for christ sake its your central bank, they are charging you interest on YOUR money and getting away with it through inflation. ron paul is right, america needs to close the fed and print greenbacks again. while all of you argue pointlessly you are being robbed by a private bank, its almostthe same story here in canada and all over the world
Are we being run by hippies? Well... Actually yes. Pretty much all of these bib government programs that need the funding that we will be paying interest on are programs rolled out by the democratic liberals. Who makes up these liberals? Older baby booming aged hippies and younger liberals who believe the government should take care of them from cradle to grave. The govermet should be limited and have a have a minimal role not be a nanny state. Theres no reason for so many entitlement programs.
@JohnDoe4612 you're not mentioning the fact that you money is corrupted beyond belief. if you had honest currency thered be plenty of wealth for everyone but the money has been watered down so bad. a few people on these programs isnt the actual problem, read a damn history book, USA sold out to banks in 1913 and the inflation started around then
The interest derives from a monopoly the Federal Reserve has the Americas currency they have the soul ability to create money out of thin air as debit that is then loaned to the government at interest this interest is then forced form citizens at gunpoint.
@darkblood626, exactly, which is why our system of "captilalism" is bullshit, and also, technology is exponentially increasing, it doesn't depend on money, it increases on it's own, history shows that even during the poorest times in uman history we were still inventing and creating, so this whole idea that we need an unregulated free market is bullshit. complete bullshit, we wouldn't be to where we are if that were true. I hate how any political party (libertarian, dem, rep) treats like gospel
Yeah, this is awesome. Everyone's in debt, including the government. But the answer is 'paying a little bit more for whatever it is you want to pay for and saving the difference.' Fiscal conservatives don't just say 'lower taxes' when to do so drives us into deeper dead. Wherever we end up, it
needs to be in the black. That may require we raise taxes and not cut them to ludicrously low levels.
Yeah, this is awesome. Everyone's in debt, including the government. But the answer is 'paying a little bit more for whatever it is you want to pay for and saving the difference.' Fiscal conservatives don't just say 'lower taxes' when to do so drives us into deeper dead. Wherever we end up, it needs to be in the black. That may require we raise taxes and not cut them to ludicrously low levels.
@masonkiller666 he doesnt know jack about how the economy really works, go read some history about usa around 1913 its when America was sold to bankers.
@MrROTD Yes, foundation of the federal reserve, jekyll island, etc. He supports ending the federal reserve. I don't get where you think hes wrong on this?
Good to see I'm not the only person obsessed with keeping a positive balance! :D
And yeah, regarding the colossal deficit, there's a nice quote: "A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury". Sums it up perfectly.
Right now the gov has negative real interest rates. Right now, the smart people with access to that gravy train are making a fucking fortune off this shit. How can you lose? OF course, the average asshole in the US can't get this rate, but the big boys can. OTOH, we could be facing serious inflation over 10% so it might be a good idea to load up on debt now and pay back diminished dollars, even at consumer interest rates.
Unfortunately too many people don't know Fox is biased 100% towards republicans and so is most of the media in Washington.even more unfortunately one such person happens to be the POTUS. He takes every criticism from them as if it's from actual reasonable people.
@punkwasher The problem is, most "regulation" passed by the US government today is bought and paid for by lobbyists representing the industries that are supposedly being regulated. It does NOT serve to prevent "corporate crime". It serves to give the highest bidding corporations competitive advantage.
The problem is our entire monetary system is based on fiat currency. If there was no debt, there would be no money. If that makes no sense to you, then you need to learn what money is, what gives it value, & who controls it. Do a You Tube search and watch an excellent documentary called 'Money As Debt'. They don't teach this stuff in school so Penn you didn't miss anything. This is something you have to seek out to learn. Excellent post anyway as his way is the only way to game the system.
Only problem, less regulation = more corporate crimes. There never was, and never can be a free market. 100 years ago capitalists complained about the new child labor laws, you can't tell me regulation is purely bad, some regulation is necessary and indeed enhances productivity and life quality.
Penn, I'd just like to express my SINCERE thanks for explaining the benefits of smaller government in a way that anyone can understand. When I started watching Bullshit, it really got the gear turning upstairs. I transformed from an establishment conservative to a much more libertarian (small government) minded man. I can now discuss politics and not just talk out of my ass. You're a pretty sharp and honest guy, don't let the fact that you didn't go to college make you think otherwise.
@kestrel452 The problem with explaining smaller government in ways that everyone can understand is that.. economics is an incredibly complex subject. Not everyone can understand it. You cant boil something down into easily explainable and relatable principles that is largely based on very complex abstract ideas without losing a lot in translation. This ultimately leads to people trying to apply simple solutions to complex problems (libertarians)... which is often a recipe for disaster.
it dosent matter if we need or want something if we cant afford it we cant afford and shouldnt pretend like we can im looking at you liberals...even more then the republicans
Most of the interest is owed to the Federal Reserve aka the government. Worse than the debt is the ability the government has to lend money to itself from no where. That's where new money comes from, increasing the total supply of money, and causing inflation.
If money wasn't an artificial construction controlled by the government and was instead something natural controlled by the market, we would live in a free society.
Considering how many (all?) countries are running larger and larger debts, I look forward to the global banking system collapsing when they start defaulting on their loans. What are the banks going to do, raise armies and invade their debtors? And when the first countries start defaulting and others see that nothing really bad happens to them (at least nothing worse than paying 28% of their budget in interest), many more will follow suit.
Because we always want to give the rich tax cuts and we always are so eager to fight 2-3 wars simultaniously...
Seriosuly, look to Norway, Sweeden, or even Denmark. They are more socialistic than the US can ever be. They have more welfare programs than God and they are all fucking atheist.
YET, they are doing better than the US in almost every way.
Instead of making up a reason that will fit your ideology, look at the truth for once.
the truth is that whoever bankrupted the country did so through the threat of force. the truth is that regardless of what the politicians and bureaucrats spend my money on they have to steal it first. the truth is that government cannot create, it only consumes. government is a coercive force AGAINST the people it claims to serve, therefore it is immoral. democracy is majority rule, and there will always be a minority that is not represented. take away the power of the elite, educate their serfs
Democracy is the worst form of government except for all those others that have been tried.
- Winston Churchill
So I guess in your view, all tax is stealing, right? Regardless of what that money actually does for the society you live in. If that is the case our views are so far aprart this discussion is pointless.
Governments can't create? Moonlanding, The human genome project, LHC in Cern... but stuff like that is probably of no intrest to you?
If a person does not voluntarily give of something that is theirs, yes, that is theft. Regardless of what great things you think will be done with it. If I take your property against your will to use in a way I think is best for mankind, I would still be a thief. Just because a group of people get together and call themselves "government" does not grant them special rights. A group does not have more rights than an individual.
