you are stuck with them. and no chance that well fill them. and i am sure this is just . a small part of the issue, there are many more cases like this. what do taxpayers do? guest: let me talk about the issue of building the fancy schools. the evidence is clear for a good school you do not need all the gold plated facilities. you need good teachers. right in and you need students that are paying attention in class. good parents. those are things that matter. and this was such a misappropriation of funds and shame on the los angeles county school district for doing it and shame on the california state government. do you know that california s bonds right now are virtually junk bond status in they cannot keep going interest debt to build things that no one is using. neil: come on, we can do it, we can do it.
stuff. don t worry, we ll borrow the money. bonds. bonds. remember, what is this? this is an iou. remember that. iou. don t worry, we are going to borrow it so we can buy stuff. we borrow it. where do we get? this is who is the bank? chinese. here is the problem. chinese say you know, i don t think so, guys. this is junk bond status. i don t think you ll pay us back because you re spine lest and you are in bed here and the system is corrupt. i don t think your country is going to make anything anymore. so i don t think we re going to buy your bonds. that is what they are afraid will happen.
stuff. don t worry, we ll borrow the money. bonds. bonds. remember, what is this? this is an iou. remember that. iou. don t worry, we are going to borrow it so we can buy stuff. we borrow it. where do we get? this is who is the bank? chinese. here is the problem. chinese say you know, i don t think so, guys. this is junk bond status. i don t think you ll pay us back because you re spine lest and you are in bed here and the system is corrupt. i don t think your country is going to make anything anymore. so i don t think we re going to buy your bonds. that is what they are afraid will happen.
to triple in ten years. we re looking at a public debt to gdp ratio that will hit around 100%. that s basically banana republic status. that s junk bond status. the implications of it for our ability to pay that debt off and for the world to support us when we re running those types of deficits and debt is very dramatic. and would mean if we continue on the path that we re on today where we re spending so much more than we re taking in and we re allowing government to grow so much from its historic levels, historically about 20% of gdp, going up to 26% of gdp, if we allow that to continue, we re essentially going to pass on to our kids a country which is significantly less prosperous and where the standard of living will go down. want to talk to you about wall street reform. there has not been a single vote on any amendment. there are dozens of amendments. the democrats say that republicans, you guys are holding it all up. when are we going to see some progress? there s already been
commission meets across the water, greece sees its bond rating reduced to junk bond status and those weigh heavily on the minds of the commissioners who have to decide what to recommend and congress has to decide what to do. major garrett at the white house, thank you. new developments in the hot senate race in florida. the frontrunner, marco rubio, takes another step in his campaign. the governor, charles crist, makes a big announcement. carl cameron with the facts in a live report coming up. there were dead spots everywhere. this is the right stuff. ortho weed b gon max. it kills weeds down to the root. even the tough ones like dandelion and crabgrass. but unlike that other stuff, it won t kill the grass. ortho guarantees it. kill the weeds, not the lawn. weeds, not lawn. got it? yea. ortho weed b gon max.