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Congressman Pete Stark Explains Leverage, Tells Reporter To "Get The Fuck Out"

Tyler Durden's picture





 

In a clip that has to be seen to be believed, California Congressman Pete Stark displays the most unbelievable combination of economic incomprehension, stupidity, hubris, and to top it off tells interviewer Jan Helfeld to "get to fuck out" or he will be thrown out of the window for daring to expose just what a sack of... hot air Stark is.

A line that will now live forever, thanks to Congressman Stark: "The more debt we owe, the wealthier we are".

That pretty much sums up political "thought"

 

hat tip Janis

 


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Thu, 09/03/2009 - 09:28 | Link to Comment Cam Mac
Cam Mac's picture

What a moron! God help us and get us some leaders with brains!

Thu, 09/03/2009 - 09:31 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:43 | Link to Comment Miles Kendig
Miles Kendig's picture

+10000

Thu, 09/03/2009 - 20:54 | Link to Comment Econocataclysm
Econocataclysm's picture

I saw this video after Peter Schiff favorited it and I LOVE IT!!! I doubt you'd get a much different response from a Republican since they've abandoned fiscal conservatism as well, but boy can they bitch about things that don't take a bite out my wallet, like abortion and gay marriage!!!

These guys are all bought and paid for by the same people, as ZH readers for the most part (those who don't post anonymously at any rate lolz) are well aware of. We all know about the $981,000 that Goldman Sachs used to buy off Obama and boy, are they getting their money's worth. This is the reason a public option for health care reform will never pass, it is also the reason the Dems are pushing that bullshit Cap & Trade, which as Matt Taibbi pointed out funnels BILLIONS if not TRILLIONS straight to Goldman's coffers. An energy tax would create the same level of demand destruction and have the added benefit of filling the Government's coffers instead of Goldman's, so that money could be spread around on social programs and environmental remediation. Not to mention paying down this monster debt. Of course, this is the same Barack Obama that hired outsourcing guru Hillary Clinton to be his Secretary of State and is STILL waffling about a withdrawal from Iraq. Meet the new boss, same as the old boss...

And speaking of which, something very interesting happened to me over at Crooks & Liars just now. Here's the article:

http://www.econocataclysm.com/crooks-liars-is-owned-by-goldman-sachs/

You've got to watch where you get your news, the Democrats have a noise machine that is just as powerful as the Republicans equivalent and trust me, they're all owned by the same Wall Street clowns in the end. C&L might as well be CNBC for all the truth you'll get from them. I wonder if Maria Bartiromo should do some guest posting for them? MUAHAHAHAHAHA!!!

Speaking of which, here's a GREAT post from Matt Taibbi featuring a great clip where the Money Honey earns her pay for CNN by helping to sandbag health care reform:

http://trueslant.com/matttaibbi/2009/09/02/maria-bartiromo-presses-44-ye...

Thu, 09/03/2009 - 10:10 | Link to Comment Keyser Soze
Keyser Soze's picture

Aw, c'mon. Do you have a doctorate of economics, mister smarty pants? Eh? I won't explai...I won...listen, will you let me say something?  Now, when you get yourself an education from....hey listen, with the big words and funny questions! This interview is over. I can't hear you blablabla....

Thu, 09/03/2009 - 11:08 | Link to Comment Jim B
Jim B's picture

OMG!!! He (Stark) finally realized that he was cluelessly babbling.  What a F#$& MORON!!!  He gets paid $180,000+ for this....

Thu, 09/03/2009 - 11:27 | Link to Comment chumbawamba
chumbawamba's picture

No, he's worse than a moron, he's a Keynesian.

I am Chumbawamba.

Thu, 09/03/2009 - 11:53 | Link to Comment MinnesotaNice
MinnesotaNice's picture

Now we know what is wrong with California  :-)

Thu, 09/03/2009 - 09:28 | Link to Comment Cam Mac
Cam Mac's picture

What a moron!

Thu, 09/03/2009 - 09:28 | Link to Comment rigger mortice
rigger mortice's picture

I've seen it and I can't believe it.

 

haven't laughed so much in ages.

