NBC’s Brian Williams: “The world has no money and the emperor has no clothes.”
[Posted by Karl]
Last night, NBC Nightly News anchor Brian Williams talked to Dave Letterman about yesterday’s mini-plunge on Wall Street:
Williams noted the reports that attributed the afternoon free-fall to trader error and program trading, but correctly added that these were only the sparks to a larger pile of dry tinder. Traders were glued to the televised rioting in Greece over that country’s debt crisis, which may be followed by similar crises in countries like Spain and Portugal.
The establishment press, including USA Today and even the Los Angeles Times, are waking up to the fact that America’s unsustainable entitlement programs and bloated public employee pensions put us on the path to the sort of fiscal crisis we see in Europe today. Indeed, we are far closer to Greece’s spending levels than many think, though our demographics are less disastrous.
As Williams ultimately put it (quoting Neil Cavuto), “the dirty little secret is: the world has no money and the emperor has no clothes.” To paraphrase Margaret Thatcher, “the problem with socialism is that eventually you run out of other people’s money.” If European street riots — and their impact on our markets — bring this point home to someone like Williams (who left college to work for Pres. Jimmy Carter), it’s a good sign for the Republic. Sadly, Williams has yet to identify the Naked Emperor, but HOPE springs eternal.
–Karl
blind pigs in search of an ACORN….. film at eleven.
redc1c4 (fb8750) — 5/7/2010 @ 10:49 amTaking candy from a baby has consequences. Taking candy back from an adult is not possible without not only a fight but mob action. Our near term problem is the SEIU and don’t pretend differently; their thugs already try to intimidate voters at the voting places and when they roar you better be ready.
Howard Veit (d0000b) — 5/7/2010 @ 10:51 amThe rending of the social fabric that we are seeing again in Europe has, in the past, led directly to the causes of two World Wars.
AD - RtR/OS! (044556) — 5/7/2010 @ 10:59 amWe would hope (how I’ve come to hate that word) that the leadership around the world can do better than their predecessors did,
but the outlook does not seem promising.
Our situation is just as bad, seeing as how we have a debt to GDP ratio that’s as bad as Portugal’s. The only thing really keeping us afloat right now is that we have the world’s reserve currency. All this means is that we’ll be one of the last in the race to the bottom, but the bottom is going to come, no matter what happytalk you may hear from the politicians or the press.
Another Chris (2d8013) — 5/7/2010 @ 11:20 amThis is true but why does the media keep promoting Obama’s money give-away.
Genie Maxwell (e47a7e) — 5/7/2010 @ 11:29 amGreece has run out of other people’s money and the indigenous habituates of irrational exuberance are throwing a tantrum rather than acknowledge the cupboard is bare and there just isn’t any more Ouzo and baklava to be had on the cuff.
Fortunately, the Greeks have the opportunity to kick the addiction. It’s the only thing that will keep the embers glowing.
ropelight (2b194e) — 5/7/2010 @ 11:31 amWe are on the brink of global economic calamity and the first few dominoes have fallen…
In other news, the Democrats desperately search for more ways to spend money we don’t have…
GeneralMalaise (3d45b5) — 5/7/2010 @ 12:18 pmAnd the CA Legislature is debating the propriety of Open-Carry of UNLOADED firearms!
There will be a ban on pitchforks and torches shortly.
AD - RtR/OS! (044556) — 5/7/2010 @ 12:30 pmIf the MSM membership finally comes to the realization that the Tea Partiers are trying desperately to save our nation instead of trying to tar them with inane and incredulous characterizations, we’ll all be a hell of a lot better off in the long run. They have a choice to make, and it would appear that they’re finally catching on – either get on this bus or get run over. Or to paraphrase Jimi Hendrix – “tire tracks all across your back, I can see you had your fun.”
Dmac (21311c) — 5/7/2010 @ 12:34 pmThe big news…NBC quoting Fox! End times.
I will add that I think the unrest in Greece is not the regular folks but agitators who want a coup. Isn’t that always the way?
Patricia (160852) — 5/7/2010 @ 12:36 pmYes, they wish to jump from the frying-pan into the fire.
AD - RtR/OS! (044556) — 5/7/2010 @ 12:41 pmOur emperor has no brain.
Icy Texan (3fb825) — 5/7/2010 @ 1:08 pmGreece has a long history of left wing and anarchist violence. The CIA station chief was assassinated on the street 25 years ago. The present prime minister is the son of the leftist PM who took Greece far to the left in the 50s. Interestingly, both are American citizens and the father was a professor at Berkley when the generals exiled him.
