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« Japan quake could cost $308 billion; Tokyo warns on radioactive iodine in tap water | Main | RAW VIDEO: U.S. Tomahawk Attack On Libya »
Wednesday
Mar232011

David Stockman With Stephen Colbert

The Colbert Report Mon - Thurs 11:30pm / 10:30c
David Stockman
www.colbertnation.com
Colbert Report Full Episodes 2010 Election March to Keep Fear Alive

 

Video - The ominpresent David Stockman on the Colbert Report - Dec. 2, 2010

Stockman says the deficit solution is to let the Bush tax cuts expire and cut the budget for the pentagon killing machine.  Sound familiar..?..

---

Transcript

COLBERT: What do you think about extending the Bush tax cuts. You don think we should do that?
STOCKMAN: No, I don't think we should do that, because extending the Bush –
COLBERT: But cutting tax raises revenue. That's the Laffer Curve. I don't know anything about economics, but that's what it's called.
STOCKMAN: It would be better called the laugher curve, like to laugh. Okay? Because –
COLBERT: Okay. I understand. I am hip to the scene.
STOCKMAN: Good. Good. Good.
COLBERT: Why can't we cut? I mean, our Republican, my Republican friends say give the rich their tax cuts and revenue will go up.
STOCKMAN: Well, that is not true. If we give the rich their tax cuts, essentially it's taking uncle sam's credit card, handing it to the top two percent [of] taxpayers in the country and saying, go out and have a good time, buy some more stuff at Tiffany's and maybe have a Caribbean cruise on our card, while you're at it. That doesn't stimulate –
There's the liberal mentality right there. Extending the Bush tax cuts is like sending rich people on a cruise on "our card," as if all money is the government's money or the People's money. More Reagan-bashing followed:
COLBERT: And that stimulates the economy. Those people create jobs. Those are the people who create jobs in America. Correct?
STOCKMAN: No, but the problem is if you believe that, we should borrow $10 trillion, get it over with and drop money out of a helicopter.
COLBERT: But trickle-down economics is what I'm talking about. The Reagan economics was trickle down economics. It's like you're slapping yourself in the face.
STOCKMAN I'm trying to sober up actually. [Applause, laughter]
COLBERTStephen: Okay...please [continue].
STOCKMAN: No, I think what I'm really saying is the country has to sober up. We've had a party like none in history for the last 30 years, households have buried themselves in debt. The government has buried itself in debt. Now we're coming to the day of reckoning, and we're going to have to change our ways. And it's not going to be a lot of fun.
COLBERT: So what are you going to cut? You also have to cut spending. Let's hear it. What are you going to cut?
STOCKMAN: We ought to cut the defense budget. It's 800 billion dollars. [Applause]
COLBERT: Cut the defense budget?
STOCKMAN: Absolutely.
COLBERT: Cut the defense budget?
STOCKMAN: Yes.
COLBERT: Listen to them clap in fear. Why not just hand the keys to al-Qaeda and put Lady Liberty in a burqa and ban bacon. If you show weakness, that's what you do. America's enemies will close in on us.
STOCKMAN: Lookit. We have an $800 billion defense budget and 99 percent of it has nothing to do with the guys in the jihad. The leader of that movement is a tall guy who carries around an iron lung. For ten we haven't been able to find him notwithstanding this massive military machine we have. So the answer is we got to go about this in a totally different way.
COLBERT: Only two things you need too cut. I say cut roads in states I don't go to and Social Security for people I've never met.
STOCKMAN: That would save a lot of money if we could cut roads in all the states that won't permit you to come. That would be most of the country. So we could save a lot of money that way.
COLBERT: Certainly blue states. Now, what do you think of the Simpson-Bowles little study there, that says we're going to raise taxes here and cut spending over there. What do you think of that proposal?
STOCKMAN: Well, it's an earnest pinprick. Their minds are in the right place. They're trying the call attention to the issue, but they do very little about it. Next year, the year after, the year after, thinking that somehow we can get away with continuing to print all this debt and run all this red ink and hope the Chinese keep buying our bonds, and if they don't, hope the federal reserve can keep printing money.

