DLA For Sunday 071011

The answer REALLY IS just this simple.

Hey folks,

Now I will admit, I do not watch CNBC on a normal bases. So I have no idea who this Hostette, or who the Other Guy, Herb I guess, is. But this exchange got my attention. They are talking about our National Debt and this looming "Debt Crisis." The August 2nd deadline. The Hostette calls on the expertise of Rick Santelli who is a Hedge Fund and Trading guy, who also seems to be in close relations with the TEA PARTY Movement. That seems to be a bone of contention, yet, this does not stop him from appearing on the Network like 12 plus times DAILY. But the Hostette seems to have a problem with it. Here is the exchange.

Rick Santelli: "I tell you what i so disagree with Warren Buffett. So disagree. Who is holding who hostage? You know, any addict, you can't bend the rules. There's the steps you follow when you're an Addict. Not anything you can bend. In November there was an Election. People in the House were sent there because Voters had an appetite for less spending. They wanted D.C. to control their spending. And if whatever comes out of these meetings doesn't satisfy the Electorate, guess what? November comes in the Calendar once a year. Next year the mid-term will make it took like child's play."

Michael Farr: "These a real threat. Of course. You know, Rick Santelli is right."

Now with this the Hostette says "In so many ways." Which doesn't make the Transcript of course.

Michael Farr talking over the Hostette: "You know, we have a turn over in Washington that had a mandate to it. But, we have this spending limit we're coming up against and some how in here these guys have to work something out and compromise somewhere. This hard date, on August 2nd means we've run out of reserve cash to pay our bills. We'll have to rely just on the cash receipts which come to about $203 billion for the month of August and we got $362 billion in bills. If you don't have any cash to go to somebody is going to come up $162 billion short whether it's Social Security Recipients or Bond Holders or Debt Holders. It won't be Bond Holders.

Rick Santelli: "I don't usually agree with Goldman. This time I did. By the way since they are the College that gives us the Graduates that run the Government here was their comment. The Treasury's ability to prioritize interest payments over under spending seems increasingly clear. There's plenty of money to pay people who are owed interest payments. I agree. Everything else isn't going to get paid. But, who spent the money? Who created the obligations? Congress. Let them figure it out. The answer is easy. Spend Less. What's complicated is they are trying to massage the numbers to make these ten year projection."

What a concept. SPEND LESS. Really? Yes folks, it REALLY IS just that simple. Of course the Resident Lib. doesn't agree.

Michael Farr: "You can't jeopardize the Credit worthiness of the United States."

Rick Santelli: "I don't think we are I completely disagree. If I was a bond holder and I got my money --

Michael Farr: "You think we can?"

Rick Santelli: "I think I would be happier, maybe that's why rates are low is because we're addressing the problem."

Michael Farr: "We need to address the problem but not be irresponsible to jeopardize the Nation's Credit Rating."

Rick Santelli: "If we keep spending what we're spending, even in Illinois, we spent more on the new Budget."

Michael Farr: "They got to figure it out."

Rick Santelli: "We're fighting over a growth rate of spending. It never goes down. If we keep it up we'll have much bugger problems than we have today.

Michael Farr: "So hold their feet to the fire but not with this gun."

What is it with the Gun thing. Seriously. All these Guns?

Rick Santelli: "Darn right. If not now when? Now is the time. Now, now, now."

Michael Farr: "Now is the time but they can't use this Gun."

Rick Santelli: "Let me tell you something. Nothing will pass the House if they stick together. End of story. That's the way the game works."

Michael Farr: "Where does compromise come from Rick?"

Standard typical Liberal BS. In Libland, Compromise means YOU changing YOUR position to go along with theirs. But Rick was hanging tough.

Rick Santelli: "I don't believe in compromise on spending. There's no compromise. Stop spending. Live within your means."

At this time someone else jumps in and says this: " Rick -- too late. If you live within your means and Warren Buffett is right and there's a bullet in the Gun this time what do you think?"

Rick Santelli: "The bullet is in the gun. If we keep spending we'll for sure hit something and it will bleed."

Other Male: "If he's right and you go and you have a huge event that makes two years will look like child's play what then?"

Rick Santelli: "What huge event?"

What IF? Another Liberal Tactic when they have NOTHING. What IF Global Warming is TRUE. What IF an Asteroid hits the Earth tomorrow. What IF?

Other Male: "Here's the question, do you need a hard reset of the clock? That's what you're asking for. You think we need to reset the Clock?"

Rick Santelli: "No. I think what we need to do is live within the revenue in take, live within the revenue in take, end of story and do not ask Taxpayers for more money or increase the Debt Ceiling until you give us a budget. Until you give us a budget."

Michael Farr: "We're running you want of time."

Rick Santelli: "Whose fault is that? What have they been doing for two years."

Here is another bit that did not make the Transcript. Michael Farr ACTUALLY admits this is all the Democrats fault. Not once. But TWICE. Of course, you will not read this. Here you will. Watch the Video, he says it TWICE.

Michael Farr: "It's their fault. It's their fault. But it's a practical problem. we still have to come up with a practical solution."

Rick Santelli: "We will pay our interest payments. The Rating Agencies won't come after us. There are plenty of people that won't get program money. I understand that. But maybe the programs need less money, need to be streamlined."

Michael Farr: "Absolutely."

Rick Santelli: "It isn't a question whether you need to tackle Social Security, it's how long do you think that Bullet will take before it comes out of the revolver."

Michael Farr: "How bad does the Crisis have to get before these people do the right thing is the main question at hand."

Rick Santelli: "Couple of things. Stick tough. We all know the right thing. The right thing is to create a better environment, to create Jobs, by not living in the red."

Michael Farr: "There's a better way to compromise than facing the bullet in Warren Buffett's gun."

Rick Santelli: "We're not compromising on spending. Bye."

Hostette: :Rick Santelli we love you. Michael Farr thank you for joining us. Herb I'll remind you again there's a seat belt over here."

So I guess the "Other Guy" is Herb. Congratulations Rick Santelli. For hanging tough, and speaking the TRUTH, you ARE the Winner of the Display of Logic Award for today, Sunday, July 10, 2011. Keep speaking the Truth. The whole 100 people who actually WATCH CNBC needs to hear it. {Smile}

Be right back to wrap things up with the IWA.
Peter

Sources:
CNBC Video - What's the Deal with Debt?
Thu 07 Jul 11 02:16 PM ET