Michael Hudson: GOP Cries Wolf on Debt Ceiling In Order To Impose Radical Pro-Rich Agenda

[DavidByrne85]

We're watching a coup.

[911sc1982]

RON paul is everyone's LAST HOPE ! ! For truth and honesty in 2012 Go Ron Go ! ! !

[pretorious700]

Interesting how someone as intelligent as Dr. Hudson can get something so wrong.

[xudnoxaj]

@pretorious700 

do elaborate?

[jjlinert]

Obama is always giving in to Repubicans. No compromise - completely submitting to repubicans demands.

(Either he is afraid of them, or he is more conservative than we thought.)

[nowaynohow26]

@jjlinert or he and the Democrats are bought out by the same people which is more plausible.

[vechorik]

Who voted against raising the debt ceiling?

95 Democrats and 66 Republicans exactly - voted against the bill

The US credit rating was downgraded because the bill didn't contain enough cuts.

[MrFlashInvader]

The USA is spending an eye watering $2.5bn a day (Yes a day) on fighting wars when the USA is not even under attack but they don’t seem to put that on the table when they talk about debt spending and stopping people pensions who have paid for them all their lives.

See Full story on FlashInvader,com

[joereidy3]

Obama supports Reid's plans not the Republicans.

[Chrisiswrite]

Uhm I know what he's trying to say but some of this is wrong. Obama has repeatedly bashed the cap and balance and threatened to veto it. Relax Obama is lying through his teeth and won't cut shit. These "projected" cuts will never materialize. It's all a show

[wisdomtrek]

They've pushed and pushed and pushed and garnered nothing in recompense save the benefit's of there villainy; to wit THEY'VE RAPED THE BODY POLITIC BLIND. They now, they now they've pushed to far have the massive increase in the LETHALITY QUOTIENT, the militarization of this paramilitary state. Fuck The United States of Israel.

[zalamander8]

The American people have proved themselves time and time again

to be like innocent little lambs, when it comes to the harsh facts of neo-liberalism.

[nwjaney]

I would have liked to have seen Obama reduce mortgages and go 'Die Hard' on Wall Street. Is there a bigger pile of mess any incumbent president has had to step into?! I voted for him not because I thought he was Santa Claus and would carry out my every wish and desire but because, given the alternative, he was going to come the closest. And he still is the best promise I have of that!!

[borntobelegend]

Democracy now supported Obama when he was campaigning for president.

[insteally]

@borntobelegend just about every one of my fellow libs did. we had no way of knowing what would happen. he seemed so promising. :(

[gambit1357]

@democracynow - is there a part 2 to this video??

[bajaman52]

what a crock of shit-  who can take these loons seriously.

[Seffo]

@bajaman52 Give some arguments

[winner502]

the cia and fbi are floating undercover operations threw these companys.

to collapse them would bring the froth to the top.

to coverup and destroy

welcome to the usa.bernie madoff was let go on purpose.

[haberstr]

Yeah, what about that Obama promise to do something, anything, about the foreclosure crisis? Guess he forgot.

[toknowandgrow]

STOP GETTING IN YOUR BALLOT BOXES AND GET IN THE STREETS!!!!!

[Licmycat]

I'm reading "$700 Billion Bailout" by Paul Muolo, who must have seen this a long time ago. And thru Frannie Mae and Freddy Mac our gov. has went into the stock market and become it! This is insanity-completely immoral insanity! We're being eaten by Mammonites???

[Toa41587]

ATTENTION ALL DEMOCRATS AND REPUBLICANS!!!!!:

ATTENTION ALL DEMOCRATS AND REPUBLICANS!!!!!:

ATTENTION ALL DEMOCRATS AND REPUBLICANS!!!!!: BOTH OF YOUR PARTIES SUCK!!! That is all.

[etramway]

Michael Hudson for President.

[agrover99]

The reason we got into debt is becaue tax collections do not meet expenses. Cutting expenses will cut tax revenues due to lost government employment (taxes paid by worlds largest employer - the US gov't); the loss of bloated government contracts and the resulting tax collections from their profits. etc. The expenses has to be cut but also revenues have to be raised on the thief executives of fortune 50 companies who have monoploy power, pro atheltes and celebreties. Math has to work.

[2010GOP]

@agrover99: Revenue hasn't decreased. Spending has increased ... astronomical increases in the past 4 years, particularly in the last 2. THAT is the math that doesn't work.

