Watch Stossel Special on Sunday: The Money Hole!
On Sunday, June 12, at 8PM ET, Fox News Channel will air "The Money Hole," a special hosted by John Stossel. Take it away, Stossel:
What should government do? What's its role? What have other countries done? The Money Hole tackles that.
In 2003, an auditor cautioned Prichard, Alabama that the town would run out of money by 2009. Did politicians sell city assets and cut corners? Nope. Six years later, exactly as predicted, Prichard ran out of money and stopped sending checks to retired city workers-many of whom had contributed to their pensions for decades. I'll confront that city's lawyer.
And what does government spend our money on? Defense and entitltments. Medicare mostly. That's what will bankrupt us. But we also spend on laundry folding robots, blowing up Mississippi beaver dams, cowboy poetry festivals, and blackberries for smokers. In my ritzy New York City neighborhood people, politicians give out free bike helmets. It's as if the politicians get drunk on your money.
Is there another way? I talk to a governor who slashed government... Luis Fortuño of Puerto Rico. Two years ago, Puerto Rico's budget woes were worse than any US state and Puerto Rico almost filed for bankruptcy. But then Fortuño fired 17,000 government employees, cut the others' pay, cut taxes, and privatized agencies. The result? Businesses are moving to Puerto Rico.
Even Canada - the country of government-run health care - has fixed its debt crisis. In 1995, Moody's put the Canadian federal debt on a credit watch. And the Canadian dollar was called the "peso of the North" because it was worth 72 cents to the American dollar... but today their dollar is worth MORE than the American dollar, and their unemployment rate is lower than America's. How did they keep their country from going off the cliff? Their liberal government slashed spending.
The special will also feature Reason contributor and Mercatus Center economist Veronique de Rugy talking about budget issues. For more details, go here.
Yes, Stossel takes his special's title from the great Onion vid here, "Should the government stop dumping money into a giant hole?":
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Possibly the Onion News Network's finest hour.
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Agreed.
If you love America, you throw money in it's hole.
That never gets old. -
And I think Draco was one of those panelists. Perhaps his father worked two jobs so he could throw money in the hole.
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the "two jobs" line always slays me.
Also the accusation about the guy's 'pro-hole agenda'
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"it's like they say, you gotta throw money in a hole and set it on fire to make money."
Keynes wishes he was this eloquent. -
"its". I hate people who make that mistake.
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Canadian dollar is less than the US dollar. It has been for essentially all of 2011.
http://www.x-rates.com/d/USD/CAD/hist2011.htmlAlso, does anyone understand this sentence--?
"I'll confront that city's lawyer." -
American Dollars to 1 CAD
jc, you have it reversed. If that number is greater than 1, it takes more than 1USD to equal a CAD.
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?!
2011 - American Dollars to 1 CAD (invert)
January
1.00621 USD (20 days average)
February
1.01219 USD (20 days average)
March
1.024 USD (23 days average)
April
1.04411 USD (20 days average)
May
1.03338 USD (22 days average)
June
1.02337 USD (7 days average)thanks for playing.
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Finally, I am going to drive to Canada for my vacation this summer. I will bring lots of US coins, to purchase goods in their vending machines. Let's see how they like them apples.
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SEE CANADIANS? THIS IS HOW IT FEELS!
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I love the money fires.
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Serious question: Am I a schmuck for trying to keep my debts paid down? I'm starting to think I need to apply for every credit card and loan I can get and just buy lots of cool stuff (like guns, ammo, etc.) Then, when the financial shit completely hits the fan, that $2000 1080p big screen TV I have can be paid back with one hour of work at the new $2000/hr minimum wage that Congress will dictate (not that there will be any jobs). Why the hell should I be saving money??
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toddb - you should save so you can invest in non-dollar denominated investments.
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Ah...but should I save and buy these non-dollar denominated investments, or borrow relatively sound dollars today and buy them to pay back with valueless dollars later...that's the real question.
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That's my plan. I refinanced my house at 4.5% fixed over 30 years. Let's just say I don't think I'll be paying it off early.
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So your thought is to basically engage in the carry trade - but instead of playing leveraging interest/inflation and momentum spreads between currencies, you are leveraging those spreads between times (in one currency).
Very Austrian.
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Look out world, there's a new peso in town!
http://tizona.wordpress.com/20.....s-i-worry/ -
THAT'S WHAT SHE SAID!
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TEAM STOSSEL, ASSEMBLE!
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If Stossel hates his rich neighborhood so much, he should put his money where his mouth is and offer to have all rich people pay more taxes
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Electric chainsaw, John? The Greenies have gotten to you, too?
