Herman Cain on GM, Free Market
GOP presidential candidate sits down with Glenn Beck
- Duration 7:04
- Date Jun 8, 2011
GOP presidential candidate sits down with Glenn Beck
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R&B average cost for a gallon of gas is now three dollars and 75 cents that's more than a dollar than it cost you a year ago.
Apparently that's not good enough for our good friends.
Your tax dollars went to bailout now.
-- their CEO Dan Akerson they are now pushing for higher gas prices the government is thinking about.
Approving up to -- 6%.
Increase in annual fuel efficiency levels.
Which means the cost of cars will go up by 3500.
Dollars but Akerson has a better idea.
He said quote you know what I'd rather have them do missile make my Republicans -- my Republican friends -- As -- got to go down here now we ought to just slap a fifty cent per dollar tax on a gallon a gas.
I'm sorry Dan.
The recipients of all of those tax dollar is only your Republican friends they're the only ones that Biden that's because I've senior crappy new electric car nobody's buying it I think some -- your crappy.
Democratic friends are buying that crappy car to.
A fifty cent gas tax would make every one puke but dollar what might -- me puke my heart and lungs.
There is a bipartisan.
-- cage going on here with GM.
And that's what.
That's what happens when gas goes up.
So now everything.
That -- if you it's being shipped to you your food.
Everything closed everything goes up.
So the good news is the pour in the middle class won't have any food in their tummies when they start vomiting over the gas prices if they're Republicans.
All right by the way the newest GM's.
CEO is Dan Akerson he used to work for the Carlyle group that's a global private equity firm that manages a 106 billion dollars.
Thank you have some of the players in the Carlyle group they're great.
And what a scene that one common.
Keep in mind this is the same General Motors that got 51 billion dollars in government money.
Then last year the administration applauded the car company when it -- paid to the seven billion dollars in taxpayer money GM patted itself on the back saying.
Now we paid everybody back five years ahead of schedule now now now -- really.
Since then the government is sold a bunch of its stock in GM the car company is paid back.
More of its -- through TARP money and money that's coming from the company's share in stock and we're losing I think it's eighteen billion dollars on this deal.
Even vice president Biden's economic advisor was confused about whether or not the company use TARP money to pay back its loans.
It's really hard to know.
He said because the funds are mixed together it's like trying to put an omelet back together -- it.
Meanwhile Jamie Dimon he is the CEO of JPMorgan Chase as fed -- chairman Ben Bernanke of US regulators are actually preventing.
Our economy from recovering watch this.
Now we're told -- be even higher capital requirements so called Tzipi charge and the G used to be charge X that are and we know there.
-- -- Has anyone.
Bother to study the -- -- effect of all these things.
And you have a -- like I do that we've looked back and look at the mall.
That they will be a reason it took so long that our banks our credit our businesses and most importantly job creation start going again.
Is this holding -- back at this point.
-- let me go to Herman -- for and nominee for president of the United States.
You were a fed chair yes in.
So you know all this stuff you also were -- and you ran godfathers right yes godfathers pizza yes.
It very successful.
In both of those positions.
Is this unintentional.
Is this -- it are the things being done by Bernanke and the administration.
Through GM is this just a bunch of really more ironic people the dumbest group of people ever seen.
Or do they know what they're doing.
-- -- It up I apologetic -- and that's what -- Law.
About the first twelve months of new -- Obama administration.
In believe in.
That they couldn't make this many bad decisions.
So you've been on -- conclude that they have a certain amount of intent.
Did do some of these things.
This is this is I am because this is a charge that I have Russell I think every American -- -- you don't want to believe that there are people that would intentionally do stuff exactly but look look look.
Look at is look.
Go back to the guy who -- to slap a gas tax on ten.
If you do that -- gasoline being at three dollars and seven -- -- about cents a gallon.
We -- four dollars is the tipping point in him.
Have shown studies have shown that once you go past four -- a gallon.
It goes past the tipping point which means that the -- -- has no choice other than -- taken out of another pocket.
To buy gas to go back -- the -- take his -- for the school now.
Suppose legal path that tipping point which we could it king -- -- -- -- is -- fact that they wanna reduce.
Yet all the supply outlaw hang up -- did a job.
He is the one who's trying to get them to reduce its at a price could go up because he doesn't care about the economy in this -- -- so now.
Have a tax on top of that.
What that does is it puts a downward pressure -- on the economy.
And this anemic economy an economy that we have now one point 8% in the first quarter would become even worse.
They keep making all of these moves saying that we aren't -- -- have a double -- -- recession but if cumulative late you add another gas tax.
And if at the mercy of OPEC.
And -- deciding how much they want to pull out a chain.
We could end up in a double.
OPEC Saudi Arabia actually was the only one apparently -- saying that maybe we should increase oil production but I don't already I don't know if we disagree on this.
I don't think it's oil production that we have to worry about I mean we are not.
We don't have our we have all the oil but it's all in the ground exactly don't have our own energy so we are completely screwed if they wanna -- attracting.
-- but it's really not.
How much royals out there alone.
A lot of this has to do with the dollar being inflated yes okay hang on yes let's explain that when we come back.