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Saturday, September 18, 2010

Pento Back on CNBC Discussing Obama's Policys and the Market

After a rough experience on CNBC by Erin Burnett, Michael Pento is back on CNBC.  This time the discussion is about how to correct the markets.  Main theme is, if the President were to fix the economy then Wall Street and Main Street would be satisfied with the President.  Michael makes comments about getting rid of Ben Bernanke and putting someone in that position that is not so enamored with printing money.  Another big point that is made by Michael is that we need to rebuild our manufacturing base and lower wages to compete with China, we also need to allow our markets to correct.  Keith Boykin makes the comment that "we are all greedy and selfish, we all wants something but don't want to pay for it".  This comment has an element of truth to it, but why should we pay for this debt that was created by expanded government spending in the last 10 years, which doubled the spending budget within that period.  I read an  article previously that if we cut spending to the levels of a decade ago, we would be in a budget surplus and could start paying down our debt.  At some point the piper is going to have to be paid, one way or another.  Enjoy the video.

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