Sox or a Cubs insignia on it.  We know that you're probably a White Sox fan, given where you live.

MS. JARRETT:  South Side, White Sox.

MR. BROKAW:  South Side.  You were born in Iran because your father was a doctor over at the time, at the time.  Your parents were both socially active in causes.  You went to Stanford University, where you got a degree in psychology, and twin that with a law degree from the University of Michigan. That's a good combination, coming to Washington.  A single mother to Laura, who is attending Harvard Law School.  She's now in her second year.  CEO of The Habitat Company in Chicago, which is a big development company.  You worked for Mayor Richard Daley as deputy chief of staff in Chicago.  You hired Michelle Obama in 1991, and she said before she took the job she wanted you to meet her fiance, Barack Obama.  And you were finance chairman for Obama in his 2004 Senate campaign.  And he says he does not make a major decision without checking with you first.  So that's something that I know that you're very proud of and that puts you in a very important position there.

Let's begin by talking about the transition.  What are the priorities during this transition time for your team and how you work through the many challenges that are ahead of you?

MS. JARRETT:  Well, we hit the ground running first thing Wednesday. Wednesday, President-elect Obama--it feels so good to say President-elect Obama--pulled together our team and we began to lay out the framework for how we want to move forward.  As you would expect, both the economy and national security are top priorities.  Friday, President-elect Obama brought in his advisers--people such as Paul Volcker and Bob Rubin, Governor Granholm, Mayor Villaraigosa from Los Angeles--trying to bring together a group of people--Warren Buffett--to help focus on the economy.  So we will be looking to be efficient transparent, bipartisan.  We want the American people to understand the transition and how we're moving forward.  And in the days and weeks ahead, President-elect Obama will be making announcements as he makes decisions.

MR. BROKAW:  What's the working model?  Are you going to try to be a shadow government or just a very interested spectator off to the side?

MS. JARRETT:  Well, it's a good question.  There is one president at a time. President Bush is still the president.  He's graciously invited President-elect Obama to the White House tomorrow to begin their conversations of the transition.  So we respect that.  He will be the president until January 20th.  However, giving--given, really, the daunting challenges that we face, it's important that President-elect Obama is prepared to really take power and begin to rule day one.  So we will be working closely with his administration.  We're reviewing the agencies now.  He will be making key personnel decisions.  He gets national security briefings every day now as well, but he will not be the president until January 20th.

MR. BROKAW:  One of the things I've been told is that your team, led by John Podesta, who worked for President Clinton in the White House, has gone back 50 years to study other transitions, hour by hour in some cases.  What are the biggest lessons that you've learned from that study of past transitions?

MS. JARRETT:  Well, that it's important to get going quickly but deliberately, and being very careful, being very thorough in our analysis.  As you know, several transitions don't start to make announcements until as late as December.  President-elect Obama's already announced that Rahm Emanuel will be his chief of staff, so he's now an integral part of the transition.  Being careful, being deliberate, being thorough and being decisive.

MR. BROKAW:  At the same time, you're dealing with an economy that no one knows where it's going except that it's in big trouble and it seems to be slipping ever deeper into trouble.  I was also told that you're not prepared to name a Treasury secretary until you have a better sense of where this economy may be headed and who's best equipped to deal with that.  So can we expect a Treasury secretary in the near term or are you going to wait a while?

MS. JARRETT:  Well, you know, I think that's, that's obviously up to President-elect Obama.  He's reviewing candidates.  We have just a wealth of people who are so qualified for this position who are interested.  He was very--it was very important to him last week to have his economic advisers in and begin the conversation with them.  And so as soon as he's ready, I think he will, he will announce.  I think the challenges are daunting, but we have a very good sense of what they are.  And so I don't see that he needs to learn too much about the challenges ahead--that are ahead before he makes that selection.

MR. BROKAW:  The prominent names we're hearing, of course, are Paul Volcker, who was chairman of the Federal Reserve under Ronald Reagan; Tim Geitner, who is the head of the Federal Reserve in New York City; Bob Rubin, who is a former Treasury secretary; and his deputy, Larry Summers.  Are there other names out there that we don't know on the economic team?

MS. JARRETT:  Well, now, you know I'm not going to share any of that with you.  Part of the...

MR. BROKAW:  Well, why not?

MS. JARRETT:  Part of the strength of our team...

MR. BROKAW:  It's just the two of us sitting here.

MS. JARRETT:  I know.  Exactly.  I've heard that line before.  I think one of the real strengths of Senator Obama's campaign and now President-elect Obama's transition is that he really does like to think this through thoroughly and not telecast what he's going to do until he's ready to make a decision.  I am confident that he will pick the best person for the job.  And it will be a daunting job, and the person he selects will be up to it.

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