By the same rules then I need you to vote this November all right new plants and factories new Energy new schools and a fair shot what’s wrong with that I I I wonder if the fair shot includes the taxpayers but we’ve had we’ve had things we’ve had factories before there was
Barack Obama on hard as that is to believe you know and uh we’ve had less of it since he came in okay Tom so let’s let me ask this question which is Politically Incorrect which makes it all the more important to ask some component of the voting public
Voted for him last time around as an act of national experation because it they felt and I I frankly I can I could feel it myself we were all proud that even those of us who supported the opponent were all felt proud the following day that the United States of America uh the
Constitution takes slavery into account the Civil War but finally we have a black man as president of the United States all right that’s perfectly understandable we UND we know that took place four years later what about the argument that it is so important for him
To get this right so important as as a continuation of this National Act of experation and healing and so forth that in some way it’s only right to give him frankly more slack then you might affirmative action for president well there you go I suppose that’s what it amounts to I
Guess you don’t buy that one well when you realize that the president of the United States has the lives of 300 million people in his hands he has the future of rest in civilization in his hands uh uh he has the freedom that has been inherited over the centuries in his
Hands and he’s already starting to dismantle that uh I really don’t think this it’s a question of any individual whoever is in the White House being cut and slack the last thing you need to do is cut slack to people who have power over 300 million other
People Tom Soul this past summer quote the America that has flourished for more than two centuries is being quietly but steadily dismantled by the Obama Administration close quote now you note the way the Obama Administration has used executive orders to wave Provisions in the No Child Left Behind Act and to
Repeal your word the legal requirement that welfare recipients must work he’s the president president Tom doesn’t he get to make adjustments in this law or that law well he he didn’t the uh oath that he took of office was that he would Faithfully execute the laws now I don’t
They think they meant execute the same way that the mafia means it Thomas soul on Obamacare quote Obamacare imposes huge costs on some institutions while the president’s waivers exempt other institutions from having to pay those same costs the law says you got to do this and over here we have the Secretary of
Health and Human Services granting a waiver to this person or that entity or this waiver is taking place over here well it’s legal nobody seems to have sued them for that one of the great problems is that people do not react I mean when all is said and done the
Constitution of the United States uh is a set of words on pieces of paper the only way that the constitution can protect us is if we protect the Constitution if if if we rise up in Revolt if we vote out of office people who violate the constitution then of
Course it will mean something if people can do this say a few pretty words and we say oh well uh then the Constitution will over time erode to the point well it will mean absolutely nothing there’ll be nice words on paper but people with power will just do what they feel like
What about those nine people in Black robes who sitting on on the bench across the street from the United States capital isn’t it the job of the Supreme Court of the United States to defend the Constitution it is but they alone can’t do it and more importantly if Obama gets
Reelected he’s probably going to have one or maybe two more members to appoint and from that point on it will just be a rubber stamp for whatever he chooses to do to the economy Tom Soul quote we are not yet Greece but we are not exempt from the rules of arithmetic that caught
Up with Greece we have just a little more time close quote uh so what’s going to go wrong let’s assume Barack Obama for for the for the moment let’s assume Barack Obama wins reelection what bad things happen for one thing we start running out of money and that’s the problem of Greece
See the the secret of the welfare state is you can do almost anything in the short run juggling money from here to there and so on but in the long run the arithmetic can’t be ignored and in the long run you’re going to run out of money which is what’s happened in Greece
Which is starting to happen in Spain uh and which can happen uh in the United States so so you’re an optimist that is to say the welfare state against which you have devoted enormous professional energies over low these several decades now is about to come to an end one way
Or the other that’s right but but it makes a difference how how it comes to an end okay so that’s that’s what I’m trying what what what feels to I mean look we have 8 point 8 point something or other perc unemployment as a matter of fact if the same number of people
