Robert Reich Explains the Credit Downgrade

[NefariousBanana]

What the fuck is this Neo-Keynesian garbage?

[AngelKay7]

Geez, I'd hate to see what a D- would look like :S

[TheCritizen]

0:44, "Sorry america we wont be going to (...)" what did he say there? I cant seem to hear it

[gigaboy47]

@TheCritizen bush gardens?

[fatwalrus23x]

no not long john silvers

[Robertcp12]

I sorta like A+...

[palisandr123]

nicely read Robert

[NicoFication]

why does "bark" mean cat??!!

[uniconism]

@NicoFication Wrong vid:P Watching the playlist?

[G1998ish]

we also need new hampture for next week

[G1998ish]

wait what happens to applebees

[only64blocks]

I'm from Canada, I know Kate Middleton, it's sad to se they got covered in water. Their economy sunk faster than the titanic (metaphor).

[MuchMoreBroccoli]

Were is triple a minus?

[MrDizzySpinda]

@MuchMoreBroccoli In the toilet that you had to exchange for an outhouse as you can no longer afford indoor plumbing.

[perfacetus]

America has to move back in with England, lol. Best line around.

[origami41o]

no!

u cant move back in to our house(england)

we'r a tiny contry

[V3RYxSP3CIAL]

This video is funny only because he says were in debt, but we should continue spending money

[Coolgirl358]

My English teacher actually showed my class this. Explained it SO well!

[besteverbman]

What the hell happens when he says treachers?

[CaptainCocaine]

327 people understand that excessive public spending was largely at fault for the credit downgrade. I'm sure many others knew it, too, but they, like myself, at least still found this hilarious.

[1234yersiman]

This was really funny to my dad who is an economist by training!

[redDragon424]

In my opinion one of two thing will happen, the 99% hippies will gain so much support a second civil war is brought about. And on the other hand china could decide we haven't been kicking back enough money and go to war with us. And on a third hand the hippies could start the war and the china would see weakness in us and attack.

[TheJimmyJimmyJimmy]

@redDragon424 I'm not great at maths, but I'm pretty sure that's three things, not two :/

[frankafru]

He teaches at UC Berkeley!

[c00lizz]

Brilliant!

[TomaCukor]

too bad its not our dept, its the bankers' ... we are just to pay for it

[SeniorBigJew]

Dont stop public spending. U liberals are dumbasses. Thats wgat got us in this deep shit. We now annually spend our national debt, putting us in debt even further

[Guthrie7777]

@SeniorBigJew Not sure if trolling, or doesn't understand humor.

[samplingrate]

Every time he said "Treacher's" it sounded really weird on headphones. What, did you have to overdub him saying penis or something?

[mahadaalvi]

I feel so educated

[iiPETEY]

........gross.

[angelmarine1292]

So the end message is "Don't stop spending."

WE ARE 14 TRILLION IN DEBT! WHAT THE HELL IS WRONG WITH YOU?!

[aashrayajha]

@angelmarine1292 pfft...you republicans.....

[angelmarine1292]

@aashrayajha I'm not a republican. I just recognize you don't get rid of debt, by spending more money. That's completely fucking illogical.

Pffft... you liberal peons...

[aashrayajha]

@angelmarine1292 lol, true, true...

[qwis96]

Obama ruined us

[WoodstockVevoNOT]

@qwis96 The death of Kennedy ruined us...

[guymee]

@qwis96 bush ruined you USA people and obama made it a bit worse

[xToony]

Are there 2 BBB-'s?

[TheReasonWhyGuy]

the moral of this video is bullshit...

[WingedSoulies]

Give money to the rich, you know it will trickle down to the middle class

Trolololol

"Wait what, you wannna go to the bahama?, lemme cancel my appointments"

[syfygeek43]

It is a joke people calm down

[brownsindianfan]

Let's jut spend and print money forever. That will surely make our credit rating AAA again. Robert Reich is an idiot.

[UndeadClown95]

@brownsindianfan *facepalm

[TyberZann22]

@UndeadClown95 @brownsindianfan Oh wait here's another idea. We should take Bibini Bottom and push it somewhere else!

[nokonoko90]

At F Ben Bernanke will ruin apple pies forever.

