On CNBC Squawk Box, the topic was this: “Moody’s Says U.S. Debt Could Test Triple-A Rating.” From the New York Times article:
A downgrade would affect more than American pride. The bigger risk would be to the country’s ability to keep borrowing money on extremely favorable terms, and therefore to keep spending more money than it takes in from tax revenue.
Below, Rick Santelli goes fist-to-fist with the awful Steve Liesman, a bubblehead statist who has never been right on anything. Santelli also calls out an investment manager from Oppenheimer who defers to conventional wisdom to keep his clients heavily invested and his firm making profits. Indeed, Liesman (appropriate name) is the same guy who said that, yeah, Peter Schiff may have been right that housing was in a bubble and would collapse, yet Mr. Schiff was correct by accident…”for all of the wrong reasons.”
