Keith condemns this God Damn deal and calls for 60s, 70's type protests!

**chadizzy1** · 02-08-11, 06:17 AM

GRRRRRR OLBERMANN NOT HAPPY
OLBERMANN SMAASHHHHHHHHHHHHHHHH!!!

i was wondering who would be first on this, haha
sgregor, you're slipping mate!

**Bigblue1** · 02-08-11, 06:32 AM

**Premium Parrots** · 02-08-11, 06:39 AM

I'm out raged. I'm sending him 100 valiums right now. The government better furnish valiums for all the citizens if they want to continue screwing us. It works for Castro. About every medicine cabnet in every residense in Cuba has diazapam to keep the natives calm. It works pretty dam well.

**EricHill78** · 02-08-11, 06:47 AM

Stop the damn wars.. save a few bucks right there, let's worry about ourselves right now. Let the sand people take care of themselves.

**Joe234** · 02-08-11, 07:04 AM

Some economists predict disaster. You don't cut spending during
a recession. Remember the Tea Party if we go down the tube
Herbert Hoover style.

**Bigblue1** · 02-08-11, 08:11 AM

Originally posted by Joe234

Some economists predict disaster. You don't cut spending during
a recession. Remember the Tea Party if we go down the tube
Herbert Hoover style.

Joe, You've been towing the obama line for three years now. Which included the fallacy that the recession is over for well over a year now. And your gonna trot it out now so you can take a shot at the tea party. Nobody will ever take you seriously if you can't at least keep your story straight........

**justintempler** · 02-08-11, 09:35 AM

Keith is an idiot....

Most people really are clueless on what's going on. We didn't cut the deficit, we only cut the amount of additional deficit we have decided to add to our already existing deficit. Instead of adding $9.5 trillion in new debt over the next 10 years Congress has promised itself it going to only add $7.1 trillion of new debt. We're between a rock and a hard place, the "fun" is just starting.

http://www.europac.net/commentaries/...al_blank_check

Debt Deal is a Blank Check
By: Peter Schiff
Monday, August 1, 2011
By supposedly compromising to raise the debt ceiling, Congress and the President have now paved the way for ever higher levels of federal spending. Although, the nation was spared the trauma of borrowing restrictions, the actual risk of default existed solely in the minds of Washington politicians. But the real crisis is not, nor has it ever been, the debt ceiling. The crisis is the debt itself. Economic Armageddon would not have resulted from failure to raise the ceiling, but it will come because we succeeded in raising it. This outcome falls along the lines that I had forecast (See my commentary, “Don’t Be Fooled by Political Posturing” from July 9th).

Both parties are now pretending that the promised cuts in spending outweigh the increase in the debt limit. But the $900 billion in identified cuts are spread over a decade and are skewed toward the end of that period. There are an additional $1.4 trillion in cuts that the plan assumes will be identified by a bi-partisan budget committee. But similarly empowered panels in the past have almost never delivered on their mandates.

More importantly, none of these “cuts” are actually binding. There is plenty of time for future Congresses to reverse what was so laboriously agreed to over the past few weeks. My guess is renewed economic weakness will be used to justify ultimate suspension of the cuts. In addition, most of the spending reductions were already scheduled to take effect before this agreement. So what did we really get?

The Congressional Budget Office currently projects that $9.5 trillion in new debt will have to be issued over the next 10 years. Even if all of the reductions proposed in the deal were to come to pass, which is highly unlikely, that would still leave $7.1 trillion in new debt accumulation by 2021. Our problems have not been solved by a long shot.

Essentially, the structure announced today allows both political parties to talk about reform without actually changing anything. To underscore that point, the deal involves less than $25 billion in immediate cuts! This is less than a rounding error in a $3.8 trillion dollar budget. This is politics as usual.

