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Eric Hovde: “Social Security is going to be worthless because they'll…”

Featuring: Eric Hovde, Republican | Former Candidate, U.S. Senate Wisconsin

Full interview with Eric Hovde

Published July 19, 2012 | Video Starts at 44:20

… account value got wiped out by 50% and they're not even through, even close to coming to hitting the rock bottom. If we tip over in this point, it's gone. Social Security is going to be worthless because they'll money print and turn it to whatever that check that you won't even be able buy lunch on. Does reform then mean to trim the benefits for those? Absolutely. Absolutely. Here's what I want to do with Social Security because again, I will tell you exactly what I will do. (44:20–44:29)

CLAIM

Asserts that Social Security will become worthless due to inflation.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Eric Hovde

“We have the highest corporate tax rate in the world at 35%.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 04:00-04:04
“It is estimated right now that we spend as Americans anywhere from 160 to $300 billion a year in tax preparation.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 05:45-05:53
“The credit default swap market was a $54 trillion notional value market.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:03-09:08
“We put $187 billion into AIG [due to credit default swaps].”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 21:14-21:19
“$0.60 on every dollar spent today now in health care comes from the federal and state government.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 27:28-27:35
“A GAO study on home health care found that 68% of the hundred billion dollars spent was fraud.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 29:36-29:40
“For every 1% increase in the financing costs of our federal government, that's another $160 billion.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 50:06-50:12
“S&P 500 companies tend to pay about half the normal rate, 16 to 17% any given year.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 04:07-04:17
“General Electric have 1,000 people in their tax department.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 04:19-04:23
“There are years that General Electric will pay nothing in tax.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 04:23-04:27
“Goldman Sachs has 84 offshore corporations.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 04:31-04:35
“Apple Computer came out, pays 9% in tax.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 04:36-04:40
“I think we have six individual brackets right now.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 06:05-06:08
“The credit default swap market... it's grown vastly bigger than the amount of bonds underneath it.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 08:55-18:53
“Credit default swaps have a $54 trillion notional value.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:03-09:08
“It is the single biggest reason why we put $187 billion into AIG.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:08-09:12
“TARP was a small fraction of the bailouts that occurred.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:28-09:32
“The Federal Reserve and the treasury used [backdoor mechanisms] to prop up the financial system.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:39-09:45
“There's no consequences for the executives of those firms [involved in the financial crisis].”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:50-09:55
“Fraud [is] systemic in our healthcare industry.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 10:33-29:17
“The cost of capital input should have been at a vastly higher rate than what they did [during the financial crisis].”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 13:12-13:25
“The executives themselves were never replaced from their positions [after the financial crisis].”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 13:52-14:01
“When Sweden's banking system failed 20 some odd years ago, they removed every CEO of every one of those banks.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 14:05-14:14
“The equity returns to the government on providing that capital was much like what you as a private investor would charge.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 14:19-14:27
“We didn't do that.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 14:27-14:29
“President Obama did [a disastrous policy] with the housing market when he came in and said, we are going to try to do principal reduction…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 15:19-15:24
“They've put up restrictions against foreclosure.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 15:49-15:52
“You are going to create more strategic defaulters.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 16:28-16:31
“They caused a massive wave of strategic defaulters.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 17:36-17:41
“The credit default swap market is known as the ticking time bomb that can blow up the whole global financial system.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 18:03-18:06
“Dodd Frank was created, they write all these regulations which frankly most of it makes no sense.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 19:07-19:18
“If you would have forced every CDS contract within two years to be traded over an exchange... you would have just shranken massively.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 19:34-20:04
“That bailout [AIG] was bigger than all the other bailouts.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 21:21-21:25
“I'm going to release my taxes in the next couple weeks.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 24:20-24:23
“I'm going to do two years [of tax returns] and that's all I'm going to do.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 25:04-25:08
“When President Obama passed Obamacare, he said that it will save taxpayer money over the next decade.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 27:35-27:44
“Factoring in 10 years worth of tax revenue but only six and a half years worth of expenses [for Obamacare] is fraud.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 27:47-27:52
“Washington D.C. [has yet to] manage anything well.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 28:09-28:12
“The second largest sector in our economy [will] in the next probably five to eight years become the largest sector.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 28:13-28:19
“We need to break up the mini monopolies in every single state where one or two health insurers provide insurance.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 28:25-28:34
“Florida's right now trying to deal with the pill clinics... it's just all Medicare and Medicaid fraud.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 29:43-29:53
“The two biggest cost drivers are end of life care and chronic disease.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 30:02-30:09
“The government can play a role... providing premium support to those people that don't have the economic means to buy insurance for…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 30:30-35:55
“Health insurance came as a byproduct of World War II where they couldn't increase wages.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 34:33-34:38
“The interstate banking laws crumbled and you brought in competition. The same thing should happen with insurance.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 35:03-35:13
“If you are economically disadvantaged and don't have the means to buy that catastrophic insurance, that is a way where the government can…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 35:36-35:48
