I hope all Americans take the time to watch this...

[TIMB0B]

LpxEYxOGonY

[OUHOMER]

i didnt watch it all, But you have to love barney franks, IT WASNT MY FAULT

[49r]

tl;dw

[Jammin']

Seriously? It's an hour and a half long. Can someone provide a brief?

[AlboSooner]

Seriously? It's an hour and a half long. Can someone provide a brief?

Govt sucks
We're doing it wrong
I got solution
They took our moniez away

[Mississippi Sooner]

http://4.bp.blogspot.com/_jl08Pk11RNI/TP5m-PmM6QI/AAAAAAAABPE/fz9bGAZdE5E/s1600/theytookourjobs.jpg

[Jammin']

Govt sucks
We're doing it wrong
I got solution
They took our moniez away

Unless the solution is legalize weed, I don't care.


^ how's that for stereotypical, Dean?

[NormanPride]

Needs more mentioning of munchies.

[cccasooner2]

Needs more mentioning of munchies.

Speaking of munchies, it's all in the cufflinks. :D


http://blogs.wsj.com/deals/2011/05/12/pres-bush-swaps-bin-laden-talk-steak-dinner-with-hedge-fund-titans/?mod=yahoo_hs

[soonercruiser]

Tim,
The problem is, for every two hours that you watch this stuff when it makes sense; you can easily spend another 10 hours listening to brainless idiots like Barney's Frank and Chris Dodd. So all you do is waste a lot of time, and get angry for it. That doesn't add anything to your well-being.

Just give me the "short & sweet"; and show me how you vote!

[SoonerProphet]

Just give me the "short & sweet"; and show me how you vote!

There is a real civic minded approach to American politics. What, invest time, look at the issues, nah, just give me the dumbf*ck version. No wonder we are in a ditch in this country

[StoopTroup]

Tim,
The problem is, for every two hours that you watch this stuff when it makes sense; you can easily spend another 10 hours listening to brainless idiots like Barney's Frank and Chris Dodd. So all you do is waste a lot of time, and get angry for it. That doesn't add anything to your well-being.

Just give me the "short & sweet"; and show me how you vote!

Why don't you just ask him for the short and sweet instead of interjecting your opinion? He evidently took the time to listen to it all. I think he should be allowed to have his own opinion about it.

Folks who think that Barney Franks is an idiot or just some gay mouthpiece are welcome to their opinion. I think it's wild that the guy keeps getting elected. I know I'm not doing it. Someone is though.

How the heck he got so much power is amazing.

I think folks might do well to just take Tim's advice sometimes and just watch a video like this. The more we all learn about what is going on in DC....the better off we all will be IMO.

[StoopTroup]

OK.

After Ron Pauls History lesson, Mr Clay brings up that we need to really address and have an Adult Conversation about how we should conduct our business in the future. He immediately points out that we started (GWB Administration with Congressional Approval ) 2 Wars that we didn't have the money for. We BORROWED IT! WE PUT IT ON A NATIONAL CREDIT CARD per say.

[StoopTroup]

Mr Huzenga (Michigan) -Says people want them to really help with our National Debt. That everyone in his area thinks it's the number one issue of the Day right now. Today we'll examine how the failed policies of the past can be dealt with and he brings up monetary policy and liquidity. The decisions of the Fed, QE1 and QE2 are effective. He takes his charge as a freshman member to get involved and recognize the failed policies of the past and to examine what should and can be done to help keep our Country Strong and to try and help straighten things out. A freshman member basically comes in....blames it all on everyone in the room but is ready to work with them all.....lol

[StoopTroup]

The panelists.

Dr. Richard Ebeling of Northwood University

Professor of Economics
Ph.D., Middlesex University
M.A., Rutgers University
B.A., California State University, Sacramento
Location: GSAB 108

Recognized as one of the leading members of the Austrian School of Economics

http://www.northwood.edu/sharedmedia/PEOPLE/MI/Faculty/EbelingRichard.jpg

Mr. Burt Ely - CEO of Ely and Company

He is an expert on monetary policy and the regulation of banking and financial services. Ely & Company's mission is to work with clients and others in eliminating government policies which cause ...

Also....going to his Companies Website popped up as a threat to my Computer. Seems like a nice and caring guy. Harvard Graduate.

And thirdly...

Dr. Mathew Slaughter - an American economist and former member of the Council of Economic Advisers. He is considered an expert in the area of globalization and his work has been supported by organizations such as the National Science Foundation and the Russell Sage Foundation. Slaughter is also a Professor of International Economics at the Tuck School of Business at Dartmouth College. He is also currently a Research Associate at the National Bureau of Economic Research; a Senior Fellow at the Council on Foreign Relations; an academic advisor to the McKinsey Global Institute; a member of the academic advisory boards of the International Tax Policy Forum and the Tuck Center for Private Equity; and the Senior Associate Director of the Tuck Center for International Business.

