Political Quotes

“Madam Speaker, I think we are going to try to do a bit of a continuation of what we were doing last week. If you don't like math or economics, please turn off C-SPAN. There are a couple of things that we have to walk through. Last Thursday, I think I took 38 minutes here, and the two concepts I was trying to walk through were, one, the demographics of the United States being the primary driver of U.S. debt--it is not that complicated, but it seems to really bother people--and the second thing was this concept called interest fragility. That is a big word. What it basically means is that when you have $36 trillion in debt, $28 trillion to $29 trillion publicly financed, and when, over a year, you are going to refinance almost $10 trillion, bring maybe $2 trillion to $2.3 trillion new issuances to market, that little movement in interest rates could be a boatload of cash. What happened last Friday? We got a knockout jobs report. Here is the irony that people need to understand: The United States and a few other governments, such as China, are bingeing on so much debt that they have a ravenous appetite to grab people's savings and borrow it around the world. When the bond markets see that the U.S. economy is actually doing okay, which means more individuals and more businesses will be in the market to consume debt, we are going to raise interest rates. The United States gets its head kicked in when our interest rates go up. I think I was trying to show a chart the other day.…”