Sure governments can and do create things. They are just terribly inefficient and wasteful. A free market (which man has never experienced, so don't think there is one now) and private enterprise would not only be much more effective and efficient, but give people what they truly want.
@TheSaltyAdmiral regardless of what YOUR money could do for ME, or perhaps for "society", I still would not steal it. you own you, and by extension you own your labor and the product thereof. I believe that YOU are most efficiently able to spend YOUR money than anyone else, because you respect and understand what it took to create that wealth in the first place. in a free market the consumer is king; every unit of currency is an EQUAL vote for the entrepreneur who best serves his customers.
@umbilicaltapeworm The problem with trying to have a free market now is that our entire monetary system of fractional reserve banking and fiat currency is corrupt. Hence the trickle down won't happen, because the criminals gaming the system do not want it to happen. If we could weed out the criminals and reform our debt based money, and repeal the Federal Reserve Act and the Glass- Steagall Act perhaps we could restore a true free market system where money represents something of value again.
You may have mentioned before that the tax code isn't law anyway. - ain't that a kick in the balls - you have to file on wages and salaries with jail as a penalty to a bureaucratic code that is constitutionally unfounded (file anyway though - I ain't telling you to break laws that don't exist but are enforced anyway)
@ObiWanShinobi1 "Amendment 16 - Status of Income Tax Clarified. Ratified 2/3/1913. Note History
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
@puremilkgenius And then subsequent to that the supreme court ruled that the 16th amdt granted no new powers of taxation (yes, it was upheld in the Brushaber decision, but the IRS never tells you that Brushaber was acting as a foreign fiduciary - which was valid before the 16th) - they ruled several times after that in fact that the 16th granted no new powers to levy taxes.
Uhhh....do people realize what a minuscule portion of the budget social programs are? Cut every social program right now. It will be like trying to empty the pacific ocean with a tea cup.
We need to find some incentive for big businesses to move their resources back into U.S. borders. Whatever tax money that's left that we can repurpose should go into developing nuclear power and domestic oil drilling. Much of this debt we owe is to China and the Middle East. It makes perfect economic sense to become energy-independent. We've got more oil on U.S. soil that's never been drilled than all of Saudi Arabia. The bleeding heart eco-hippies are not letting us near it.
You paid no interest during the long stretch but you got burned by inflation with rising prices, food and fuel which cost you far more than any interest would have. (don't use the cpi as an inflation measurement, it is bogus)
Your hatred of debt and interest is logical in a normal system. But with the dollar not being backed by anything since 1972, inflation eats the purchasing power of money to the point where savings is bad and debt is good as long as you can make the minimum payments. Borrow money NOT to consume but to purchase inflation by buying commodities and other related things. Its sad but government meddling has driven things to this.
In the unregulated markets of the 1920's you have the Great Depression. Same with 2008. It is a pipe dream to think that unfettered "Free Market" can be anything but Greed and Avarice. The American working middle-class pays for it and is made war upon by the Haves and the Have-Mores. The reality is that we do live in Class War. What side are YOU on?
you know what's amazing to me? the people who want to put something on loan even when they have the money to pay for it up front. how much sense does it make to get a loan for $30k costing you 6% interest when the $30k you kept in your pocket is only earning you what? 2-3% AT BEST? i'm no mathematician, but it seems simple enough to me.
@arkansasrazorbackfan It's artificial security. If you have 1k in cash and then spend it you have zero and can't sleep at night. BUT If you borrow the 1k to spend you STILL have the 1k in cash. Get it? ;)
@cranie4 oh yeah. i get that and it even makes a little bit of sense to me. but i am talking about people with more than enough cash on hand getting loans for something even if they paid for it up front, they would be nowhere near emptied out. i mean how much money do you really need to feel "secure" when you OWN the assets you have? :)
@arkansasrazorbackfan That would mean saying there is such a thing as "enough" money :) I know people who take loans against money in savings for the credit ratings boost but other than that...I just don't get it.
If you have to, you can live on minimum wage. $300 for a cheap but decent apartment, $1/person/day for food, or if you really picky, $2 (trust me, $2=eating like kings) $100/month for basic gas water and electric. $14 on personal hygiene and house cleaning. At $7.25 an hour, for 40/week, you make $1160/month, leaving you $744 after everything listed. More than enough for a few basic wants. I see know reason why any but the disabled should need more than temporary help.
@delladex Yes, because all the companies in America are hiring people (at full time no less) and everyone whose scrapping the help wheel would rather give up what they have already, and their education, for a bottom rung job and bottom rung living conditions. All 30 million people that don't have a job can do that. Also, you assume that no one has kids in you're calculations, medication, transportation to said job, ect. Also, $300 for a decent appt. that's available? You're kidding right?
I'm on SSDI because I have multiple sclerosis, and it has caused various disabilities. The condition is genetically-linked with an as-yet-unknown triggering factor, and I'm not having kids because I don't want to risk passing this on. I did serve in the military, and of course I paid into Social Security while I could work, and even now I do what volunteer work I can manage. I'm doing what I can to minimize my impact and not be a parasite. What else am I supposed to do?
Cute little story, I live in Washington State, Puget Power is my electric company. They went some years back to the utilities commission and wanted to charge 12% interest on late payments. The commission gave it a blessing extending it to them paying 12% on overpayment. Hell I cannot get interest like that at the bank. I started doubling my payments! after I was like $3000.00 ahead I started getting certified letters to stop sending money! They eventually stopped charging or paying interest.
hahahah i usually dont actually watch penn point cuz im doing something else, but i did today and wow that camera switch shit is annoying and pointless...and im sure the editor hates it too
Everyone knows that of all the trillions of dollars in existence only a small percent are physical printed bills. So what is the rest? Obviously debt / credit. When 90+ percent of the nation's money supply is credit you have outright slavery. You are forced into borrowing at interest because there isn't enough physical money to go around. Your government has legislated you into being slaves to private bankers. Then they expand & contract the credit supply to steal your businesses & homes.
@LBurris597 It works well when tried. In this regulatory climate its not all that possible. The highest corporate tax rate in the world is not a "Free Market".
us give 38 billion a year to Exxon, the biggest most profitable company in the country (world probably). There is money, its just going to the wrong places
The only person who would disagree about the CNN being biased thing would be those douches on that young turks account who actually told SE Cupp that the media overall is conservative or not biased at all.
Instead paying interest, you are giving the credit card company an interest-free loan.
But it is good that you didn't pay interest on your credit card. But some of that money could have gone into a term deposit at a bank. Your money would earn interest while you were on the road, and you could make deposits against your credit card as you travel.
In 2000 we had a surplus... fast-forward 8 years of republicunts government and unpaid/unnecessary wars and we have the biggest fucking deficit in the history of humanity...
@javixm The debt was huge back in the 90s as well. Don't think it was only Bush that ran up the debt. And understand that Obama has run up bigger budget deficits so far in his presidency than Bush did in his 8 years all together. That should make you realize how this isn't just "the Republicunts' fault", but just as much the Democrats' fault. The debt is staggering and has been built up over several decades, but during the last decade it's been insane... It really is now or never for America.
