Posted on 06 December 2012.
RICK SANTELLI: For today, you know, Toy Story, I like the movies. But I never thought 'to infinity and beyond!' would be the phrase to describe the debt ceiling. You know, the debt ceiling was born of the Second Liberty Act of 1917. Financing our entry into World War I had issues, but ultimately it wasn't until 1939 that the current debt ceiling really as born with an actual limit. And since then, obviously, there's been many documented 'violations.' But in the end, many believe that it isn't so much a violation to have a debt ceiling, it would be a violation not to!
I beg to differ, Mr. President. To me, I understand the use of it is a weapon. But to me the real problem isn't the debt ceiling, it's the debt. The debt is the problem. You know, to have an unlimited amount of money to call upon is too much power for one person. You know, it's always, in our country, been about checks and balances. But I think this administration just wants more checks and no balancing of the checkbook! That isn't the kind of check and balance that I think the people that wrote the Constitution had in mind.
Now, let's look at it a different way. When we think of, you know, some good entertainment, there's, you know, Bob Hope, The Road to Morocco, The Road to Singapore. I don't think that we want to have a movie someday called The Road to the Weimar Republic because Bob Hope was in those old movies. There's no hope in that new movie and I think this issue really has to be discussed.
Now I understand there's issues about compromise and everybody has heard that the president and the Democrats won the White House. I understand that but the debt ceiling really is a serious issue and as nasty as it might be and credit ratings might change based on the dynamics of how this perpetuates itself when we hit the debt ceiling, which is probably going to be in the next eight to nine weeks, but truly Congress has to have some say-so in this and the people that put those people in Congress have huge opinions. And finally, I say less M & A on the government side and yes, I'm not talking about mergers and acquisitions, I'm talking about our money addiction. (CNBC, December 6, 2012)
Full News here – RealClearPolitics Video Log