huckabee. ♪ >> mike: welcome to huckabee. tonight what america's credit downgrade really means to you and what does it take for us to get upgraded again. charlie will be with us to explain it all . did congress and washington make that debt ceiling deal to avoid a downgrade or get reelected. democrat charlie rangel and republican david dryyer are here and much more on special edition of huckabee. glad you are with us tonight. plause plause >> mike: let me say after friday's view that standard and poor's downgraded the

credit rating for the first time ever there is a scramble to understand and interpert. the news came out of the a tepid jobs report. even that was tained by revelations that it was largely because so many people simply quit looking for a jobb. maybe that is not the entire story. in a week of bleak economic news, president obama celebrated his 50th birthday with a 35,800 dinner in chicago and then blew out the candles on the cake and the walls of the white house with stevie wonder and tom hanks and a listers from hollywood. some commentors gave the president a hard time about lavish parties at a time when 16 million americans are not without job. i congratulate the president for a 50th birthday.

for his obvious effort to really stimulus our struggling economy. because now hopefully none of the guests flew in a corporate jet to attend the gathering because i know if they did, he would give them a stern lecture of as to how that would be x. no doubt at organic sandwichs and had tofu for dessert. he created yobs for those prepared the birthday meal and set up the dinner and carefully polished each plate since that cost more than an average american makes. i am glad the president had such a large time with his friend and they think they all ought to pay more in taxes. they pass a hat that one of the hip pals wore and they

opened their checkbooks to give more to our ever responsible federal government so the fine folks party can bail out our government. i am sure that happened. let's get back, jack. cut the president some slack. his birthday gig might bring the economy back. that is my view. if you have one. go to mikehuckabee.comand click on the fox news feed back . be sure to sign up to follow me on wit twit or join my facebook page. so america's credit went from triple a to double a plus. how does that affect you in your family life. let's ask charlie gas perino. charlie, glad to have you back. >> don't you hate those guys who said i told you so. >> mike: you told us so. you said it was going to

happen. why did you think that? >> it was the most telegraphed down grade and running around washington saying they were going to do that. you bind - kind of box yourself in a corner. if the deficit didn't cut four trillion and it is bad. and so the body language said they would do it i covered down grades, never before the u.s. being downgraded. just from that standpoint it blose me away. i studied economics way back when and the triple a rating was sacroscant. every economic model was based on the fact that we will not be downgrade we are the king of the hill and i would say it is a sad day. >> mike: it is a sad and big news day. let's talk about from the standpoint how it will impact every american. is there a lot of unnecessary

panic spread around? >> no one knows. there might be a lot of unnecessary panic. i have talked with wall street people trying to get their voice on this and it is hard to tell. here's the doomsday scenario. lower the u.s. rate. interest rates go up. monday morning. treasury bonds, remember the price of treasury bonds not set pie s&p they just issued a opinion. that weighs in to what they think. dooms day sceniar quo and that means yields go up and prices go down . interest rate goes up that affects the credit card and what you pay for the home mortgage. that is a spike in yield and spikes up what everybody in this room pays on the credit card. >> mike: if a person has a rate and fixed it is not going up. >> probably not but if you want to get a new one it costs

more money. >> mike: buy a car dead and don't wait until mond and lock in the rate if you can. >> or spend all of your money. >> mike: i think a lot of people think come monday if they have a home loann it is a 30 fixed it is six percent >> it is locked in. >> unless it is an adjustible rate and there is a time frame. >> there is my caveat. read the fine print. >> mike: how many of the audience read the fine print. >> you should. it is hard to get through. >> mike: a hundred percent of the audience. >> sometimes the fine print said it is based on the usa keeping a triple a rating . two rating agencies say it is triple a. moody and s&p 500 say double a plus. do you go with the higher or lower . why monday will be a being day

and maybe scary day in the markets and maybe a nonevent . the general consensus that stocks are going to trade off. they said one of the reasons we are downgrading we have a long deficit. your economy is stuck in the mud and no solutions coming out of the administration and what congress . s to do . i i talked to eric cantor and plugging the loop holes. is the president going to sign on to that? no. the fed could print mon yethat didn't work. >> mike: yap jap had a downgrade. >> their economy is in desperate shape for 15 years. maybe it hasn't affected the tock market. but i will tell you this, this market is trigger happy and stock traders and the guys that rule the markets trade off of the headlines. i am saying be prepared.

