David Stockman With Stephen Colbert
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David Stockman | ||||
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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..?..
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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 –
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.
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Video - National debt summary - runs 1 minute
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Reader Comments (20)
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."
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
http://www.huffingtonpost.com/simon-johnson/jamie-dimon-becoming-too-_b_791518.html
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...
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
http://www.huffingtonpost.com/2010/12/07/bofa-unit-agrees-to-pay-1_n_793265.html
murphy-krugman debate...
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pitchfork...is this legit..who is robert murphy...is he famous at mises...
http://www.reuters.com/article/idUSTRE6B670V20101208
Note: redistricting in Massachusetts may have an effect on Barney Franks congressional district.
http://washingtonindependent.com/100566/49-state-attorneys-general-investigating-foreclosure-fraud
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.
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/
http://www.google.com/patents/about?id=QOWzAAAAEBAJ&dq=7487123
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.
http://www.youtube.com/watch?v=yge311sFhC8