John Chambers - Standard & Poors
Sen. Jeff Sessions
Rep. Jason Chaffetz (R-UT)
Amanpour: OMG the debt was downgraded
and 22 Navy SEALS were killed
Raddatz: the SEAL team was going in to help
another team of SEAL which was there to fight
the Taliban which were there to fight Americans
Amanpour: I thought we secured this area
Raddatz: we did but it was secure so we left
Amanpour: makes sense
Amanpour: in a few hours international gamblers
will react to the downgrade
Amanpour: the White House said S&P are a
bunch of idiot amateurs who missed $2 trillion
and your decision was driven by politics
Chambers: baby the numbers don’t lie
Amanpour: but people do
Chambers: on Wall Street we call it
“adjusting truth downwards”
Amanpour: what about the future?
Chambers: we will probably downgrade
Amanpour: how does D.C. get its
Chambers: it will take 10 years at least
Amanpour: ye gods
Chambers: there needs to be consensus
to slash the debt
Amanpour: do you think that could happen
in today’s political climate?
Chambers: If politicians had followed
Simpson-Bowles and cut entitlements
we would not have downgraded
Amanpour: that sounds like you’re taking
a political position
Chambers: I wouldn’t lend the American
people money - would you?
Amanpour: all my money is invested in
swiss francs and antidepressants
[ break ]
Amanpour: was the downgrade justified?
Governor Martin O'Malley: no - Standard & Poors
are idiots who can’t add
Amanpour: neither can most politicians
O'Malley: that’s true but the tea party has
Amanpour: Is this the wake up call or is
America going to hit the snooze button?
Sessions: our debt is unsustainable and
Obama irresponsibly calls for investment
Sessions: Obama has to look the American
people in the eye and tell them massive
borrowing and spending was good when
Republicans were President and now it’s unacceptable
Amanpour: will you raise taxes?
Sessions: that is unthinkable
Amanpour: so you will not think it
Sessions: that is my position on most things
O'Malley: he worships the false god of tax cuts
Sessions: Ayn Ra-And is real!
Amanpour: ok Jeffers
Sessions: Bush cut the debt
O'Malley: he’s an idiot
Amanpour: will the Super Congress
come to the rescue?
Sessions: according to S&P we need to get
rid of all old people
O'Malley: even Republican voters agree we
need to raise taxes and invest to create jobs
[ break ]
Amanpour: how bad is it George?
Will: Standard & Poors are entirely idiots
and threw out some nonsense about a
Roberts: George is right of course and
S&P are absurd but let me spout some
conventional wisdom about bumper stickers
Hobson: of course S&P has no credibility -
I mean the idea that America is suddenly
unable to pay debts is stupid
Amanpour: was this a wake up call?
Rattner: I hope so but I doubt it because
S&P are morons
Amanpour: that’s too bad
Rattner: it’s very embarrassing to be
downgraded by people who don’t know what
they are talking about
Amanpour: what the answer?
Rattner: America must have an austerity
program like France
Amanpour: did the tea party go to far?
Chaffetz: the tea party has been proven right!
Amanpour: it was?
Chaffetz: yes we in the heartland we know we
need to spend less and spend more on defense
Amanpour: you called the tea party terrorists!
Rattner: you bet I did - the tax cuts got us
into this problem and the tea party pretends
to care about the debt but then rules out all taxes
Roberts: S&P said we need to repeal the Bush tax cuts
Amanpour: don’t politicians need to compromise?
Chaffetz: the tea party compromised a lot
by agreeing to raise the debt ceiling and pay
the bills for stuff we already bought
Amanpour: 82% of people disapprove of Congress
and the other 18% hate polls
Hobson: people want jobs - nothing else
Goolsbee: we can create good new
call center jobs
Will: clearly stimulus doesn’t work so lets
try something else
Hobson: let’s lower taxes on corporations
and pay businesses to hire people
Chaffetz: the EPA caused the recession
Rattner: we saved the auto industry
Amanpour: Rick Perry is going to pray
the recession away
Will: I can’t fucking wait
Chaffetz: even the tea partiers think he’s a nut
Amanpour: thanks everyone for coming