February 23, 2009

SHERMAN FREDERICK: Spend, spend, spend, spend

Posted: 11:05 PM ET

The smartest thing I've heard anyone say about it came last fall when Sen. Harry Reid criticized President Bush's emergency "bailout" plan, saying: "No one knows what to do."

Since then, of course, Harry and virtually all Democrats inside the Beltway miraculously experienced a post-election epiphany. Now they know exactly and with certainty what to do to fix the economy - spend, spend, spend and spend.

They may be right. Perhaps we must spend like a drunken Democrat to blunt this recession and, as is evident from the pork-a-thon "stimulus" bill, it matters not how we spend it. Saving endangered mice, battling sexually transmitted diseases, remodeling unneeded schools, or building bullet trains no one knew they wanted, the point is to spend like Chicagoans vote - early and often.

My worry is that this unprecedented deficit spending is the bad-judgment equivalent to that 70-year-old woman in Connecticut who kept a 200-pound chimpanzee as a house pet.

(Read More)

Filed under: Economy • Larry King Live • Politics

Share this on:
Antonio   February 23rd, 2009 11:35 pm ET

On his first visit out of the country,Mr.Obama came to Canada.Ottawa our capital to meet with Prime Minister Stephen Harper and opposition
leader Michel Ignatief.In his 7 hour stay Mr.Obama accomplished a great deal.Especially with respect to our BANKING sector.I think he learned on how banks should operate more responsibly.We have 7 major banks,all profitable.Some even operate in the U.S. "responsibly"
example,TD Ameritrade.Mr.Obama left our capital feeling confident about the banking practices we enjoy here.For sure he has a plan he will impliment for the recovery of banks in the U.S.Time is going to heel wounds,patience is essential at this point.

Hermon M Johnson   February 24th, 2009 12:07 am ET

It appears that Rush Limbaugh is the accepted spokesman for most of the elected Republicans,and they are trying to help him carry out his hope that the President fail. Republicans never questioned the budget when President Bush sent over a trillion dollars to Irac, Including the 12 Billion, Bush sent to Irac in cash, which was suppose to have gotten lost. My concern is the encouragement Rush, is giving to any terrorist activity or anything to make the president look bad or fail. People living in this country like those destroying the building in Oklahoma , or the twin towers in New York , may be here listening to Rush Limbaugh. If Rush had said he hope The President succeeds, the vote on the stimulus package would have been different.

Elisabeth Montogmery   February 24th, 2009 12:37 am ET

Ask Mr. fletcher what he thought when Bush, Paulson and Bernake threw nearly the exact SAME amount of money as the homeowner /job creation rescue package. The banks were given a carte balnche, with no oversight and no accountability - the usual for that administration. Why was there no outcry at that time? All the banks have doen is sit on the money to bail out their own butts. If we can give the institutions a bailout we can give it a family struggling for a roof over their heads.

brian macchi   February 24th, 2009 12:49 am ET

how dare they say democrats got us in this mess. Look at the record. Bush. Bush. Bush. Go Obama we need to think positive.

Norman   February 24th, 2009 2:01 am ET

Enough of the lip! I wish President Obama would show the American people, with graphs, with charts and headlines, how the supporters of the republican party, based in GREED, has gotten us into the financial mess we are in now. I would implicate their hero, Ronald Reagan, and his insistence on deregulation, as a key factor leading to the criminal behavior of the banking system and lenders. How the tax cuts for the wealthiest of American's, did not trickle down to the middle or lower class, and did not create jobs or a boost spending, since spending was being financed by inflated property values. I would inform the citizens of the massive money we have spent to destroy communities and people far away in the middle east during the past eight years with little squawking by the, EXPECTANT, republican party. And now as he, the President, proposes to make repairs to our own infrastructure, create jobs, and to improve the lives of fellow Americans, the republican leaders withheld their support, and twist the facts in their commentaries. President Clinton came into office and erased a deficit created by 15 years of repubican greed. President Obama should show us how exactly Bush and his policies created this new deficit we are faced with and the spending and apparent growth by the economy during his early years were funded on the hopes, not the facts, being established by the banking system.
President Obama needs to put an end to all the big mouth cry babies in the republican party who feel the only way to get their nut is to step on the backs of the poor and uninformed. So please President Obama, shut the Rush Limbaugh's of this country up and set the record straight.
I'm a small business owner, and I have many colleagues from the Republican Party who can't seem to get my views. Simply, I would rather make 20 small sales a day rather than one larger sale a day. Everyone deserves a new pair of shoes!!!

ed,vancouver canada   February 24th, 2009 4:22 am ET

bernie madoff,alan greenspan,ari fleischer,ben bernanke,conrad black,ben stein.They should all be advisors to the presidents economic stimulus bill.
The outcome will be the same,disaster.