@dradeel well that’s just a plan lie. I’m in the UK and I even know that Obama inherited a large debt and he added to it yes, for sure. But understand one thing Bush’s last financial years would run in to Obama’s 1st year. Or by your logic soon bush left office, every contract he set up just stopped and Obama made all new expenses’? -Bush added FAR more to the deficit that Obama has.
One other thing deficit and national debt are 2 very different things.
@marcarmstrong88 By that logic Bush inherited the economy from Clinton, and Clinton's success was inherited by Bush Sr. In all honesty the President doesn't influence the economy -that- much. I also don't think the man in charge of the country (any of them) should cry they inherited a mess. by 2012 and/or 2016 there'll be new Presidents. Are we gonna let them off the hook because they inherited a mess? Don't give them a pass until they fix it and stop passing blame!
@Pangora2 really wtf. "Economy"? we are talking about debt, and maybe including the deficit. but wtf are u on about mentioning the economy. im not wasting time with you. if u wana not be so ignorant just go on wikipedia.
FYI, government debt is passed on every term unless its paid off and the deficit is reduced to atleast 0.
@marcarmstrong88 Uh-uh. 2009 was a mixed year where they actually both contributed to the spending (a stimulus was added by Obama), but Obama continued the high deficit the following year, a much higher budget deficit than Bush had during any of his 8 years. And as far as the total debt each of them has added, with projected 2011 spending, and controlled for 2009, Bush added 3.28 trillion dollars and Obama 2.82 trillion. By the time before elections, Obama will have dwarfed Bush's two terms.
@dradeel there is no difference in republican or democrat they are both puppets of the same master and both are shit when we stop playing the left / right , rep/dem, game and realize our gov was hijacked years ago and all this shit was done on purpose then maybe we can start to eliminate the problems and hold the masters accountable.
I see the biggest problem people have is they can't seem to distinguish between what they want and what they need. You then add on that most don't seem to comprehend living within their means and we get all kinds of problems.
Truth is, most of the current generation can't get their head around money, mortgages and credit cards mean there is a lot of "Theoretical money" out there that's hard to keep track of, misunderstanding and mis-informed people are the main reason for the '07-'09 financial crash, not just the greedy bastard banks, if there were more people like you thinking ahead we wouldn't be in such a mess
So what does this 28% of interest mean? I understand the definition of it, but what does it mean for us and the gov't? Sorry I'm very naive and I don't understand economics very well.
@ethanhuntersmith if you are required to pay massive interest that money cant go to useful things..edu programs etc if you owe 5k on a CC at 21% the payment is more then $200 a month and most of it isnt the main loan youll never get it payed off.you wont have this extra money to buy what you need .but you may already know this
@ethanhuntersmith It means that 28 cents out of every dollar the government takes in revenue (from taxing us) will go to finance the existing debt. Every year that there is a budget deficit (government spends more than it takes in revenue for that particular year), that negative difference gets added to the existing debt, which as of January 2011 just got over 14 TRILLION, and keeps growing and growing...
The interest is paid to whoever is lending the US money, like China and other countries.
It's very simple. People don't vote for politicians who promise to take things away. They vote for whoever promises them the most pork.
Now we have a society where those like Paul Ryan and Rand Paul, who advocate slashing the budget, are looked at as radicals! How have we allowed responsibility to be branded as a radical concept?
Penn, you did that on Penn & Teller's bullshit! You're crew got A3 sized print outs of dollars to be cut into strips representing peoples opinions of how tax money is spent.
Just thought I'd point it out to you buddy :)
I'll await a response disowning the idea. Keep up the vids
Hey Penn, There is a great Documentary out there call, "Zeitgeist Moving Forward". This is a shocking, jaw dropping, and eye opening documentary about the Monitory system.
Check it out on youtube. /watch?feature=player_embedded&v=4Z9WVZddH9w
Penn, you sound exactly like Dave Ramsey although Dave admits in his book "Total Money Makeover" he had his butt handed to him after he got out of college by a blue collar guy like yourself because his college professors taught that debt was a tool for sophisticated people. NO IT IS NOT!!! IT IS A TOOL FOR BANKS TO ROB YOU BLIND!!!!!! DEBT IS DUMB, CASH IS KING!!!
Interest sucks when you have to pay it but not when it is paid to you (especially compound interest). Maybe this is why George W. Bush & Republicans wanted social security to be invested privately. I think that they scared people by wanting social security to be invested in stocks since they provide the most long term return but at the highest risk (non-FDIC investments). Hey libutards! How about investing social security in mutual funds, annuities or other investments?! Penn your awesome!
The comment about hippies running the country isn't that far off. Much of the expensive social welfare spending is based off of emotionalism and feel-good mindsets instead of logic and common sense. We wouldn't have to spend so much on these programs if it wasn't for government factors that drove up costs for many Americans and if it wasn't for government follies that lead to unintended consequences like when the government felt everyone had the right to own a house they couldn't afford.
@Infantry9 What is costing us the most money is the two occupations and the military bases we have in every country we've ever been in. Those things hippies would be against.
By the way the government didn't tell the banks to do what they did they simple removed the rule that prevented it. Deregulate the banking industry let the banks make record short term profits and them to fuck us all in the long run.
The gov. tried to back up risky mortgage deals which basically encouraged banks to go through with an excessive amount of bad deals resulting in the incident. When gov. tries to nullify risk factors, it promotes bad choices. The 2 big bases you talk about are only a fraction of the spending. It cost a lot but there's way more to the spending than just war like excessive bureaucracy and programs that wouldn't cost so much if gov. tried to enable people to fend for themselves.
@Infantry9 Sub prime loans and mortgage were illegal 50 years ago the interest rates banks and credit cards companies charge now were not legal period. Non of this would have been possible if those laws stayed in place. Yes I agree it's the government's doing but in my opinion it's because they removed regulations not because they were too involved.
Don't pretend to be so naive. The national debt wasn't a mistake, they didn't make any mistakes.... it's the bankers and politicians robbing the cookie jar.
the first step to get out of debt is never take credit cards & never take something on credit you can't afford to pay quickly.example at least two months after taking out on credit. never spend more than you can afford.P.S burn all your bloody credit cards & pay cash.if you want something,but is expensive.safe & buy it later.
CNN is truly the most middle-ground of the networks (which is why they're often in last place--moderation isn't as exciting as Glenn Beck and his lunacy).
Don't forget this article on government overspending was found on CNN. Would you ever find an article about the death of the middle class on Fox News? Doubtful...
I once by mistake paid extra money in to my credit card and they went all crazy saying I could not do that. This was when I was at university doing Accountancy & Fincance BA Hons Degree too. Keynesian economics is needed sometimes but perhaps not always.