[9999able1]

BB- could have been better

[toberses11]

was that college humor being political

[millaxcc]

so basicly, you spend money on stupid shit ?

[ArgentDawn55]

Hes wrong

[naitomeaichiban]

@xtcarnage15586 As if mate; Korean War, America>Korea; China>America

Vietnam War, Hard to say cause America killed way more people, but was sucking itself dry, you didn't lose, but u sure didn't win, not even close considering Saigon becomes Ho Chi Minh

Gulf War v.xxx (aka War on Terror), America hasn't won, they are winning, though as Vlogbrothers have said you can't ever win such a war

[hoiheyyodude]

HAHAHAHAHAHA! ... i don't get the joke...

[tiastarz13]

That's my professor! Also - Robert Reich is the father of Sam, who produces College Humor videos =D

[CUNTOLEDO]

HOLY SHIT I FORGOT HOW FULL OF SHIT THIS GUY IS BUT I DON'T WANT ARTHUR TREACHERS. FOR FUCK SAKE NOOOOOOOOOOOOOOO..........

[coyotx]

Canada and Mexico is separated by an ocean....

[GabinRevolution]

Never been to those restaurants...

[gilkwad]

don't cut public spending? brilliant! spending more by taxing more or increasing the deficit or both with help america's credit!

[DerAggel]

314 people forgot the meaning of the thumbs up gesture

[CAC701D]

@DerAggel lol normally I hate people who do comments like this, but that was actually clever. Bravo.

[NerdDUBstepO]

@DerAggel 334 PEOPLE EATS BEN BERNANKE'S 'CLAM CHOWER'

AKA

SEA-MAN'S SOUP

[zmarsella]

do we die at Z+

[EricGrain]

@zmarsella No... then Arbys becomes the WhiteHouse

[djnemie]

I live in New Hampshire and i wouldn't mind being shipped over to china if it gets me away from those damn Massholes.

[daynap11]

Can someone sum this up seriously didn't get it and don't go tryin to get all smart ass with using big words that you know you would never use in your everyday existence

[JosephBr0seph]

Robert Reich the third.

[PICCOLOstalin]

Robert Reich.

Is he the Third?

[robbiebillyross]

god knows what will happen when they're downgraded to CCC+ :O

[Farismaster1]

@robbiebillyross We will be forced to call Justin Beiber our president...everyone else is too embarrassed to be the president....

[magmos]

@robbiebillyross Chuck Norris dies.

[MAKKEBAKKE]

Why was the sounds messed with when he said "Arthur Treacher's"?

[Snaglpussatgmail]

Robert is so serious it is humorus...thanks for the levity

[Kickasss119]

i love you robert reich

[maltesePigeon1]

I miss when he was in treasury. Clinton best president ever!

[reilly1288]

...gross

[Smann54]

Lol

[CIVDC]

Forget the politics and just sit back and watch a moderately funny video.

[NinaParadiso]

Weirdly engaging..

[theAndyblock]

Too bad Jobs died...

[Mcstroke57]

lol Deus ex music

[cheefybeefy]

not only john's tan will be repossessed but my intellect will be also by watching this video

[griffinshaffer83]

That was fun

[JOrgeLUisBUstAmove]

i like how i came to watch collegehumour and ended up watching timothy wayyy better lol

[soccerkid360]

have you ever been to benny's chowdah shack???...shits delicious

[glitch417]

@Adroumoi lol no just correcting a top comment..

[bozzy446]

BUT WHAT ABOUT BOOMER!?

[6663000]

I feel like Robert Reich could be a hypnotist, great voice.

[SisOwnz]

REALLY BRO, REALLY???? You need to learn how to make good videos. Take me for example, atleast they're interesting. unsubbed. :D

[yurianne07]

robert reich?? he had some time on his hands making a video for the internets??

[dkgnero]

too bad we lost Jobs

[severelyberserk]

Hey, folks! Come check out my very own variety of comedy videos! They are yours for your enjoyment!

[lookiss3]

I don't feel shocked.

[oelergodt]

First of all- weird that ColleHumor posts this.

Secondly, both sides need to face reality.

The US credit rating was almost exclusively downgraded because of the large debt.