 

what a tool.

Thu, 09/03/2009 - 09:29 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:58 | Link to Comment Rex Crotch
Rex Crotch's picture

Looks dated. But that still does not take away from the fact that Stark is an arrogant fucking idiot. And he has an MBA too, lol.

Thu, 09/03/2009 - 10:04 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:52 | Link to Comment slore
slore's picture

he's still the same person, and still in office.

Thu, 09/03/2009 - 15:22 | Link to Comment bonddude
bonddude's picture

Really? Well then just how long has our national debt been at the $5 Trillion mark?

Unless I heard wrong YOU ARE A MORON !

Thu, 09/03/2009 - 11:50 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

Was there ever a time or place when this type of thinking was considered appropriate?

Thu, 09/03/2009 - 17:00 | Link to Comment Missing_Link
Missing_Link's picture

California, modern day.

Nancy Pelosi talks the same nonsense.

People still vote for borrow-and-spend Democrats like crazy over there.  Their state budget proves it.

Fri, 09/04/2009 - 11:06 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:30 | Link to Comment Zippyin Annapolis
Zippyin Annapolis's picture

And we want to get our elected representatives involved in important market issues because???

 

On another level Stark is a genius:

"""Maryland real estate taxes controversy

For two years, Stark was allegedly claiming his lakefront Maryland home as his primary residence in order to claim a homestead exemption to reduce his local real estate taxes. Under Maryland law, in order to qualify, the owner must register to vote and drive in Maryland—Stark uses a California address for those purposes."""(wikpedia)

 

Thu, 09/03/2009 - 10:12 | Link to Comment Silver Bullet
Silver Bullet's picture

Let's be honest. This reporter is not exactly making anything more then the strawman argument. This is slightly out of context. Although stupid, stark is not totally wrong. And that reporter was shit. Still funny though. 

Thu, 09/03/2009 - 10:56 | Link to Comment slore
slore's picture

this is what prompted Borat to get into journalism

Thu, 09/03/2009 - 11:29 | Link to Comment Anonymous
Thu, 09/03/2009 - 15:24 | Link to Comment bonddude
bonddude's picture

Anyone, I mean anyone, could out this friggin gangster Stark...Borat, Ali G., anyone.

Thu, 09/03/2009 - 11:36 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:39 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:37 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:08 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

+1000

Thu, 09/03/2009 - 09:30 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:30 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:31 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:33 | Link to Comment FreddyInBangkok
FreddyInBangkok's picture

one day a couple of grisly jailers will drag Stark up & down the dungeon staircase all night long by his chained ankles banging his head on every step ...

Thu, 09/03/2009 - 09:32 | Link to Comment mbielik24
mbielik24's picture

How old is this clip?

Thu, 09/03/2009 - 09:43 | Link to Comment ED
ED's picture

coming one year.

Thu, 09/03/2009 - 09:32 | Link to Comment Altan311
Altan311's picture

I have never seen such disgusting arrogance in my life; Pete Stark can go fuck himself. Also, in my experience, the people who chastize others the most about what school they went to tend to be the dumbest. Not to say good schools put out dumb people, but as an inevitable result of the political connections of those institutions, eventually a few fuckers like Stark get in. Mr. Stark seems to have forgotten that his alma matter has been putting whole classes online for free, specifically because of assholes who him who like to dangle pieces of paper.

Thu, 09/03/2009 - 11:21 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

Not to say good schools put out dumb people

IMHO; Harvard leads when it comes to putting out stupid people; closely followed by Yale and somewhere in the third place there is a strong fight between Cornell and Duke. 

Thu, 09/03/2009 - 11:24 | Link to Comment slore
slore's picture

then DeVry and University of Phoenix online

Thu, 09/03/2009 - 11:26 | Link to Comment agrotera
agrotera's picture

We all missed you, you Cheeky Bastard you!

Thu, 09/03/2009 - 17:05 | Link to Comment Missing_Link
Missing_Link's picture

Well that's the whole point, isn't it?

After all, they could never get into Congress unless they were proven to be stupid!