COLBERT: What do you think about extending the Bush tax cuts. You don think we should do that?
STOCKMAN: No, I don't think we should do that, because extending the Bush –
COLBERT: But cutting tax raises revenue. That's the Laffer Curve. I don't know anything about economics, but that's what it's called.
STOCKMAN: It would be better called the laugher curve, like to laugh. Okay? Because –
COLBERT: Okay. I understand. I am hip to the scene.
STOCKMAN: Good. Good. Good.
COLBERT: Why can't we cut? I mean, our Republican, my Republican friends say give the rich their tax cuts and revenue will go up.
STOCKMAN: Well, that is not true. If we give the rich their tax cuts, essentially it's taking uncle sam's credit card, handing it to the top two percent [of] taxpayers in the country and saying, go out and have a good time, buy some more stuff at Tiffany's and maybe have a Caribbean cruise on our card, while you're at it. That doesn't stimulate –
COLBERT: And that stimulates the economy. Those people create jobs. Those are the people who create jobs in America. Correct?
STOCKMAN: No, but the problem is if you believe that, we should borrow $10 trillion, get it over with and drop money out of a helicopter.
COLBERT: But trickle-down economics is what I'm talking about. The Reagan economics was trickle down economics. It's like you're slapping yourself in the face.
STOCKMAN I'm trying to sober up actually. [Applause, laughter]
COLBERTStephen: Okay...please [continue].
STOCKMAN: No, I think what I'm really saying is the country has to sober up. We've had a party like none in history for the last 30 years, households have buried themselves in debt. The government has buried itself in debt. Now we're coming to the day of reckoning, and we're going to have to change our ways. And it's not going to be a lot of fun.
COLBERT: So what are you going to cut? You also have to cut spending. Let's hear it. What are you going to cut?
STOCKMAN: We ought to cut the defense budget. It's 800 billion dollars. [Applause]
COLBERT: Cut the defense budget?
STOCKMAN: Absolutely.
COLBERT: Cut the defense budget?
STOCKMAN: Yes.
COLBERT: Listen to them clap in fear. Why not just hand the keys to al-Qaeda and put Lady Liberty in a burqa and ban bacon. If you show weakness, that's what you do. America's enemies will close in on us.
STOCKMAN: Lookit. We have an $800 billion defense budget and 99 percent of it has nothing to do with the guys in the jihad. The leader of that movement is a tall guy who carries around an iron lung. For ten we haven't been able to find him notwithstanding this massive military machine we have. So the answer is we got to go about this in a totally different way.
COLBERT: Only two things you need too cut. I say cut roads in states I don't go to and Social Security for people I've never met.
STOCKMAN: That would save a lot of money if we could cut roads in all the states that won't permit you to come. That would be most of the country. So we could save a lot of money that way.
COLBERT: Certainly blue states. Now, what do you think of the Simpson-Bowles little study there, that says we're going to raise taxes here and cut spending over there. What do you think of that proposal?
STOCKMAN: Well, it's an earnest pinprick. Their minds are in the right place. They're trying the call attention to the issue, but they do very little about it. Next year, the year after, the year after, thinking that somehow we can get away with continuing to print all this debt and run all this red ink and hope the Chinese keep buying our bonds, and if they don't, hope the federal reserve can keep printing money.

 

#

 

The Colbert Report Mon - Thurs 11:30pm / 10:30c
Colbert Report: 12/2/10 in :60 Seconds
www.colbertnation.com
Colbert Report Full Episodes 2010 Election March to Keep Fear Alive

 

Video -  National debt summary - runs 1 minute

---

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Reader Comments (20)

http://www.huffingtonpost.com/2010/11/30/joe-scarborough-sarah-palin_n_789664.html

Joe Scarborough Hits Sarah Palin In Op-Ed

"Republicans have a problem," Scarborough writes at Politico. "The most-talked-about figure in the GOP is a reality show star who cannot be elected."
Dec 8, 2010 at 2:26 AM | Registered CommenterDailyBail
i guess they want a bailout lover to run the rnc...

http://www.huffingtonpost.com/2010/12/06/tea-party-sarah-palin-rnc_n_792486.html

Tea Party Nation President Wants 'Superstar' Sarah Palin For RNC Chair
Dec 8, 2010 at 2:27 AM | Registered CommenterDailyBail
Jamie Dimon: Becoming Too Big To Save -- Creating Fiscal Disaster

http://www.huffingtonpost.com/simon-johnson/jamie-dimon-becoming-too-_b_791518.html
Dec 8, 2010 at 2:30 AM | Registered CommenterDailyBail
The deficit hawks' scare stories

First, they got the Fed to bail out Wall Street banks with taxpayer dollars. Now they want us to believe it's time to cut vital spending

http://www.guardian.co.uk/commentisfree/cifamerica/2010/dec/06/economy-useconomicgrowth

i agree with exactly 1/2 of this...
Dec 8, 2010 at 3:34 AM | Registered CommenterDailyBail
Iran sees $100 oil price 'quite normal', crisis ahead
Tehran Times Economic Desk

TEHRAN - Iran's OPEC governor believes the supply of oil with at a price of $100 price is quite normal in short term, warning that the world would face a looming oil supply crisis because of production declines of up to 10% from producing fields.

http://www.tehrantimes.com/index_View.asp?code=231785
Dec 8, 2010 at 3:35 AM | Registered CommenterDailyBail
BofA Unit Agrees To Pay $137M In Municipal Bond Case

http://www.huffingtonpost.com/2010/12/07/bofa-unit-agrees-to-pay-1_n_793265.html
Dec 8, 2010 at 4:18 AM | Registered CommenterDailyBail
http://www.thepoint.com/campaigns/campaign-0-1240

murphy-krugman debate...

