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Déjà vu all over again?

Déjà vu All Over Again?
Sean discussed an article today which described how veterans were summoned to the White House and told to brace for cuts if a deal on the debt ceiling could not be reached. “This will never happen, they wouldn’t stop these benefits,” a frustrated Sean said starting Thursday’s show. “Same thing with Social Security,” Sean added. With all of the talk from the president, all of his scare tactics and fear-mongering - doesn’t it all sound familiar to you? “In the words of Yogi Berra it’s ‘déjà vu all over again’. This sounds exactly like what happened during the debate over the continuing resolution act – fear, panic, rhetoric, hysteria. It sounds an awful lot like TARP to me,” said Sean. “Everything is a panic, a rush and a crisis with Obama. It’s all about scaring people. Democrats have successfully wiped the country into a frenzy and now the country is headed down a path in which it’s not going to deal with its major, structural financial problems. We’re not taking a sledge hammer to your grandchildren’s piggy banks; we’re taking a bulldozer to their lives. America is not going to be the country we were anytime soon because of all of this massive debt that we’ve got under this president,” Sean concluded.

Sean Squares Off With McCain On Debt Crisis
Sean invited Arizona Senator John McCain to the program to debate an editorial that appeared in the Wall Street Journal which blamed the gridlock on finding a solution to the debt crisis on the Tea Party. Sean vehemently disagreed with the op-ed piece. “The Tea Party didn't cause the debt crisis we have. The Democrats and Obama did,” Sean told McCain. The senator defended his position. “What I was trying to point out as the Wall Street Journal was, that we need to act with our own spending cuts, with our own legitimate spending cuts, in that way, then all the pressure will be on the president and the Democrats under Harry Reid.” You can watch the entire lively debate by clicking right here.

Rick Santelli: Real Cuts Are Needed
Sean was joined by the Grandfather of the Tea Party, Rick Santelli, to talk about the debt crisis. Hannity asked, “To what extent is this political with every side posturing and no one wanting to get the blame.” “The deal is that it’s not about the compromise, it’s about the substance,” offered Santelli, “We can address these problems in a real way and there is time to fix it but quick fixes won’t satisfy anything.” And once again, the country is faced with the painful question of just how far we will go to support real cuts that control Washington spending. As Sean has mentioned many times, be sure to call your congressman and tell them you support a real and long term strategy for debt reduction which should include a balanced budget amendment.

Show Guests

Rick Santelli

Rick Santelli joined CNBC Business News as on-air editor in June 1999, reporting live from the floor of the Chicago Board of Trade. His focus is primarily on interest rates, foreign exchange, and the Federal Reserve. A veteran trader and financial executive, Santelli has provided live reports on the markets in print and on local and national radio and television. He joined CNBC from the Institutional Financial Futures and Options at Sanwa Futures, L.L.C. There, he was a vice president handling institutional trading and hedge accounts for a variety of futures related products. Prior to that, Santelli worked as vice president of Institutional Futures and Options at Rand Financial Services, Inc., served as managing director at the Derivative Products Group of Geldermann, Inc., and was Vice President in charge of Interest Rate Futures and Options at the Chicago Board of Trade for Drexel, Burnham, Lambert. Santelli began his career in 1979 as a trader and order filler at... More >

Rand Paul

Randal Howard "Rand" Paul (born January 7, 1963) is an American ophthalmologist and politician who describes himself as a "constitutional conservative". He is the third child of Republican Congressman Ron Paul of Texas. Paul is the chairman and founder of Kentucky Taxpayers United. In August 2009, Paul officially announced his candidacy for the United States Senate seat held by retiring Senator Jim Bunning of Kentucky. Paul, a lifelong Republican, won the party's primary election on May 18, 2010. He then defeated Kentucky Attorney General Jack Conway in the general election on November 2, 2010.

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