GLENN: According to a new poll out, President Barack Obama and the Democrats own the bailout and the economy now, which I guess is why John Kerry was out this weekend. He was out this weekend saying, "You know it's really unfair to the president that people now are starting to say that George Bush didn't start all this." Who was saying that, that he didn't start all this? Just saying it's time to get over, it's time to grow a set.
STU: I don't think he started it by any means, but he didn't stop it, which is what we were hoping he would do.
PAT: Accelerated it.
STU: Yes. And that's not, that's not good.
STU: But we've seen a further acceleration of that to a level that no one except for maybe Glenn has ever imagined.
GLENN: I did.
GLENN: And I'm imagining what's coming next, and it ain't good. Now deflation is coming. Inflation was coming if they could start the whole thing, but they can't restart the engine. So now deflation is coming. Now a second ‑‑ what happened to us already where you, you know, where your home value went down, you lost that and everything else? That's coming again from this point, and what they are going to do is they are going to immediately throw in more dollars and more money to stimulate, to hold it up, to prop it up and everything else.
They are talking now about Fannie and Freddie, $1 trillion. That doesn't cover Fannie and Freddie. That just, that's a Band‑Aid on Fannie and Freddie. A trillion dollars in Band‑Aid for Freddie and Fannie. And so now, I mean, how do you get out of this? How do you possibly get out of this? You don't, not with ‑‑ you get out of this with the genius of the American people. That's how you get out of it. You have to reinvent your way out. How are you going to pay all of these debts off?
Do you know, I think it's by next year 43 cents on every dollar will be borrowed? That's incredible. And we haven't even hit the ‑‑ I'm just looking ‑‑ I'm sorry, ADD boy. Inflation will remain subdued over the next three years. Bernanke is now saying this live. Yeah, how about, how about deflation, Ben? How about deflation?
Does anybody have a doubt that if we just let people do their job that we would go through rough times but we would get our way out of this? Do you have any doubt in your mind that the genius of the American people would create something new that would get us out? I find it amazing that green jobs, we know they don't work because we watched Spain, yet we're doing them. Healthcare, we know it doesn't work because we watched every country but most recently England. It doesn't work, yet we're doing it. Giant pensions, we know it doesn't work with a whole bunch of people on a federal payroll because we're watching Greece and yet we're doing it. What... what game plan are we working off of? I mean, I can't think of ‑‑ Democrats, I'm asking you, what game plan are you working on? Have you answered the charge, "Well, wait a minute, that didn't work in England, so what's the difference here? Well, wait a minute, that doesn't work in grease, so what's the difference here? Well, wait a minute, that didn't work in Spain but what's the difference here?" Answer that. If you can answer that and you say, oh, well, because, you know, Tim Geithner has... flying magic monkeys in his butt and they are going to fly out at any point and they are going to sprinkle the pixie dust all over things."
STU: I don't think that would work at all. That seems completely unbelievable.
GLENN: Quite honestly that gives me more hope than the plan we're on. At least I have some hope. I feel like, "Wait a minute, wait a minute, the flying monkeys are going to come out of his butt any minute."
STU: Isn't this a matter of faith, Glenn? You just talked about the genius of the American people and they talk about that, too. They just talk about the genius of their government.
STU: Of Barack Obama, of Tim Geithner.
STU: Of Ben Bernanke, all these people. They put their faith in the genius of the elected officials or some of them unelected to run things.
GLENN: Can I ask you, where does genius come from? Where does genius come from? How are people ‑‑ what is the mother of invention?
GLENN: Necessity is the mother of ‑‑ so when something is necessity, when something is pressing down on people, that's when genius kicks in. Somebody says, "Well, wait a minute, I can fix that." You know the thing with socialism? It never lets anybody really fail. It just traps you in this zone like we're in right now where you are like, well, I can't really do anything about it. I can't really do that. I mean, if I went and I risked it all, the government could change all the rules and so I could lose it all and not gain on the upside, either, because they will never really let me have an upside, either, because if I have the upside, well, then they will just take it all. So one way or another I lose. So I guess I'll just stand here and wait for something to happen. And so genius isn't allowed to kick in because you are trapped in this mediocrity. You are trapped in exactly ‑‑ this is as good as it gets, gang. Under socialism this is as good as it gets.