it is deliberate when former president says it and democratic congressman says it on capitol hill on the same day sean: okay. what would you suggest to the people that under attack? it is really the american people, people look, i don t think it is any more complicated than this. people are afraid of what is happening in the afraid of record debt. they are also scared, this is the point we make in our book 2010. they are afraid of government completely taking over the economy. just look at it, they are going to trying to take over health care, 16%. they re taking over the banks with this financial regulation bill that says they can seize anything any time they want for any reason. then they want to take over the manufacturing sector and utility sector with cap and tax. put that together and you are talking about the totality of the american economy. sean: it is interesting, you watch this mortgage the whole banking issue debated.
president says it and democratic congressman says it on capitol hill on the same day sean: okay. what would you suggest to the people that under attack? it is really the american people, people look, i don t think it is any more complicated than this. people are afraid of what is happening in the afraid of record debt. they are also scared, this is the point we make in our book 2010. they are afraid of government completely taking over the economy. just look at it, they are going to trying to take over health care, 16%. they re taking over the banks with this financial regulation bill that says they can seize anything any time they want for any reason. then they want to take over the manufacturing sector and utility sector with cap and tax. put that together and you are talking about the totality of the american economy. sean: it is interesting, you watch this mortgage the whole banking issue debated. of course chris dodd up to his
reformer speaking hard truth or is he the guy who wants to end medicare, send it into a death spiral, a right wing idealogue, so it s a big fight and an important fight because remember, mitt romney chose paul ryan to represent something, that he represented big ideas, change, reform. if democrats can convince people that he represents ending medicare, that s a very different proposition politically. and joe biden on the stump today went in another direction, started talking as well about the whole banking issue. congressman ryan has now given definition to governor romney s vague commitments that he s been making the last year and congressman ryan and the congressional republicans as one person said have already done what governor romney is promising he ll do for the nation. it s almost like running against an incumbent. he complained that paul ryan would let the banks loose again
it s both. you ve got europe, when you talk about the european union, you re talking about an economy that s actually larger than ours, you re talking about a population that s larger than ours. they suck in about 20% of our exports. we have tremendous investment in europe. not so much american banks holding the bad debt. it s much less of a banking issue than it is a global connection issue, and if they are doing poorly, the contagion affect, it s not something out there, it s something already causeding some shakiness in our economy. once again, there are solutions to thatject ining liquidity, b they have a 17-dimension problem over there, because that s how many problems are in the
ratings agencies coming out and reconfirming france s aaa rating. lots of these french ministers who like to disappear on their summer holidays have been called back to paris and told, you need to work harder on a deficit reduction plan. that also has encouraged the agencies to think that france is going to get to grips with its current debt-to-gdp problems. the banking issue is something that we shouldn t miss, either. we had an exclusive interview with the ceo of the french bank, they suffered from a great deal of market rumor about their solvency going forward. i have to say, nothing in it, it would seem. and the ceo of the company coming out and saying all of the rumors are unfounded, there s nothing wrong with our bank. the market getting relief from that and we re higher in the european session. back to you. geoff, a little bit of good