“If we can get back to individual insurance, then you can carry your insurance anywhere.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 36:12-36:18
“Drive costs down and you're going to open up the free market system to competitively price health insurance is a huge windfall for…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 39:00-39:10
“The more we've moved to a socialized system of medicine, we've seen the quality of our health in this country decline.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 40:07-40:16
“We have $16 trillion in debt. We've got 103% debt to our economy. We're borrowing 38 cents on the dollar.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 42:56-43:02
“Their incomes have declined for the last 11 years, and yet the cost of all their goods.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 43:04-43:10
“We're engaging in something called quantitative easing... It is exactly what caused the destruction of Germany.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 43:09-43:24
“Zimbabwe followed exactly that path. And you know what I sometimes carry around with me? $100 trillion Zimbabwe note, which is worth about…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 43:30-43:42
“Greece, when they did their last restructuring, wiped out the pension value of all their pension value by 50%.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 43:47-44:16
“The problem that you have with the system is more people are taking money out of it than what put into it.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 45:17-45:24
“When Social Security was put in place... retirement age was 65. Life expectancy was 62... We're now in 2012... Life expectancy is 79.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 45:27-45:48
“If you're 50 or older, we're not going to touch it. If you're under 50, you're going to add two years to retirement age.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 45:51-45:57
“For people like me who have been economically blessed... you're going to have to do some level of means testing.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 46:18-46:29
“We've known for 30 years that this year was coming. And this is the critical year.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 47:21-47:28
“Our government does not do accrual accounting, simple GAAP accounting.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 48:17-48:22
“Our real deficits aren't a trillion three last year... They're probably 3.5 to $4.5 trillion because we're not expensing those liabilities.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 48:27-48:41
“Interest payments, just interest costs on our debt is 454 last year.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 48:56-49:05
“Last year, our interest payment on our debt was $454 billion, second largest expenditure in our federal budget.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 48:56-49:05
“Defense is as small a percentage of spending as our percent of our GDP than it's been at any time since World War II.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 49:30-49:36
“Defense spending as a percentage of GDP is down somewhere around 4 something percent.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 49:31-49:36
“We are financing our debt at about 1.5%, the cheapest rate we financed our debt since the Great Depression.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 49:51-49:59
“If we go back to where we have been financing our debt for the last 20 years at 5.5%, you are going to take the interest payments, just the…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 50:19-50:25
“Our debt as a percentage of our economy is higher than all but four European countries, and all four of them are in economic meltdowns.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 51:58-52:09
“Fractions of the Republican Party that are every bit much tied to cronyism and Wall Street reform.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 54:57-55:06
“I use the examples of Obamacare, how Nancy Pelosi's corporate givers are getting waivers from this.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 55:21-55:29
“Wall street was a prime example of cronyism.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 56:09-56:13
“We are getting in the Republican side, a big brush and starting to sweep out some of those career politicians who have been very embedded in…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 56:22-56:33
“Go back to Japan, look at Japan over the last 22 years. They haven't even been able to keep a stable government at all during that 22 years.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 57:10-57:19
“That's what's happened in Greece. How many governments have they toppled? They had to have after having an election. They had to redo…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 57:27-57:35
“I believe in entitlement reform.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 58:57-59:00
“It will probably move them, particularly Medicaid.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 59:05-59:09
“I've had three attack ads, Dan. You know it as well as I do.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:00:22-1:00:28
“We've already opened massive Eurodollar swap lines from the Federal Reserve to the ECB so they can have the liquidity.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:03:13-1:03:20
“Germany is 31% of the EU economy.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:03:27-1:03:33
“I think there's no question the Eurozone will break apart. It will probably last for another three, four years.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:04:04-1:04:10
“Finland and every one of the bailout packages are wanting cash collateral placed in their banks, which really isn't a bailout.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:04:16-1:04:24
“Once you get your economy, your debt in your economy over 90%, it stays that way for more than three years, you're left with one of two…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:06:22-1:06:32
“I said get out. Absolutely, get out. We don't have to treasury to deal with it.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:07:55-1:08:03
“Afghanistan has tried to be occupied so many times. The Russians, the British, the Ottomans.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:08:11-1:08:20
“We're not going to remake the society in the way that we want it because they don't want our form of government, our form of society.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:09:02-1:09:11
“The fundamental problem that we're having in so many of these countries is underlying religious war between the Sunni and the Shia.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:10:24-1:10:31
“Syria today, it is one of the few countries where the Shia are in control, where the majority is the Sunni.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:10:56-1:11:04
“I don't believe you put our young men and women at risk until you have a clear outcome that there is a way to resolve it and extract…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:11:37-1:11:47
“I would be providing bigger support through a country like Turkey that understands it's an ally of ours, it's a neighbor of Syria.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:11:48-1:11:55
“I don't think we have the money to be in Afghanistan.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:12:33-1:12:37
“I think it's wrong. I think it's fundamentally wrong. Nothing should be off the books.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:13:03-1:13:08