"After Bush tax cuts, from 2003-2007, 8 million jobs were created, average salaries increased significantly, and revenue increased $785 billion -- the largest 4 year revenue increase in American history" - US Treasury, US Labor Bureau

Chew on that

[agrover99]

@2010GOP That was all borrowed money. During Bush period the debt rose! If you can pull off creating jobs without increasing debt, then you can bank it. If your creating jobs by raising debt its like using your credit card to buy starbucks. The average salaries increased against a declining dollar. The swiss have high taxes, sustainable debt/gdp a strong currency and low unemployment. We are paying for the bush tax cuts now...

[2010GOP]

@agrover99 WROTE: "During Bush period the debt rose!".

CONGRESS controls the spending/budget:

It took 6 years & massive expenditures after 9/11 for Bush/Republicans to raise the debt $2.7T.

It took only 4 years, particularly the last 2, for Democrats to raise the debt $6 Trillion. That is more debt in just 4 years than ALL debt accumulated from George Washington thru Bill Clinton. Get a clue

Since Japan just lowered corp tax rates, the US now has the highest in all the industrialized world

[etramway]

@2010GOP Government collects revenue via taxation in order to fund public goods. The GOP is perfectly happy to eliminate public goods that support workers as long as it can continue to shovel funds to its friends.

I predict that the American people will not sit by while democracy is foreclosed upon.

[2010GOP]

@etramway: <--- Brainwashed & Clueless

I wonder why CitiBank & Goldman Sachs SUPPORTED the so-called "financial reform" bill, Dodd-Frank?

July 12, 2011: "High-powered K-Street Lobbyists found loophole enabling them to give $50 million to senators and representatives .. biggest spenders were Chevron and Wal-Mart .. Nine of the top 10 recipients were Democrats"

Obama slush-fund: Billions to "select" pension-receiving corporate retirees for their 'personal' bank accounts

[etramway]

@2010GOP I am brainwashed? Look at your handle dummy... did you even listen to Hudson? Both political parties are fighting against legislation that improves free markets. Teddy Roosevelt was forced out of the "GOP" because he resisted turning the country over to the rich. Enjoy the kabuki theater of gay vs straight, white vs black vs brown, christian culture wars... meanwhile, the progressive era is being rolled back. Social Security, Medicare, public schools and worker protection vanish.

[2010GOP]

@etramway: You're unable to think rationally & logically.

One Example: The Dept of Education has only existed since 1979. It has now grown to 4,500 employees w/average salaries over $100K. The Fed Govt taxes the states, the money goes to D.C. to cover the cost of the Dept of Ed, the leftovers returned to the states/schools who actually "teach" (and for less salary).

We had smarter kids before 1979 but we could never rid of this D.C. money-pit .. it has the word "education" in it.

[etramway]

@2010GOP so your saying... we should eliminate the federal government and let local governments provide whatever they decide to provide... is that it? Your other "rational and logical" statement was that somehow kids are not as "smarter" as they were in 1979... somehow mankind is devolving. You are a credit to your political party!

[2010GOP]

@etramway: What I'm saying is to read the US Constitution. The Federal Govt's power is limited .. and for very good reason. In addition, I'm pointing to one of the giant Govt bureaucracies, in this case the Dept of Education, whose value is not recognized. I claim "mankind is devolving" because of them? Grow up. Give some specific examples of what the Dept of Education brings us that justifies 4,500 employees w/average salaries over $100k.

[etramway]

@2010GOP Does the U.S. Constitution allow slavery? Is it a magical document that promotes the welfare of all people? Where in the magical document does it grant the power to establish a military base in nearly every country on the planet? Where in the document does it grant the power to have the Food and Drug Administration? "Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative."

John Stuart Mill

[2010GOP]

@etramway: You seem to have the mentality of a grade school child. The US Constitution gives Congress only 17 'specific' delegated powers. Of those 17, taxpayer funds are to be spent only for such things that promote the general welfare for all -- not a chosen few.

“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of spending, on objects of charity, the money of their constituents.” - James Madison

[etramway]

@2010GOP @2010GOP So your revered document does NOT grant the power for a central bank, interstate highway system, aviation administration, social security or medicare, food and drug administration, department of education... and the list goes on. Are you saying that you desire to return to the good old days of the 18th century? I'll bet you dream for the day when the King puts this "worker revolution" down once and for all! Only a child's mind reveres documents and worships magical people.

[2010GOP]

@etramway: It's really no surprise that you're unable to respond intelligently. Try reading & actually comprehending my previous comment & then reread yours. Perhaps if you try really hard, you'll understand why your latest comment made no sense. If you still can't figure it out, get a competent adult to review with you.

[etramway]

@2010GOP Quit while you're behind GOP! You obviously do not understand anything about the role of government in society, other than what the Koch brothers tell you to believe. Just curious... what do you think of the Christian Tea-Bagging terrorist in Norway?

