Cenk Takes on Congressman on Bailouts

[Fendergrunge]

This douche bag voted against HR 1207 to audit the Fed.

[jxsilicon9]

Almost a year later and they did absolutely nothing. Cenk was on the money.

[milkgodnl]

A more satisfying guest would have been either Paul Krugman, or a Congressman who is either an economist or someone like Congressman Frank. Most people, including Congressman Adams are simply not well-versed in economics, and most congressional staffs cannot afford hiring a PhD in Economics.

[Visfen]

Paul Krugman is an economic illiterate. He got his "nobel prize" from writing a theory on trade wars, not by showing any expertize in the are of macro economics.

The only congressman who knows anything about economics is Ron Paul.

[milkgodnl]

Visfen,

.. whatever you say, champ ..

[ahotcouple111]

Please do not feed the Paulites.

[EziixPked]

@Visfen Oh my... the sickening ignorance of your words

[Visfen]

You want example of Krugman's utter ignorance? Look at what he said during the Bush years and compare it to now. He's nor principled, he could just as well be arguing against himself. The guy is a complete idiot, a total hypocrite.

He doesn't have any grasp of macro economics, which is obvious to anyone that has read his writing. He fails the first lesson. He fails to be consistent. He even fails to have a simple understanding of inherit problems in aggregates.

Why would anyone listen to him?

[weareallanimals]

It's kind of sad that Cenk knows more about the economic policies than this Congressman. This indicates the root of the problem.

[tvaddictman]

well a congressman usually has like other people under them (eg like economic advisor, education advisor) which know just about everything on the subject. They relay that information to the conressman, and help him choose how to vote on a bill.

THe reason it's set up like this is cause a congressman cant specilize in one, but needs to know a plethora of bills

[weareallanimals]

I'm not sure whether you are disagreeing with me or not. I'm aware of the information structure to help those that hold higher office. Even city councilmen have advisers. In any case, I believe that the legislation is important enough to know the teeth of the policies. The devil's in the details so to speak. Cenk must have better advisers. I'm just retorting not arguing.

[DrakeMagnum]

Cenk knows his stuff.

[jeremy8080]

Its funny how the man the young turks dogged during the election ( Ron Paul) was right on the economic collapse we are seeing now. But lets just keep on calling

Obama a god. The Young turks are puppets!

[kefkahkefkah]

Every now and then someone comes in and insults or make the opinion that the TYT are braindead libs who think obama is god. Its the same people who havent wathc more than one video. They are critical of obama very much so, but agreeing with obama dosent make anyone a puppet.

[FreedomsReigning]

I hate when I click on a link and find this Stooge the Turk. What a bunch of garbage. Is he calling for Republicans to be thrown in camps yet?

[Teremei]

No, but he is calling out Republicans who blatantley LIE. Maybe that's why you don't like him. Go back to Fox News.

[FreedomsReigning]

The two parties are a contrived system to control weak minds. FAUX news* is to entertain YOUR counter part in the equation. Wake up fool. Just because I don't like seeing a scumbag like the Turk spreading BS to his flock doesn't mean I'm a republican.

[bobdeep1]

from about 12:00 on... Cenk bails too early on the argument: Rep. smith argues that wash. mutual and some other companies took the biggest risks, so it makes no difference if CG was also allowed to make sketchy bets. If CG is not allowed to make bets it can't cover then it can't make these huge unsustainable profits in the short term. CG must then argue to the market that they make less$than wash. mut. for the obvious reasons. CG put the lie to the myth of the perpetualy growing market.

[bobdeep1]

Why "punish" citigroup? Isn't it a free market? if you want to take deposits you've made your choice already. consult the first paragraph of any economics text for a deffinition of "trade-offs".

[JohnnyMEldridge]

it's about what they do with the TARP funds

[tintinunhinged2]

Obama promised to end the Iraq occupation. Instead now he calls to fund more of it. He promised "tax-cuts" when what he really meant was a "tax credit". And to top it off torture continues at Gitmo. How much more honesty can you handle from this guy?

[DrakeMagnum]

tintinunhinged2,

Obama is ending our official military occupation in Iraq.

He did give us tax cuts along with the tax credit. It's a fact, I got mine.

He did decree Gitmo will be shut down. The particulars are being hashed out now.

[GCWTitan]

US occupation of Iraq is coming to an end. Where have you been its a fact. The war in afghanastan still goes on but he never promised to end that war quick.

