The Daily Bail

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:

Stockman - "We Just Added And Added And Added To The Debt" - Interview

Stockman Annihilates Wall Street, Federal Reserve Debt Monetization & The Bailout Super Culture

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"

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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