Even these estimates are based on rosy economic assumptions that have no chance of coming to fruition. For example, for the current fiscal year, Washington estimates GDP growth at 4%. But actual growth for the first half of 2011 is below 1%! If our government is over-estimating our current year’s growth by a factor of 4, how accurate could their forecasts be ten years into the future? A more honest assessment of likely economic performance would reveal future budget deficits spiraling out of control.

Some might say that the primary goal of this deal was to avoid the dreaded credit rating downgrade. Unfortunately, the deal addresses none of the ratings agencies’ stated grievances. If they fail to follow through on their downgrade warnings, the rating agencies will lose whatever credibility they have left. For political reasons, the downgrades may not come right away, but they are inevitable. But as has happened so often in the past, by the time the tardy downgrades arrive, the market will have likely already rendered its verdict.

The debt ceiling itself merely represents a self-imposed limit on US borrowing. Since Congress can vote to raise the limit, its existence has been more of a political nuisance than an actual barrier. The operative factor is not how much we allow ourselves to borrow, but how much our creditors are willing to lend. That type of ceiling can’t be raised by an Act of Congress. Once our creditors come to the conclusion that they have lent beyond our capacity to repay, they will be very reluctant to lend more. As trillions in short-term Treasuries mature, the dwindling pool of buyers will demand higher rates of return to compensate them for the risk. But our government is in no condition to afford those higher rates without gutting the rest of the budget.

Last week, it was revealed that despite Obama’s warnings that a default would immediately occur if the debt ceiling were not raised, the administration had already agreed to prioritize interest payments to avoid default. Such preferential treatment is only possible because current interest rates are so low and debt service represents only about 10% of total revenue. When the pool of willing lenders evaporates, net interest payments could quickly consume more than 50% of federal revenue. This is particularly true since rising rates will also plunge the economy into a recession that will substantially reduce revenues - even as debt payments surge.

At that point, prioritizing interest payments would mean deep sacrifices in the rest of the federal budget - including Social Security, Medicare, and the Armed Forces. The question then becomes: will US politicians really be willing to take the political heat that would emerge from prioritizing interest payments to foreign creditors over payments to American voters?

I expect that as soon as our creditors decide that they are no longer willing to lend to us at ultra-low rates of interest, we will refuse to repay what they have already lent.

Besides default or major cuts to domestic spending, inflation provides the only other means for the government to deal with this intractable crisis. Because of its political palatability, inflation is, in fact, the most likely outcome. Once we go down that path, we risk high inflation turning into hyperinflation, which would decimate the remainder of our economy. So, as our leaders congratulate themselves for saving the nation, the reality is that they may have just sold it down the river.

**Joe234** · 02-08-11, 09:53 AM

Krugman Says Debt Deal Spending Cuts Will Slow Economy

Aug. 1 (Bloomberg) -- Nobel Prize-winning economist Paul Krugman talks about the proposed deal between Congress and the White House to raise the U.S. debt ceiling. Krugman speaks with Carol Massar and Matt Miller on Bloomberg Television's "Street Smart." (Source: Bloomberg)

**Joe234** · 02-08-11, 09:54 AM

Originally posted by Bigblue1

Joe, You've been towing the obama line for three years now. Which included the fallacy that the recession is over for well over a year now. And your gonna trot it out now so you can take a shot at the tea party. Nobody will ever take you seriously if you can't at least keep your story straight........

And they will take you seriously for getting your info from conspiracy nut Alex Jones.

**justintempler** · 02-08-11, 10:02 AM

Originally posted by Joe234

Some economists predict disaster. You don't cut spending during
a recession. Remember the Tea Party if we go down the tube
Herbert Hoover style.

It won't be caused because of the Tea Party Joe

**Joe234** · 02-08-11, 10:04 AM

[QUOTE=justintempler;425928]It won't be caused because of the Tea Party Joe

Not caused but worsened.

**Joe234** · 02-08-11, 10:06 AM

Originally posted by Joe234

MUST SEE-Countdown with Keith Olbermann 08-01-2011 5 - Special Comment - Our Broken System‬‏ - YouTube

Keith condemns this God Damn deal and calls for 60s, 70's
type protests!