Tom   February 24th, 2009 5:12 am ET

Oh I'm sorry Brian I missed the part where Bush slumped us into the largest national debt since World War 2. No didn't think he did. Ohh but it's ok we can just print more money right. HA! proof that the libs have absolutely no economic sense whatsoever. You can't just make more money and expect that nothing will happen. You still have the same amount of gold backing it up. You remember the gold under Ft. Knox that our entire monetary system relies on. Yeah when you hold a dollar bill it is a representation of one dollars worth of that gold. So if you print more dollar bills it depreciates the value of the dollar. Which means INFLATION. That means the price of everything will go up. Because when you buy that loaf of bread at the store, the manufacturer still wants the same amount of gold for that bread. DUH!!!

Antonio Bromont,Qc.Canada   February 24th, 2009 9:59 am ET

I honestly think that there is lots of blame to be spread around.
Democrats and Republicans together with Executives of Corporations that today need BAIL-OUT money are the root of the problem.

There is a saying:"people are like sheep,they follow the crowd" credit was easily accessable and people took advantage.


sean brizendine   February 24th, 2009 11:58 am ET

larry would you expect anything different of our government.
sean in santa rosa"

Dave of Detroit   February 24th, 2009 1:39 pm ET

Reminds me of the old saw about buying a boat-What do you get? A hole in the water to throw money into...Of course, the updated version is -What does a Republican President do when they get in office-Answer, deregulate everything and see what happens in the name of huge budget deficits and Free Market Economy. Besides , balancing the budget is hard work and not for the likes of most of our Republican Presidents-they shoot from the hip! I have to admit, when it comes to killing a strong economy, that is the way to do it. Incidentally, is there any job that George Bush has had that didn't go into bankruptcy? I can't think of any....

JohnPA   February 24th, 2009 1:50 pm ET

SPEND on American's! PERIOD!!!

We need to make this country right before spending monies abroad!

HELP the tax paying American First… You don’t do that and you will fail… What’s worst is the country will fail… Take note of other countries… Do you them trying to support the world? NO NO NO… They take care of their tax payers first.

Wake UP! If you don’t have the income then WE Will FAIL!

Eric   February 24th, 2009 4:09 pm ET

Our economy is in the toilet and we are giving 900 million to help rebuild the gaza strip. I mean my god people, what the hell. How about helping rebuild those millions of jobs people are laid off from. That would be a start. Let the people of gaza's government worry about there own problems. Just like I said before, our government is continuously selling us out!

Scott A. Brossoit   February 25th, 2009 12:49 am ET

I think we are seeing History happen! Not only is Obama a good speaker like Mr. King JR. He is forward thinking and will bring this country back to the Greatness we all know it is. He makes me proud to be a Veteran and an American

Michael Waldrop   February 25th, 2009 12:52 am ET

Everyone keeps questioning what I originally heard was $13 a week, just now I heard Mr.Winget say was now $65. If everyone still working who received that amount would just look at it like a windfall and go to Kohl's and buy some socks or Target and buy a CD and so on, it might keep some stores in business and put money into the economy. $13 x 100 million is over a billion a week. Maybe "W" was right "GO out and shop"

Tariq   February 25th, 2009 12:52 am ET

I think Oboma needs to take time out and visit The Gas and Electric Companies and lower the Gas and electric cost. The cost have been raised in the past few months and the commodity is killing everyone.

brian k   February 25th, 2009 12:55 am ET

all these so called "expert financial advisors" say the stimulus plan will not work.. so what is there plan to bring this economy out of this recession?? more tax cuts??? if they knew what works we would not be in this the first place...get out of the way and let obama's plan roll !!!!!the governor's who dont want the help from the fed's should not take the jindal..a one term governor...

Tito DoCouto   February 25th, 2009 1:35 am ET

Hi, Larry it is very nice to hear people talking about bring our country back together. Every body is talking about health care, school and houses but we are forgetting that we need to bring factory back from over sea. Because no matter how we try we need these Factory, not every body goes to coilege.

greg randall   February 25th, 2009 4:48 am ET

56 dollars aweek tax cut will buy a week og grocerys or fill my gas in car twice ur 3 times for month so i font have to just siyit at home alone any more

Comments have been closed for this article

Keep up to date with Larry

Follow him on Twitter

Become a fan on Facebook

Contact us
Go Behind The Scenes


LARRY KING LIVE'S Emmy-winning Senior Executive Producer Wendy Walker knows what it takes to make a great story.

With anecdotes, provocative emails, scandals, show transcripts and insights into Walker's long working relationship with Larry King, her new book PRODUCER issues readers an invitation to listen in on the most intriguing conversations on the planet.

Order from:
Barnes & Noble

King of Hearts

Larry King's King of Hearts

Saving a heart a day is the goal! Learn more about the Foundation and it's efforts to help the uninsured

Visit the Larry King Cardiac Foundation.

subscribe RSS Icon
Powered by VIP