I 100% agree with the point pen is making hear; very simply goverment should live within it's means or even better run a small surplus for a rainny day. Such as when we have another banking crisis. If you have any idear what the cost of the state borrowing money has to the average individual then you can see it make sense.
Penn please dont call yourself stupid. Your a self made millionaire. If you're stupid I don't even have a word to describe myself. please dont take stupid from me.
It kind of seems like the government needs to take control of its moneymaking operation and yank all the strings back home. America is broke because every job in America is currently being worked by someone in another country. I don't think our government should be mollycoddling these corporations with tax breaks if the corporations aren't even going to do the government the solid of employing its citizenry.
What? First off, the government does control it's moneymaking. We have fiat currency which is one of the main problems right now. Second, hyperbole doesn't make your point. Pretty ridiculous to blame corporations when American corporate tax rate is one of the highest in the world. We should actually be thanking corporations for not leaving our shores. Government does not create wealth, it destroys it.
for christ sake its your central bank, they are charging you interest on YOUR money and getting away with it through inflation. ron paul is right, america needs to close the fed and print greenbacks again. while all of you argue pointlessly you are being robbed by a private bank, its almostthe same story here in canada and all over the world
MrROTD 6 days ago
Are we being run by hippies? Well... Actually yes. Pretty much all of these bib government programs that need the funding that we will be paying interest on are programs rolled out by the democratic liberals. Who makes up these liberals? Older baby booming aged hippies and younger liberals who believe the government should take care of them from cradle to grave. The govermet should be limited and have a have a minimal role not be a nanny state. Theres no reason for so many entitlement programs.
JohnDoe4612 1 week ago
@JohnDoe4612 you're not mentioning the fact that you money is corrupted beyond belief. if you had honest currency thered be plenty of wealth for everyone but the money has been watered down so bad. a few people on these programs isnt the actual problem, read a damn history book, USA sold out to banks in 1913 and the inflation started around then
MrROTD 6 days ago
Fuckin predictive text!!
CrackTheFox 3 months ago
Penn is a cocky!!
CrackTheFox 3 months ago
Cocky.
CrackTheFox 3 months ago
Wish there were less apologies in Penn's rants. Taxes, goverment, interest are evil.
zazack79 3 months ago
I don't mind paying interest on a mortgage because it's like paying rent. I don't have a credit card though.
martinphipps2 5 months ago in playlist Season 1
Bullshit. The military is free? What about the defense budget?
martinphipps2 5 months ago in playlist Season 1
Programs? More like wars
gekapat 6 months ago 3
4:09 Damn! Teller hasn't changed at all.
Md2802 6 months ago 2
Penn talking shit about Renfests. Booo!
kbrinks 7 months ago
The interest derives from a monopoly the Federal Reserve has the Americas currency they have the soul ability to create money out of thin air as debit that is then loaned to the government at interest this interest is then forced form citizens at gunpoint.
darkblood626 8 months ago
@darkblood626, exactly, which is why our system of "captilalism" is bullshit, and also, technology is exponentially increasing, it doesn't depend on money, it increases on it's own, history shows that even during the poorest times in uman history we were still inventing and creating, so this whole idea that we need an unregulated free market is bullshit. complete bullshit, we wouldn't be to where we are if that were true. I hate how any political party (libertarian, dem, rep) treats like gospel
TheBoxingCannabyte 5 months ago
the muisc in this episode is so awsome. what is it?
HeartPiece4u 8 months ago
Yeah, this is awesome. Everyone's in debt, including the government. But the answer is 'paying a little bit more for whatever it is you want to pay for and saving the difference.' Fiscal conservatives don't just say 'lower taxes' when to do so drives us into deeper dead. Wherever we end up, it
needs to be in the black. That may require we raise taxes and not cut them to ludicrously low levels.
blahblahblah11129 9 months ago
Yeah, this is awesome. Everyone's in debt, including the government. But the answer is 'paying a little bit more for whatever it is you want to pay for and saving the difference.' Fiscal conservatives don't just say 'lower taxes' when to do so drives us into deeper dead. Wherever we end up, it needs to be in the black. That may require we raise taxes and not cut them to ludicrously low levels.
blahblahblah11129 9 months ago
@blahblahblah11129 Then do so, but don't forget to cut spending, in all areas, as well.
KingPiccolOwned 9 months ago
I really wish I knew somebody like Penn in the real world :(. Such a wise man.
masonkiller666 9 months ago 4
@masonkiller666 he doesnt know jack about how the economy really works, go read some history about usa around 1913 its when America was sold to bankers.
MrROTD 6 days ago
@MrROTD Yes, foundation of the federal reserve, jekyll island, etc. He supports ending the federal reserve. I don't get where you think hes wrong on this?
masonkiller666 4 days ago
Good to see I'm not the only person obsessed with keeping a positive balance! :D
And yeah, regarding the colossal deficit, there's a nice quote: "A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury". Sums it up perfectly.
Hayleyfire929 9 months ago
Don't be dumb Penn! Friggin What does Hippies have to do with Interest? Silly !
drealgrin 9 months ago
Actually, I would like to find out about the weather channel's bias. I'm not too astute to read into it.
HalfDemonThomas 10 months ago
Neurotic camera switching is nauseating.
hammerspark1 10 months ago
Right now the gov has negative real interest rates. Right now, the smart people with access to that gravy train are making a fucking fortune off this shit. How can you lose? OF course, the average asshole in the US can't get this rate, but the big boys can. OTOH, we could be facing serious inflation over 10% so it might be a good idea to load up on debt now and pay back diminished dollars, even at consumer interest rates.
christo930 10 months ago
Someone please tell me what the music is called that Penn is playing in the background!!???
wespayne67 10 months ago
Unfortunately too many people don't know Fox is biased 100% towards republicans and so is most of the media in Washington.even more unfortunately one such person happens to be the POTUS. He takes every criticism from them as if it's from actual reasonable people.
coladict 10 months ago
@punkwasher The problem is, most "regulation" passed by the US government today is bought and paid for by lobbyists representing the industries that are supposedly being regulated. It does NOT serve to prevent "corporate crime". It serves to give the highest bidding corporations competitive advantage.
WalkaCrookedLine 10 months ago
Why oh why, is there an ad for a "find god" book before this video?!
khwr0318 11 months ago
He's a little neurotic, just a little bit..
Stormwern 11 months ago
Credit Card companies and banks earn a lot by both, having your money and even more so by lending you money and you paying interest.
Christuserloeser 11 months ago
The problem is our entire monetary system is based on fiat currency. If there was no debt, there would be no money. If that makes no sense to you, then you need to learn what money is, what gives it value, & who controls it. Do a You Tube search and watch an excellent documentary called 'Money As Debt'. They don't teach this stuff in school so Penn you didn't miss anything. This is something you have to seek out to learn. Excellent post anyway as his way is the only way to game the system.
