From Holden:

Here we have your president today ridiculing the American people for their belief that U.S. Treasury Bonds are backed by the full faith and credit of the United States of America, speaking to of his buddies at a meeting of the Independent Insurance Agents and Brokers of America in DC.

First, as I travel the country, I find out some people think there’s such thing as a Social Security trust. By that I mean we collect your money through the payroll tax, and we hold your money for you, and then when you retire, we give you your money back. No — (laughter) — that’s not the way it works. That’s what you call a — it was set up as a pay-as-you-go system, in other words, you pay and we go ahead and spend. (Laughter.)

That’s right, America – you are nothing but a punchline in a joke that only insurance salesmen would laugh at to this man.