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« Obama: Is He Keynesian Or Kenyan? - We Are Doomed! | Main | Geithner On China & G-20 Summit - Bloomberg Interview »
Monday
Nov012010

60 Minutes: Fixing The Deficit By Taxing The Rich (Video)

Excellent segment from last night's broadcast that includes a battle between Bill Gates Sr., and Microsoft CEO Steve Ballmer, plus some brutally honest deficit commentary from former Reagan budget director David Stockman who lights up both parties for tax and spending madness.

Watch at least the first few minutes.  Stockman starts out hot.

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Stockman, who once preached tax cuts, is now in favor of putting a one-time surtax on the rich.  Lesley Stahl reports and finds just such a proposal on the ballot in the state of Washington.

  • "It's rank demagoguery," he added. "We should call it for what it is.  If these people were all put into a room on penalty of death to come up with how much they could cut, they couldn't come up with $50 billion, when the problem is $1.3 trillion.  So, to stand before the public and rub raw this anti-tax sentiment, the Republican Party, as much as it pains me to say this, should be ashamed of themselves."

Read the transcript at CBS...

 

Related stories:

 

 

 

Previous 60 Minutes segments:

 

Medicare Fraud: A $60 Billion Crime

 

The Madoff Liquidator

 

Obama Interview - Health Care, Debt & Deficits, & The Stimulus 


Michel Lewis On 60 Minutes -- Wall Street: Inside The Collapse (Video & Transcript)

 

Sheila Bair & The FDIC: Your Bank Has Failed. What Happens Next?

 

60 Minutes: Walking Away From Your Mortgage (WATCH)

 

60 Minutes: Complete Interview With Federal Reserve Chairman Ben Bernanke

 

Complete Interview of Harry Markopolos On 60 Minutes

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Reader Comments (20)

60 Minutes Examines High-Frequency Trading (Video, Transcript) »

http://dailybail.com/home/60-minutes-examines-high-frequency-trading-video-transcript.html
Nov 1, 2010 at 5:27 PM | Registered CommenterDailyBail
David Stockman: "The two parties are in a race to the fiscal bottom to see which one can bury our children and grandchildren deeper in debt" »

http://dailybail.com/home/david-stockman-the-two-parties-are-in-a-race-to-the-fiscal-b.html
Nov 1, 2010 at 5:28 PM | Registered CommenterDailyBail
Volcker
Obama
Bernanke
Group of Thirty

$500 Billion more?
Nov 1, 2010 at 6:13 PM | Unregistered CommenterZ
"Unmentionable" bank bailouts from Fed so that zombie bank's capital ratios and reserves can appear healthier. The same money the banks used to repay the TARP bailouts so that Obama could plug the "success" of TARP.

Why are we allowing it to continue? Systemic risk, moral hazard, dollar deflation, commodity inflation, ponzi schemes, gold, austerity, riots, socialism, Marxism, a bankrupt nation, David Kellermann & James McDonald (apparent suicides), Rockefeller, Rothschild (Nate the Great), when is it all going to end?
Nov 1, 2010 at 7:14 PM | Unregistered CommenterZ
NEVER FORGET…The Fed is in charge of this collapse and bailout not the U.S. government. The highest ranking foot soldier working for the Central Bank cartel is Paul Volcker (Chairman of the Group of Thirty).

http://www.pbs.org/wgbh/pages/frontline/meltdown/view/
Inside the Meltdown (PBS/Frontline)

Sept of 2008…Key members of Congress meet with Bernanke and Paulson…

Barney Frank at 39:20…Admits that Congress has no idea what the Fed is capable of doing, how much money the Fed has, who they are and who owns them.

Frank says…“Paulson and Bernanke asked us to meet with them and Bernanke said that we are going to give them (AIG) $85 billion dollars and I said to Bernanke, do you have $85 billion dollars? And he said, I have $800 billion dollars.”

WSJ…”The U.S. negotiators drove a hard bargain. Under terms hammered out Tuesday night, the Fed will lend up to $85 billion to AIG, and the U.S. government will effectively get a 79.9% equity stake in the insurer in the form of warrants called equity participation notes.”
Nov 1, 2010 at 7:41 PM | Unregistered CommenterZ
How Low Can Obama Go?

Jon Leibowitz Stewart was, I thought, as low as Obama could go.

But, Obama never fails to disappoint, he went lower. He bowed to Ryan Seacrest in his final interview before the elections.

Did he bump Kim Kardashian? Oh no he didn’t.
Nov 1, 2010 at 7:54 PM | Unregistered CommenterZ
Jon Leibowitz Stewart was, I thought, as low as Obama could go.

But, Obama never fails to disappoint, he went lower. He bowed to Ryan Seacrest in his final interview before the elections.

Did he bump Kim Kardashian? Oh no he didn’t.
Nov 1, 2010 at 8:18 PM | Unregistered CommenterZ
What is happening here? I smell DB or Dr. Pepper? Are you messing with my posts again?
Nov 1, 2010 at 8:19 PM | Unregistered CommenterZ
Obama is finally creating some jobs...armed guards at the unemployment offices. Way to go Barry Soetoro.
Nov 1, 2010 at 8:28 PM | Unregistered CommenterZ
Its not the question of how low or high Obama can get, Just think of Obama as Gorbachev, he is Indeed the American Gorbachev! Gorbachev job was to dismantle the soviet Union, Obama the American Gorbachev will do the same!
Nov 1, 2010 at 8:53 PM | Unregistered CommenterFalesteeni
"The Fed is in charge of this collapse and bailout not the U.S. government."

