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GLENN: We were just talking about the Obamas and they are finally getting a vacation and this time they are going to Martha's Vineyard. You know what it is, have you ever gotten on a vacation and they come home and said, I need a vacation from my vacation?
STU: All the time. We always try to come home on a Thursday from our vacation so we have a few days to recover because we need that time.
PAT: They are caught in sort of a vacation loop.
GLENN: They are. They are in a feedback loop that just won't stop. They are like, honey, I need another vacation from the vacation. And then they go on a vacation and they need a vacation and they are like, oh, I'm so tired from that vacation.
PAT: That vacation wiped me out.
PAT: Let's go on vacation.
GLENN: How many times has that happened to you?
PAT: It's getting old now.
GLENN: I know.
STU: You can’t tell he is not far removed from what people are going through.
PAT: Really not.
PRESIDENT OBAMA: We're just not that far removed from what most Americans are going through.
PAT: No, they are really not. I made $5 1/2 million year after year after year.
GLENN: Really weird.
STU: Yeah, but he only made half of that the year before.
PAT: But I only got half of that.
STU: The year before that he only made 2.7 and then the year before that he only made 4.1 and the year before that he only made 1.
STU: And the year before that he only made 1.7.
STU: What's this guy doing for money?
PAT: 1.7, how did they even eat?
GLENN: So we were talking about these guys, and I said in the break, he said he's not that far removed, they used to have credit card debt. I remember it must have been about 1968 or 1970. I remember my folks clearly gathering us kids. So I must have been between 4 and 6 years old. Gathering us kids around the fireplace. We had a little house in a town called Mountlake Terrace just outside of Seattle and they gathered us around the fireplace and they cut their credit cards in front of us and they taught us, don't ever use credit cards. Don't. You have to use cash, we've gotten ourselves as a family into trouble because we bought things on credit and they are really, really not good. And they cut the credit cards in front of us and threw them in the fireplace.
PAT: I've done that before. It's true they are not good, if you don't have enough restraint and
GLENN: Well, no, I think what happens
PAT: You know.
GLENN: That's why I carry the that's why I carry the American Express card. Because you have to pay it off in 30 days.
GLENN: You know what I mean?
PAT: If you are going to have one, that's the one to have.
GLENN: Because you need the credit. You need good credit. You need to have good credit but I don't want to have I like the American Express because you I know that I have to pay for it. I know at the end of the month, I don't have it now, I ain't going to have it at the end of the month. But still you could get in trouble with American Express.
STU: Yeah, it gives you discipline, though. I mean, you can't get into more than 30 days of trouble really.
STU: Because it automatically gives you that discipline. But I mean, even a regular credit card to me, I'm more pro credit than everyone else here, I guess, but it's one of those things it's good to have options. I don't think there's any problem having credit or having access to credit in the case that you need it. But the point is that you don't just go out and buy television after television after television and run it up just because you have access to it. It's there for a reason. And if you need it in an emergency, it's great to have. My mom is like that because she always taught me to make sure you are very careful with your credit, and that's been a great lesson but it's one of those things that she will go out sometimes and she doesn't have a credit card with her. I'm like, Mom, what if your car breaks down? What if you need to get a hotel room? It's not always easy to find an ATM when you are in the middle of nowhere.
GLENN: Well, I remember when I was a kid and I just graduated from high school. I couldn't buy anything. How do you buy anything? My folks couldn't afford to co sign. My dad said, no. Co sign? No.
STU: Yeah, I wouldn't trust you.
GLENN: No. Well, no, he didn't have any money and if I would have, you know
GLENN: You know, if I didn't make the payment, he couldn't make the payment and then, I mean, he worked hard for his credit. He's like, you know, sorry, son, you are going to have to save up and buy it, if you are going to buy a car, you are going to have to save up the cash and buy it, blah, blah blah. And I remember being in that loop where, you need to have credit but you can't get any credit. Now at least, you know, high school kids are getting credit cards. They get them mailed to them. You know, you go to college, you get a credit card. So you have a chance to build credit, which you need to have. You know, just even if you are buying, you know, you are buying, you know, a dinner a week on it that you have the cash in your pocket, you need that credit built up. Where we couldn't get that. When I was a kid, I couldn't get that. You couldn't get a credit card. Could you get a credit card when you were growing up?
GLENN: No way.
PAT: No. Now they send them to 6 year olds in the house. My daughter April has received
GLENN: No, she has not.
PAT: Hey, you've been preapproved. Yeah, yeah.
GLENN: She's 7 or
PAT: Now she's 10, about you she got them when she was 7.
STU: And they say that there’s a credit crisis.
PAT: I know.
STU: I don't know why that occurred.
PAT: I know.
STU: Sending credit card offers to 6 year olds.
GLENN: That's unbelievable.