Were still in the workforce as were when President Obama took office the unemployment rate would be 11% the econom is really bad but by historical standards it’s still a wealthy country people can get by journalists are already defining the State of Affairs as The New Normal so really four more years
Of Barack Obama does what to us we can we can we can skate by Tom the question is how long can you skate uh Greece discovered that that there there does come a point where where where there is no more money in Spain people are already leaving Spain in drove and
Taking their money out of the out of the Spanish banks with them uh one of one of the things that you you can do in the long run it’ll be forced to do is simply print more money and as they as they print more money that is simply a a
Hidden form of Taxation I mean when the Federal Reserve creates money to buy government bonds and keeps the interest rate low in order to make the price of the Debt Service low uh what that means is that if you have your money put aside in the bank and and and and you’re
Getting 1% and the inflation rate is 3% that means they’re taking 2% of your uh savings uh every single year and you you how compound interest is right uh and and even under the current conditions and a $100 bill in 1998 would not buy as
Much as a $20 bill would have bought in 1960 so the thievery that goes on through inflation is huge the Republicans I think have a notion that because so many people are unemployed and on food stamps that that is a is a negative for Obama Franklin D Roosevelt was elected in a
Landslide after H having an unemployment rate higher than Obama’s the there was not a single month in the first term of Franklin D Roosevelt when unemployment was not in double digits and in a number of months the unemployment was over 20% and he he won the biggest landslide in
American history so the the people who think that the economy is the key that you can’t win if your unemployment is 8% forget it shortly before the Obama Administration took office the man who would become President Obama’s Chief of Staff Rah Emanuel said quote you never
Want a serious crisis to go to waste close quote why do you find that significant because it means that the crisis is presenting them with an opportunity to do things they wouldn’t be able to do otherwise and that that that’s how he sees it and everything that has happened since the new
Administration indicates that that’s how the administration as a whole sees it so the crisis is providing an opportunity for President Obama and his supporters to do what they would have liked to do yes but would otherwise have been unable to do just as in case of the new deal
That the the the new dealers most of the key people in the New Deal were for big government intervention long before there was a stock market crash is just that the stock market crash gave them an opportunity to step in it’s another parallel is that people are talking
About all these high these highly intelligent people with whom the president has surrounded himself uh in Washington FDR surrounded himself with highly intelligent people uh that is no guarantee of anything except brilliant rationalizations for failure in some cases right let me push back a little bit Tom when President Obama took office
The financial system appeared close to collapse serious economists including our colleague at the Hoover institution Robert Barrow wrote that there was a significant chance of not just recession but depression and today we’ve got a financial system that’s functioning housing prices are settling rather than crashing and there seems to be a general
Consensus that we’ll see a recovery within a year to 18 months so why not take President Obama at his word and simply impute to him the motives that he claims he came into office passed a stimulus Bill and a raft of other measures because of the financial crisis
Demanded that he do so and it seems to have worked well I I I’m not as optimistic and and uh in predicting how how things are going to be wonderful in a couple of years but we’ll know more in a couple of years um if you look at the stimulus package
The one thing it has not done is stimulate uh prior to the um bailout money for the banks the banks were lending a certain amount after the bailout money the banks were lending less uh suppos I mean the stimulus means that he’s not depending just on the government’s own money being spent
Producing the result that this will stimulate others in the economy it is not money uh money the circulation of money the speed which money circulates in the econom fell to the lowest level in 50 years it fell during after the stimulus yes uh business reduced its investment by oh
Something like 25 or more percent so that if you’re looking in terms of what actually happens rather than the words that are used what actually has happened shows no such stimulation as as they’re talking about Barack Obama during the same debate if a woman is out there trying to
Raise a family trying to support her family and is be being treated unfairly then the court has to stand up if nobody else will and that’s the kind of Judge I want that’s un that somehow or other there are people with with with with the judicial