--

pitchfork...is this legit..who is robert murphy...is he famous at mises...
Dec 8, 2010 at 4:22 AM | Registered CommenterDailyBail
Bachus to replace Frank on Financial Services Cmte.

http://www.reuters.com/article/idUSTRE6B670V20101208

Note: redistricting in Massachusetts may have an effect on Barney Franks congressional district.
Dec 8, 2010 at 9:07 AM | Unregistered Commenterjohn
Dec 8, 2010 at 10:40 AM | Unregistered Commenterjohn
excellent links...and tonight bacchus comes thru for ron paul...
Dec 8, 2010 at 11:57 PM | Registered CommenterDailyBail
-- Here's my take on this tax vs tax cut mess --

I believe our Current tax structure actually perpetuates Class warfare,
and is counterproductive to National Solvency.

Frankly I hope they let all the tax cuts expire, so maybe we can actually change the tax code completely. As it sits, all our existing system causes is class warfare, and its resulting disease, Gridlock, That 50% carry all the burden, and 50% none, is the root cause of many of our problems. To Eliminate this debacle. I suggest we Repeal/ Replace Income tax with a National Sales tax (exempting food and Medicine), with a graduated Exemption/Credit for the poor and elderly... A national sales tax would allow us to tax Imports, without breaking existing trade agreements, and would place some of our tax exposure on foreign entities. This would help us level the playing field, our loss of manufacturing has created!!! This whole Washington tax cut giveaway, is the Direct result of the Class warfare created by an Income based tax system, which pits the Payers against the Payees. Thus our Two party debacle --- the Dems championing the Middle/Lower Classes , who depend on Govt. helps. The GOP championing the Middle/Upper Classes. The disease is Class warfare -- the solution eliminate the division completely!!!! We could either phase in a National Sales Tax, if coupled with a lower Income tax rate, or completely replace Income tax altogether, if the political argument can be correctly articulated . A National Sales tax would also allow us to collect Revenue from the underground economy of Illegals, and Illicit markets. I think its time to think outside the box. If Coupled with appropriate ( Safety Net Credit/ Exemptions ) for the Poor, Elderly, and disenfranchised, I believe this could answer our deficits. And get our Govt working on solutions instead of Class division!!!! One Economist calculates that each 1% in Sales tax would create 1 Trillion in Revenue.
Give it a thought.
Dec 9, 2010 at 6:32 PM | Unregistered CommenterBrian
@brian...well thought out...the simpson-bowles commish actually proposed some sweeping changes to the tax code...it's long, long, long overdue...i appreciate your taking the time to post your ideas...
Dec 10, 2010 at 3:36 AM | Registered CommenterDailyBail
Brian--

Right on. The demons that separate people are utterly ridiculous. I'm amazed by how angry people get with "enemies" whose chance of doing any damage whatsoever is 0%. I'm flabbergasted and nonplussed in a single breath. What is wrong with you, I think to myself. I swear to God television is worse than crack and meth combined. Which came first, after all?

In other news, Max Keiser goes absolutely ballistic at a few seconds before 6:30. Strange this is, I can't really disagree with anything he's saying, even though he sounds like a lunatic (disturbing replication of my interior monologue follows):

http://maxkeiser.com/2011/03/22/keiser-report-build-more-reactors-not/
Mar 23, 2011 at 3:10 AM | Unregistered CommenterCheyenne
Cheyenne, I heard that earlier tonight. Loved that part. "They're all on the same board of directors! They're all murdering killers!"
Mar 23, 2011 at 3:32 AM | Registered CommenterDr. Pitchfork
I love the redundancy of "murdering killers." Timothy Maxwell Keiser knows better.
Mar 23, 2011 at 3:39 AM | Unregistered CommenterCheyenne
Mar 23, 2011 at 3:43 AM | Unregistered CommenterCheyenne
Tanks Gather Outside Of Cairo Stock Exchange, As Market Plunges In First Day Of Trading

http://www.businessinsider.com/egyptian-market-crashes-2011-3

[snip]

In its first trading since late January, the Egyptian market crashed. about 10%. That's apparently limit down, so trading is already over.

Update: After a halt, the market has reopened, and is now down 8.7%.

According to Ahram Online, there are some tanks and cops gathered outside the exchange. The report also notes that the heaviest selling pressure is coming from foreigners.
Mar 23, 2011 at 9:54 AM | Unregistered Commenterjohn
In Egypt, the tanks ouside of the stock exchange kept playing this song on their loudspeakers.

http://www.youtube.com/watch?v=yge311sFhC8
Mar 23, 2011 at 10:31 AM | Unregistered Commenterjohn
love that song john...i never get tired of it...
Mar 23, 2011 at 10:34 AM | Registered CommenterDailyBail

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