of these big hedge funds parading as investment banks in walk stre wall street. the main street banks were safe. the money market funds were 3.8 trillion in size. the only thing that left the money market industry was 60 billion dollars, a couple of percent. what really happened is money went from one account to another from so-called prime accounts to government accounts. it s the only thing that happened. so no user would have lost money but why was this such a big stake? because when it went out of the prime accounts that could own commercial paper, all of a sudden, general electric couldn t easily fund its commercial paper. its interest rates went up like it s supposed to in the free market. guess what? jeff immelt says i m in trouble here and interest rates are going up, do something. they froze the commercial paper money. jeff immelt was a good friend
he is the one characterizing this as some kind of armageddon experience. i don t think it s going to produce armageddon at all. it is becoming clear after all of the talk of crisis apocalypse isn t nod. only 44 billion will be cut this year. only half will be fro domestic programs 22 billion out of p.8 trilli p.8 trilli p.8 trillion in tote bsh bsh 3.8 trillion. what will be cut? jay carney can t really say. i don t have any more for you on it. at 2:07 p.m. congress adjourned representative david schweiker of arizona one of the tea party conservatives who held the line on the sequester from day one leighs town. we are beyond the 12th hour now. so you are heading back to the district what are you thinking about all of this? congressman paul brown of georgia is also coming home. the world will not come to an
he is the one characterizing this as some kind of armageddon experience. i don t think it s going to produce armageddon at all. it is becoming clear after all of the talk of crisis apocalypse isn t nod. only 44 billion will be cut this year. only half will be fro domestic programs 22 billion out of p.8 trilli p.8 trilli p.8 trillion in tote bsh bsh 3.8 trillion. what will be cut? jay carney can t really say. i don t have any more for you on it. at 2:07 p.m. congress adjourned representative david schweiker of arizona one of the tea party conservatives who held the line on the sequester from day one leighs town. we are beyond the 12th hour now. so you are heading back to the district what are you thinking about all of this? congressman paul brown of georgia is also coming home. the world will not come to an
campaigner. i will concede he loves crowds, he loves the applause and attention and never ending campaign. are you disappointed that he went through this whole sequestration today that planes wouldn t arrive on time, long waits at the at the tsa, custodians will be fired, teachers will be fired. white house has to be closed down, school kids can t go there when we re only cutting 44 billion of a 3.8 trillion dollar budget and we re borrowing 46 cents of every dollar and robbing future generations blind? now, sean, the president said to republicans, he said to the congress, meet me halfway. sean: they did. let s close some tax loopholes, let s have spending cuts. sean: we just raised taxes. let s also deal with entitlements, reforming medicare, medicaid, the growth in a responsible way and basically, the other side said. sean: senate hasn t produced a budget in four years. the president himself, he got
come from third world countries and they go on government assistance at a much higher rate than the native born. we have to take care of our native born here. sean: let me ask you a political question. the country is going to sink and worst of all from your and my perspective and many of yours viewers, the entire country will become california and no republican will ever win another, another election. so i don t understand this idea of trying to make more illegal aliens we have 50 million people on food stamps, one in six in poverty, we re in trouble and we ve got all of this debt on top of it. but i want to ask you a political question. i want your insight, all right? there you go. about time, this is important, because obama, we saw him demagoguing all last week. yeah. sean: and the doom and the gloom and predictions and 44 billion at 3.8 trillion is not right. sean: okay. but what i see with the democrats, they all say the same words as obama, balanced approach, fair