He is talking about the Fed... and I agree.

He's talking about the credit system, which includes the large and powerful banking industry. I guess he was right because 10 years later the financial industry brought about the worst recession in our nation's industry - sound familiar? I don't think the fed is really the problem (well it needs to be much more transparent and accountable) the real problem is that private institutions like the Bank of America have way too much power and are actively trying to establish a plutocracy. Arguably you could say they've already succeeded.

He is talking about the Fed which is the bill he had just signed... It even says as much in the quote itself.

This nation was founded on debt and credit.

How so?

Think about the Revolutionary war. Our baby nation had no funds to fight a war. We borrowed plenty from France and the Netherlands.

http://www.treasurydirect.gov/kids/history/history.htm

buahaha. das things like this are why you rock. also i knew there was debt to france, but the chart is a nice touch. the pig is def my fav though.

I agree das; but isn't debt to income what matters? I mean I could be 10 dollars in debt; but that doesn't mean I financed my life on debt.

http://2.bp.blogspot.com/_5aAsxFJOeMw/TP_DT0ZZFFI/AAAAAAAADtU/L4GceRbmnP4/s1600/a-us-debt-burden-1791-2010.png

According to this, I want to go chill with Edgar Allen Poe. lolz.

My point still stands dead. Without the ability to borrow money from France and the Netherlands (thanks Articles of Confederation) we would not have been able to fight, let alone win, the Revolutionary War. How we absolved that debt is what made us a great nation (read improving debt to income ratio).