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Eric Hovde: “The credit default swap market... has grown vastly bigger…”

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

Full interview with Eric Hovde

Published July 19, 2012 | Video Starts at 08:55

… of a government or of a company that I can buy insurance that in the event that this company defaults, that somebody's going to pay me out. The problem with The credit default swap market... has grown vastly bigger than the amount of bonds underneath it. So it's Become a massive gambling casino for Wall street because you have notional value that's far bigger than the underlying face value of those bonds. (08:55–18:53)

CLAIM

Asserts that the credit default swap market is much larger than the underlying bonds.

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

“I would get rid of all corporate loopholes.”
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“We have the highest corporate tax rate in the world at 35%.”
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“S&P 500 companies tend to pay about half the normal rate, 16 to 17% any given year.”
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“General Electric... there are years that [it] will pay nothing in tax.”
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“Goldman Sachs has 84 offshore corporations.”
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“Apple Computer came out, pays 9% in tax.”
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“It is estimated right now that we spend as Americans anywhere from 160 to $300 billion a year [on] tax preparation.”
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“We have six individual brackets right now.”
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“The credit default swap market was a $54 trillion notional value market.”
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“Credit default swaps have a 54 trillion dollar notional value.”
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“It is the single biggest reason why we put $187 billion into AIG.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:08-09:13
“We put $187 billion into AIG.”
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“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.”
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“During the height of the Internet bubble, all these sins came back in place.”
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“The cost of capital input should have been at a vastly higher rate than what they did.”
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“The executives themselves were never replaced from their positions.”
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“When Sweden's banking system failed 20 some odd years ago, they removed every CEO of every one of those banks.”
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“The equity returns to the government on providing that capital was much like what you as a private investor would charge.”
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“One of the most disastrous policies that President Obama did was with the housing market when he came in and said, we are going to try to do…”
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“They caused a massive wave of strategic defaulters.”
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“If you would have forced every CDS contract within two years to be traded over an exchange... you would have just shrank in massively.”
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“That bailout [AIG] was bigger than all the other bailouts.”
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“I'm going to release my taxes in the next couple weeks.”
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“I'm going to do two years [of tax returns] and that's all I'm going to do.”
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“60 cents on every dollar spent today now in health care comes from the federal and state government.”
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“When President Obama passed Obamacare, he said that it will save taxpayer money over the next decade.”
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“The way they arrived at that [Obamacare savings] was factoring in 10 years worth of tax revenue, but only six and a half years worth of…”
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“Washington D.C. [has yet to] manage anything well.”
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“[The healthcare sector] will in the next probably five to eight years become the largest sector in our economy.”
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“68% of the hundred billion dollars spent [on home healthcare] was fraud.”
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“Florida's right now trying to deal with the pill clinics down in Florida and places like Kentucky where it's just all Medicare and Medicaid…”
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“The two biggest cost drivers are end of life care and chronic disease.”
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“Health insurance came as a byproduct of World War II, where they couldn't increase wages.”
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“The interstate banking laws crumble and you brought in competition. The same thing should happen with insurance.”
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“If you are economically disadvantaged and don't have the means to buy that catastrophic insurance, that is a way where the government can…”
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“If we can get back to individuals insurance, then you can carry your insurance anywhere.”
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“The fact that you're going to drive costs down and you're going to open up the free market system to competitively price health insurance is…”
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“The more we've moved to a socialized system of medicine, we've seen the quality of our health in this country decline.”
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“Type 2 diabetes has skyrocketed.”
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“We have $16 trillion in debt. We got 103% debt to our economy.”
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“We're borrowing 38 cents on the dollar.”
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“Greece... wiped out the pension value by 50%.”
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“Social Security is going to be worthless because they'll money print.”
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“The retirement age was 65. Life expectancy was 62.”
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“Life expectancy is 79.”
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“If you're 50 or older, we're not going to touch it.”
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“If you're under 50, you're going to add two years to retirement age.”
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“For people like me... you're going to have to do some level of means testing.”
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“Our real deficits aren't a trillion three last year... They're probably three and a half to four and a half trillion dollars.”
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“Last year, our interest payment on our debt was $454 billion.”
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“Defense spending as a percentage GDP is down somewhere around 4 or something percent.”
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“Interest payments, just interest costs on our debt is 454 last year.”
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“Nancy Pelosi's corporate givers are getting waivers from [Obamacare].”
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“I believe in entitlement reform. Now that may shrink the size a pool of people that participate in it.”
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“I've had three attack ads, Dan. You know it as well as I do.”
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“I built homeless shelters for street kids in, you know, Kigali, Rwanda, Mombasa, Kenya, Accra, Ghana, Mexico City, Juanaco, Peru.”
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“We've already opened massive Eurodollar swap line from the Federal Reserve to the ECB so they can have the liquidity.”
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“Germany is 31% of the EU economy.”
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“I think there's no question the Eurozone will break apart. It will probably last for another three, four years.”
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“Finland and every one of the bailout packages are wanting cash collateral placed in their banks, which really isn't a bailout.”
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“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…”
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“I said, get out. Absolutely, get out. We don't have the treasury to deal with it.”
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“Afghanistan has tried to be occupied so many times. The Russians, the British, the Ottomans, you can go on and on and eventually they give…”
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“The fundamental problem that we're having in so many of these countries is underlying religious war between the Sunni and the Shia.”
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“Syria today, it is one of the few countries where the Shia are in control, where the majority is the Sunni.”
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“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…”
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“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.”
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“I don't think we have the money to be in Afghanistan.”
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“I think it's wrong. I think it's fundamentally wrong. Nothing should be off the books.”
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