Bloomberg TV's Matt Miller talks to David Stockman
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Uploaded by BloombergTvBest on May 23, 2011
David Stockman, budget director under President Reagan, appeared on Bloomberg Television to discuss the latest developments in the deficit/debt debate.
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@vechorik you wrote "The Debt Ceiling under President Reagan was raised eighteen times to a total of $1.85 trillion (See Table 7.3). This is less than the $3 trillion-plus already raised under President Obama!
yeah in 1988 you could buy a Toyota Camry nicely loaded for about $15,000! Today it would cost you about $25,000.
gas was a $1.08 a gallon and today its over $3.30 a gallon lol!
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The Debt Ceiling under President Reagan was raised eighteen times to a total of $1.85 trillion (See Table 7.3). This is less than the $3 trillion-plus already raised under President Obama! Raising the Ceiling 18 times during the eight Reagan years meant a Ceiling battle every 5.3 months (on average), with an average rise of only $102 billion per increase. So… does Obama really want to get the Reagan Treatment?
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There's a really good website that explains banking in laymans terms. Makes it easier to understand what guys like Stockman and Ron Paul talk about. Google "hmscoop.com".
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The problem was the bailouts and tarps, and the gutting of the middle class. Rich people don't pay taxes, so many homes in foreclosure = no taxes. The chiefs have to start footing the bill, suck it up assholes. You created this mess. Two political parties with one agenda. Why in the hell would any administration deregulate the mortgage industry? NAFTA=send our jobs overseas and offshore tax money laundering for big corp. Corrupt banksters have bankrupt America. This can be solved.
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David Stockman for President.
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Hey Stockman - STFU up about MORE TAXES! The problem is the F&<KING SPENDING! The revenues are more then generous enough to fund a Government that was RIGHT-SIZED! Let this house of cards collapse and then we can get back to mathematical reality.
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This house of cards is collapsing. PIMCO short on bonds should tell you something.
Ron Paul gets my vote in 2012 but I'm afraid he's too late. Even if he is elected (and I very much hope he is) he will likely take the blame for decades of economic destruction even though he has been warning us this whole time.
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@Ghost9909 u r correct... RP12
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We pay way too much in taxes as it is. They need to scale back the global military empire, reform entitlements, especially allowing people to opt out. Ultimately we need monetary freedom. Ron Paul is absolutely right. The correction is gonna be painful as hell.
Ghost9909 9 months ago 7
De facto default. This guys is absolutely right.
constitutiondefendr 9 months ago 2