Nobody will regain confidence in your economy before you get your budget in order again.

Interest on government loans are effectively taxes. Increase your actual taxes by a little instead, cut spending and get rid of those loans (i.e. nontransparent taxes). It'll hurt now, but it WILL ONLY get worse if you don't do anything.

[VinnyMB25]

@oelergodt why do you think the approval rating of the U.S. congress is 12%, its because they disagree with each other over everything and thus get NOTHING done... what you said is true and most informed Americans would agree with you.. it's our congress refusing to be bi-partisan that is getting us deeper in this hell hole....

[noregrets92]

You Americans think you won, but we, the British, know we shall be victorious thanks to our overwhelming patience. Why else do you think we're so good at queuing?

[Taytersjenks]

that wasnt so shocking

[MrTerraBubble]

1. Turn on transcribe audio

2. 0:57

[lukassnakeman]

how is bonefish grill better than red lobster??

[TheSteeeeels]

if every debt in the world was paid in full there would still be a massive interest from all the loaned out money which WOULD BE LITERALLY IMPOSSIBLE TO PAY BACK because there is no money left to do so

[mota9110]

Here's a thunk, don't tax the guy who hires people and puts them to work. Cut the BS of social medicine until medicine really becomes about saving lives and not driving Porsche's. Drill for oil so we can go from 4.50 /gal back to .89 / gal. And finally - cut the salaries of politicians until they get their heads out their ass. That goes for Dems and Reps. Im looking at you Congress. Cut the shit.

[houstondodgeball]

There is some job growth now, but it's slow. Public spending won't create enough jobs for everyone (not even close) so stop spending. 99% of all businesses in the US are small businesses. Let THEM create jobs, not the government. The average financial dip/recession lasts about 5 years (not counting the great depression, 10 yrs). So that's 2008-2013 theoretically. We should be on our way out by 2014 (gain a little breathing room). Perhaps the gov't should use mint(.)com like the rest of us.

[uch]

if america spends less, there would be lower jobs, ofcourse america needs to spend wisely..not less

[yelloyo]

@uch Government doesnt make jobs, businesses make jobs!

[ForTehLULZK]

@yelloyo fail, actually government's do make jobs.. bellend

[electrojacks]

I'm pretty sure he was being sarcastic about the part on spending... It's what Obama continues to state is the right idea--that could have been the first obvious sign that it was a bad idea.

[tf2fan006]

that would be gross and trust me i know what gross is MY LAST NAME IS GROSSER!......ooh no they know to much!

[arsenalfanshukri]

people spend money = economic growth. a simpler version, many people spend money = good. thats the basic rule.....but america is kinda fuck up now (their economy) so i think nobody actually know for sure what to do to stabilise their economy in the long run. i hope that one day people wont look at this video seriously.....

[ConnorRDodge]

yes we dont want that chowder we also dont want osama bin laden to come back from the dead

[3zek1ll]

In Canada things are awesome :)

[FreshPotatoMafia]

@3zek1ll You don't have any "Tea baggers"

[theelephanttaco]

@3zek1ll accept it has no party college life

[fuckthegypsies]

@3zek1ll and in america we're not gay like canada... what do you think aboot that eh

[TheSparkleBrigade]

The idea is that if citizens stop spending money (in their country) it freezes economic growth because there isn't any currency circulating the country. Hence why stimulus bill are sometimes needed, having a little money everywhere eventually leads to economic stability. While having moderate amounts frozen in different places doesn't do anyone any good.

[Amadeus5150]

@TheSparkleBrigade Broken window fallacy. 

[angel163168]

this just sound like a college grad

[aFaceInside]

PHENOMENOT

[PianoClement]

Visit my chanel, video piano blues ! thank you



[tenkikun]

Isnt Canada already ashamed of America... a canadian get Mad if you call him her a American

[iDoCoverzzz]

@tenkikun canadians dont get mad ;)

[goodgodzilla]

Brilliant.

[oldworldleprechuan]

where's AAA - ?

[beckslemon10090]

@oldworldleprechuan ...idiot

[thurnishaley8CR]

THE ANTHRACITE MUSEUM. AS IN LIKE IN SCRANTON? Duuude. Highlight of the video. Not that stroke victim doing a Morgan Freeman impersonation. About global impulse buying or whatever.