TheeLynnChase 11 months ago
Only problem, less regulation = more corporate crimes. There never was, and never can be a free market. 100 years ago capitalists complained about the new child labor laws, you can't tell me regulation is purely bad, some regulation is necessary and indeed enhances productivity and life quality.
punkwasher 11 months ago
Penn, I'd just like to express my SINCERE thanks for explaining the benefits of smaller government in a way that anyone can understand. When I started watching Bullshit, it really got the gear turning upstairs. I transformed from an establishment conservative to a much more libertarian (small government) minded man. I can now discuss politics and not just talk out of my ass. You're a pretty sharp and honest guy, don't let the fact that you didn't go to college make you think otherwise.
kestrel452 1 year ago
@kestrel452 The problem with explaining smaller government in ways that everyone can understand is that.. economics is an incredibly complex subject. Not everyone can understand it. You cant boil something down into easily explainable and relatable principles that is largely based on very complex abstract ideas without losing a lot in translation. This ultimately leads to people trying to apply simple solutions to complex problems (libertarians)... which is often a recipe for disaster.
mark1m 1 year ago
Gee, Penn is following my financial religion rule #1. Never pay interest on credit card.
dyingearth 1 year ago
i agree with penns statement
it dosent matter if we need or want something if we cant afford it we cant afford and shouldnt pretend like we can im looking at you liberals...even more then the republicans
zalmatra 1 year ago
i agree with penns statement
it dosent matter if we need or want something if we cant afford it we cant afford and shouldnt pretend like we can(liberals(
zalmatra 1 year ago
Most of the interest is owed to the Federal Reserve aka the government. Worse than the debt is the ability the government has to lend money to itself from no where. That's where new money comes from, increasing the total supply of money, and causing inflation.
If money wasn't an artificial construction controlled by the government and was instead something natural controlled by the market, we would live in a free society.
marktrade88 1 year ago
Wouldn't it be "92 cents on the dollar?"
Assaultpredator 1 year ago
i agree with the shit you talk about, but to be honest i just wanna hear more stories from your life, you're fucking marvellous!! :D :D :D :D
alywilliams1985 1 year ago
very interesting. ill have to keep this in mind
chunk347 1 year ago
Considering how many (all?) countries are running larger and larger debts, I look forward to the global banking system collapsing when they start defaulting on their loans. What are the banks going to do, raise armies and invade their debtors? And when the first countries start defaulting and others see that nothing really bad happens to them (at least nothing worse than paying 28% of their budget in interest), many more will follow suit.
jestempies 1 year ago
Yes ofcourse this is all the liberals fault...
Because we always want to give the rich tax cuts and we always are so eager to fight 2-3 wars simultaniously...
Seriosuly, look to Norway, Sweeden, or even Denmark. They are more socialistic than the US can ever be. They have more welfare programs than God and they are all fucking atheist.
YET, they are doing better than the US in almost every way.
Instead of making up a reason that will fit your ideology, look at the truth for once.
TheSaltyAdmiral 1 year ago
the truth is that whoever bankrupted the country did so through the threat of force. the truth is that regardless of what the politicians and bureaucrats spend my money on they have to steal it first. the truth is that government cannot create, it only consumes. government is a coercive force AGAINST the people it claims to serve, therefore it is immoral. democracy is majority rule, and there will always be a minority that is not represented. take away the power of the elite, educate their serfs
umbilicaltapeworm 1 year ago
@umbilicaltapeworm
do you listen to freedomain radio?
Assaultpredator 1 year ago
@umbilicaltapeworm
Democracy is the worst form of government except for all those others that have been tried.
- Winston Churchill
So I guess in your view, all tax is stealing, right? Regardless of what that money actually does for the society you live in. If that is the case our views are so far aprart this discussion is pointless.
Governments can't create? Moonlanding, The human genome project, LHC in Cern... but stuff like that is probably of no intrest to you?
TheSaltyAdmiral 1 year ago
@TheSaltyAdmiral
If a person does not voluntarily give of something that is theirs, yes, that is theft. Regardless of what great things you think will be done with it. If I take your property against your will to use in a way I think is best for mankind, I would still be a thief. Just because a group of people get together and call themselves "government" does not grant them special rights. A group does not have more rights than an individual.
uspc40 1 year ago
@TheSaltyAdmiral
Sure governments can and do create things. They are just terribly inefficient and wasteful. A free market (which man has never experienced, so don't think there is one now) and private enterprise would not only be much more effective and efficient, but give people what they truly want.
uspc40 1 year ago
@uspc40
I don't know, I want my money for nothing and my chicks for free...
Let see free enterprise deliver that wish list...
bigfatbaataed 1 year ago
@TheSaltyAdmiral regardless of what YOUR money could do for ME, or perhaps for "society", I still would not steal it. you own you, and by extension you own your labor and the product thereof. I believe that YOU are most efficiently able to spend YOUR money than anyone else, because you respect and understand what it took to create that wealth in the first place. in a free market the consumer is king; every unit of currency is an EQUAL vote for the entrepreneur who best serves his customers.
umbilicaltapeworm 1 year ago
@umbilicaltapeworm The problem with trying to have a free market now is that our entire monetary system of fractional reserve banking and fiat currency is corrupt. Hence the trickle down won't happen, because the criminals gaming the system do not want it to happen. If we could weed out the criminals and reform our debt based money, and repeal the Federal Reserve Act and the Glass- Steagall Act perhaps we could restore a true free market system where money represents something of value again.
TheeLynnChase 11 months ago
It doesn't matter if we need these programs, we can't afford them.
SO many more people need this attitude.
IHeartDenver 1 year ago
the music distracted me... penn's talking about how much Babylon's money game sucks, while I'm far off in groovy music land.
stfwho 1 year ago
your not stupid lol your videos keep me laughing and thinking at the same time! thanks for all the videos penn
novocaineproject 1 year ago
Your laugh is a little bit like Tiggers. :)
akrulla 1 year ago
sounds like Penn invented the debit card
puremilkgenius 1 year ago
Lovin the new vids. Keep em coming.
thetravelingboy 1 year ago 12
You may have mentioned before that the tax code isn't law anyway. - ain't that a kick in the balls - you have to file on wages and salaries with jail as a penalty to a bureaucratic code that is constitutionally unfounded (file anyway though - I ain't telling you to break laws that don't exist but are enforced anyway)
ObiWanShinobi1 1 year ago
@ObiWanShinobi1 "Amendment 16 - Status of Income Tax Clarified. Ratified 2/3/1913. Note History
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
puremilkgenius 1 year ago
@puremilkgenius And then subsequent to that the supreme court ruled that the 16th amdt granted no new powers of taxation (yes, it was upheld in the Brushaber decision, but the IRS never tells you that Brushaber was acting as a foreign fiduciary - which was valid before the 16th) - they ruled several times after that in fact that the 16th granted no new powers to levy taxes.
