Welch praised the actions taken so far by Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and New York Fed President Timothy Geithner, calling them "brilliant public servants" who have "not let ideology get in the way of taking action." "Thank God we have Bernanke, Paulson and Geithner," Welch said. "We have to act." He said the U.S. economy would eventually recover, but recovery would likely be gradual -- U-shaped rather than V-shaped. Asked whether the current crisis would change the character or shape of the U.S. capitalist system, he held his index fingers about 5 inches apart and answered, "For this long.". . .
Welch said he supports Republican Presidential nominee John McCain and said he would work for $1 per year on a McCain task force to help the economy if asked to do so. He said McCain's policies were more likely to create jobs than those of Democratic nominee Barack Obama, in part because Obama was overly beholden to labor unions. The United States functions better when the executive and legislative branches are held by rival political parties, Welch added, so there is an exchange of ideas.