[thenewvoice8]

good interview big chap

[underdogBA]

I like you Cenk, but please stop hurting my head :) This wasn't a real economic debate, this is superficial policy-maker talk!

[flyingtorpedo]

On the right track for what? Jobs are being lost, nothing is getting better. It's great there are no specifics here.

[DillonX]

I supported Ron Paul at our state GOP Convention, but after that I switched to Barack because I feared that McCain would just sit on his hands & let the economy crater (Remember during Hoover's short 4 years, the DOW crashed 90% - yes, that was 90%).

I supported Ron Paul 1st as I believed he'd get us out of Iraq the fastest & that's what got us in the mess to start with.

[whoo689]

The gov't has meddled in the economy way too much in the last 9 months or so. You know, socializing Fannie and Freddie when they should've just been abolished. Bailing out automakers and then forcing them to shut down dealerships and then nationalizing one of the big 3. Bailing out the banks. Giving the banks MORE money from the Fed, a STUNNING amount. Bailing out the homeowners and propping up artificially high prices rather than letting corrections happen. This will come to haunt us.

[whoo689]

The government is just putting money back into the economy, not creating more wealth.

[whoo689]

And when these workers are done repairing bridges or whatever, or the money dries up, they're gonna be laid off. And then that'll just raise unemployment. What's worse is that by the end of 2010, as Obama claims 3-4 million jobs will have been created by then, the unemployment rate will probably be 11 or 12% (or more). The amount of workers unemployed then will make 3-4 million a very measly number. Extra income for those 3-4 million won't be nearly enough to stimulate growth much faster.

[whoo689]

And why does Obama think that only 3-4 million people deserve these jobs? Why not 10 or 20? If you're gonna do this crap, might as well be fair, right? Go in for the long haul?

The whole stimulus is a waste of time. Cutting spending and taxes works. The economy is not so weak that it's extremely dependent on government to stay alive, esp. in a time of recession. It can handle the loss of gov't funds. Besides, actual gov't funds only come from people who make money.

[12301986]

Dude, every economist in the US and the world said that if you cut spending during the middle of a recession, you're going to be in WAY deeper shit financially than you are.

That's why President Obama enacted a Pay-as-you-go plan to bring some discipline into the money that we spend.

Yes, I understand that we don't want nor need to spend any more money, but, that not only creates economic stimulation, that creates JOBS. And we sure as hell need those jobs so people can start working again.

[whoo689]

EIGHT stimulus projects worth trillions of dollars, and what did Japan have to show for it? Nothing! Except maybe better parks and roads. Their economy was still weak. Guys like Henry Hazlitt and Milton Friedman already DEBUNKED Keynesianism decades ago. Yet you guys on the Left continue to manufacture propaganda to support this nonsense, what with all the thinktanks like the EPI. Or President Obama getting his goofy economists Romer and Bernstein to make up stupid estimated reports.

[whoo689]

We got out of the early 80s recession fairly quickly, and with NO stimulus nonsense. We got out of the recession of the early 90s fast, too. And we had unprecedented growth, also without a big government stimulus package. Even Clinton knew that shit doesn't work and never proposed it.

Why can't you guys just accept that your boy Keynes was a moron? He had absolutely no evidence to back up his crap. It was all logic. Gov't spending for jobs doesn't work. It's artificial employment.

[IsaacScharp]

Milton Friedman's ideas are genius and wrong, check out Chile and its history if you want evidence.

[underdogBA]

Congratulations on reading The Shock Doctrine by Naomi Klein and believing that somehow Milton Friedman speaks for all schools of free market capitalism. :)

[IsaacScharp]

Underdog BA you are a moron. I have never read The Shock Doctrine, but I am a student of South American History. Second I wasn't using Milton Friedman as speaking for all schools, I was speaking to a specific aspect of the comment I was replying to which referred to Milton Friedman. Go work on gathering evidence for you 9/11 conspiracy theory.

[JTMARKSBERRY]

get 'em cenk! Dem's can't afford to make the same mistakes.

[1315229]

Hm, a note to tyt. It says in the video that Mr. Smith is an Republican but he's infact a Democrat. Just wanted to point that out but great interview!

[the0last0hero]

it says hes REPRESENTATIVE Smith

you dolt. D-Washington = Democrat from Washington

[1315229]

aah, was a bit unsure about that but it's a bit confusing still. And someone should clean your mouth wih soap!