Dr. Slaughter received his bachelor's degree summa cum laude from University of Notre Dame in 1990, and his doctorate from the Massachusetts Institute of Technology in 1994.

http://en.wikipedia.org/wiki/Matthew_J._Slaughter



The hearing will explore the fundamental role that U.S. government debt plays in the monetary system; the use of Treasury debt by the Federal Reserve in conducting monetary policy; and the troubling reliance of Congress on the Fed to print money to facilitate deficit spending….“The national debt has exploded by more than 60 percent over the past four years, and it looks like Congress will be asked to approve another $2 trillion increase for the next year,” Subcommittee Chairman Paul stated. “On top of trillions of dollars in bailouts, the American people will not stand for this continuing fiscal profligacy. This is why it is so important to understand the relationship between monetary policy and the national debt. Foreign governments cannot continue to purchase unlimited amounts of U.S. debt. If the federal government cannot cut spending and bring the budget back into balance, the Fed undoubtedly will be forced to simply monetize trillions of dollars in Treasury debt, which is nothing more than a stealth form of default. That devaluation of the dollar will lead to such high inflation that QE2 and its effects will look like a drop in the bucket in comparison.”

[StoopTroup]

Dr. Eberling says the Govt should be cut 10-15% across the board each year until our Spending is under control and the debt is at Zero

The Fed has to much power and the power they have should be reigned in.

A quote by Thomas Jefferson about the Gov't power was given at the end of his testimony.

[StoopTroup]

Mr. Ely - Another history lesson about The Fed. The Fed earned 90 billion dollars last year.

Says consolidating the Fed and the the US Treasury Dept balance sheets.(?)

The printing press can't be a cure for financing future deficits. The Fed should be folded into the Treasury Dept. The Fed is loaning Taxpayer Dollars and is doing nothing the Treasury Dept itself could not do. In other words....take the power to handle Tax Payers Money and give it to the Treasury Dept. The ones that audit the Tax payers and print money.

What he continues to talk about is interests rates. It makes you wonder how changing things will effect his business?

[StoopTroup]

Dr. Slaughter - Two points and then 2 broader points.

He basically says that tax receipts went down and at the same time Federal Spending went up. Both so sharply that it along with the worldwide monetary collapse....caused what we saw happened. (In other words....it wasn't Obama's fault)

If America doesn't want to default then raising the debt ceiling is mandatory not OPTIONAL! No matter who's plan you pick, Paul Ryan's or Pres. Obama's....those plans will expand the debt to several TRILLION DOLLARS over the next decade. If America is to avoid Default....you must agree to raise the debt ceiling. If we default on our debt...America is facing a financial crisis.

The number of Private Sector Jobs is the same amount of jobs that America had nearly 12 years ago.

A default on US Treasuries would be disastrous for two important reasons.

One is that US Treasuries is one that World Markets depend on to be free of default risk.

The 2nd reason is that US Creditors are becoming Foreign instead of Domestic. With the debt now over the 50% mark of being under Foreign Creditors....the risk of everything being OK one day, one year, one decade becomes very hard to control. At anytime a sudden loss of economic stability can occur and can come with little or no warning.

He calls out for our folks in DC to become Leaders to raise the Ceiling and to start addressing the long term problem we have and to work with our current creditors to lower the amounts of foreign debt we have to help create stability.

[StoopTroup]

That's your summation of the first 30 minutes.

[StoopTroup]

Ron Paul immediately calls BS to Dr. Slaughter's Testimony and says we should put pressure on the current system to force change and asks the other two on the panel to help back him up on this. Then asks for Dr. Slaughter to respond.

[sanantoniosooner]

It's a crying shame when the phrase "gay mouthpiece" gets overlooked in this place.

[StoopTroup]

Dr. Eberling then counters that the US Should just go to Credit Counselors and just cut back on it's spending. In other words...don't raise the debt ceiling right now and make significant cuts in spending across the board...yeah Military...it sounds like he means you too...and I dare say he thinks it should be blind across the board type of cuts whether it hurts people who now depend on the assistance they need. In other words....**** em.

[StoopTroup]

Ron Paul seemingly goes on a rant that we have the ability to fix this without raising the debt ceiling and that there are statistics to back him up on it all....

IMO....there is plenty of proof that we the American People have lost faith that any of them including him....don't have the balls to do what it takes to really fix the situation and IMO...until their is proof that they all agree they need to come together to repair the decades of turning their heads to where we are now....we should probably raise the debt ceiling again.

I'd love to believe their were people in Congress and the Fed that felt the urgency to find a different solution....but he seems to be hell bent on doing it his way.

[StoopTroup]

I agree with Timbob.

You all should take the time to listen to this hour and a half of testimony. Maybe even take the time to really put some thought into what they are all saying....

[cccasooner2]

"The Treasury Department has estimated that if the debt ceiling, now at $14.294 trillion, is not raised, a range of payments would be stopped, limited or delayed on Aug. 2, including Social Security and Medicare checks, tax refunds, interest on the debt and unemployment insurance."

Extortion by the treasury?

http://blogs.wsj.com/economics/2011/05/12/bernanke-risky-to-use-debt-ceiling-as-bargaining-chip/?KEYWORDS=bernanke

[StoopTroup]

The more I sit here thinking about Ron Paul and his being the Chair of this committee....the more I think he maybe should not only be removed....but he should also be voted out of office and returned to run his own gas station somewhere.