Mike Pento And Keith Boykin: "We Are All Greedy And Selfish"
Pento's earlier return to CNBC can only be attributed to the ratings surge resulting from the episode of him being "rude" and kicked off by Erin Burnett, after he dared to question her assumption that the world will continue to fund US debt in perpetuity. Nonetheless the tension (of somewhat ambiguous origin) between the two remains which may explain why Mike Pento appeared on the Kudlow show to discuss how Obama can satisfy Wall Street. Pento was sterling as usual, saying Obama's best bet is to convert to the tea party, but absent that he "should remove Ben Bernanke, and put the head of the Fed should be someone who is not so enamored with counterfeiting, and put someone who believes in markets. That would help to a great degree." Yet today's moment of insight comes from Keith Boykin who points out that the conflict between Wall Street and Main Street continues, in that the former couldn't care less about jobs (unlike the latter), and are much more fixated on the bottom line. Although obviously without jobs, the economy will crumble, which explains why Pento once again points out the obvious that America, to be competitive with the Chinese, should "lower taxes, lower wages, and reduce regulations" - all three of which have virtually no chance of passing in a country used to being coddled by cheap credit and ever rising wages, even if this money continues being devalued day to day. And while Boykin seems unable to grasp the concept that a bottom line has an expense component to it (i.e., cutting record bloated government spending), the line of the day goes to him: "We are all greedy and selfish." And there you have it - Americans can look at the administration for answers, at Wall Street for scapegoating, but fundamentally, when it comes down to actual change, this can only happen at the individual level. And deluding oneself and preventing any real change is what the average American individual excels in, more than anyone else in the world.
Full clip below: fun stuff begins around 2 minutes in.