if you are an average investors, i would not panic. keep that view and justt don't let . see what happens next week. i am bearish on the market because when i hear the president of the united states say i want to spur the economy throughh high speed raill ways and infrastructure banks, that makes my head spin. we tried it and it failed. >> mike: charlie, who are the people behind standard and poor's. i am not saying generically. they have a lott of influence. who elected them and where did they go to school and it is a neb lulse unseen glob of people and impacting the economy. what can we do to find out? >> we quote them all of the time. >> mike: we do but who gave them power? >> they are old businesss and they are businesses that missed every financial

calamity since they were created it is a huge conflict of about. u.s. doesn't pay for the rating. >> mike: what do we pay for? >> why they missed so many. >> mike: they missed the housing blow up. >> they were paid by the people issuing the debt and it was a conflict of question. >> mike: isn't there say question of the integrity of a committee that is paid by the player to call it a certain way. >> absolutely. before i went to tv, i was a print reporter for the journnal and i wrote about the lackk of integrity for 15 years and no one linned until the financial collapse. they still have a lot of power in the market. in order to do a deal you have to have a bond rating. it is an extortionary. >> mike: talked about not being lined to. like my wife said at home.

next. we'll have a live huckabee at the sight of the iowa traw poll. we'll have all of that life next saturday at 8:00 eastern and because of the breaking news, we'll not show you my brews with chuck and emily colson. we'll have those on in a couple of weekings . i ate breakfast and got heartburn, third day this week. so i took my heartburn pill and some antacids. we're having mexican tonight, so another pill then? unless we eat later, then pill later? if i get a snack now, pill now? skip the snack, pill later... late dinner, pl w? aghh i've got heartburn in my head. [ male announcer ] stop the madness of treating frequent heartburn. it's simple with prilosec otc. one ll a day. twenty-four hos. zero heartburn. no heartburn in the first place. great. the two trains and a bus rider. the "i'll sleep when it's done" academic.

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>> we are back. charlie one of the big surprise timothy geithner said for sometime, there was no way it would happen. watch the interview with peter barns. >> is there a risk that the united states could lose triple a credit rating. >> no risk. >> so standard and poor's is wrong the united states will keep the triple a credit rating. >> absolutely. >> mike: why is he still there? >> i have been asking that

question. >> mike: i was against his confirmation. this should seal the deal. >> he was one that was supposed to prevent the financial crisis . where was he? it is interesting about geithner the market went up 500 points had he was announced but before he was confirmed. at least obama didn't appoint bill ayers. >> mike: he couldn't have done any worse. >> and then one of his first public statements on a bail out and i broke the story. the market went down 500 points because he was so uneven and out of his depth. this whole crisis proved . last week, and the reason why, obama is pressuring the state and worrying about a bruising confirmation battle .

he's trying to get geithner. >> mike: he could have had a game changer. >> he's not going to do it. >> mike: i am serious someone that the republicans couldn't oppose but sends a real signal. it doesn't change the obama policy a lot. he needs someone to walk the plankk. you have to create a different optic. you have a guy who is driving the train and off of the rails and you will let him back in the seat again? these are people who know geithner . they say he's looking for yes, men . not independent voice. he can appoint the erskin who is a smart guy. the markets would love that and more credible. >> mike: you know why he is not. we have the answer for this and we will roll with it right now.

