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Video : Obama “We are out of money”

May 23, 2009

Evidently Drudge Report is running a headliner stating that Obama said “We are out of money” — There is no corresponding text to it other than this.

If you think for one second that this isn’t gonna wreck havoc on every industry including advertising then you are living in an illusionary world.

‘WE’RE OUT OF MONEY’
Sat May 23 2009 10:32:18 ET

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: “We are out of money.”

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

So we’ve got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it’s putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don’t reduce long-term health care inflation substantially, we can’t get control of the deficit.

So, one option is just to do nothing. We say, well, it’s too expensive for us to make some short-term investments in health care. We can’t afford it. We’ve got this big deficit. Let’s just keep the health care system that we’ve got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything…

SCULLY: When you see GM though as “Government Motors,” you’re reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven’t seen since the 1930’s. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries…

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you’re seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they’re bringing less tax revenue in. And that’s a painful adjustment, what we’re going end up seeing is lot of states making very difficult choices there…

SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?

OBAMA: You know, I am not sure that I could get through Senate confirmation…

Developing…

barack-obama

Written by TheFounder · Filed Under Advertising Agency News 


Comments

9 Responses to “Video : Obama “We are out of money””

  1. Dutchman on May 23rd, 2009 9:33 am

    Finally, Obama is telling the American people the truth! We are out of money… that’s why the $ printing press is going 24×7. Meanwhile, China and the other money trees are putting up their “Closed” signs when Uncle Sam shows up with his hand out. And our AAA credit rating is about to go to FFF. We’re between a Barack and a hard place and I’d rather have the hard place — END THE SPENDING. Stop trying to save the world with our tax dollars. Let America be America again — the Land of the Free! Reagan fixed a similarly bad economy. Go back to his policies X 2. Cut taxes, reduce spending, dramatically cut the size of government… let Americans thrive… not wonder who the Fed is going to bail-out next. Barack… your policies stink on ice. It’s time to stop experimenting and go back to the principles of our Founding Fathers. Otherwise, Barack, you will bankrupt this country. And it won’t be Bush’s fault — it will be yours, sir.

  2. Critical Thinker on May 23rd, 2009 10:45 am

    He should resign immediately. The dollar is weak enough as it is. Now the President of the United States is doing his best to weaken it further.

    If his words are not scripted by others who know better, he’ll just make everything worse

  3. fastfacts on May 23rd, 2009 1:41 pm

    That is why I use http://www.AmericanParchment,.com. I read this article from AmericanParchment and Facebooked the provider. He said that he can’t proove this to be true so he provided a link that may not be credible completely.

  4. jack nickelson on May 23rd, 2009 2:58 pm

    The story is true (shocking considering the Drudge Report broke it out). Here’s the link to the C-SPAN interview transcript from their website:

    http://www.c-span.org/pdf/obamainterview.pdf

    Just search “money” and you’ll find the quote.

  5. Obama: “We are out of money” - well that, at least, is the truth - plus some lies. | Fact Or Lie? on May 23rd, 2009 9:33 pm

    [...] 05/23/2009: Tribble Ad Agency: “In a sobering interview with C-SPAN, President Obama boldly told Americans: “We [...]

  6. KiSkege on May 24th, 2009 5:50 am

    Hi, outgoing posts there :-) express’s exchange for the interesting word

  7. victor ladota on May 24th, 2009 8:49 am

    1-We need to start a nat gas hybrid car production in the u.s.
    all corporate owned gas stations will be required to have a nat gas outlet.2-california should be declared in emergency and a 10 man team
    of top economic people rewrite their budget and void the nonsense retirement
    benefits , do what is needed to balance the budget and restore fiscal sanity.
    marshall law if needed.

  8. walter bill walker on May 24th, 2009 3:26 pm

    i am a very concerned american citizen….Obama is really stupid on the economy because he is doing all the wrong things ….i really think he has another adenga to have us taken over by a foreign power ..(china) he is recking the economy of the USA …people wake up please …here is my plan , cut cap gains , cut govt, give power back to the people….also cut employment taxes….anyone in the mkt or 401 plans get to cash right now …plan for the worst and hope it never happens …don’t listen to the media …i only watch fox and others who speak the truth….our constitution has been shredded and our freedoms have been violated …lets face it folks …before i think everyone wakes up it will be over …our $ is now being taken away along with all our rights ….Obama and his regime needs to be stopped right now ….impeach him along with plosie …we have more than enough on them to do this ….lets take our country back …

  9. Hal on May 25th, 2009 9:23 am

    I’ll tell you what, this holiday weekend news continues to raise my cause of concern for the country.

    I’ve been tracking the price of gold with the widget http://www.learcapital.com/exactprice and it’s been interesting to watch the price of gold rise in the May when typically it doesn’t. And now I’m wondering just what’s going to happen to the price tomorrow at the opening of the markets with this news from the President?

    More or less he’s basically said the dollar is worthless. That’s sent a striking message to all those holding US debt.

    Tomorrow is going to be one interesting ride.