VANDEHEI: Let's turn that around. Even today, Rudy Giuliani endorsed John McCain and said that there would be no better commander- in-chief. What makes you more qualified than John McCain to run the military as commander-in-chief?
ROMNEY: You know, I'm sure that are those who'd say, you know, to be the commander-in-chief you have to serve in the military. And one of the two great regrets I have in life is I didn't serve in the military. I'd love to have.
But I don't believe that you have to have served in the military to be a great commander-in-chief or to be a great foreign policy expert. I think you're going to see in our foreign policy and in the military, we're going to face challenges not like the challenges of old, where I'd liken it to playing checkers with the red side and the black side.
It's more like three-dimensional chess. And you're going to have to have people of unusual capacity in bringing in the perspectives of the entire world and thinking about how you move your pieces and how you make changes that can strengthen America's position.
You see, my objective is to keep America the strongest nation on Earth, economically, militarily, and, if you will, from the spirit of our people. I believe I can do that by virtue of a lifetime of experience leading, making decisions.
But, you know, some of our great leaders -- look at Abraham Lincoln, was not a military expert, but turned out to be one of the best in the history of this country. COOPER: I'm going to ask you all for follow-ups on this, but, Senator McCain, I just want to give you an opportunity to follow up on that. Is Governor Romney ready to be a military commander?
MCCAIN: Oh, I'm sure that, as I say, he's a fine man. And I think he managed companies, and he bought, and he sold, and sometimes people lost their jobs. That's the nature of that business.
But the fact is -- but the fact is we're at a time in our history -- we're in a time in our history where you can't afford any on-the- job training. And I believe that my experience and background qualifies me to lead.
And that's why I've gotten the support of four former secretaries of state, two of them in the Reagan administration. That's why I've gotten the support of General Norman Schwarzkopf.
That's why I've gotten the support of over 100 retired Army generals and admirals. Literally every national security expert from the Reagan and other administrations are supporting my candidacy, including the former head of the Department of Homeland Security, my friend, Governor Tom Ridge, who believe that I have the qualities necessary to lead.
COOPER: Congressman Paul...
MCCAIN: I hope that some people judge me by those that are supporting me.
COOPER: Congressman Paul, what makes you capable of being a leader both on the economy and the military?
PAUL: OK. The Constitution is very clear that the president is commander in chief of the military, but the president is not the commander in chief of the economy or of the people. And when we get asked questions like how are you going to manage the economy, it's a reflection of conventional wisdom, but of a lot of lack of understanding of how the economy works.
The president is not supposed to manage and run the economy. The people are supposed to do this. The government is supposed to give them sound money, low taxes, less regulation. The people are supposed to run it.
But here, we're assuming that the president is supposed to run the economy. We're not supposed to manage. We're not supposed to manage the people's...
COOPER: What role do you think the federal government should have -- I mean, does the federal government in your opinion have a role in stimulating the economy?
PAUL: Yes, by lower taxes and less regulation. They could do a whole lot by having sound money, where we don't print the money out of thin air. That causes the business cycle. That causes your bubbles.
We're always dealing with the symptoms of the disease and never saying, "how did this come about?" You know, it comes about because we have a Federal Reserve that creates money and prints it out of thin air. There is a lot of malinvestment.