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WOULD FACE CERTAIN
DIRINAON RULES.
GLENN: THANKS, JOHN, I
APPRIATE T WE' TALK AGAIN.
PRESENT OBAMA IS SCHEDULED TO
SIGN THE $787 BILLION STIMULUS
BILLOMORROW.
COULD I ASK Y AN HONT
ESTION?
IS ANYBO ELSE A LITTLE PISSED
OFF BY THAT?
I SAW PICTURES OFIMHIS
WEEKEND WITH THE FAMILY AND
THEYE LIKE, WE'RE HAVING ICE
CREAM AND SOME LAUGND I'M
THINKINGOU GOT T BE KIDDING
ME?
YOU JAMMED THIS DOWUR THROAT
AND DIDN'T LET ANYBODY IN
WASHINGTON READ THE DAMN THING,
AND YOU CAN LEAVE UNTIL TSD?
WHNOT TODAY?
IS IT BECAUSE TELISION RATINGS
ARE LOR TODAY BECAUSE IT'S A
HOLIDAY?
STEPN MOORE, AUTHOR OF "THE
END OFROS PROSPERITY", SENIOR
ECONOMIC WRITERFOR "THE WAL
STREET JRNAL" IS HERE.
I WOULD LIKE YOU T EXPLA
THIS PIE CHART T AMERA ONUR
SPENDING HERE, OUR MONEY
PROBLEMS.
CAN YOU EXPLAIN THIS?
>> WELL, HAVE MTIE
NATIONAL DEB SHALL GLENN.
WE DON'T JUST HAVE ONE NATIAL
DEBT
EVERNE KWS THAT WE OWE $8
TRILLION TO $10 TLLION IN THE
ACCUMULATED BUDGETEFICS BUT
WE ALSO OWE SOMEWHERE IN THE
NEIGHBORHOOD OF $55 TRILLION,
TRILLIONITH A T IN MONEY THAT
WE OWE IN SOCIAL SECURITY AND
MEDICARE ANDEDEDICAID, MONEY
THAT WEON'T HA COMING INTO
THE SYSTEM.
OMISES WERE MADE OVER WHAT WE
WILL COLLECT IO THE SYSTEM.
ON TOP 6 OF THAT, GLENN, THE
IS $16 TRILLION CALCULATED,
TRILLION.
GLENN: BILLION IS A MADE WORD
NOW.
>> 60 TRILLI, AND THOSE ARE
GRARN TEES THAT WE HA MADE ON
EVERYTHING FROM STUDENT LOANS TO
PENSNS TO, YOU KNOW,
VIRTUALLY EVERY MORTGAGE IN
AMERICA IS GUARANTEEDAYMENT BY
THE FEDERAL GOVERNMENT.
GLENN: LET ME SHOW YOU THE TOTAL
OF WHAT THESE THINGS COST -- THE
TOTAL IS $78.8 TRILLION.
THE REASON WHY THIS PIE CRT I
MADE INTO A GLOBE FOR IS TO
HAVE YOU REALLY UNDERSTD THIS
NEXT NBER.
HERE IT IS.
THEORLD G.D.P. IS $78.4
TRLION.
IT TAKES THE ENTIR WORLD A YEAR
TO PAYFF O DEBT.
THAT'S STAGGG, STEPHEN.
>> WELL, IT IS.
'S A GOOD EXAMPLE WHAT YOU'RE
TALKING ABOUT.
YOU WERE JUST TALKING ABOUT THE
STIMULUS BIL
BY THE WAY, PRESIDENT OBAMA
PROMISED, AND THIS A
HAMARK PROMISE DURING THE
CAMPAIGN, FIVE DAYS BETWEEN THE
TIME A BILL WAS PASSED AND HE
WOULD SIGN IT SO EVERYERICAN
COULD AD T IT WASN'T FIVE DAYS
ON THE FIRST BI, EITHER, THE
HETHCARE BILL, ANOTHER BROKEN
OMISE.
WHEN IT COMES TO THE WORLD
G.D.P. YOU'REALKING ABOUT, AS
YOU SAID, THEUTPUT OF EVE
ER NOT JUST IN AMERIC BUT
IN THE ENTIRE WORLDND IF THEY
WORKED TPAY OFF THE DEBT FOR
LL YEAR, THEY STILL WOULDN'T
PAY IT OFF.
GLENN: CHARLIE RANGEL SAID IS
MORNING ON W.O. MY RADIO
AFFILIATE IN NEW YORE SAID,
YOU KNOW, IT WILL JUST TAKE US A
COUPLE OF YEARS TO GROW OUR
OUT OF THIS BILL
STEPHE, WELL, HOW BIG DOES THIS
ECONY NEED TOE?
