O'Reilly: Stock market drop today because people are getting nervous about possible Democratic president in '08
Reported by Chrish - July 27, 2007 -
In a drastic departure from regular topics and form, Bill O'Reilly had FOX Businesss Correspondent Terry Keenan as his guest for the Top Story last night 7/26/07. He asked if people should sell now, bemoaned the profits of Exxon-Mobil (Keenan told him to be glad it's an American company) and finally got to the point, that Democrats in the White House will wreck the economy.
Predicting tax increases across the board, O'Reilly mused that the drop today (311 points, over 400 at one point) was an indication that people are getting nervouse about a Democratic win next November.
O'Reilly, like everyone else I've seen on FOX, ignores David Walker, the Comptroller General of the United States, who is touring, for chrissake, to raise awareness of looming economic disaster:
(Snippets; reading whole article is recommended)
"This is about the future of our country, our kids and grandkids." "We the people have to rise up to make sure things get changed."
...The vast majority of economists and budget analysts agree: The ship of state is on a disastrous course, and will founder on the reefs of economic disaster if nothing is done to correct it.
There's a good reason politicians don't like to talk about the nation's long-term fiscal prospects. The subject is short on political theatrics and long on complicated economics, scary graphs and very big numbers. It reveals serious problems and offers no easy solutions. Anybody who wanted to deal with it seriously would have to talk about raising taxes and cutting benefits, nasty nostrums that might doom any candidate who prescribed them.
To show that the looming fiscal crisis is not a partisan issue, he brings along economists and budget analysts from across the political spectrum. In Austin, he's accompanied by Diane Lim Rogers, a liberal economist from the Brookings Institution, and Alison Acosta Fraser, director of the Roe Institute for Economic Policy Studies at the Heritage Foundation, a conservative think tank.
"We all agree on what the choices are and what the numbers are," Fraser says.
Their basic message is this: If the United States government conducts business as usual over the next few decades, a national debt that is already $8.5 trillion could reach $46 trillion or more, adjusted for inflation. That's almost as much as the total net worth of every person in America -- Bill Gates, Warren Buffett and those Google guys included.
A hole that big could paralyze the U.S. economy; according to some projections, just the interest payments on a debt that big would be as much as all the taxes the government collects today.
And every year that nothing is done about it, Walker says, the problem grows by $2 trillion to $3 trillion.