ObiWanShinobi1 1 year ago
Uhhh....do people realize what a minuscule portion of the budget social programs are? Cut every social program right now. It will be like trying to empty the pacific ocean with a tea cup.
GenerationB0RED 1 year ago
Comment removed
temujin1234 1 year ago
HOLY CRAP!! Teller had HAIR!?
greyed 1 year ago
Just rewatched Season 1 ep 9 (self-help bs). In the intro, Penn uses the northeastern garbulation "prollems" (problems).
Steeltrap carnie trash. :-P
SnarkLicker 1 year ago
Bullshit is the best show ever!! Dont cancel it!!
jayrocks1967 1 year ago
What's the song playing in the background?
Exofluke 1 year ago
We need to find some incentive for big businesses to move their resources back into U.S. borders. Whatever tax money that's left that we can repurpose should go into developing nuclear power and domestic oil drilling. Much of this debt we owe is to China and the Middle East. It makes perfect economic sense to become energy-independent. We've got more oil on U.S. soil that's never been drilled than all of Saudi Arabia. The bleeding heart eco-hippies are not letting us near it.
AnimaSeverem 1 year ago
You paid no interest during the long stretch but you got burned by inflation with rising prices, food and fuel which cost you far more than any interest would have. (don't use the cpi as an inflation measurement, it is bogus)
GomersRevenge 1 year ago
Your hatred of debt and interest is logical in a normal system. But with the dollar not being backed by anything since 1972, inflation eats the purchasing power of money to the point where savings is bad and debt is good as long as you can make the minimum payments. Borrow money NOT to consume but to purchase inflation by buying commodities and other related things. Its sad but government meddling has driven things to this.
GomersRevenge 1 year ago
In the unregulated markets of the 1920's you have the Great Depression. Same with 2008. It is a pipe dream to think that unfettered "Free Market" can be anything but Greed and Avarice. The American working middle-class pays for it and is made war upon by the Haves and the Have-Mores. The reality is that we do live in Class War. What side are YOU on?
LBurris597 1 year ago
A Pennpoint video is Parkinson's law in action.
drumrnva 1 year ago
you know what's amazing to me? the people who want to put something on loan even when they have the money to pay for it up front. how much sense does it make to get a loan for $30k costing you 6% interest when the $30k you kept in your pocket is only earning you what? 2-3% AT BEST? i'm no mathematician, but it seems simple enough to me.
arkansasrazorbackfan 1 year ago
@arkansasrazorbackfan It's artificial security. If you have 1k in cash and then spend it you have zero and can't sleep at night. BUT If you borrow the 1k to spend you STILL have the 1k in cash. Get it? ;)
cranie4 1 year ago
@cranie4 oh yeah. i get that and it even makes a little bit of sense to me. but i am talking about people with more than enough cash on hand getting loans for something even if they paid for it up front, they would be nowhere near emptied out. i mean how much money do you really need to feel "secure" when you OWN the assets you have? :)
arkansasrazorbackfan 1 year ago
@arkansasrazorbackfan That would mean saying there is such a thing as "enough" money :) I know people who take loans against money in savings for the credit ratings boost but other than that...I just don't get it.
cranie4 1 year ago
If you have to, you can live on minimum wage. $300 for a cheap but decent apartment, $1/person/day for food, or if you really picky, $2 (trust me, $2=eating like kings) $100/month for basic gas water and electric. $14 on personal hygiene and house cleaning. At $7.25 an hour, for 40/week, you make $1160/month, leaving you $744 after everything listed. More than enough for a few basic wants. I see know reason why any but the disabled should need more than temporary help.
delladex 1 year ago
@delladex Yes, because all the companies in America are hiring people (at full time no less) and everyone whose scrapping the help wheel would rather give up what they have already, and their education, for a bottom rung job and bottom rung living conditions. All 30 million people that don't have a job can do that. Also, you assume that no one has kids in you're calculations, medication, transportation to said job, ect. Also, $300 for a decent appt. that's available? You're kidding right?
scythedd7 1 year ago
the economy is like the digestive tract of a society....
...and usury is a big fat tape worm.
dayvidiot 1 year ago
right as always (mostly). now i don't feel so bad for my fear of dept
shnosmas 1 year ago
was that a bottle of water?!?!
wisenothing 1 year ago
Watch Zeitgeist Moving Forward..
Save The World..
Or Don't..
IloveJesusYesId0 1 year ago
Pen is wrong on one thing. Our country is full of fucking idiots not smart people you want smart go to japan.
darkdragonsoul99 1 year ago
HOLY FUCK. That sums it up for now.
tstevenpaul 1 year ago
music still too loud.
jimgrude 1 year ago
haha Loved the expression at 1:51
znirich 1 year ago
Is Apple paying you for product placement? Agree with your sentiments about debt though.
Dragon555 1 year ago
Please don't cancel bullshit -- it's my fave show :(
surgeyX 1 year ago 65
@surgeyX Where'd you hear it's going to be cancelled?
DaviJonezz 1 year ago
You probably should have just used cash rather than sending the cash to the CC companies... Sorta defeats the purpose, eh?
crusaders36 1 year ago
I hope penn is feeling healthy. Looks real dehydrated. The white tongue is a little worrisome as well.
poopyscoopy5 1 year ago
I'm on SSDI because I have multiple sclerosis, and it has caused various disabilities. The condition is genetically-linked with an as-yet-unknown triggering factor, and I'm not having kids because I don't want to risk passing this on. I did serve in the military, and of course I paid into Social Security while I could work, and even now I do what volunteer work I can manage. I'm doing what I can to minimize my impact and not be a parasite. What else am I supposed to do?
Keovar 1 year ago
Cute little story, I live in Washington State, Puget Power is my electric company. They went some years back to the utilities commission and wanted to charge 12% interest on late payments. The commission gave it a blessing extending it to them paying 12% on overpayment. Hell I cannot get interest like that at the bank. I started doubling my payments! after I was like $3000.00 ahead I started getting certified letters to stop sending money! They eventually stopped charging or paying interest.
stetsonwalker 1 year ago
hahahah i usually dont actually watch penn point cuz im doing something else, but i did today and wow that camera switch shit is annoying and pointless...and im sure the editor hates it too
darkinertia2 1 year ago
God the camera shifting kills me
poopyscoopy5 1 year ago
28c per dollar straight to China. Brilliant!
halinar1 1 year ago
Jesus christ stop swapping cameras.
sofiarune 1 year ago
Sucks for the military!
ckellingc 1 year ago
i love that photo of penn and teller,, really sexy both of ya !!!!!
