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GLENN: Could we go to President Obama talking now about the stimulus package, how it's the one year anniversary of the stimulus package.
PRESIDENT OBAMA: My outstanding vice president and his extraordinary team that have done just a great job managing this program. Y'all, I want to begin by recalling where we were one year ago.
GLENN: One year ago.
PRESIDENT OBAMA: Millions of jobs that have already been lost to the recession before I was sworn into office.
GLENN: 3 million in the year before.
PRESIDENT OBAMA: Another 800,000 would be lost in the month of January.
GLENN: And then?
PRESIDENT OBAMA: We later learned that our economy had shrunk by an astounding
GLENN: Stop for a second. Stop for a second. No, but there's he forgot that after the stimulus there was four million lost. In the time that he signed this in, in the last year four million have been lost.
STU: That's probably just coming.
GLENN: Is it coming?
STU: He hasn't got to that yet. It's on the way.
PAT: You know how good he is at accepting responsibility.
GLENN: I know.
PRESIDENT OBAMA: First quarter of 2009. And economists from across the political spectrum warn that if dramatic action was not taken to break the back of the recession, the United States could spiral into another depression.
GLENN: Stop. What a colossal misstatement. No, no. They were not saying that when you got into office. They were saying that with TARP, that if you didn't stop it, if you didn't stop the hemorrhaging, a depression was coming. That's what economists said all across the political spectrum. That was the solution for TARP, not for the stimulus package. That, by the way, was George W. Bush who I'm not giving credit. I blame. I was for the stimulus the TARP package. No, I wasn't even for TARP. I was for bailing these people out so you had time to warn people what was coming because a depression is coming. It would give time it would give people time to prepare themselves. As soon as I figured as soon as I figured out what they were doing, and it took me about two, three days, I said don't, don't, don't. Whatever they are talking about this Friday, don't do it! Don't do it.
All right. So that was TARP, not the stimulus package. But I digress. Go ahead.
PRESIDENT OBAMA: Depression. That was the backdrop against which I signed the American Recovery and Reinvestment Act in that
GLENN: No, that was TARP.
PRESIDENT OBAMA: In that group, with Blake alongside. It certainly wasn't a politically easy decision to make for me or for the members of congress who supported it.
GLENN: Yes, it was.
PRESIDENT OBAMA: Let's face it. No large expenditure is ever that popular, particularly at a time when we're also facing a massive deficit.
GLENN: Yeah, you know Democrats hate giveaways.
PRESIDENT OBAMA: But we acted because failure to do so would have led to catastrophe.
GLENN: No, that was TARP.
PRESIDENT OBAMA: We acted because we had a larger responsibility than simply winning the election. We had a responsibility to do what was right for the U.S. economy and for the American people.
GLENN: Can we stop? Can we stop? His Stu
GLENN: We need this for television tonight.
GLENN: Whew, we need this for television. The backdrop that he's just talking about here was depression. No, that was TARP. Evidence that he's lying, knowingly lying to you, I don't have the audio but I'll have it by 5:00 tonight. When he said this, he was talking about worst case scenario, what was it, 9%?
STU: 9% unemployment.
GLENN: 9%. That does not make a depression.
STU: Right. That's not catastrophic. In fact, it's actually better than our current rate after your stupid program.
GLENN: Oh, my gosh! I mean, it's amazing how these people can, they just, they don't care.
STU: Right. You remember and he could say, look, it was worse than he realized after they made that projection.
STU: But this was the information he passed this program with.
GLENN: So you can't say, I was told that we were going to have a Great Depression. No, no, no. No, that's what we were told on TARP. For the stimulus package you told us that you were told we would have 9% unemployment and that we could not do. Okay. All right. Good. What else does this guy say?
PRESIDENT OBAMA: For the American people. One year later it is largely thanks to the Recovery Act that a second depression is no longer a possibility. It's one of the main reasons the economy has gone
STU: You have to stop on that.
STU: That is insanity. The man had his own projections he was acting on at the time that said 9% was the bad side of this quote/unquote depression. Now, we're well above that now after the program. I mean, the information he gave out himself, his own economic advisors said that the worst case scenario was 9%. It wasn't about a depression. You are 100% right. It's a great call, Glenn. That was TARP. He is using the TARP language to describe the stimulus. The stimulus was completely different. It was the difference between 9% unemployment and 8% unemployment. That was defined by his own terms.
GLENN: But didn't he say at the same time that we may never recover because I remember saying how can 9% be never recover?
GLENN: We may never recover.
PAT: I think they did say that.
GLENN: So we may never recover. So we had it
PAT: We may never recover.
GLENN: May never recover. So he's got it both ways here. But if we're at 10%, remember, emblazon this moment in your head. He's just said we will not have a depression. When he is wrong on that, just remember it because he's going to tell you, I have the answer to fix it. No one in Washington has the answer on how to fix it. They all know, they all know. And Washington, I'm putting you on notice. I'm cataloging everything that you're saying right now. Republicans and Democrats. Because you know what's coming. You know it. And let me tell you something. You are going to be held responsible and you will be exposed. Because you know it. Republicans and Democrats. You have to be a complete and total moron. Not to say that there aren't mostly morons apparently in Washington. Here's what Allen Simpson said in today's New York Times. Alan Simpson, former senator from Wyoming. There isn't a single sitting member of congress, not one, that doesn't know exactly where we're headed, said Mr. Simpson. And he used the politics of fear and division on hate on each other, we are at a point right now where it doesn't make a damn bit of difference whether you're a Democrat or a Republican. You've forgotten you were an American.