Away and as recently as only two weeks ago said they ve already, you know, stored it in the attic. they re going to have to apparently take it out again and indications are while this might not the proverbial qe3, for want of a better expression, they re going to be back in there doing this again and that s what the markets want to hear. this is a little eye ironic when you think about it, jenna, the capitalism that abhors rescues or bailout the, when it comes time to saving their own heinie sevment are all for it, and that s what they want, that s what they re doing bidding up prices and that s exactly what they re going to get. jenna: that s what the markets wants, as you were seeing, ahead of this decision. we have about two hours until this happens. what about the rest of us? is this something that we want as a country? when we mention stimulus in another form, you get a lot of people with raised eyebrows and the fed does it, it seems like it slips by. what s the deal there? i ve
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Bad way, and you re a desperate smoker, and someone just sort of slips you a couple of marlboros, that gets you over the hutch. it doesn t remove the fact that you re addicted to something pretty bad, so there is a direct oomph that we pick up in the market but we have been there and done that and my fear is we never learn from that, in other words, if we do run up on this, we forget history, it was, keep in mind, back in 2008 when t.a.r.p. initially failed, remember that was president bush s first effort to rescue the banks and brokerage houses at the time, congress rejected it, and that led to an 800-point falloff in the dow, then to sort of calm the market beast, this was reproposed, rejiggered, passed by congress, then everyone thought the markets are going to calm down, only to discover a few months later, we were down 4000 additional dow points. so it s like with kids, and this i know from
Razors. there is no way to do it. jon: tax increases. yeah. you can t do it in this economy, you can t do it. you actually can. if you got rid of the bush tax cuts and went back to what they were tkaoug the clinton administration that was a booming economy. we need regulations reform. you re not going to raise them drastic here but there is going to have to be closing of the loopholes and other things like that. we need tax reform, regulation reform, we need to grow the economy. taxing people more is not going to grow the economy. you talked about the flash mobs earlier that are taking place across the country, these people don t have any jobs. unemployment is over 16%. among teens it s over 40%, it s outrageous, people need to be employed, that way they will contribute to the tax revenue but you can t raise taxes on people, eye not going to work. jon: thank you both. thank you. thank you. jenna: congress taking a closer look at s&p s decision to downgrade the u.s. cred
Given the fact that the bottom has loaned past the debt ceiling 106 times since 1940. jenna: let me stop you there. when we hear on error, we think that somebody is adding up two plus two, that equals five and that means a huge mistake. you re saying in the models the projections they were building, they were plugging in another number than what the government would like them to use. that s right, jenna. it came down to essentially a difference of opinion. on what each side of this thought. jenna: can they bring us can this committee bring this and reverse the downgrade? they can t do anything about it, s&p is a private company, so what is going to be the outcome? you re going to see a lot of political grandstanding, in my personal opinion, and you know, s&p is still going to say look, you need 4 trillion plus in spending cuts over the next decade and if you don t do it, you know, you still risk going down to aa in six months or two years time if you don t come up with the 4 tri