AliceDDPfanYRG4LIFE 1 year ago
great message, too too too too much camera change
vision4DaY 1 year ago
@vision4DaY lol i was feeling dizzy
marcarmstrong88 1 year ago
Everyone knows that of all the trillions of dollars in existence only a small percent are physical printed bills. So what is the rest? Obviously debt / credit. When 90+ percent of the nation's money supply is credit you have outright slavery. You are forced into borrowing at interest because there isn't enough physical money to go around. Your government has legislated you into being slaves to private bankers. Then they expand & contract the credit supply to steal your businesses & homes.
VoteLib3rty 1 year ago
background music, why?
Aurorazasolamente 1 year ago
So much for the power of the "Free Market" theory of the Libertarians. Nothing is free. the Free Market is dead.
LBurris597 1 year ago
@LBurris597 It works well when tried. In this regulatory climate its not all that possible. The highest corporate tax rate in the world is not a "Free Market".
Pangora2 1 year ago
I love your videos, but would you consider switching between cameras a little less? I'm kind of getting whiplash...
yinyang555 1 year ago
Comment removed
stoutpig 1 year ago
I'd like to hear your views on the Bohemian Grove.
Also, I appreciate your ad space choices. You're not whoring yourself out to fuckin' Barbasol or Tide bleach.
CackSlop666 1 year ago
us give 38 billion a year to Exxon, the biggest most profitable company in the country (world probably). There is money, its just going to the wrong places
northernsupernova1 1 year ago
The only person who would disagree about the CNN being biased thing would be those douches on that young turks account who actually told SE Cupp that the media overall is conservative or not biased at all.
jhohcable 1 year ago
Instead paying interest, you are giving the credit card company an interest-free loan.
But it is good that you didn't pay interest on your credit card. But some of that money could have gone into a term deposit at a bank. Your money would earn interest while you were on the road, and you could make deposits against your credit card as you travel.
psb1964 1 year ago
In 2000 we had a surplus... fast-forward 8 years of republicunts government and unpaid/unnecessary wars and we have the biggest fucking deficit in the history of humanity...
'Merica!!!
Fuck yeah!!!
javixm 1 year ago
@javixm if you're only looking back to 2000 you're really narrow minded.
but I guess you gave that away with "republicunts"
MaxAC40 1 year ago
@javixm The debt was huge back in the 90s as well. Don't think it was only Bush that ran up the debt. And understand that Obama has run up bigger budget deficits so far in his presidency than Bush did in his 8 years all together. That should make you realize how this isn't just "the Republicunts' fault", but just as much the Democrats' fault. The debt is staggering and has been built up over several decades, but during the last decade it's been insane... It really is now or never for America.
dradeel 1 year ago
@dradeel well that’s just a plan lie. I’m in the UK and I even know that Obama inherited a large debt and he added to it yes, for sure. But understand one thing Bush’s last financial years would run in to Obama’s 1st year. Or by your logic soon bush left office, every contract he set up just stopped and Obama made all new expenses’? -Bush added FAR more to the deficit that Obama has.
One other thing deficit and national debt are 2 very different things.
marcarmstrong88 1 year ago
@marcarmstrong88 By that logic Bush inherited the economy from Clinton, and Clinton's success was inherited by Bush Sr. In all honesty the President doesn't influence the economy -that- much. I also don't think the man in charge of the country (any of them) should cry they inherited a mess. by 2012 and/or 2016 there'll be new Presidents. Are we gonna let them off the hook because they inherited a mess? Don't give them a pass until they fix it and stop passing blame!
Pangora2 1 year ago
@Pangora2 really wtf. "Economy"? we are talking about debt, and maybe including the deficit. but wtf are u on about mentioning the economy. im not wasting time with you. if u wana not be so ignorant just go on wikipedia.
FYI, government debt is passed on every term unless its paid off and the deficit is reduced to atleast 0.
marcarmstrong88 1 year ago
@marcarmstrong88 Uh-uh. 2009 was a mixed year where they actually both contributed to the spending (a stimulus was added by Obama), but Obama continued the high deficit the following year, a much higher budget deficit than Bush had during any of his 8 years. And as far as the total debt each of them has added, with projected 2011 spending, and controlled for 2009, Bush added 3.28 trillion dollars and Obama 2.82 trillion. By the time before elections, Obama will have dwarfed Bush's two terms.
dradeel 1 year ago
@dradeel there is no difference in republican or democrat they are both puppets of the same master and both are shit when we stop playing the left / right , rep/dem, game and realize our gov was hijacked years ago and all this shit was done on purpose then maybe we can start to eliminate the problems and hold the masters accountable.
wanabyastick 1 year ago
I don't like paying interest either.
mooxim 1 year ago
I see the biggest problem people have is they can't seem to distinguish between what they want and what they need. You then add on that most don't seem to comprehend living within their means and we get all kinds of problems.
XShrike0 1 year ago
Truth is, most of the current generation can't get their head around money, mortgages and credit cards mean there is a lot of "Theoretical money" out there that's hard to keep track of, misunderstanding and mis-informed people are the main reason for the '07-'09 financial crash, not just the greedy bastard banks, if there were more people like you thinking ahead we wouldn't be in such a mess
deanobeany 1 year ago
Smart people like Penn, who still use the word "literally" wrong, makes me sad.
bleunt 1 year ago
They are a bunch of hippies on the hill. What time do you think most of them grew up in?
sniper6081 1 year ago
So what does this 28% of interest mean? I understand the definition of it, but what does it mean for us and the gov't? Sorry I'm very naive and I don't understand economics very well.
ethanhuntersmith 1 year ago
@ethanhuntersmith if you are required to pay massive interest that money cant go to useful things..edu programs etc if you owe 5k on a CC at 21% the payment is more then $200 a month and most of it isnt the main loan youll never get it payed off.you wont have this extra money to buy what you need .but you may already know this
stompySharpNpointy 1 year ago
@ethanhuntersmith It means that 28 cents out of every dollar the government takes in revenue (from taxing us) will go to finance the existing debt. Every year that there is a budget deficit (government spends more than it takes in revenue for that particular year), that negative difference gets added to the existing debt, which as of January 2011 just got over 14 TRILLION, and keeps growing and growing...
The interest is paid to whoever is lending the US money, like China and other countries.
gte750h 1 year ago
@gte750h don't forget interest paid to the fed to borrow our own money.
wanabyastick 1 year ago
It's very simple. People don't vote for politicians who promise to take things away. They vote for whoever promises them the most pork.
Now we have a society where those like Paul Ryan and Rand Paul, who advocate slashing the budget, are looked at as radicals! How have we allowed responsibility to be branded as a radical concept?
BlipDesign 1 year ago
Penn, you did that on Penn & Teller's bullshit! You're crew got A3 sized print outs of dollars to be cut into strips representing peoples opinions of how tax money is spent.
Just thought I'd point it out to you buddy :)
I'll await a response disowning the idea. Keep up the vids
wezznco 1 year ago 2
THE WEATHER CHANNEL DOES NOT BELIEVE IN CLIMATE CHANGE!!!!!!!