[the0last0hero]

dolt...? soap worthy? i think not.

[1315229]

meh, was a bit tierd when I wrote it.

[TAz69x]

coherency of most youtube comments ^^

[1315229]

heh ^^

[jestoninnes]

Great Work by Cenk. I was a little surpirized that he didn't call him out on that credit card bill comment. The congressman made a good point though. What is the point of regulation if you don't enforce it.

[DJBerber]

Look at what happened in Argentina after their recession, they were able to take the existing culture of spend spend spend and turn it around to a culture of fugality and self disipline and co-op companies and factories where every employee has a say and they all manage the company. They still have a huge problem with the public trusting banks, for good reason the banks robbed everyone when they went under. In the US economy CEO's take profits and screw everyone else in their selfishness.

[bryantulsa]

Dude, this Congressman knows more than you do! You like to talk, but you seriously need to take a little time to listen.

[imanajfan]

The Repubs love to blame the single moms on welfare, yet they bend over backwards to throw tax payers dollars at Iraq and other places their money has no place being sent.

Thanks, Repubs, for tanking the goddamn economy.

[palinisafrgginjoke]

Bailouts= corporate welfare

People ridicule single mothers who are on welfare and call them "leeches" and yet when big corporations and companies get billions of taxpayer money, there is not a peep.

[ar4216]

I wish Cenk would interview celebrities every so often and not just politicians.

[jianson870621]

senators who dunno jack about what's going on.. i wonder what they do all day..

[ncawadias]

i think they call it yiffing

[fostereric]

Cenk is interviewing a dumb-shit democrat who doesn't know what he is talking about.

"Obama administration is doing everything right, they passed the stimulus bill and this and that etc..."

Stimulus bill was the largest spending bil in history of mankind that is the dumbest fucking idea I've ever heard of! Solve the problem of overspending by spending more! Great idea!

[enterprise729]

you are so right why would we want to stimulate our econamy so that it would not crash. this explains why republicans have control the the house seante and the presidency....OH WAIT YOU DONT

[Issypt]

yes you are exactly right. If anyone wants the truth listen to the peter schiff channel here on youtube

[3star2nr]

Actually your the idiot. Well no your not, your just ignorant

Put it this way. Suppose you losed your job. (economic crisis) You have no clothes, and no education, and no computer or phone (poor infrastructure)

Now your parents give you money (stimulus package) to invest in a phone, re education, and a computer (infrastructure spending)

Wouldnt that help you get a job faster?

Thats what the stimulus spends on. You cant just look at the amount you need to look at what the money is spent on

[slwfreez]

Take a look at this ... I lost my job. I draw unemployement (stimulus package) which helps to pay for my phone, education & computer .(infrastructure spending) .. so no it doesn't help you get a job faster. I've been unemployed since March.

[mitchverr]

when you finish education, dont you stand a higher chance of getting a job faster due to being more educated?

[slwfreez]

Not necessarily... jobs are still hard to come by... case in point .. my g/f has gone to school for the last 5 years for her teaching degree and with the economy the way that it is she is having a very hard time finding a teaching position. Schools are closing and some are laying off teachers and subs. In a lot of areas it's hit & miss.

[greenblacky]

I couldnt have said this better

[liam679]

im sure u never heard the phrase, spend money to make money. if we spend money on transportation we can better transport goods and services, we spend money on renewable energy and we spend less on imported fuels, we spend money on education and we get more educated americans in tech jobs....learn something before u talk out ur ass

[bgrim2008]

"spend money to make money"

Oooooh Shuuuuut uuuuuuuP!

All this (tax payer) "bailout" money is going to corporations and banks!

NOT You, nor I, nor anyone, no one (on "main street")...

the sheep continue to get kicked out their home, lose their job, career, and in some tragic cases, their life...

"spending (tax payer) money to make money", yeah, for corporations.

[liam679]

some of it is yes, but not all of it. there are different things being done, the bailouts are not the reinvestment act u twit

[IFloridaMotocrossI]

You got that right.

[mitchverr]

look at germany back in the 1920/30s, did badly, hitler came in(not the point btw), spends huge amount of money on education, transportation, supporting companies(i know non jew companies, but again beside point) etc, then look, germany becomes a major economic power again shortly before they start the wars with other nations

[aquaknot]

It's no secret that spending betters the economy. This is why everyone should thank their lucky stars that the Republicans didn't get into office again to continue this downward spiral. They would have cut spending and pulled everything close to their body like an injured dog. This country would most likely be in a depression if that happened. Phew. Dodged a bullet there, eh guys?