[EdExceLee]

This is keynesian economics propaganda disguised as harmless satire trying to sugarcoat and desensitize the public into thinking the credit downgrade is no big deal. Don't relax people, the worst has yet to come.

[Happypast]

@EdExceLee Oh lighten up party pooper. You don't want to belong to the category of people who take their opinions or beliefs so seriously they can't even take a joke do you?

[rainbowofhazes]

for those wondering about "don't cut spending"; if you cut spending you gut off demand, decreasing the incentive to produce, leading to more layofffs which will in turn cause people to spend even less. The obvious important factor is spending with sense, investing in durable goods instead of buying cheap stuff from China which will fall apart in a month or useless luxury items.

[hicabicapo2]

YES WE SHOULD TOTALLY SPEND MORE TO GET OUT OF DEBT, I REALLY REALLY.....dont see how that makes any logical sense....eh but what the fuck do i know

[livin2myownlamp]

@hicabicapo2 spending more on education and what not creates obuisly better education the more educated our kids our the more inovations will be produced and the more innovations produced there is a huge bussniess boom making the economy do really well its like a circle or its like lay a way pay a little now get what you want latter of course we could always cut the unnecessary like military/defense or maybe raise taxes on the top 10% and corporations

[RabiesBunny]

@livin2myownlamp

Holy hell, you had better be a troll.

[ShatteredDreams888]

@hicabicapo2 because you need to make the dollar more valueble

[ChingChongZhong]

@hicabicapo2 If you spend more on buying stuff, which means the businesses will get more money, which means the government will get more money to get out of debt

[xhackmasterx]

@ChingChongZhong That is exactly what our U.S Governmnt teacher told us, more people need to understand this instead of thinking that by not spending we can reposes all of our funds, ITS NOT THAT SIMPLE!

[andrewcow108]

@hicabicapo2 its because if we spend more, businesses will become more, companies will get more money, not only will this boost the stock market but also make more jobs. Jobs and high stock are always good:)

[themina11111]

@hicabicapo2 to give other businesses more money to raise their economy which will result better economy for the country eventually or something. idk

watch the south park ep

[hensomm]

@hicabicapo2 People believe that it is smarter to spend more money to make more money...

[iloveonlyoana]

@hicabicapo2

that's how they did it back in the 20's

spend money to create new businesses and jobs and such

[Lighthouse418]

@hicabicapo2 Idk if your being serious or not but...

Middle Class guy's money --> Supermarkets money --> Bigger company's money ---> Goverment Treasury

While all 3 pay taxes

[dariokustura]

@Lighthouse418 The goverment has milliosn and milliosn of unused money. Or they spend it on things they dont need.

[jeanismohamed]

@hicabicapo2 because this video is realistic. 

[florryworry]

@hicabicapo2 Because If the government spends money, that means people in the US get money which they will use to buy shit at stores then those stores will hire people to serve the people buying stuff. The people they hire will get paid and start spending money at other places. This creates and maintains jobs. People with jobs pay taxes and taxes pay off the debt. What the US should not do is spend money when the economy is fine THATS when u gotta cut spending to create a buffer for crises.

[ThisIsEasyStreet]

@hicabicapo2 watch "South Park". They have an episode that explains it... and makes fun of it at the same time.

[Truthiness231]

@hicabicapo2 Well, lol technically it's true (though I do see how it does sound oxymoronic at face value): we have to stop spending money on costly/no gain things like *cough* wars *cough cough* and spend it on things like new factories and scientific endeavors and job training for the workers we need and help for small entrepreneurs that use those previously mentioned things to make new jobs/products/services/discove­ries that make our society better.

Or in short: it takes money to make money.

[picorettte]

@hicabicapo2 the more people spend, the more industries products = the more they hire, the more they hire the more money they give to more people, the more people have money the more they buy etc etc... so in theory it makes total sense actually :)

[twuzinkees]

@picorettte ideally it does, but in times of uncertainty, people save more, not spend more. things need to turn up before people will feel comfortable spending again, thus stimulating the economy. economics. :)

[TreJ112]

@hicabicapo2

[TreJ112]

@hicabicapo2 When a government injects more money into the economy, it gives banks more money to give to the people, if people are getting more money they will spend more on retail items. When they are buying more things from large companies, the demand for items will increase and so the companies will then have to buy more goods from their manufacture. This in whole, creates more jobs since companies need more people to work. Thats pretty much the idea. So yes, it does make sense.

