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Eric Hovde: “We have $16 trillion in debt. We got 103% debt to our…”

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

Full interview with Eric Hovde

Published July 19, 2012 | Video Starts at 42:55

No politicians want to talk about it. And you know what? It's time for you guys to start taking it serious. Because guess what? Let's deal with the reality. We have $16 trillion in debt. We got 103% debt to our economy. We're borrowing 38 cents on the dollar. We're destroying the standard of living for most Americans. Their incomes have declined for the last 11 years and yet the cost of all their goods. (42:55–43:00)

CLAIM

Asserts that the U.S. has $16 trillion in debt, equating to 103% of its economy.

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.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 03:33-03:38
“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
“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... there are years that [it] will pay nothing in tax.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 04:19-04:27
“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
“It is estimated right now that we spend as Americans anywhere from 160 to $300 billion a year [on] tax preparation.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 05:45-05:54
“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... has grown vastly bigger than the amount of bonds underneath it.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 08:55-18:53
“The credit default swap market was a $54 trillion notional value market.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:03-09:09
“Credit default swaps have a 54 trillion dollar notional value.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:03-09:09
“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.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 09:09-09:13
“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 | 09:31-09:45
“During the height of the Internet bubble, all these sins came back in place.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 10:53-10:58
“The cost of capital input should have been at a vastly higher rate than what they did.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 13:17-13:25
“The executives themselves were never replaced from their positions.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 13:56-14:02
“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 | 14:04-14:15
“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
“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…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 15:17-15:30
“They caused a massive wave of strategic defaulters.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 17:36-17:41
“If you would have forced every CDS contract within two years to be traded over an exchange... you would have just shrank in 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
“60 cents 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
“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
“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…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 27:44-27:52
“Washington D.C. [has yet to] manage anything well.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 28:09-28:12
“[The healthcare sector] will in the next probably five to eight years become the largest sector in our economy.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 28:15-28:20
“68% of the hundred billion dollars spent [on home healthcare] was fraud.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 29:36-29:40
“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…”
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
“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 | 34:35-34:41
“The interstate banking laws crumble and you brought in competition. The same thing should happen with insurance.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 35:04-35:13
“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 individuals insurance, then you can carry your insurance anywhere.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 36:12-36:18
“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…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 38:59-39:10
“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
“Type 2 diabetes has skyrocketed.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 40:20-40:25
“We're borrowing 38 cents on the dollar.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 42:59-43:02
“Greece... wiped out the pension value by 50%.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 43:47-44:17
“Social Security is going to be worthless because they'll money print.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 44:20-44:24
“The retirement age was 65. Life expectancy was 62.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 45:29-45:34
“Life expectancy is 79.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 45:45-45:48
“If you're 50 or older, we're not going to touch it.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 45:51-45:54
“If you're under 50, you're going to add two years to retirement age.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 45:53-45:57
“For people like me... you're going to have to do some level of means testing.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 46:20-46:29
“Our real deficits aren't a trillion three last year... They're probably three and a half to four and a half trillion dollars.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 48:27-48:39
“Last year, our interest payment on our debt was $454 billion.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 48:56-49:03
“Defense spending as a percentage GDP is down somewhere around 4 or something percent.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 49:31-49:37
“Interest payments, just interest costs on our debt is 454 last year.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 49:41-49:48
“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 | 49:51-50:02
“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 | 50:02-50:12
“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 | 50:12-50:27
“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
“There are 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 | 54:56-55:06
“Nancy Pelosi's corporate givers are getting waivers from [Obamacare].”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 55:23-55:28
“George Kaiser, who was one of President Obama's major campaign contributors, got a half a billion dollar loan guarantee after he got…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 55:30-55:40
“Wall street was a prime example of cronyism.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 56:09-56:14
“We are getting and 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
“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. Now that may shrink the size a pool of people that participate in it.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 58:57-59:06
“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
“I built homeless shelters for street kids in, you know, Kigali, Rwanda, Mombasa, Kenya, Accra, Ghana, Mexico City, Juanaco, Peru.”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:02:14-1:02:27
“We've already opened massive Eurodollar swap line 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 | 1:06:24-1:06:40
“I said, get out. Absolutely, get out. We don't have the 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, you can go on and on and eventually they give…”
Full interview with Eric Hovde | Uploaded July 19, 2012 | 1:08:11-1:08:23
“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 | 1:10:23-1:10:31
“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 | 1:11:35-1:11:47
“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 | 1:11:48-1:12:00
“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