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WHERE ARE YOUR BIG STOSSEL SCISSORS?
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I'm beginning to suspect Veronique is a foreigner.
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Please let those be Stossel Bucks he's printing.
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look how fat americans (wallets) are!
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How about cut taxes and raise spending? Has anyone tried that yet?
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I don't understand all this debt talk, it's all Greek to me.
Stossel, get back to me if you want more of these.
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This show is biased, Stossel didn't show the part of Paul Ryan's commercial where he stabs an old woman and refuses to give her health insurance.
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And feeding her cat medicine.
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Or worse, Canadian medicine.
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Did they just blank out John saying "more of the same shit"?
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The scissors. Carrot top called...
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Speaking of cut pecs and animal pills
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Plowing over several geezers on his way out of town.
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Stossel puts the blame squarely on... YOU.
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A nurse with sweat on her brow, its the new politician with sleeves rolled up and a hard hat on the head.
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Flake. SHOW US YOUR PECS!
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One thing Flake doesn't want to cut: shirtless pics. Things he wants cut: shirtless pecs.
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He's totally cut.
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Vote for me. I will cut. it. [spending] out.
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This whole municipal council meeting is out of order!
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That was the worst JD Wentworth commercial ever
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He had to take beefcake shots for firefighter calendars for a second job.
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They built a gazebo just to put on their website and then tore it down.
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Cutting into tee times.
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Wait a second, I don't understand why this interview about the government running our of money is accusatory
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This interview back and forth really seems like a Daily Show edit.
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We're not looting the town, the town is allowing us to loot them
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You think Stossel can't cut your stack of papers?
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Deflation: Stossel-style
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CNN commercial on Fox News? Is this a result of repealing Don't Ask Don't Tell?
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Let me be clear, The Onion is a satirical website.
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Explosive bacon.
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Who is this woman asking questions in that Man on the Streed segment? Why isn't she hosting this show???
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Man on the Street. And this is Fox so hot woman hosts are expected.
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/humblebrag
(that's still being used, right?)
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To be fair, that was Sean Penn filming I Am Sam 2
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I sure feel stupid buying things with that Monopoly-money looking $20 bills.
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Ha, at least she didn't say the helmets were free.
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Rich people put their bike helmets on just like the poor do, with the poor's hands.
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"That's not tax money. It's a grant"
"Federal grants are tax money."
"Let me unsubtly pivot to the new argument that helmets save lives."
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Embarrassing? Look at those guns! Go Team Weiner!
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Isn't that protest song to the tune of the Soviet anthem? It's good someone's getting use out of it.
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Scott Walker? Is he still dictator of Wisconsin?
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Maybe they're cheering you, John.
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I hope Stossel illustrates his point by trying to catch his own trust fall.
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Erpenbach, the day I listen to a politician who doesn't care enough to put on a tie...
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The black man lives on the good side of town. Scott Walker must not be a very effective Republican.
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If even a commie like FDR said it...
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Stossel went broke printing his placards to make a point.
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It's a poster of the Ten Commandments.
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The "size" of the overall "package"? Really? Too soon, sir. Too. Soon.
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Stossel's right! Burn down the Wisconsin State House for the insurance money!
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Ask not what your country can do for you, ask why your country isn't doing more for the unions.
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Puerto Rico? We're reaching into the South Pacific for examples now?
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Puerto Rico? Newt Gingrich calls them the Mexican District of Columbia.
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"You fired 17,000 people!"
"Yeah, but what are ya gonna do?"
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Ron Swanson does a great Latino accent
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One regulation, 28 steps.
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So now Puerto Ricans could be getting drunk from felon-provided booze? Booooo!
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Lou Dobbs is going to be up all night trying to figure out if Coca Cola is outsourcing or not.
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Being fired is hard? The Donald makes it look so easy.
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REAGAN!
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Cut just one for the Gipper.
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Oh, wait...
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Mr President, put. on. a. belt!
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Hucksterbee looks to have posture problems.
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Why is this Nationwide commercial dubbed?
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I'm still not convinced this Jiffy Lube commercial isn't Fox & Friends.
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Kanuckistan fixed their debt by selling their hockey gold medals.
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Good to know, Mexican jokes work well up north too. Anyone know if Carlos Mencia is available for a comeback?
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What about hoseries?
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Omg, we've become Canada's Mexico
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Stossel: a $$ hole special. Tonight on Fox.
Thanks for joining us.
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Thank you, John Stossel. I actually understood the basic nature of our serious economic crisis.
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Well... this was a real life money hole, to the tune of $12B
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is good