Rows on who can just decide these things at hoc which among other things would mean we would no longer really have law uh you would discover once you got into the courtroom in front of the judge you would then discover what the decision is but you’d have no
Clue beforehand so that would a full Embrace of the unconstrained Vision which Barack Obama seems intent on would overturn the fundamental basis of American law which is a nation of laws not of men be a nation of law of men of Judges yes all right uh September of
This year the rasm and polling company asked this question should the Supreme Court make decisions based on what’s written in the Constitution and legal precedence or should it be guided mostly by a sense of fairness and Justice close quote 82% of McCain supporters said the Supreme Court should base his decisions on the
Constitution 29% of Obama supporters agree 11% of McCain’s supporters said the Supreme Court should make its decisions on fairness 49% of Obama supporters said that it should now here’s the question you you’ve said McCain constrained Obama unconstrained but what this would seem to indicate this polling data that this
Is not just a debate taking place among politicians or American Elites it’s reached very deep into the American public abut 49% of Americans think the Supreme Court of Obama supporters for excuse me 49% of Obama supporters exactly say the so does that startle you does it alarm you it it doesn’t startle
Me it depresses me but uh you know this has been going on for a long time people complain about a court decision on the basis that uh that that they wish it had turned out differently but uh that isn’t the judge’s job uh there was a wonderful
Case I wish I could remember the title of it which Clarence Thomas uh said that uh he really agreed with the position taken by one of the litigant in the case but that he wasn’t there to decide that issue he was there to decide what what
Did the law say and the law said otherwise and so he voted against them uh you see the same thing in Oliver wle homes where in a number of cases uh he he he makes very cutting uh disparagement of one of the litigants in the case and then votes in favor of him
Because he I’m not here to decide what the Merit is and one of his one of his decisions he said I am not at Liberty to to discuss the the Justice of the act the ACT is what it is and once I know what that is that’s that’s the decision
I have to make well then if you see uh well one more question here the you write the unconstrained Vision again I’m quoting you has tended historically toward creating more more equalized economic and social conditions in society even if the means chosen imply great inequality in the right to decide
Such issues and choose such means close quote inequality and the right to decide issues does that tell us why the left in the United States seems so much more comfortable with having courts make social polic that’s what’s going on AB absolutely that uh they want equality of
Outcomes and they will choose how to make the outcomes equal but they don’t want uh uh equality of choice on the part of the people themselves many many of of the Liberals say that they’re for the family because they’re for creating all kinds of goodies to give to families
But they want to take away the family’s fundamental function which is making decisions for members of of the Family itself particularly the younger members who aren’t yet grown Obama has an absolute talent for saying things that make no sense but not not only sound plausible but inspiring you know sub we’re subsidizing
The oil companies when they deduct the cost of doing business in order to arrive at the figure of how much net income they have everybody does that right so this notion though that that if you if you’re rich you ought to pay more straightforward enough no it is straightforward us it’s also
Straightforward nonsense why is that um people don’t they often speak of people who are rich as people who happen to have money right extremely few people happen to have money there aren’t that many Rockefellers well but Rockefeller didn’t happen to have money but his heirs happen to have it heirs happen to have
Money Rock but Rock Rockefeller he Rockefeller reduced the coil cost of oil to a fraction of what it had been before him benefiting millions of people across the country therefore they bought their oil from Rockefeller rather than from people who had more expensive ways of producing oil
For examp one of them being the the use of tank cars on the railroads the progressives were were liid that Rockefeller uh could ship his oil at a cheaper price than the other producers it never occurred to them that oil Rockefeller shipped his oil in tank cars
Which are a hell of a lot cheaper to transport than in barrels I mean we still measure oil in barrels today but we ship it in tankers right and that’s how he became a a multi-billionaire so we know from the study of economic history that wealthy people get Wealthy
By creating jobs lowering prices of products rather than Bill Gates the richest man in America one of the richest men in the world invented an invented an entire industry that simply didn’t all right we know all that and we also know as we mentioned earlier that cutting taxes worked to Spur economic