>> you're out. don't. you. i got where else to go. i got no where else to go. >> mike: that's timothy geithner and why he's got no where else to go. >> unfortunately. i hate to say this. but the big banks would probably hire him. he's all part of that? >> mike: what an incestous relationship. >> it makes for good stories every now and then. >> mike: folks probably have questions and i will let them get in on this. >> hi, i am jim, and i just talked about credit card and our home credit and stuff, how do you think the downgrade will affect us with price of goods and services every day of our lifes? >> it was a hypothetical

answer i gave you. no one knows what is going to happen. with goods and services interest rates go up that is usually bad for the economy, right. that's what might happen. if things are bad for the economy, inflation goes down. i am giving you an economic's lesson and you have less jobs if you map out the doomsday scenario. it could lead to a double dip. >> mike: how would we know the difference. >> that's right. >> i am tawny from san diego and i have six grandchildren. how will it affect student loans and or tuition? >> good question. i don't know about tuition. >> mike: it is up. i can tell you that. have you heard of tuition ever going down? >> no. it is not. >> mike: charlie will make predictions on that. tuition is going up.

>> what was the other one? >> student loans. >> interest rates go up that's what could happen in a major way. we'll have to see longer -- home loans and student loans are pegged off of the treasures . those prices should go down and interest rates should go up. >> mike: we have time for one more question. >> governor huckabee, what advice do you have for president obama in case he's watching in terms of immediate action he needs to take? >> mike: i know he watches this show every week. he pays no attention but get rid of geithner. even if it doesn't change the policy you got to give the american people a sense you are doing something different than what you are doing . the next thing he has got to call in people from the republican party and say guys,

i know we have been fighting. we are in this together and figure out what to do to get a treasury secretary we can believe in and get the country back track. good policy is good politics. this period - president thinks that god politics is good policy. he needs to take care of the policy and i wish he would take this piece of advice. maybe he will. charlie, thank you for being here. always a pleasure. speaking of charlie and new york representative charlie rangel said christians ought to be liberals. to be liberals. he is having a hard time you could save a bundle with geico's multi-policy discount. geico, saving people money on more than just car insurance.

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c>> mike: new york representative charlie rangel and i have had a public disagreement over jesus and taxes. >> many would ask the question what would jesus do? what would jesus do this weekend in >> mike: this guy had trouble passing his taxes and he ought to get the coin out of the mouth of the fish and pay his taxes. he took our debate to the house floor recently. >> my good friend mike huckabee said one of the things that jesus would do is pay his taxes. that scores for the good governor. but when you have a 14.3trillion dollar debt, it is kind of late for that message to have a strong impact. >> mike: well, today instead of discussing the long distance charlie rangel joins me for a come to jesus'

meeting. >> good to be back. >> mike: you were on the floor of the house and envoked jesus' name and i wonder if a republican would have envoked jesus, people would say you are bringing religion boit. you didn't get in trouble. >> because republicans talk about jesus we say amen thank you for coming. >> mike: no, there would be a blow up. >> you know, i was talking about anybody whether partisan, catholic, jewish or muslim or morm on. it is my true belief that our country was built on taking care of your lesser brother and sisters and a country of hopes and dreams and i have no problem saying what jess jes would do? it boils down what is the right thing to do? >> mike: let's talk about the right thing to do in relation

to that. what you said is that america is built on a religious foundation. 92 >> yes. >> mike: you believe that? >> i believe every value that we have had as a country has concepts that are involved in religion. it doesn't mean that you have to be a christtian, but the christian ideas are permeated in other religious beliefs? >> mike: but the basic christian concept. >> that's what i said. >> mike: do unto others as you would have them do unto you. this is my point. when republicans say similar things and that we are a nation founded on judo judicial principles and i get my head ripped off that i am injecting the faith and ramming it down peoples'.