The Fed wouldn't want smart people in Congress, now, would it?  Smart people are so very hard to control.  Far better to have frothing-at-the-mouth idiots like Stark holding a seat in Congress, pretending to get work done.

Thu, 09/03/2009 - 09:34 | Link to Comment EagleProjets
EagleProjets's picture

Suppid congressman Wow The more your have on a credit card the more you are rich

Thu, 09/03/2009 - 09:34 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:35 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:35 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:35 | Link to Comment pivot
pivot's picture

this proves that 20 years ago when this interview took place (and taped via VHS), politicians were no smarter than they are today.

Thu, 09/03/2009 - 09:36 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:36 | Link to Comment SWRichmond
SWRichmond's picture

TD, thanks for posting this.  We see this "debt is good", "debt only matters as a percentage of GDP" crap all over the blogosphere.  The curriculum in B schools everywhere seems to have been contaminated with it.  We see monetarists taking credit for all the gains in living standards over the past 100 years.  A lot of people actually believe this.

 

Thu, 09/03/2009 - 09:42 | Link to Comment Lou629
Lou629's picture

This guy is a prime example of the 9 scariest words in the english language: 

"we're from the government, and we're here to help"

Fri, 09/04/2009 - 06:32 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:37 | Link to Comment lizzy36
lizzy36's picture

Jesus, this congressman combines my two favorite traits for a ratard (see "The Hangover" for an explanation on ratard):extreme arrogance combined with extreme ignorance.

One wonders why American's keep electing people like this.

Thu, 09/03/2009 - 09:58 | Link to Comment gmrpeabody
gmrpeabody's picture

It's really very simple..., there are more net tax users than there are net tax payers. And, they can vote. Sometimes, more than once.

Thu, 09/03/2009 - 14:38 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:24 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:42 | Link to Comment Miles Kendig
Miles Kendig's picture

This is the basis of the fractional banking system and the federal reserve system.

This tape is a classic of the hubris of an IQ less than 80 and represents nearly every politican in America.

Thu, 09/03/2009 - 09:42 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:50 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

I took several business classes while earning my degree in computer science.  The business majors I met were the biggest bunch of cheaters I had ever met. 

Thu, 09/03/2009 - 09:44 | Link to Comment SteveNYC
SteveNYC's picture

Quite simple really, how it works in the USA:

1) Election to any post is a "popularity contest". The guy fits the bill: white, combed hair, nice suit, car-salesman look.....

2) Our President is a classic example....

Thu, 09/03/2009 - 09:45 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:46 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

Pete Stark, another person who lacks any integrity and should not be in office.

Thu, 09/03/2009 - 09:46 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:49 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

Using his reasoning, per capita, California must be the wealthiest state in the US. IOUs and garage sales must be aberrations.

 

Thu, 09/03/2009 - 09:51 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:52 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:54 | Link to Comment Printfaster
Printfaster's picture

The epitome of California Democrat thinking.  Well not thinking, but whatever the reactive lower mid-brain process is called.

The papers and blogs all blame Schwazenegger for the budget problems, but the combination of big business, government labor unions and democrats has produced politicians of privelege like Stark.  They are most odious.

 

Thu, 09/03/2009 - 09:54 | Link to Comment Anonymous
Thu, 09/03/2009 - 09:57 | Link to Comment lsbumblebee
lsbumblebee's picture

You hurt Pete's tiny little brain! Pete you okay honey?

Thu, 09/03/2009 - 09:58 | Link to Comment Ivanovich
Ivanovich's picture

We need to put this video EVERYWHERE so it's picked up by everyone.  Say what you want about MSM, but they love to fry idiots like this on national news.

Thu, 09/03/2009 - 10:00 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:01 | Link to Comment waterdog
waterdog's picture

Jan got what he deserved for talking to anyone from California. Thank God I was not there. I would have jumped out the window myself if I had to listen to that insanity while it took place.

Thu, 09/03/2009 - 10:02 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:24 | Link to Comment Rusty Shorts
Rusty Shorts's picture

 - uhh, are you saying that the dollar is backed by thermonuclear wmd's, and the military is really part of the world of finance...carrying a big stick ? hmm.