Growth in the 20s again under John Kennedy in the six actually the it was Johnson who ended up most of the tax cuts took play let’s call it under the 60s and then again in Ron Ronald Reagan 19 George W bush and George W bush so
How is it that he can stand there in the face of this overwhelming evidence and be taken seriously I’m not asking now about Barack Obama as an intellectual I’m asking about the people listening to him that’s the question of the hour you have people who uh don’t stop and think
You’ve had dumb down education you’ve had propagandistic education and people he’s what he’s saying connects with all those with all those kinds of things all right uh in fact it goes the other way too I was just doing some research on Detroit and its Decline and they kept
Raising the city income tax and every time they raised the tax rate the tax revenues went down uh in in 2008 Charles Gibson put this to to Obama when he was a candidate he why are you for raising the tax rate on the rich because um you
Often get more Revenue at lower tax rates than at the higher tax rates and he said well it’s a question of social justice other words he doesn’t really care about whether the government raises more revenues if he can get people mad at the rich and they vote for him then
The then it’s a success just as uh Coleman Young’s policiy is in Detroit were a great political success for him it ruined Detroit but it Detroit I just you and I have we reading on a similar subject from 1950 to the present two things happened one was that the
Population of the United States of America roughly doubled and the other was that the population of Detroit fell by roughly half yes unbelievable all right Barack Obama in August of last year quote in the first 100 days of my Administration I will travel to a major Islamic forum and deliver an address to
Red Define our struggle I will make clear that we will stand with those who are willing to stand up for their future and that we need their efforts to defeat the profits of hate and violence close quote what do you make of those two I I
Think Barack Obama has a lot more faith in uh in in verbal uh interactions than than than I would what he’s proposing under the guise of of change is what was what has been tried for Deca for two decades between the two world war wars and which failed disastrously in helping
To bring on the second world war Barack Obama’s plan for defense spending as of last year quoting I’m quoting him quoting a speech I’ll stop spending 9 billion a month in Iraq I will cut tens of billions in wasteful spending I will cut investments in unproven missile defense systems I will not weaponize
Space I will slow our development of future combat systems and I will institute an inde dependent defense priorities board to avoid unnecessary spending close quote well that that’s straight out of the 30s there were people who were saying Britain should not but the British labor party in in
The early to mid-30s voted consistently against defense spending and they argue that our security does not allow of does not depend on armaments but on disarmament and so when when when Chamberlain went to uh Munich to talk to Hitler it wasn’t just the his own party the conservatives who applauded him when
He came back it was it was the uh uh labor and liberals as well he was he was probably the most lionized man among Western leaders perhaps of the past Century you mentioned the uh I think you would call it a naive view of world affairs that he he places a great deal
Of faith in a kind in rhetoric the ability of rhetoric to solve Global problems this reminds you of the 1930s it reminds you of Neville Chamberlain uh I read you a quotation the notion of spreading the wealth around and again you said that’s perfectly pure socialist Doctrine from the
1930s is it would you argue that this man is the most left-wing or the uh the purest Embrace of the unconstrained Vision that we’ve seen in American politics since since when since the New Deal since the American politics really yes yes I mean even FDR uh you know
Pulled back on some things but uh Obama really he he he does have the UN constrain Vision which is really an elitist Vision it says I know what is the best to be done and I will do it uh when he says I will change the world you
Realize this is a man who’s actually accomplished nothing other than advancing his career through rhetoric and and he it reminds me of of a sophomore uh in college you know who thinks that he can run the world because he’s never had to run anything and you
Can believe that only until you have uh personal responsibility for consequences and that’s when it gives you a little bit of uh of humility why don’t the American people see through that isn’t that the fundamental bet that the founders made that the cons on that that voter would see through ultimately
They’d see through nonsense yes but that that was before nonsense became a a large part of the curriculum of our educational institutions I was talking about this with a colleague of ours the other day Tom MCC who’s an economist here at the Hoover institution and Tom said well
Remember what happened when Bill Clinton became president his point is the American people are about to get an extreme illustration of the way government intervention messes things up Bill Clinton offered only a mild illustration and yet even under Bill Clinton it was only two years before Republicans before there was
