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GLENN: That's $1 trillion. A lot of zeroes. When you write it out on paper and even if you just don't write the word zero, you just write 0, you kind of get a feel on how big that is. By the way, if you were counting right now, one, two, three, four, five, six -- it would take you 32 days to get to a million. It would take you 32 years to count to a billion. It would take you 32,000 years to count to a trillion. So it's a big number but anyway, Krugman says how much money can we spend? The answer's a lot, not unlimited but a trillion here, a trillion there, and pretty soon you're talking about real money.
May I just ask a question? Is that anyone else's definition of real money? After a few trillion dollars, that's when we're really starting to talk about real money? You know what the problem is? Do you know why the government has gotten away with this for so long? We can understand the $700 toilet seat. We cannot understand a trillion dollar bailout. We can't. We have already said that we have committed to 7 -- get this right for me, Joe -- $7.6 trillion in the bailout. That's what you're on the hook for it now, $7.6 trillion. You count that, we'll be here for a very, very long time. We're never going to pay it off, gang. We can't pay it off. We can't afford it. But Krugman says after a trillion here and a trillion there, soon you're talking about real money. Vast countries with stable governments -- which is us -- let me just, he's right about the vast part of the country.
Stable governments, have you ever known a time in our country, I mean in your lifetime, that we have been this unstable? "Vast countries with stable governments," -- which is us -- "Can borrow up to 100% more than our GDP." Oh, that's good. Just so you know what that means, I want you to -- you know what, go to a bank today and ask them if you can borrow 100% of your salary. Just go to a bank today. Stu, can you call a bank, see if you can borrow 100% of your salary today? Find out --
GLENN: Find out what you need. Oh, by the way, and you don't really need any down payment. You are just going to use your good name, okay? Oh, and by the way, tell them that you are already -- let's see, if 100% is $10 trillion, then tell them you're already five to eight times past your yearly salary in debt but you want to borrow another 100% of your yearly income. Yeah, the bank is going to do that. That makes perfect sense. Don't worry; you're different. You don't understand how governments work. It's totally different for them. That's the lie and that's the lie that these people in Washington want you to believe and it's not true.
So anyway, once we start talking about real money, he says we can probably borrow up to 100% of our GDP. "If you work that out, we probably have $10 trillion of running room if we have to use it. We don't want to get there but we've got a long way to go." Do we, Paul? $7.6 trillion is what they have spent since September, $7.6 trillion is what you're on the hook for. You didn't approve it, I didn't approve it. Paulson did. Bernanke did. Unelected people. They approved $7.6 trillion in guarantees. Congratulations. This is like -- so you have some idea of what Paul is trying to convince you of, let's say you're going on vacation and you say to your family, "Okay, we have everything?" And your wife says, "Yeah, now, how much can we spend on vacation?" "Well, honey, let's see. I'm going to bring $800. So we can spend $800. We don't want to spend $800, but we have it just in case." That's when she looks at you and says, "Honey, we're only at the airport and we've already spent $600." We haven't even begun to fight this battle. We are five minutes into a five-hour journey and we've already spent $7.6 trillion, and Paul says don't worry, we've got up to 10? Oh, well, Pina Coladas for everybody.
By the way, in the last six months on the days when Ben Bernanke speaks, the Dow has fallen 2300 points. What does that tell you? That tells you that nobody believes these people. They know, leave it alone, back off, back off. Meanwhile, is anybody going to admit a problem?
Try this on. This one actually comes from Great Britain. You know how, you know, when the government sucks, how you just wish somebody would come out and say, man, we suck. Kind of like David Walker, he was the chief accountant, you know, bean counter guy for the government? He finally left because he wanted to make sure that everybody knew exactly how crappy the government was at keeping books. Well, in the United Kingdom they're also apparently admitting some mistakes and here it is. You ready? Quote: Tough new targets on tackling climate change will cost Britain 500 pounds a year per household. It will push up utility bills and "Force 1.7 million Britons into fuel poverty by 2020."
Now let me ask you a question. Can you imagine any policy, any policy where people would accept that justification, where, oh, well, the planet is really on fire -- which it's not, by the way -- and it would force 1.7 million people into fuel poverty? You imagine it? You imagine if we said, "Hey, by the way, 1.7 million people are going to be in a fuel poverty but we have to fight a war, any war." By the way, remember that the U.K. has a much smaller population than we do. So we're talking about three times our entire homeless population going into poverty, three times our homeless population. Imagine our homeless population tripling. "The grim predictions came from independent government advisors yesterday as they set targets for slashing greenhouse gas emissions. The influential panel led by millionaire business guru wants the U.K. to cut levels by up to 42% within 12 years. It admitted that shifting to a low carbon economy would cost 1% of the gross domestic product." Oh, well, don't worry, you've got a lot -- 1% here, 1% there, another percent. I mean, pretty soon it adds up but we've got a long way to go. "It is the equivalent of 14 billion pounds a year, 500 pounds per household by 2020. The committee insisted the target was essential to prevent dangerous global warming." Okay, well, at least it will prevent dangerous global warming, right?
Let's take a look at the hypothetical here. Let's say the United Kingdom could reduce its emissions by 50% tomorrow, not by 42% like they are actually going to do. 42% by 2020. Let's just say they could do 50% by tomorrow, completely impossible but let's just say they could do it. Let's give them even more. If you could instantly cut in half the emissions of the United Kingdom, one of the world's biggest economies, and all of the saved emissions -- this is going to make your eyes bleed -- all of the saved emissions in the atmosphere, you could save them all, they would be replaced by the increase in world emissions in 110 days. It would take China alone to replace everything that the United Kingdom did if they could cut it by 50%, it would take China alone to replace it in 173 days, less than six months. By the way, let's forget about the fact the globe has cooled now for seven years. Ignore that. Is anybody else feeling like we have just completely dislodged from common sense? You know, maybe America needs to pick up Common Sense by Thomas Paine again. Maybe some of the people in our government need to read it. Maybe some of the economists need to read it. Maybe some of the tree huggers need to read it because you're going to be living under a tree. I hope they're not pissed. Not the tree huggers. The trees. They have feelings, too, you know. How many trees are we going to be able to save when we have absolutely no economy, when we're all out foraging for wood, you know, cutting down trees just to have a campfire so we can -- well, we can roast a stick but we can't make marshmallows anymore because they're in a plastic bag. Jeez. Sometimes I just wonder. You know, you look at Bernanke and he's speaking and the Dow goes down by 2300 points, you wonder why the President, his approval rating hasn't budged at all? Even though the war has gotten better, 35% said the war was a real problem; now it's 53% saying it's going well. I mean, jeez, and his approval rating doesn't go -- you know why? Because everybody feels in their gut everybody's being lied to. Everybody just feels in their gut, "I'm not getting the truth." It doesn't take a rocket scientist. You keep telling me that I'm not smart enough to figure it out. I'm smart enough to figure it out. I know that I can't go get a loan for 100% of my salary and expect to pay it off, especially if I already have taken out loans that equal six to eight times my entire salary. At some point I think I have to look at my wife and say, "Honey, there's no way to pay this one off." "Oh, don't worry about it, honey. Just go downstairs and print some more." "Yeah, I can't do that."