>> WELL, IF WE GREW IT ABOUT
TENFOLD, MAYBE THAT'S TRUE.
I'M A BIG BELIEVER IN THE WAY TO
REDUCE THEEBT IS TO GROW THE
ECONOM
THE PROBLEM IS HOW DO YOU GROW
THE ECONOMY WHEN YOU HAVE THIS
DEBT STRNG DOWN ON PEOPL?
PEOP CELEBRATED, OH,Y
ODNESS, WE WILL GET T $400
CHKS IN THE MAIL FROM THE
GOVERNMENT, THANK YOU SO MUCH,
AND AT THE SAME TIME THEY ARE
GETTING $40 IN CHECKS,ER THEY
WILL PAY $400 MORE IN DEBT TO
PAY FOR THE CHECKS.
GLENN:HERE'S A STORY I READ
TODAY THA THE TRIPLE A RAIDING
TH WE GET -- LIKHEN I G IN
AND BUY A CAR I'M GNG TO PAY
MORE IN INTEREST FOR THEOAN --
>> YOU GOT A LOUSY CREDIT
RATING, RIGHT?
GLN: WAS USING ME AS AN
EXAMPLE, BUT YES, OK, I DO.
I TRY TO BUY AND IF I HAVE BAD
CRIT, I P MORE FOR INTEREST,
WHICH MEANS EVERY MONTH THAT
STS ME MORE.
WHEN WE HAVE A TRIPLE A RATING,
YOLD ME FDAY THEY'RE
THINKING ABOUT DOWNGRANG US.
I LOOKED AT THAT STORY, STEPHEN,
THERE'S EVEN MORE NEWS.
WH CAED THIS PROBLEM WITH
THE BAN,HEY WE PLAYING
GAS WITH THE TRIPLE A RATING
RIGHT?
THEY WERE SAYING,H, NO, YOUR
LOAN IS SUPER GOOD WITH YOUR
RATING.
EY WOU COME UPITH A NEW
CATEGORY NOW,ND HAVE DECIDED
THEY ARE WILL KEEP EVEBODY'S
IP A RING BUT NOW THEY WILL
SAY YOU'RE LE A W A
CHANCE OF DEFAULT.
WHAT DOES THAT MEAN?
>> WHEN YOU THINK ABOUTT, WHAT
TH REALLY MEANS IS THAT THE
LAST 200 YEARS SINCE GEORGE
WASHGTON WAS PRESIDENT, AND WE
MADE THE DT AS GOOD A GOLD,
BUT THIS WAS SACK CROW SAPGHTS,
WE WOULD ALWAYS PAY OUR DETSDS
BACK BUT NOW THE BOND MARKEIS
SAYING,ITH $10 TRILLN IN
DEBT, WE'RE NOT SURE THEY'RE
GOOD FOR FOR THE MOY.
WE'RE STILL A LONG WAY FROM
HAVING THAT DEGRADED DOWN
DOUBLE A RATING BUT THE CYCLE
THEN WOULD BE LIKE ARGENTINA AND
BOLIVIA.
GLENN: STEPHEN REALLY DON'T
RE -- HOW OLD ARE YOU ARE?
>> 49.
MY STRATEGY IS IF I GROW OLD AND
DIE SO, WON'T HAVEO PAY
ANY OF THIS DEBT OFF.
GLENN: YOU'VE CHILDREN,
THOUGH, AND I KNOW'M NOT ANE
IN THIS.
>> THAT'SIGHT.
GLENN: OE YOU HE CHILDREN,
YOU DOT CARE ABOUTOURSELF AS
MUCH ANYMORE.
>> THAT'S TRUE.
GLENN: I CAN'T GET PSSED THAT
WE ARE LOOKING AT A COUNTRY THAT
GOING TO B SO DRAMATICALLY
DIERENT IN 1 15 YEARS FROM
NOW,AYBE EVEN 2 YEARS FROM
NOW, SO DRAMATICALLY DIFFENT,
WE WOULDN'T EVEN RECOGNIZE IT,
NOT IN A GOOD WAY.
OUR CHILDN, AS JEFFERSON SAID,
IT IS IMMORAL TO PASS DE ON TO
THE NEXT GENERATIO
WE'R PASSING AN ANCHOROR
THEIR NECK, ARE WE NOT?
>> W ARE.
WHAT'S SO PAINL ABOUT THIS,
AND BY T WAY, THE TERM I
WAYS USE A YOUAVE HEARD ME
SAY BEFORES FINANCIAL CHILD
ABUSE.
THAT'S WHAT THIS BILLAS.
WHAT IS DISGUSTING ABOUT IT IS
THAT THE SAME POLICIANS,
REPUBLICANS AND DEMOCRA BY THE
WAY, WHOEVER DAY THEY SAY IT'S