Pete Stark Blows Up Over National Debt

Watch Congressman Pete Stark blow up when Jan Helfeld asks him why Stark believes, "the more we owe, the wealthier we are."
At the end of the interview he pulled the plug on the camera and the Congressman got in my face and said: give me that tape or I'm going to punch your lights out. I said, take it easy I only ask you a few questions. He said give me that God damn tape. I implemented my old basketball skills, fake to the left and run to the right as the director handed me the tape, like a baton in a race.

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[Kristjan Andre]

And my answer would have been yes, we should do It and yes we would become wealthier. How? You use up idle capital and labor.3 trillion would have caused high inflation IMO but that is not cost. Lost output is lost forever, that is really leaving our children with less. you asked exact numbers, my prefered answer would have been, It depends on privatte sector savings desire. There might be situation where 3 t is not enough, yet when 3 t is too much. Nominal deficit number shoul never be a goal.

[janhelfeld]

Should we borrow 10 trillion this year so we can become even more wealthier? What is prosperity or wealth? How do you diferentiate between a prosperous society and one that isn't?

[janhelfeld]

At the end of the interview, off camera, the Congressman got in my face and said, give me that tape or I'm going to punch your lights out. I said, take it easy I only ask you a few questions. He said give me that God damn tape. I implemented my old basketball skills, fake to the left and run to the right as the director handed me the tape, like a baton in a race.

[janhelfeld]

Tell your friends about the vid.

[O Povark-Smak-Axl]

Economic growth based on borrowed fiat money doesn't last. Growth in an economy based on sound money is slow, but permanent. Build your house upon the rock, young man. Nothing worthwhile is easy to achieve.

[O Povark-Smak-Axl]

Healthcare was better in this country before we ran huge federal deficits and before the government began heavily regulating the healthcare market. You have to admit you've been hoaxed by the Keynesians and that, intellectually, you're a mediocrity and you need guidance from the likes of Jan Helfeld. A little humility won't kill you. It's not too late to save our country from total financial collapse.

[Kristjan Andre]

How do I differentiate between a prosperous society and one that isn't? Well I differentiate between stupid sociaty that thinks It has run out of money and has to suffer. One that cannot afford health care when hospital beds are empty, one that cannot offer free school lunches to children when food is thown away etc. That is stupid, you have to agree.

[Kristjan Andre]

You still don't understand why your question was out of line. It is because you you want to know the exact number and there is no one who knows the exact number of how big should the deficit be. In case the economy is overheating, even surplus would be appropriate. Base money is government liability, treasury securities are government liability. The differ only in duration and interest they pay. government deficit should be big enough to utilize all reasources in economy.

[Baldwynmayhem]

How is putting these pieces of garbage on the spot about their flawed philosophies "asking stupid questions"? This guy is clearly vested interest, he was involved in the banking sector and knows full well what goes on no doubt. It's a "buddy lobbyist system" under the cloak of empathy, so it makes people feel bad about questioning the spending, while they pillage the treasury at taxpayer expense, theft in other words.

[Baldwynmayhem]

wow, what a piece of work. And an ex-banking executibe as well I see on wikipedia. These people have to be removed from government in every western country, it's like a fucking plague eating away.

[janhelfeld]

If you answered a few questions you would soon find out who the stupid one is. But, you don't want to know. That is your bigger flaw. Are you going to answer my question? I did not ask you for any numbers. I asked: Should we borrow 3 trillion this year so we can become wealthier?

[Nathan Becker]

Unless it loses its power to define what money is, the federal government is the dollar issuer: It faces no funding constraint, and it must spend or lend these dollars first, before the economy has the funds needed to pay taxes and buy government debt. Our government deficit matches the private sector’s desire to accumulate financial savings & is a precondition for full employment..