snidon't think people are critical. >> mike: i will show you the news clip. >> maybe the mormon and broader sense of people coming to america. but the basic principles that bring us together as a nation is how you look. our stocks went down dramatically as we are two plus inted of three a. it is how people look at us as a fighting group of politicians rather than having the faith that makes america so great. if we believed that god was on our side and if you do the rightt thing you are rewarded for doing the rightt thing. i don'tt care if it is republicans or democrats. the last thing in the world i expected that it would be controversial. believe me. >> mike: i would tend to agree it shouldn't be controversial that people envoke faith in an

american discussion . it is part of the fabric of our lives. do you think, you mentioned medicare and social security. >> yes. >> mike: would those things be better if they were -- not that they are. would they be better to be handled familis and churches and communities, you have the attitude that the government ought to do this. is that the first resot or last resort. >> it should be a combination. what the family and caint do government ask. we ask for the very wealthy just to contribute this in which terms of helping the federal government to help people help themselves. >> mike: people who have passive income and investors and they don't really work for their money. i don't mean they didn't work. but now their money is making mon yethey are passive income

earnings. they pay 15 percent. wage earners and small business owners are paying 35 percent. doesn't it make sense to lower the tax rate and create a more fair system. i am a fair tax proponent. wouldn't it be better to have a flat rate so you are paying the same rate. even warren buffet talkhe pays a lowwer tax create than his own secretary. >> you make a lot of sense and i save it when you gave the eloquent testimony which was clearr that you are not an expert but you are make common sense and the committee needed your voice in that. whether you call it a flat tax or reform, this system is bad . it has to be corrected. even when you brought up my tax problems, i would be able to say the tax code is too dam complicated. >> mike: yes, it is. >> but people say we shouldn't

have any revenue and not try to correct it and not try to reform it. at a time when we have, a, a deficit, as terrible as the one that we have now over a trillion with the about that we pay and at the same time we have multinational corporations paying zip, there is something wrong with that picture. as you pointed out. we have hard working people and families paying a higher tax rate. so what is the flatt tax or consumer or value added tax. what is important that we reform the system. >> mike: congressman, on that part of the -- >> the republican party said under no circumstances. they were willing to take the united states in default on the issue that no revenues could be raised. >> mike: congressman you could

be a hero get the fair tax somehow created and get that done so we could have a real simple tax code and this republican will be there with you all of the way. we have to go. >> i promise you, it approximate you want a leader in reform, you got one. >> mike: congressman one day we'll talk more about jess -- jes jess jesus do? thank you very much. republican

my bills are going through the roof. do you know, my medical costs have gone up so much, i can't even afford my prescriptions anymore. you wouldn't leave your grandmother all alone. and i just found out my rent is going up again. yet millions of seniors are on their own, struggling to make ends meet. you should see my utility bills. expenses are soaring. costs are skyrocketing. and don't get me started on the prices at the grocery. but social security checks are too low to help seniors keep up with inflation. i don't think anybody even cares about me anymore. there is hope.

the senior citizens league, a nonpartisan group more than one million seniors strong, is fighting for better social security and medicare benefits. for more information, call 1-800-333-8725 or visit www.seniorsleague.org. the senior citizens league. you're not alone. live from america's news headquarters over seas markets reacting sharply to the down grade of our government's credit rating. asian markets tumbling on the first day of business. japan down more than 2% z middle east markets losing and

falling more than 4%. israel's index plunging 7%. and in northeastern ohio town in mourning following a shooting rampage that left eight people dead. hundreds of residents gathered to honor victims. among them, an 11-year-old. investigators say the gunman shot five people in one location and the suspect was shot deadly police. and now back to "huckabee". for latest headlines go to fox news.com. harris faulkner, we'll get you back to huckabee. >> mike: the weeks leading up to the deadlock. politics blaming each other and blaming them for the consequences ultimately before a debt deal was reached. what was the point of the drama if the credit rating was

going to be down anyway. congressman, it is good to have you. >> linn, i got to say, mike, did i not get it right, last week? we have to stop meeting like this. i thought it was ground hog day. huckabee wants you if again. >> mike: we only bring back the ones that nail it. one of the reasons we want you to come back, we'll talk about how much of the back and forth and indeceasiveness that was going on in washington affected the decision bystandersard and poor's. >> it played a role and early inications that it might happen. the president suggested it might happen. i think we have learned a lott and a wake-up call. we can't tinker around the edges. we have to be bold and strong and the statement that came