Thu, 09/03/2009 - 11:20 | Link to Comment agrotera
agrotera's picture

Kind of looks that way Rusty Shorts...we have 'quantitative easing' yet our country hasn't lost an ounce of credit rating...has to be the WMD's

Thu, 09/03/2009 - 10:03 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:05 | Link to Comment chunkylover42
chunkylover42's picture

Stark is really an arrogant prick who doesn't know what he's talking about.  How is that douche still in office?

Jan refers to a $5 trillion national debt, which puts this video right around 1995, since so many brought it up.

Thu, 09/03/2009 - 10:06 | Link to Comment Assetman
Assetman's picture

His Congressional district in CA should be embarrassed... but they may not be smart enough to know any better.

Thu, 09/03/2009 - 11:22 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:07 | Link to Comment max2205
max2205's picture

I think he started in GS's mail room.

Thu, 09/03/2009 - 10:12 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:13 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:14 | Link to Comment Sqworl
Sqworl's picture

Fires, Earthquakes, Bankrupt, Pelosi, Boxer and this prick...Proof of Hell on Earth.

Thu, 09/03/2009 - 10:16 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

Both politicians and criminals typically suffer from underdeveloped hippocampi, but since politicians' hippocampi communicate normally with their neocortexes, most manage to stay out of prison. (Illinois excluded)

Thu, 09/03/2009 - 13:46 | Link to Comment chunkylover42
chunkylover42's picture

We here in Illinois have decided to elect our next governor so that he's ALREADY IN prison.  Save ourselves the trouble that way.

Thu, 09/03/2009 - 10:16 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:18 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:04 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

after reading this; i suddenly like the guy

Thu, 09/03/2009 - 13:16 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:20 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:07 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

You neglect to point out that net worth can be artificially inflated by assuming more debt. Thus debt and net worth are too interconnected to be used as an accurate measurement. 

Thu, 09/03/2009 - 11:25 | Link to Comment MountainHawk
MountainHawk's picture

Excellent point...

Thu, 09/03/2009 - 19:21 | Link to Comment Haywood Jablowme
Haywood Jablowme's picture

Common sense but of course "anon" already knew that bwaahahaaa

Thu, 09/03/2009 - 10:21 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:26 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:29 | Link to Comment ShankyS
ShankyS's picture

Oh no he did not. He didn't. No way. Thank goodness for great leadership like this!

Thu, 09/03/2009 - 10:33 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:33 | Link to Comment Cow
Cow's picture

There's more

http://www.youtube.com/watch?v=8JHD8QuuWpE

Get Pete a hanky

Thu, 09/03/2009 - 10:35 | Link to Comment emsolý
emsolý's picture

0:32: "in the national SCHEME of things, that's quite right."

 

hell yeah it's a "scheme", good fella. It's named after a well-known crook named Charles something (oops, i keep forgetting his name).

 

Thu, 09/03/2009 - 10:37 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:50 | Link to Comment iknowNOW (not verified)
Thu, 09/03/2009 - 10:37 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:44 | Link to Comment Cow
Cow's picture

"Actually most of the comments here reflect a kind of anti-intellectual arrogance that is scary." Pete...is that you?

 

Thu, 09/03/2009 - 11:59 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

I've always loved this argument.

Somehow, politicians are able to claim all of our incomes and production as a measure of "their wealth".

This would be like a CEO of a company adding the incomes of all of his employees towards the company's gross income.

The wealth of the country is NOT the wealth of the government.  It is the wealth of the citizens.

The government should calculate it's indebtedness as compared to what IT owns (lands, resources, etc).

The citizens of this country are not owned by the government.

 

Thu, 09/03/2009 - 10:39 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:45 | Link to Comment Printfaster
Printfaster's picture

It is impoossible to embarrass the Democrat party.

Thu, 09/03/2009 - 10:46 | Link to Comment Printfaster
Printfaster's picture

Clear repeat

Thu, 09/03/2009 - 15:16 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:42 | Link to Comment thegreatsatan
thegreatsatan's picture

Pete Stark is why that corrupt scumbag Charles Rangel continues to have a seat in Congress. Does anyone really want this ignorant fucking assclown running Ways & Means?

