I wish this guy was representing us, instead of our current trust baby (and free market believer). Vodpod videos no longer available.
more about "Capuano to CEOs: No One Trusts You An…", posted with vodpod
How easy it is to make people believe a lie, and how hard it is to undo that work again! (Mark Twain)
Piece of Mindful 
Hey! I used to live in that district!
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This is what Congress does best, I’ve discovered – they vote for the initial bank bailout after crying for two weeks about the lack of oversight and then voting for the damned thing anyways – which, after all that time still was a grand total of three pages in lentgth.
Then, after said bailout passes and the banks don’t use the money wisely, they cry that the bank doesn’t follow the guidelines that they never put into the bill in the first place.
Kinda reminds me of the Iraq War.
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Now that I think about it, you’re absolutely right, Steve.
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Steve, in all fairness, the bank bailout that was passed by Congress was considerably better than Paulson’s original 3 page letter-to-Santa-Claus. I simply don’t think Congress is in touch enough to realize that bad people will do bad things, even if Congress says “Don’t!”.
But pointing at Congress misses a significant point of this video. If Congress fails, then we failed. We vote for them. I doubt that the people in Capuano’s district feel so willing to blame their Representative right now. If the rest of us could feel the same, maybe things would be getting better.
In short, all blaming ‘Congress’ does is continue to enable people to vote for a bad Congress.
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Sounds like you guys are having a bad time with YOUR Congress. Hate to say I told you so, but when idiots like you vote, you get more idiots.
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So sayeth the man wiht a personality disorder. You’re an object of sympathy.
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Part of the problem is that such as Capuano and “you guys” keep the pressure up for big economic growth to sustain the liberal way of life. The Democrats (and Republicans to a slightly lesser extent) in congress are always cooking up big new spending plans that need big time financing to support. Capuano has only recently come to Jesus regarding CDS, SIV, etc (which are indirectly related anyway, but they serve as a good target). He had as much info as anyone prior to the meltdown, but he and everyone else was hoping things would keep flying because it is nice to govern with lots of money sloshing around. It is kind of a Casablanca moment, “I’m shocked, shocked! to find risky financing going on…here’s your request for big spending plans that require bit risks from banks, congressman.”
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It’s all a matter of perspective, Fred. If you support the Iraq and Afghanistan wars, the military budget, then you are a guy who is always cooking up big new spending plans that need big time financing to support. You just don’t think of your pet – a runaway military budget – as being part of government. Our programs are modest by comparison – what have we spent on Iraq – a trillion? Attacking a country that didn’t even threaten us? That’s your spending, not ours.
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If you want to hang big military spending on me, fine. I’ll take the rap. I’m the guy who thinks we should buy a bunch of these. I’m mad at Donald Rumsfeld because he canceled this fine and needed program.
However, we can spreadsheet and see where the money goes. Your social programs cost more than my military programs by about 4 to 1. Which is still fine, as long as we are honest about it. The point here is that this clamoring for more spending requires cash cows, and we’ve pumped so many hormones and steroids into our mortgaged backed securities cow that it fell over dead. And the powers that be are trying to bring it back to life so Obama and crew can milk it for even more mooooola.
“Not till you cry, spend till you die.”
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Your social programs cost more than my military programs by about 4 to 1.
Put up. First, remove Social Security from the picture, as it is self-funded by a separate tax. It actually contributes about $200 billion to the general fund. Also eliminate most of Medicare – self-funded by payroll taxes and premium. It is partially subsidized. Only include that part.
On the military side, add interest on the debt used to finance past deficits caused by military spending. Add NASA, which is mostly for military purposes. Add military pensions. Add Iraq and Afghanistan, which are off-budget.
Then tell me about the 4-1 thing.
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Then tell me about the 4-1 thing.
Did you see Obama’s budget? He’s got 500 billion DOD in a 4 trillion budget: we’re down to 8-1.
Recent history has had DOD at 20% of the budget. Here’s a quick pie chart from 2008.
You don’t want to count SS and medicare, but these are social programs. Some of the biggest checks we write in this country are for these programs, which are essentially intergenerational wealth transfer mechanisms that subsidize many work capable people. The money is earned and spent, so I get to count it.
For that matter, most of the defense budget is a social program. Ninety percent of defense personnel are non-combat related. Obama’s budget has 100 billion for procurement, and 80 billion for R&D. That’s about a chicken dinner in this day and age. Obama has also considered cutting the F-22 and the Virginia class subs. I guess we can always use rocks instead.
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We disagree on Social Security and Medicare – these are special funds – Social Security actually brings in more money than it spends, and should not be counted. We agree to differ on that, I guess.
The decision to count Social Security as part of the budget goes back to LBJ, who combined the general fund and SS into the “unified Budget” to hide the true debt that was being run up by Vietnam. They still do the same legerdemain today.
And other than hidden military costs and interest on the debt that applies to past deficits caused by military spending and the cost of Iraq and Afghanistan, you are no doubt right about everything else you say.
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I misstated Obama’s budget: it is 3.5 trillion.
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Are they still hiding the cost of Iraq and Afghanistan?
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No, if by that we mean the funding is now in DOD’s budget. It wasn’t like Bush & Co. was hiding the cost. It was just carried as an emergency appropriation. Everyone knew what is was, and it was included in reported deficits.
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