from the president from my perspective an endorsement of our republican budget that we passed and they harshlyy criticized. remember, mike, you know this well, we are the only country in the world that as we went through the down turn in the economy had the debt increase . we can't sustain that kind of thing . so now, we have no choice. there is immediate thing to do being. one of them is langishing for the last four years and opening up markets for the u.s. goods and services. president bush set up the free trade agreement . korea free trade agreement will be the largest in the history of the world f. we passed those immediately we could send a positive response that we are serious getting

america back on the edge. >> mike: it is more than the debacle over the debt ceiling. we'll take a little piece of the white house press secretary. it was a important step in the rightt direction yet the path was getting there took too long and was too divisive. now, congressman. >> that is a statement i put out, mike. >> mike: how can you argue with that? that is boiler room pure nonspeak. >> right. >> mike: it said what the president expected to say. but nothing concrete. >> right. >> mike: this is a president

who ignored his own bipartisan commission and acts like he is going to pay attention to the new one. >> malined our budget that stepped up to the plate and addressed the challenges. and if we don't get the economy growing. it is gross domestic growth. if we had two or three percent more. we wouldn't be having this discussion. as we continue to see the unemployment rate in excess of nine percent. it is still very, very bad . we have to be serious about i will tell you it is an uncertain time and you are the internationally acclaimed musician. i think you would understand the famous june lenon quote. life is what happened when you are making other plans . you remember that well? you thought when we passed the

deal we would send a positive signal. we have seen a drop in the dow and work nothing a bipartisan way and see the approval rating for congress improve. we are in unchartered territory and i fear that interest rates will go up . any corporation that sees credit rating reduced has to pay higher interest rate. we need job creation and economic growth to generate the revenues to pay down the debt and deal with this. >> mike: congress, we know there is tension between the tea party and republican ranks and more traditional establishment republicans. does this cause with the downgrade, now give reason that people are going to come together more or is there a bigger gap between the two parts of the republican house? >> i linn to the advice that you gave to president obama

and you are talking to charlie. you were right on the mark you said the president needs to recognize that we are in this together. whatever you want to say about the agreement we came to this past week. there was recognition that we have the potential to come together and deal with the challenges that we have here. that is something that needs to happen . they like to greatly exagerate the gition. i will tell you. i was electt to congress the day ronald reagan was electted and i will say the tea party is about cutting taxs and reducing the size of scope and count me in. i am proud of that effort and some might call me an establishment republican. >> mike: it is great to have you here. keep the phone handy. we'll probably call you again. [applause]. little bit of hope here. i know people get anxious.

but remember that no matter what standard and poor's say. the united states of america is still the best looking puppy in a bad litter . there is a problem economically across the world. but can you think of any place you would rather be than in the united states of america in the worst of the economic times. [applause]. >> mike: liberals are certainly blaming the tea partiians and calling them hostang takers for standing their ground . according to the s&p 500 the deal fell short. now does the tea party fell vindicated a bit. stay with us. [ male announcer ] millions of men 45 and older

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[applause] >> mike: one of the reasons that standard and poor's gave the downgrade when they did and how they did, was the debt ceiling deal with 2.1 trillion in budget cuts didn't go far enough. isn't that what the tea party was saying all along. we'll ask the founder of the dallas tea party and welcome back. david, good to have you with us. the tea party all along said 2.1 was not enough and there needed to be a much larger deficit reduction in order to make the deal work. we got snubbed and pushed out

of the way. you foal vindicated. >> i feel sad for our country. i woke up this morning feeling sad for the future of our country and feeling angry at our government. leaders in washington seem to be the only ones in the world realize you can't borrow without negative consequences and this is happening . what we will see. democrats will go after s&p and the republicans will hold up our hand and say we tried. tea party movement is the first inning in a longg game. we had a good bat. governor, we have a longg game and need another good bat. >> mike: vindication. >> vindication but only because the success of what we have done changed the dynamic in of the country. they came to a null deal and