[whoo689]

what economist told you that? Paul Krugman?? It's no secret that spending DOESN'T WORK! If it did, Bush would've had the GREATEST economic prosperity of any president. It was smart deregulation and smaller gov't that allowed the Roaring Twenties to happen. Of course, they allowed the Fed to do a lot of stupid monetary policies as well, which led to the Great Depression.

Get over it! Keynesianism doesn't work! The lost decade was exactly b/c the Japanese gov't spent way too much.

[matrixflower13]

Great interview! .. Shame about the 'usual' side-stepping responses .... 'Weeeell I am not really informed enough at this time to comment' ..... 'Yeeeees we should look into that' ..... 'Mmmmm i agree but they are so busy doing other things at the moment, to deal with it' ..... etcetera .... kudos for 'not agreeing' and trying to box him into fessing up

[crowdaddy13]

again for all of you repubs that down cenk saying hes never critical of the democratic party...............he takes on this rep in this video.....one more video to show you hes critical of BOTH sides.

[wongdor]

he says we shouldnt have broken up the banks? bah.

this "too big to fail" notion is absurd to me. in an earlier time they would have called such corporations trusts or monopolies. there are laws against such things. if it's too big to fail, then, on the contrary, it MUST fail, cuz it's too damn big.

[ibwilliamsi]

You have a very good point here. I haven't heard of anything in the US being called a monopoly since the 1970's. Have you ever tried to get local phone service from anyone other than the company that serves your home or business? I could go on, but why bother. We all know that the monopolies rule us and our government.

[cheeseaura]

Adam Smith is my representative and take it from me, he's scum.

[dangerouslytalented]

Free markets only work properly under rule of law. Laws are there to STOP people doing things that are inherently harmful. These people were doing something inherently harmful which destroyed the markets, the economy, the their own companies, and look what has happened.

[godos320]

i agree i don't mind free market as long as its kept in check otherwise... yeh you get the gist of that but yeh i agree the market is going down due to poor financial decisions and other problems otherwise well said man well said

[ecwaufisxtreme]

Adam Smith is Sarah Palin's DICKLESS and BALLESS BITCH and PUSSY! Palin is a SUPERIOR politician and statesman than this ass-clown could ever be. She is also MORE MAN than he is for Smith wears the skirt in his family while his wife wears the pants!

[GnosticAtheist]

lulzy! Troll alert! Troll alert!

[1samothrace77]

free markets work but we are not following the rules of what circumstances we should encourage to allow the free markets to work. The Wealth of Nations -Adam Smith- one of the founding fathers not this guy

[GnosticAtheist]

No, this is the resurrected version. A necromancer by the name of Bob did it.

[victor2cutube]

the government has done next to nothing to regulate the industry.. a few cosmetic things for public consumption.. congress has been bought and paid for

[IdleBystander1]

Holy shit, it's mister Wealth of Nations!

[CrocodileMonkey]

Adam Smith created Laissez faire. This is a big interview

[FullOfFail]

Very productive interview!

[Rosannasfriend]

cool interview cenk.

[WolverineDeus]

As Richard Posner recently observed during an appearance on the Charlie Rose show, we do not need to rush into formulating new regulations for the financial markets, because it is unlikely that we will have another secondary mortgage lending speculation bubble anytime soon. It is a complex issue, and we need to carefully consider the steps to be taken to correct past problems. Part of the solution is increased government regulation.

[FlyingFree333]

People have short memories, everytime the economy is good people start doing stupid things in the stock market and eventually the bubble bursts. Whether it's buying on margin or derivitives or whatever the current get rich quick wallstreet scheme is. Letting rich moguls run the economy is always a mistake and yet we never learn. A "free" market is an abused market.

[FlyingFree333]

No executive raises when the company is taking losses.

Set minimum wage for any company as a percentage of the highest executive wage, they want to give themselves then they pay the rest of the employees better too.

[1tofallen]

There was a name for that, but I forgot what it was.

[Dejayfever1]

First

I do think the young turks are one of a kind

[HammandClov]

LOL. Nice dilemma. Thumbs down you for the "first" crap or thumbs up you for the TYT compliment. Hmmmm....