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Detailed text transcripts for TV channel - MSNBC - 20130414:12:20:00

Somehow it violates the principles of economics. it is completely inconsistent and wrong. and i think nobody has really hammered home their schizophrenia about debt. our debt is good debt if we do it the right way. theirs is for the wrong reasons. again, you just quoted keynes who said you should spend during a recession and have debt and during the good times you should pay down the deficit. that s exactly right. some of the quotes you saw was the result of doing exactly the opposite. when ronald ray gab took office, the national debt of the united states from george washington through jimmy carter was $794 billion. when george bush left office after three republican administrations it was $4.3 trillion. in relatively good times. they quadrupled the debt. under clinton it started coming down. and in fact we balanced the budgets. ....

Principles Of Economics , Budget Deficit , Georgew Bush , George Washington , Ronald Ray Gab , Jimmy Carter , 794 Billion , 494 Billion , 4 3 Trillion , 3 Trillion ,

Detailed text transcripts for TV channel - MSNBC - 20121006:13:27:00

They re engaged in all of these credit default swaps. you go back to the question people were asking in the great debt restructuring was coming up. nobody knew how it would affect american banks. one of the reason is there are all of these over the counter nontransparent and we didn t fix it. why didn t we fix it? because of the bank lobbyists and the republican congressmen that made it essentially impossible to get legislation that would make more transparency. and sometimes democrats too. sometimes democrats too. overwhelmingly let me just note that there s a reason that they fought that. it s a very lucrative market. we talk about this on the show a lot. the derivatives market $8 billion a year. one of the principles of economics is very simple. when you have open, transparent markets that become competitive, and the problem with competition is it drives down profits. right. and, you know, that s bad if you re a bank. ....

United States , Debt Restructuring , Credit Default Swaps , Didn T , Bank Lobbyists , Isn Ta Lot Of Money , Derivatives Market , Principles Of Economics , 8 Billion ,