This notable exchange took place on MTP last Sunday:

MR. GREGORY: But, Rick Santelli, this is, again, and the liberal argument, which I brought up to Secretary Geithner, is, to challenge your point of view, “Hey, wait a minute, you’re raising the red flag about debt. Yes, they’re unsustainable. But the cost of borrowing money right now is so low that, when you’re in this kind of exigent circumstance economically, why not measure spending commensurate with the size of the, the financial hole we’re in?”

MR. SANTELLI: Let’s cover three areas on that. First of all, when people get addicted to bad substances, usually the people that supply it give them really good prices in the early days. I don’t think it’s a great idea that we are enamored with the fact that we can sell so much debt, because it could all change very quickly. At the end of last year, a Greek six-month bond was around 2 percent. It’s more than doubled, and it’s only seven months into the year.

MR. GREGORY: We’re not Greece; we can print money.

No wonder they laugh at the US in China.

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