[MrDarudin]

@hicabicapo2 well .......to get out of debt you should first get your economy going . There is no point in saving money if you economy does collapse in the meantime . First stability is needed so that the government can than go on and start saving . It's the same for loosing weight . If you simply cut out all the fat with a knife you will die .

[BryanObryn]

@MrDarudin uhh yeah but a better metaphor will be if your overweight eating more food is not the answer. how many stimulus packages will need to fail for people to understand that? the only thing that does is make our currency worth less and give us a short term artificial spike.

[logan48227]

@BryanObryn But, in the terms of your metaphor, starving yourself to death isn't the answer either. You don't need to stop eating, you need to stop eating junk food. America doesn't need to stop spending altogether, it needs to spend smarter. Stimulus packages aren't the long term solution, but they are a better alternative than just letting the economy collapse.

[BryanObryn]

@logan48227 you guys really need to get your metaphors right. first, "starving" the country of Federal spending wasn't my position. there are plenty of things that the government needs to spend money on, a lot of salaries depend on it. Second, it assumes the economies only way to be "fed" is through the government. we all know private companies create more jobs and spend money more wisely than the government does.

[logan48227]

@BryanObryn Private companies create more jobs, sure. But spending more wisely than the government......doubtful. If that were the case, my friend, then banks & auto companies wouldn't have required a bailout.

[BryanObryn]

@logan48227 we are talking about the U.S. government right? The 15 trillion in debt U.S. government, and why would you bring up the bailouts? that in and of itself is wasteful government spending. in a true free market, businesses don't get bailed out by the government.

[logan48227]

@BryanObryn You are absolutely correct. But my point is that if we already agree that the government has wasteful spending practices, then what does it say when private companies mismanage their finances so badly that they need to run to Uncle Sam for money? Its like needing a loan from a meth user.

[BryanObryn]

@logan48227 eh, well not everything is perfect, the point is, if there weren't any bailouts (and there should not have been) then businesses would have no choice on whether or not to be responsible, because if they are irresponsible, the market should make the business fail. the government on the other hand, always gets a bailout by increasing the national debt. thats why things like the war, social security, (which i know i won't be getting) and several other government programs

[BryanObryn]

@logan48227 aren't sustainable, yet they still get funded, so yes. i do believe there are businesses that spend more wastefully then the government, but I also believe that those businesses should go bankrupt, it wasn't a large amount of companies that got bailout money. so I don't think it's a fair representation of all businesses, but i do think the government has a more consistent record of wasting money.

[logan48227]

@BryanObryn I agree that in a free market economy, businesses shouldn't get bailed out. However, the damage was already done, and that's why stimuluses(if that's even a word) were needed. Once bankers ordered their hired politicians on both sides of the aisle to bend over & open up the treasury, something had to be done to keep America running. It wasn't a good choice, but it was the lesser of 2 evils IMO. But I can just agree to disagree on this. Its not like we can change it now....

[Blackandwhiteopal]

@hicabicapo2 You dont know stuff indeed...

[hicabicapo2]

@Blackandwhiteopal alright to everyone that has raged my fucking box with ignorant ideas and thoughts. Do any of you know what the value of our dollar is based upon? Faith in the government. How do you guys plan to create more money? OOOOOOOOoooo thats right you want to print more money cause you think thats alright cause its just paper right? Give me a fucking break and go read a micro and macro economics book. You cannot just throw money at a problem and hope to solve it.

[hicabicapo2]

@Blackandwhiteopal also to everyone who had the fantastic idea of taxing the 10% of the wealthiest corporations and population could you please pull your head out of your ass. Corporations create jobs based upon the fact that they make an increasing profit to sustain an added work force before the addition of a new worker only wastes their resources and time. And yet you feel it is wise to take money away from those corporations and give it to our corrupt government to spend. Really?