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."
Related stories:
Previous 60 Minutes segments:
Medicare Fraud: A $60 Billion Crime
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)
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Obama
Bernanke
Group of Thirty
$500 Billion more?
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?
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.”
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.
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.
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.
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).")
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.
(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.
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.
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.
Maybe she will go away and write a book about her special times swapping cigars with Kennedy.
Congressman Ron Paul has called this correctly.
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.