Wrong!

The FED with some criminal bankers, incompetent regulators, and behind the scene elite help caused the collapse.

The U.S. Government allowed the bailouts to go forward. The G.W. Bush and Obama led administrations share the guilt for allowing the rape of the American economy and the destruction of the middle class American lifestyle.

Wake up American sheeple, from top to bottom your wonderful government is probably one of the most corrupt on the planet. The fact that no one is being charged or prosecuted for the biggest rip off of the American People in recorded history should give some indication of just how crooked things are in Washington D.C.
Nov 1, 2010 at 9:00 PM | Unregistered CommenterSagebrush
"The Fed is in charge of this collapse and bailout not the U.S. government." And who you think the so called GOVERNMENT is made of and who they are working for? The FED answers to the private banks and the so called government answers to the same BANKERS!
Nov 1, 2010 at 9:14 PM | Unregistered CommenterFalesteeni
The FED is the private bankers. They are supposed to answer to the United States Congress But, since Wall Street bought the Congress They don't answer to anybody! So the FED caused the collapse and the Government allowed the bailouts. It all boils down to the Government was in charge of the bailouts.

I was commenting on Z's earlier comment ("NEVER FORGET…The Fed is in charge of this collapse and bailout not the U.S. government. The highest ranking foot soldier working for the Central Bank cartel is Paul Volcker (Chairman of the Group of Thirty).")
Nov 1, 2010 at 10:01 PM | Unregistered CommenterSagebrush
It was not until J.P. Morgan died that we all found out that he owned only 19% of his bank, guess who owned the rest?

The Central Bank cartel is still owned by a handful of old banking families, some you know and some you don't.

DB, you can tell Sage where he is wrong or not, makes no difference to me.
Nov 1, 2010 at 11:05 PM | Unregistered CommenterZ
"The U.S. Government allowed the bailouts to go forward. The G.W. Bush and Obama led administrations share the guilt for allowing the rape of the American economy and the destruction of the middle class American lifestyle."

(1) The U.S. Government passed the bailout, at least insofar as TARP is concerned. The bulk of the bailout came from the Fed's ridiculous alphabet soup of gifts to the banks. It is thus utterly ridiculous to read about TARP's alleged success. Even accepting at face value the absurd allegation that all $800B of TARP funds, as these narratives fail to account for the Fed's $10T in gifts to losing banks. Since when is money not fungible? We as American taxpayers have been repaid to the tune of 8 cents on the dollar for our many bailouts--a FAIL under any metric.

(2) You forgot Clinton. It was on his watch, and at the instigation of his advisors, that Glass Steagal was repealed. But for that treasonous act, MBS wasn't possible.

Our founding fathers repeatedly warned us of the lethal danger posed by bankers. Our failure to pay attention must be ascribed to Congressional malfeasance. Auditing the Fed is not for the Fed to decide. Blame for that lies elsewhere.
Nov 1, 2010 at 11:41 PM | Unregistered CommenterCheyenne
Cheyenne…

It looks like we agree (for the most part) and that is very unnerving but I will go with it.

Time is on the side of the Banking Cartel. Who knows, the Banking Cartel might even own more property now than the Queen and the Church.

It looks like the Fed is going to bust out the dollar and remove it as the world’s reserve currency. I still hope that at the end of this nightmare, Obama (fraud and treason) and Bernanke are in prison or at least banished like Napoleon.
Nov 2, 2010 at 1:01 AM | Unregistered CommenterZ
Strange times, indeed, Z.

As for the cartel, its power derives from Congress, whether through repeal or forbearance or the legalization of graft.

Let's hope for 434 wins by the away team tomorrow... and cross our fingers for 3 months of a lame duck Congress.
Nov 2, 2010 at 1:15 AM | Unregistered CommenterCheyenne
I can’t wait to hear all of the stories about Pelosi and how she was and is despised by her fellow Dems. As soon as she retires her broomstick and botox, we will get a good whiff of her true ugly colors.

Maybe she will go away and write a book about her special times swapping cigars with Kennedy.
Nov 2, 2010 at 1:48 AM | Unregistered CommenterZ
David Stockman is talking about not cutting income taxes when he should be talking about abolishing the Federal Reserve. There used to be a time when we did not pay any income tax. Get rid of the Fed and our problems will be solved. Don't let these people side-track us. We need critical thinkers not Fed lapdogs.

Congressman Ron Paul has called this correctly.
Nov 3, 2010 at 7:28 AM | Unregistered CommenterAverage Joe
Average Joe (above) hit the nail on the head.

Now that the Republicans and Democrats have bailed out their rich buddies, even the so-called Reagonites are revealing their true colors. They never really cared about protecting America's financial freedom, they just want the poor and middle-class to pay for the excesses of the wealthy.
Nov 10, 2010 at 11:00 PM | Unregistered CommenterJay

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