[2010GOP]

@etramway: I understand a lot as I have studied American history for many years. You're lost on the very basics, kid. "Koch"? You mean the corporation who received no bailout & is not taking any taxpayer money from Obama's slush-fund, unlike Obama/Dems' favorite corporations?

As far as the terrorist in Norway, most people with fully-developed brains understand there are nuts in every group. What are your thoughts on the 17,500 deadly acts of terror by Muslims just in the last 10 yrs?

[etramway]

@2010GOP Koch Industries does not do any business with the government? Do they know this? Do you think we can get them to repay the government for the trees they cut down? Didn't Stalin give Koch its startup funds?

So people who kill in the name of some religions are "nuts" or maybe even freedom fighters or commandos... but if they kill in the name of a religion you do not like, they are terrorists? Is that right? Just want you to show everyone on youtube the brilliance of GOP ideology.

[2010GOP]

@etramway: Your stupidity is hysterical. Are you truly so stupid as to not know that many, many corporations receive Govt contracts? Strange your focus is not on GE who received bailout money, paid no taxes last year, still receiving money thru Obama's slush-fund, and whose CEO is the head of Obama's 'Economic Advisory Panel'.

Let us know when the Fed will repay states for land they seize & trees they cut.

Terrorists don't have to have a religion -- most terrorists do though. Islam

[etramway]

@2010GOP So you are saying it is OK for the Koch brothers to steal from the commons because GE does it too? Why would the Federal Reserve repay states for seized land? When did the Federal Reserve ever seize land?  I would say that you have demonstrated your ideology well! Your postings could be included in the platform of the GOP! It is amazing what a 3rd grade education, a bible and basic cable news leads to. I'll bet a nickle that you are receiving a monthly check from the government.

[2010GOP]

@etramway:  Like other corporations who receive Govt contracts, Koch provided a good/service. Why are you equating that to GE who is simply being handed money via Obama's slush-fund? Newsflash: The Fed Govt owns 650 million acres across the nation. Thanks for displaying your stupidity on yet another subject.

Obviously, w/my support of welfare reform, I receive zero from the Govt. People need to get off their asses & educate themselves, like you. It's clear you're a product of MSNBC

[etramway]

@2010GOP Really, what good/service did Koch supply to Stalin? When the U.S Forest Service builds roads so Koch can clear-cut national forests, what good/service are they providing? So you are a Clinton "mend it don't end it" welfare reformer? You got yours from the guvment, now everyone else can go to hell? Me a product of MSNBC??? You are funny... Most Tea-Baggers live on government welfare... but they lie and claim they are not, just like the Koch brothers who lie, cheat and steal.

[2010GOP]

@etramway: As I said earlier, your stupidity is comical. Koch Industries is in various industries, hence the name .. Energy, waste mgmt, textile, chemical tech, etc. Obviously, as anyone w/an IQ above my shoe size would know, the Govt has always given contracts to various corporations

You still haven't answered my question: What did GE do (after receiving a bailout & paid no taxes) to earn a share of Obama's slush-fund?

Common knowledge - Welfare Maggots vote Democrat

[milduser1]

While what actually happen is due to the Bankers (Rather Gamblers), that STUPID Prof explanation are all irrational and financially incorrect. Probally this guy is just an arm chair critics academics, Lol.

[MarkoKraguljac]

And now something completely different: "Zeitgeist: Moving forward"

[p7272]

Damn those bankers are rolling... why is this issue not happening in Asia? I have a few ideas, but would love to hear from my fellow YouTube heads

[p7272]

This is just another example showing that Bro Bama is just another puppet in this crazy ass system of the US of Israel.

[BigBearHuskyMusher]

Welcome to Hotel Austerity.

[conquerorofbabylon]

Americans are dumb and passive. Good sheep.

[Alpinex105]

@conquerorofbabylon Well formed statement.

[dwdeclare]

britain, greece, wisconsin...a worldwide revolution against corporate thieves...i like the sound of that. (i just had a vision of howard beale from network)

[ADULTEDUCATION4U]

Obama the born again Neo Con, hahahahhahahaha yalll got bamboozlled...again Americans are the dumbest bunch of sheep on the planet.

[peacewavenow]

Calling the extremely wealthy "job creators" is nonsense. The extremely wealthy are by-products of a healthy economy, and that's it.....The real job creator in America is a healthy economy, and that cannot exist without a strong middle class. These tax-breaks for the extremely wealthy have been in place for 10 years. Are you better off than you were 10 years ago?

[highway234]

this country is so screwed.