Some comments Keith received on YouTube:

All Comments (27)

Respond to this video...

Time to vote out the (R) and elect a Progressive Congress that will have the courage to TAX THE RICH.

RoughAcres 2 hours ago
So true. What a powerful speaker.

Dsafe87 2 hours ago
He is a true patriot...

Sethian7 2 hours ago
This needs to go viral!!! I'm sharing wherever I can. So happy Keith is back!

janonda42 2 hours ago
Let's take to the STREETS NOW.

calibeep 2 hours ago
Wars are frustrating but are won through perseverance. We must fight! We must win. We must persevere for the soul of our nation is on the line. If we lose, we lose big.

jkoriyama 3 hours ago
You first have to get mad!

MoneyTutor 3 hours ago
It is our JOB and DUTY as citizens of this once great country to organize and get involved. We need our own version of Glenn Beck's March on Washington. We need our own version of Faux News. The passion is there, it is just on the wrong side of the debate. We can win those people back fairly easily by informing the public--and if necessary, resorting to peaceful, but forceful civil disobedience.

KanuGuy 3 hours ago
Thank you Keith, We Love you.

LatherLanD 3 hours ago
Keith is right on it! Keith Olberman for President!!!!!!!

passion8leader 3 hours ago
Killer!

hemp71 3 hours ago
One of his best ever. It's time to fight against these mother****ers. It's time for some MAJOR backlash against the greedy rich, the powerful, and the ignorant. NOW.

ridewave444 3 hours ago
@ridewave444 i am copying and posting his clip...when i checked the comments...i found your name.....with the 444 in at...posted 44 minutes ago....
i just want to let you know...this has meaning to me....i am the founder of the facebook group 444ever peace....for people with a special connection to the number 444....check us out if you please...because it must have a meaning for you as well...
peace
petra the rock....

moellerborn 2 hours ago
Sweet.

RedTory59 4 hours ago
The Time To Act Is Now

The5thAveMonster 4 hours ago
the wars were very productive for the people who got filthy rich because of them

scarragher87 4 hours ago
Thank you, Keith. Upward and onward we must.

astraearedux 4 hours ago
i see

justagog 4 hours ago
WELL SAID! THANK YOU!

charrobSix 4 hours ago
you do such a good job, Keith. thanks

bethcory78 5 hours ago
Well said Keith American democracy is in a nose dive, the right wing have never stopped moaning since Obama came to power and their lack of respect for the President is amazing they are even downgrading the post of President by their lack of respect from " you lie" to birth certificate etc .The Tea Party are a bunch traitors who are corrupt to a man and largely racist , they are a friend to all of Americas enemies internal and external . how full of glee those who wish America harm must feel.

justagog 5 hours ago
Hey Al-Qaeda, Relax, we're doing it to ourselves

The5thAveMonster 5 hours ago
Makes me so angry that so many people are so apathetic. I wish people would stop watching American Idol and start being American Patriots..... This country is being eaten alive and I see people who don't give a f#ck....

felyasocal 5 hours ago
Amen.

graspingbeauty 5 hours ago
You said everything many of us are feeling - thank you, Keith!!!!

blueslade1 5 hours ago
Keith is a treasure..

ROSE828 5 hours ago
thank you

shmoedaddy1 5 hours ago

**justintempler** · 02-08-11, 10:11 AM

Keynesian and former Enron advisor Paul Krugman

We're 14 trillion dollars in debt and Krugman's answer is we haven't borrowed enough money, that's the Joe's answer.

**justintempler** · 02-08-11, 10:22 AM

Originally posted by Joe234

Some comments Keith received on YouTube:....

Are we having a popularity decided by the Users of YouTube now Joe?

Well in that case, you win. Just like when Obama won the popularity contest and we had that great stimulus package that was going to fix the economy...... How that work out?