we start here talking about europe, and the position that europe finds itself in, and victor victoria, you were talking about the interconnectiveness, but then the debt ceiling showed back up here and i began to wonder if there is a european crisis happening at this level, and are we the next greece? are we the next group that will be facing it? we are not greece. we should always say that we control our own currency, and we are a tested economy, and the strongest economy in the world, and we have the cheapest treasury debt in the world, and the safest investment in the world, and with renot greece or europe. in conversations of the europe, we are too deep into the economic, because they are facing a deep crisis. the eurozone began in 1999 and greece joined in 2001, and what investors are terrified is that they cannot survive and that the political system does not work. we have no analog here, but the closest thing we do have is that if congress begins and the polarization of congres
all this as britain and spain are officially in double dip recessions of their own so that means the early recession they were in, they are back in them, a big fear here and this young man has been talking about that, worrying about that and predicting that, tag about my friend, todd. guest: you look at 2008, the u.s. government was borrowing 20 cents on the dollar for debt. so, for example, to cover our obligations we borrowed 20 cent more to issue treasury debt and now it is 40 cents and it is rising so that kind of debt and what we have already seen in europe, with the double dip recessionary pat help, that is because of debt. it is a poison. so in the u.s. we have to be concerned and you mention the g.d.p. rate slowing down, things are not looking good. neil: i wonder, you have gone through a lot of the recoveries where they get bumpy. but, by and large the data is more if data than bad or more
between the communist state-run/capitalism and america s? yeah. i mean, china is a very interesting place. sort of nominally communist, but there s a porsche dealership right near mao zedong s mausoleum and the woman at the porsche dealership said capitalism and communism, that both of them are good and everybody in china knows that china owes $1 trillion in u.s. treasury debt, but they don t necessarily know what it means so i had one fellow who told me america was a loan shark, and i explained that america is not a loan shark. america is like a borrowing walrus, just like floating in a sea of our own treasury debt and he said don t talk to us about the treasury debt. here in china we re pissed off that you sold us those treasury bond. we re interesting because here in america we re pissed off that you bought them. i was just over thereç myse. not a stand-up economist, but there s one communism and capitalism joke that i know that
the threat of default have become political bargaining chips. that s what worries them. i have told viewers of this program that we will always raise the debt ceiling, we always have and always will. what john chambers and david bearce, the most incompetent analyzers of treasury debt in american history fail to understand is that the debt ceiling has always been a political bargaining chip. the political game of the debt ceiling just has never been played quite as loudly as it was played this year. almost half of the congress almost always votes against increasing the debt ceiling, the party out of power leaves raising the debt ceiling to the party in power. that s why senator barack obama voted against raising the debt ceiling when the republicans had a majority in the united states senate. it s not that senator obama was really opposed to raising the
what john chambers and david beers, the most incompetent analyzers of treasury debt in american history fail to understand is that the debt ceiling has always been a political bargaining chip. the political game of the debt ceiling just has never been played quite as loudly as it was played this year. almost half of the congress almost always votes against increasing the debt ceiling, the party out of power leaves raising the debt ceiling to the party in power. that s why senator barack obama voted against raising the debt ceiling when the republicans had a majority in the united states senate. not that senator obama was opposed to raising the debt ceiling, he was just playing a political game with it, trying to highlight republican responsibility for the debt. this year we saw something we haven t seen before, some tea party members of congress claiming that they would do anything to prevent an increase in the debt ceiling, no matter what.