Enough of a backlash response that Republicans took both houses of Congress away and and and the man was boxed in from that point forward that’s a pretty optimistic reading of what might happen in fact very optimistic very optimistic yes because uh uh there are there is
Such a thing as a point of no return uh and if if and and if in those if in those two first two years Iran gets nuclear weapons we will be at that point of no return and the next generation will live under that same threat and as
Far out as the eye can see and sometimes people who get who are very clever say it’s just as well to let these guys get in there and discredit themselves then we’ll win on the backlash people said that when Hitler was arising in Germany and many of those people who said that
Died in the concentration camp uh so uh which which is a smaller tragedy than a nation dying in a sense before the primaries had ended you wrote Hillary Clinton versus John McCain I wouldn’t know whether to vote libertarian or move to Australia now we know it’s Barack Obama versus John
McCain you’ll vote for John McCain but hold your nose what is your what’s your fundamental the difference is the the CL the clintons had the Saving Grace of uh utter lack of principle which meant that when when when they saw which way the political winds were were blowing uh that’s the
Way they’d go regardless of what they’ been saying before uh this man has been a far-left ideologue for 20 years and I by and not just uh a matter of ideology I mean people who are truly vile people we’re not talking about just people have
A certain Theory Bill a is Bill a I mean Acorn fing thuggery as the way to get your ideas across uh uh you know father fagel you know you go through go down the list uh and uh I judge people by what they’ve done not by what they say particularly
When what they say is the direct opposite of what they’ve done so that uh no I think this man really does believe that he that he can change the world and people like that are infinitely more dangerous than mere uh crooked politicians if the current polls Hold the Wall
Street Journal I’m quoting The Wall Street Journal now declared in an editorial last week Barack Obama will win the White House on November 4th and Democrats will consolidate their Congressional majorities though we doubt most Americans realize it the journal continues this would be one of the most profound political and ideological
Shifts in US history close quote would you agree with that absolutely and and and and and the repercussions extend the fact that they were make will create disasters in the economy I think will pale by comparison to what they will do in terms of uh countries acquiring nuclear weapons and turning those over
To terrorists which is the point of no return once that happens right right do you I was talking about this with a colleague of ours the other day Tom mcer who’s an economist here at the Hoover institution and Tom said well remember what happened when when Bill Clinton
Became president his point is the American people are about to get an extreme illustration of the way government intervention messes things up Bill Clinton offered only a mild illustration and yet even under Bill Clinton it was only two years before Republicans before there was enough of a backlash response that Republicans took
Both houses of Congress away and and and the man was boxed in from that point forward that’s a pretty optimistic reading of what might happen un optim very optimistic yes because uh uh there are there is such a thing as a point of no return uh and if if and and if in
Those if in those two first two years Iran gets nuclear weapons we will be at that point of no return and the next generation will live under that same threat and as far out as the eye can see and sometimes people who get who are
Very clever say it’s just as well to let these guys get in there and discredit them so then we’ll win on the backlash people said that when Hitler was arising in Germany and many of those people who said that died in the concentration camps uh so uh which which is a smaller
Tragedy than a nation dying in a sense before the primaries had ended you wrote Hillary Clinton versus John McCain I wouldn’t know whether to vote libertarian or move to Australia now we know it’s Barack Obama versus John McCain you’ll vote for John McCain but hold your nose what is your what’s your
Fundamental the difference is the the CL the clintons had the Saving Grace of uh utter lack of principle which meant that when when when they saw which way the political winds were were blowing uh that’s the way they’d go regardless of what they’ been saying before uh this man has been
A far-left ideologue for 20 years and I by and not just uh a matter of ideology I mean people who are truly vile people we’re not talking about just people have a certain the bill bill a I mean Acorn I me we’re talking Thugger
As the way to get your ideas across no I think this man really does believe that he that he can change the world and people like that are infinitely more dangerous than mere uh crooked politicians