PAT: I think what they do is pretty much anybody with a Social Security number now gets one of those things in the mail.
STU: Imagine the damage you could have done at the Hello Kitty store. That would have been a shopping
PAT: American Girl? Oh, yeah. Oh, she would go nuts.
GLENN: My kids could go nuts with the street vendors in New York. If the street vendors have, like, a can O snakes, doesn't matter.
PAT: Can O shakes?
GLENN: Oh, yeah.
PAT: That's tempting.
GLENN: Did you have a problem with well, for instance, I'm having a problem right now with you.
PAT: With me?
GLENN: Yeah, with you.
GLENN: Monkey word game, word monkey?
PAT: You are having a problem with me on that?
GLENN: Well, yeah.
STU: Well, he is learning to spell, even better. Perhaps you should learn how to spell by using that.
GLENN: Have you stopped?
PAT: I've stopped completely playing that.
GLENN: You know what it is?
GLENN: It's Jackie in part.
PAT: Yeah, in part.
GLENN: Did you take it off?
PAT: I haven't taken it off but I haven't used it. So I haven't needed to.
GLENN: Because he was becoming addicted to it. We were losing him with the Word Monkey.
PAT: I don't like that and so
STU: It's an iPad game, by the way. We didn't explain that.
PAT: It's an iPad game.
GLENN: Our littlest ones are like, they have taught me how to do things on the iPhone that I didn't even know. I mean, they taught
PAT: Raphe taught you how to do screen captures. Remember that?
GLENN: Had no idea. No idea. And I'm like, Raphe, how did you do that? He's 5. And he was like, oh, you just do this. I mean, it's just something wired in them. They are not trained yet on how things should be. And so they just figure them out. You know what I mean? Their mind is much more open to technology than ours because we're wired to still looking for the remote control button. You know, this should be here and this should be there.
GLENN: They are not there yet.
STU: Well, I think, too, it's an element of we think of things of how they work and I think there's less of that now. It's just how does it happen. I think of, like, we had so many, you know, pieces of technology that were not so automatic where you'd sit and think of a process and you'd think how does that process work for A to make B happen, where they just think of A makes B happen. It doesn't matter what happens in between. There's no disconnect. There's no connection there of, like, how a process occurs. It's just what buttons do I press to make this happen. That's a different way of thinking of things.
GLENN: That's not a good thing.
STU: I don't think it is but it's one of those things of, when you are like I think that's why adults, "I don't understand the e mail. Where is the Internet?" And they don't understand--
GLENN: That it's automatically logged on.
STU: It just happens. You don't think of how it happens. When you do control T, something occurs, that's the process to kids today. Where I think, you know, you thought of that as a mechanical development. You know, this weight pulls down this device which does this. You know what I mean? You are more involved in the process, I think. That's why they don't have that like it's almost like in the way for people of an older generation.
GLENN: Well, Raphe is just addicted to these, like, the phone thing.
PAT: The Word Monkey or is it
GLENN: No, no, it's, I don't know, exploding seagull game. And he just found it
PAT: Glenn Beck's kid hates seagulls!
GLENN: It's some seagull thing that he just found this week and he'll go on Tania's phone and he'll just find stuff and he'll just start playing it, and he's been playing this one particular game. And I said yesterday because Tania said two days ago, I've got to get this away from Raphe. He'll play it all the time.
PAT: Oh, yeah.
PAT: Oh, yeah.
GLENN: They just bend and they are gone.
PAT: Now you need to get him his own cellphone and credit card.
PAT: He's 5 now. I mean, most kids in the neighborhood have one already.
GLENN: Well, he is not that far removed from the Obamas.
PAT: That's right.
GLENN: From the average plight of the Obamas.
PAT: And debt is good. And I think Raphe could go ring up some serious debt for you. Debt means wealth. You remember what Pete Stark told us?
GLENN: Oh, my gosh.
STU: That's right. I forgot about that.
STARK: The national debt measures the wealth the wealthier we are. The national debt, it's an indication of wealth of the country, you are right.
VOICE: So the more you owe, the more you are worth?
STARK: In federal account in national scheme of things, that's quite right.
GLENN: All right. So here's the thing. Everyone forget everything we've just said about debt and credit cards.
PAT: That's good. It means you are rich.
GLENN: Go get credit cards.
PAT: Get credit cards, run it up.
GLENN: Nationally. He said nationally.
PAT: Yeah, national credit cards.
GLENN: So all of us nationally, get credit cards.
GLENN: And let's be the richest people on Earth.
GLENN: Come Monday.
PAT: I like that.
GLENN: It's going to be one heck of a good weekend.
PAT: I'm putting a house on my credit card this weekend.
[NOTE: Transcript may have been edited to enhance readability - audio archive includes full segment as it was originally aired]