:P
Tounushi 1 year ago
Hey Penn, There is a great Documentary out there call, "Zeitgeist Moving Forward". This is a shocking, jaw dropping, and eye opening documentary about the Monitory system.
Check it out on youtube. /watch?feature=player_embedded&v=4Z9WVZddH9w
mozeir 1 year ago
I'd rather have Penn running the U.S. than 99% of the people who do.
KDakota630 1 year ago
Listen: If we did not owe China lots of money, they would have blown us off the map by now.
coffeefish 1 year ago
Stop voting for Democrats NOW!
coffeefish 1 year ago
The Weather Channel is left-leaning.
blackchaosblood 1 year ago
Penn, you sound exactly like Dave Ramsey although Dave admits in his book "Total Money Makeover" he had his butt handed to him after he got out of college by a blue collar guy like yourself because his college professors taught that debt was a tool for sophisticated people. NO IT IS NOT!!! IT IS A TOOL FOR BANKS TO ROB YOU BLIND!!!!!! DEBT IS DUMB, CASH IS KING!!!
conservative608 1 year ago
Interest sucks when you have to pay it but not when it is paid to you (especially compound interest). Maybe this is why George W. Bush & Republicans wanted social security to be invested privately. I think that they scared people by wanting social security to be invested in stocks since they provide the most long term return but at the highest risk (non-FDIC investments). Hey libutards! How about investing social security in mutual funds, annuities or other investments?! Penn your awesome!
conservative608 1 year ago
Get out of debt and join the black market :)
Emil246 1 year ago
America loves having cool shit and having it now. America hates working for it and being able to afford it. We are royally fucked.
MagnusIan 1 year ago
You are SOOOO right, Penn. (Do you have A.D.D.? :D)
AkScoochy 1 year ago
The comment about hippies running the country isn't that far off. Much of the expensive social welfare spending is based off of emotionalism and feel-good mindsets instead of logic and common sense. We wouldn't have to spend so much on these programs if it wasn't for government factors that drove up costs for many Americans and if it wasn't for government follies that lead to unintended consequences like when the government felt everyone had the right to own a house they couldn't afford.
Infantry9 1 year ago 10
@Infantry9 What is costing us the most money is the two occupations and the military bases we have in every country we've ever been in. Those things hippies would be against.
By the way the government didn't tell the banks to do what they did they simple removed the rule that prevented it. Deregulate the banking industry let the banks make record short term profits and them to fuck us all in the long run.
darkdragonsoul99 1 year ago
@darkdragonsoul99
The gov. tried to back up risky mortgage deals which basically encouraged banks to go through with an excessive amount of bad deals resulting in the incident. When gov. tries to nullify risk factors, it promotes bad choices. The 2 big bases you talk about are only a fraction of the spending. It cost a lot but there's way more to the spending than just war like excessive bureaucracy and programs that wouldn't cost so much if gov. tried to enable people to fend for themselves.
Infantry9 1 year ago
@Infantry9 Sub prime loans and mortgage were illegal 50 years ago the interest rates banks and credit cards companies charge now were not legal period. Non of this would have been possible if those laws stayed in place. Yes I agree it's the government's doing but in my opinion it's because they removed regulations not because they were too involved.
darkdragonsoul99 1 year ago
Don't pretend to be so naive. The national debt wasn't a mistake, they didn't make any mistakes.... it's the bankers and politicians robbing the cookie jar.
onlywhenprovoked 1 year ago
the first step to get out of debt is never take credit cards & never take something on credit you can't afford to pay quickly.example at least two months after taking out on credit. never spend more than you can afford.P.S burn all your bloody credit cards & pay cash.if you want something,but is expensive.safe & buy it later.
CmdrSloanne 1 year ago
CNN is truly the most middle-ground of the networks (which is why they're often in last place--moderation isn't as exciting as Glenn Beck and his lunacy).
Don't forget this article on government overspending was found on CNN. Would you ever find an article about the death of the middle class on Fox News? Doubtful...
valleysap 1 year ago
PLEASESTOP WITH THE CAMERA SWITCHING STUNT...PLEASE!!!!!!
Viracocha711 1 year ago
Great video Penn, but to much camera switching your making me dizzy.
jmjay231 1 year ago
Libertarian. He obviously has not thought this out.. Thats all i have to say about that.
a300pilotster 1 year ago
This has been flagged as spam show
@a300pilotster "Libertarian. He obviously has not thought this out.. Thats all i have to say about that."
I dare you to make a dumber statement.
MagnusIan 1 year ago
i have all my bills paid ahead at least one month
theshaggyshow 1 year ago
Oh...I'm with you Penn. Fuck interest. I never spend any money that I don't have.
undisputedgreatest 1 year ago
Love your "starting out" stories.
Mahoivlich 1 year ago
2:36 ....wrong i do need to hear it, that's why I'm here.
scalp340 1 year ago
I once by mistake paid extra money in to my credit card and they went all crazy saying I could not do that. This was when I was at university doing Accountancy & Fincance BA Hons Degree too. Keynesian economics is needed sometimes but perhaps not always.
xecutey 1 year ago
use bitcoins ^_^
cosy18 1 year ago
I 100% agree with the point pen is making hear; very simply goverment should live within it's means or even better run a small surplus for a rainny day. Such as when we have another banking crisis. If you have any idear what the cost of the state borrowing money has to the average individual then you can see it make sense.
bobhob35 1 year ago
Penn please dont call yourself stupid. Your a self made millionaire. If you're stupid I don't even have a word to describe myself. please dont take stupid from me.
fleury150 1 year ago
Strange though, that one of the better solutions to the problem is the "hippy solution".
Legalize Drugs!!
RandomWalker39 1 year ago
It kind of seems like the government needs to take control of its moneymaking operation and yank all the strings back home. America is broke because every job in America is currently being worked by someone in another country. I don't think our government should be mollycoddling these corporations with tax breaks if the corporations aren't even going to do the government the solid of employing its citizenry.
SnarkLicker 1 year ago
@SnarkLicker
What? First off, the government does control it's moneymaking. We have fiat currency which is one of the main problems right now. Second, hyperbole doesn't make your point. Pretty ridiculous to blame corporations when American corporate tax rate is one of the highest in the world. We should actually be thanking corporations for not leaving our shores. Government does not create wealth, it destroys it.
ButterflyDragon9 1 year ago
As long the world has a system based on money lending the interest will never go away and always increase....
mormegil231 1 year ago
Penn for president.
jimmyrich1 1 year ago
Teller didn't look too impressed in that renaissance fair picture. Does Teller have a youtube? Wish him the best from me.
Teller is the only mime I don't hate :3
LegendaryAsshole 1 year ago
Would be cool if I could see you guys a a renaissance fair but I was a baby in the 80s.
BlueLotusSC 1 year ago
with what interest rate are the 28% calculated?
most projections by economists I hear at the moment are ridiculously low