Thu, 09/03/2009 - 10:44 | Link to Comment flaxpin
flaxpin's picture

If Stark believes the shit coming out of his mouth, then he's a moron.  But I'll give him the benefit of the doubt--he's a lying sack of shit.

Thu, 09/03/2009 - 10:46 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:24 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:38 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:47 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:50 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:14 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:51 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:39 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:45 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:53 | Link to Comment Anonymous
Thu, 09/03/2009 - 14:15 | Link to Comment Anonymous
Thu, 09/03/2009 - 10:55 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:04 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:06 | Link to Comment pooplagrande
pooplagrande's picture

Classic...don't you wish there was some basic testing to become eligible for public office (at least high levels)? Kind of an SAT for government officials?

Wonder what the score would be if it were implemented now and given to people in office? Pelosi and Stark (sadly both from California) would bring the average down about 10% alone.

Pathetic.

This is probably the biggest "tell" on how/why we are all in this mess. The wizards of Oz are simply just a bunch of morons.

Thu, 09/03/2009 - 11:07 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:52 | Link to Comment iknowNOW (not verified)
Thu, 09/03/2009 - 11:43 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:45 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:46 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:48 | Link to Comment Cow
Cow's picture

Underlying some of his arrogance is an assumption that it is OK for Govt to borrow billions and build up their debt, because they know how to use the money more intelligently than the folks who are taxed to pay it off.

Thu, 09/03/2009 - 11:50 | Link to Comment Anonymous
Thu, 09/03/2009 - 11:58 | Link to Comment glenlloyd
glenlloyd's picture

just another piece of evidence that supports the fact we have idiots running the show.

Thu, 09/03/2009 - 12:03 | Link to Comment Anonymous
Sun, 09/06/2009 - 12:31 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:10 | Link to Comment channel_zero
channel_zero's picture

This video was from about 1995. This kind of magical thinking was very common.  The dot-com bubble didn't even come close to popping.  Everything was great. And then idiots like the interviewer come along with their cautious thinking.  Phhhht!

1995 is about the time TD was cutting his/her teeth in the financial industry and would defend Pete's nonsense to the death. 

When everyone that writes for ZH is back working for GS/Chase/BofA will they defend Pete-think 2.0?  Probably.

Thu, 09/03/2009 - 12:12 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:46 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:15 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:19 | Link to Comment phaesed
phaesed's picture

Seriously..... This is from 1995 and while it's slightly relevant, it's a bit of a stretch to put this up with so much else going on.

Thu, 09/03/2009 - 12:25 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:27 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:31 | Link to Comment Anonymous
Thu, 09/03/2009 - 14:50 | Link to Comment Jeanbon
Jeanbon's picture

Yeah, absolutely, look at Zimbabwe! Money

printing made it the richest country of Africa.

No no, Uncle Sam is not a company. What

kind of bullshit are we talking about here?

Thu, 09/03/2009 - 12:38 | Link to Comment Anonymous
Thu, 09/03/2009 - 12:43 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:12 | Link to Comment Anonymous
Thu, 09/03/2009 - 15:52 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:17 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:34 | Link to Comment Anonymous
Thu, 09/03/2009 - 13:58 | Link to Comment Rama V
Rama V's picture

Why do Amricans choose such leaders?  Birds of a feather flock together.

 

Thu, 09/03/2009 - 14:01 | Link to Comment Anonymous
Thu, 09/03/2009 - 14:58 | Link to Comment Rama V
Rama V's picture

Neither Thomas Jefferson nor John Adams limited the terms of the president.  This limitation did not occur until after FDR.

Thu, 09/03/2009 - 15:09 | Link to Comment Anonymous
Thu, 09/03/2009 - 14:03 | Link to Comment McLuvin
McLuvin's picture

In his defense, this is only his day job...the rest of the time he is Iron Man.......or is that his brother Tony??

Thu, 09/03/2009 - 14:09 | Link to Comment Anonymous
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