deadlock and go nowhere. but we have people in america challenging washington on fiscal policies. i am going to go shortert than that . this winter, we'll see what plays out. they downgraded our long-term debt. but our short-term debt is on a watch. tea party needs to watch. we didn't change the behavior. when you see that. they cite the wrangling and we didn't change the behavior to give them confidence in the future action and this president is clear. he's going to borrow and pend and washington, i am sorry, republicans, stand up it is conservative. it is not right or left. >> mike: phil, there is indication and also demonization. this week. i have lined as democrat speaker after another going to

the podium and say the tea party is holding the nation hostage and terrorism and these are strong words. react to that. >> i am sorry, president obama's good friend bill ayers. we are called astroturf . right wing extremist and evil mongers and a name that harry reid made up and habits by senator mccain. what it shows us that the left cant defend its political ideology. how can you argue with the focus and principle of the tea party. we want our government to spend less money than it has in revenue. we want free markets and constitutional limited government and fiscal responsibility . the other thing that we did wrong that offended them. we exercised our first amendment and peacefully assemble. >> mike: how dare you. >> we have electted people to

represent our views. >> mike: you do have folk in congress. some of them you seem to be upset because they voted for the boehner deal. weren't they looking at not the best but best we can get. >> and to be fair, there was a separation. there were people who voted on the reason they were elected tea party support and only deal on the table. i understand that vote. here is my advice let them call us hobit or terrorist . so much like the fellowship of the we are forming alliances and working to get there. and we'll come and knock on the gates. but for the at the time party. let me give you advice. focus on getting more people elect don't become a part of the washington model of lit mist test and destroy ourselves.

get 40 more people in congress and five more senators when the states cut the ties, and apron strings with the federal government, federal government doesn't need to be that big or onerous in our lifes. >> mike: phil and david thank you very much. one of the things that occurs to me. more people accuse you of the horrible things, the stronger you get. like they are throwing gas linn to a already well burning fire. in many ways it is counter productive. >> thank you, governor. >> mike: we'll send it to you live on straw traw from the traw -- straw poll in iowa. that is next saturday. i will be back with

>> mike:y the latest presidential poll numbers or congressman weiner's sexting scandal. there is nothing to get you hook up. close your eyes and thank god you are an american. that is the newscast i can't wait to see. stipes a piece of news comes that may not be a headline in the new york times and will not get the breaking news treatment on fox news and you will not see stories on for every day of the week. i had a piece of news like that last week. my close friend and fishing buddy died last week.

it was not a beg story for most of the nation but the biggest story i dealt with. jennings was a remarkable man and grew up poor and worked around the clock to build a profitable and successful business. he used his wealth to do big things for others. sponsoring a firework show for holidays so everyone would enjoy them for free and through massive barbecue evens and feed 5000 people in a single day. this was a huge tray of food that weighed lenn pounds and feed a family for a week. he would give them away for free often where a tornado had struck or one that was struggling. he was a quiet understated soft spoken man and quiet demeanor belied a razor sharp wit and assessment of events. we fished together on his pond and arkansas river and lakes

in southeast arkansas full of bass, that is until we fished them and spent time going out to eat with our wives. he loved bill and gloria gather. he stood out of the lime light and thrilled to be in the same room with bill and glorria gather couple of the greatest songwriters ever. i presided over the marriage of his daughter and last week, i went home to do the last thing i could do for my friendd. i spoke at his funeral. now i have to get back to lesser things that are happening. big stories this week, sure. they are important. but most important things in life are not money. whether ours or the government's money. even more important are our familis and our friends and faith in god that keeps all of the thing right perspective. from new york.

this is mike huckabee, good night . keep the faith. the nascar nat,

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