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The campaign to discredit Standard and Poor's continues as the democratic led senate banking committee.
Gathers information on what led the ratings agency to downgrade the federal government's credit.
That's -- really any secret didn't have -- -- stated reasons quite clearly did it negotiate with the Treasury Department.
-- the government trying to intimidate S&P and other agencies it's about doing this again.
Here now to discuss or my freedom fighters and Fox Business stocks editor Bob hardest working person in the building my colleague Elizabeth MacDonald also known as -- Mac.
Nancy Skinner radio host and freedom watch regular and Adrian more reason Foundation's vice president of policy.
And research -- to you first are you surprised.
In the slightest.
That the Democrats on Capitol Hill or on vacation for a month.
Have already already begun signing the subpoenas dragging the executives sur S&P -- four of them as soon as they return after Labor Day.
No not surprised at -- in fact if -- I'm surprised didn't you know start over the weekend or maybe they did start work on -- over the weekend but.
I this is an obvious play.
-- you know there -- they're upset because is.
S&P got involved somehow took a political stance in like the idea that.
Taking into account politics when you or raiding the credit risk of a political organization is somehow absurd.
I guess -- GMAC how do you react to Paul Krugman.
In today's New York Times who says not that the government is trying to bully S&P with -- S&P is trying to bully the government how could anybody bully the federal government.
Times that's -- patently absurd it's competitively at search.
Listen no we want to downgrade you don't want to downgrade United States it's -- -- if we don't want to be cheerleading it it's a bad thing.
But you know here's a deal and I don't know Paul -- has taken this -- -- Recipes really worried at that spoke with estimated there -- about the impact of outsized Medicare spending Social Security.
-- also this come big downgrade comes in two a -- to take into account health reform.
So what they're talking about -- is judge this is not a math there is a difference of opinion.
On the growth rate of spending S&P is a conservative 5% -- them one at a lower rate of two and a half.
It's -- are you concerned that the congress which is out of cash wants -- spend money on another witch -- should they just find ways to cut spending rather than having another investigation.
They already know the reasons S&P gave and they are free to refute them in public.
Well as could be in their report today -- it was politics that that tipped their decision politics and that -- in the brink brink.
-- -- played more overweight kids.
As we read Denver reports Nancy I didn't see -- confessing to making a political judgment their economists are not politicians.
It was in their report I actually no I -- a man announced that they're talking about political gridlock it's not a political it's really misleading to say it is well politics -- hasn't commented that they're talking about they're calling it gridlock -- people in congress color can operate like you're not legally I thought I was okay.
Can't Nancy I think you're going -- -- yeah learning to answer your questions God's.
You're referring to S&P -- conclusion that Washington can't get things done in a timely manner you call about politics right they called second sorry go ahead.
Right okay so might -- and in my opinion that's because of that that the hostage taking by the house now we too if your question about an investigation.
Listen -- think he didn't do the job during this whole football when was sub prime mortgages -- -- -- AAA ratings to the highest -- they were falling down on the job with the with the Dodd-Frank -- they reform that so now it's -- -- be tougher -- -- so guess what -- not discounted -- -- -- -- -- -- -- I -- -- -- It's really an arrest and warning you know his -- yeah I -- candidates out there -- -- Sussman a sub prime was not state of the art and they felt then also at Enron and WorldCom as well we know that but it's just an opinion what people are free to accept or reject.
-- ten they weigh in on and fiscal health of emotion that we got -- -- -- emanating out of.
-- guys out there when he -- -- -- just for that stay with me please riots rocked the streets of London.
Scotland Yard police tried to quell the masses after four days of fire looting and destruction look at these pictures.
What began as protests against the police shooting.
A man allegedly linked to London -- has turned into what is now being described as more angry riots over massive spending cuts and tax increases passed by parliament.
To combat the United Kingdom's budget deficit.
Could it come here.
If President Obama and congress ever pass a much needed entitlement reforms Nancy Skinner what do you think would we ever see that kind of violence here.
You know what it's the story of history really.
French revolution when you get -- income inequality to -- state we are not even Alan Greenspan said it's the greatest threat to our nation.
When you get has getting more and more and more and the middle class is is desperate I -- Michigan desperate even get a job at any level.
You eventually you're gonna see that kind of the breakdown of society even Alan Greenspan and economists agree.
Adrian do you think Americans are of a mind -- that government owes them a job and the government owes them a living don't we have a vastly different value set over here.
From our cousins in Europe.
Well I think we do as a whole but that -- mean there isn't a substantial minority that already has that mindset.
And that the longer we delay.
Reforming those entitlements the worst that sense of entitlement is gonna get.
And we built this problem right building an entitlement society.
Now we're gonna have probably have to extricate ourselves fairly carefully because there are people there -- people feel entitled to their team winning.
The championship and they riot if that doesn't happen really don't give cleared out -- now we take away their -- thank you.
They haven't seen wages going up but the irony here and it's a terrible one is that they're deluding and the writing that's going on is hurting people who actually trying to get to the jobs we knew -- burned down a grocery store or shop -- -- business that hurt some people who want to go to work.
Nancy Skinner fifteen -- -- the the brain cancer do you think we'd see the violence the -- the burning and destruction in Michigan that we see in England.
You know -- never condone such a thing but it's happened before writing -- it's right as we well now.
Income inequality when you we just keep when people are hungry and desperate and there are no jobs it's not like they have a choice sometimes.
That things get out of control and it can happen we'll.
They have seen the -- choice they don't have to Latin burned down -- a business where people are being they've given jobs to work yet.
But I agree did it then how do you get jobs growth in this country -- we're really working right side Adrian burning building he's out there he -- thank you very much for joining us guys up that.
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