Reuters - Video


Rough Cuts

Stockman: Washington can’t be rescued

Monday, Apr 01, 2013 - 01:50

Former Reagan budget chief David Stockman says Congress – even his fellow Republicans – has gotten too close to big lobbyists and powerful PACs to drive any real economic reforms. (April 01, 2013)

▲ Hide Transcript

View Transcript

You know the question was if we look at that steep rise in the total debt ratios leverage ratio in the US economy seems to Baltimore during Republican. And democratic administrations and I agree with that. Because frankly both parties have failed. Both parties today simply function as -- -- -- urges to introduce politicians. To case street and the -- And the money sources to run the re election machines they don't stand for anything. The Republicans stand for nothing if the Republicans to pass -- what do they stand for if the Republicans could. Have a rebate under Paulson and bush. Passing out money. Which we Jack camp and all the rest of the supply siders and early eighties -- was a terrible idea what do they stand for if the Republican administration. Could shut down short selling. Because the chairman of Morgan Stanley went down their whining that somebody short selling -- stock. What does the Republican Party stand for and don't stand for anything except re electing themselves and raising money in the last few Republicans I could say worst. About the Democrats but I don't answer the way I. -- question which is how can you know. It is all have to be sort of the discussion has to happen within some bounds of what's. From a political economy perspective remotely feasible does no good to be you know so far off from what is practical in terms of what could actually happen. That it's a completely academic exercise. I agree Peter and that's why in my little thirteen recommendations at the -- I say these are great ideas and they will never happen. We've go the system for the practical -- this is gone too far he can not be rescued and sorry. It's not politically correct to say that but it happens to be that you.

Stockman: Washington can’t be rescued

Monday, Apr 01, 2013 - 01:50

Top News »

Money »

Moving Pictures »