I agree the SEIU thugs will be Obama’s brown shirts when the bad times come. Time to buy ammo.
Mike K (8df289) — 5/7/2010 @ 1:13 pmThe SEIU goons can try all the tactics they like, but they’re already on notice that every single violent action they attempt will be documented by hundreds of videos. Every threat of physical violence, every threatening utterance, every threatening behavior will be duly documented and summarily sent out into the world – which means they’ll be forced to crawl back into their holes shortly afterward.
They already know the party’s over on that kind of crap, which is why they lamely attempted to start another “grassroots” counter – protest, called the “Coffee Party.” Which was immediately exposed as a fraud and a direct conduit of the SEIU – they’re outclassed and they’re outgunned (so to speak) and they know it.
Dmac (21311c) — 5/7/2010 @ 1:26 pmSpeaking of those riots in Greece and who’s responsible… has anybody seen this interesting set of riot photos?
http://www.thisblogrules.com/2010/03/dog-that-hasnt-missed-a-single-riot-for-years.html
I think the dog must belong to a photographer, but it’s in all the riot pictures from Greece for years!
Gesundheit (6acc51) — 5/7/2010 @ 1:37 pmWouldn’t that make him the “Greg Packer” of the dog world?
GeneralMalaise (3d45b5) — 5/7/2010 @ 1:54 pmIt should be notes that Greece isn’t like California, but like New Jersey; which has seen the handwriting on the wall and is trying to pull back.
NJ’s government workers haven’t objected so violently, yet. Which means we got a better view of what they want “Raise taxes! We need the money!” It hasn’t sunk into them yet that NJ is already past the crest of the curve, that doesn’t work any more.
CA, on the other hand, hasn’t even tried austerity measures yet. Despite it’s insolvency.
LarryD (feb78b) — 5/7/2010 @ 1:59 pmWilliams acts incredulous but he offers no clue as to the responsibility for this mess.
And judging from his background, he never will.
Arizona Bob (f57a20) — 5/7/2010 @ 2:17 pmMoney is a claim on the future productivity of the population.
If no one wants to work, money is kindle.
If more money printed than workers working — money is devalued.
The more people of entitlements or spounging off the Govt — the more you debase a currency and negatively impress the populace on the values to work.
HeavenSent (a9126d) — 5/7/2010 @ 2:20 pmWelcome to the coming of the Weimer Republic, part deaux.
Dmac (21311c) — 5/7/2010 @ 2:39 pmThe lib press line for Obama Democrap spending cover: ” Someone made a typo error, they typed one wrong letter and the stock market lost 10% of it’s value.”
SiliconDoc (7ba52b) — 5/7/2010 @ 3:20 pm(only in the liberally retarded world is that seen as a good excuse)
Go down the list of other excuses, and yet the truth is they need another mega trillion dollar pump and it seems to last about 6 months if that because FANNIE CRIME and FREDDIE FRAUD democrat sanctioned is STILL the name of the game.
Now if the communists in power in the USA can shove through their permanent bailout scheme with the 50 billion dollar revolving instant cash card, they can takeover the “free market” while they blame it at the same time for their own lying criminal congressional fraud and theft.
Let’s face it, it already worked once for them, is still working, and people like Ted Nugent are the only ones calling them out, and he’s a “dangerous militia right wing nut” so no lib, no democrat, no media person, no one, has to listen.
In fact adopting the opposite view and the partisan hack commie demcorat mantra is thus required.
You had me at “Margaret Thatcher”…
I do not doubt that many in the media have a clear understanding of what’s going on and what will happen. They want it this way.
God help us.
Dmac is right about SEIU. This election every single polling place will be, should be, video taped. All of them. And we will post those videos and make sure they are seen. Hell, Breitbart would love nothing better than to have a You Tube channel of nothing else than hundreds of videos of the left being jerks on election day.
Vivian Louise (643333) — 5/7/2010 @ 5:30 pmOf more interest to me were Williams and Letterman both going out of their way to minimize the nature of the Times Square incident. Inept… the guy wouldn’t know how to blow his own nose, yada… yada… typical head-up-arse liberal takes.
The next time some malevolent Islamist who has been on the radar for years decides to park an SUV on the streets of any large, American metropolis, we may not be so fortunate.
GeneralMalaise (3d45b5) — 5/7/2010 @ 5:41 pm