Posted on 05/27/2010 7:08:03 AM PDT by blam
David Einhorn: The Debt Won't Be Passed Onto Our Grandchildren, Because The Crisis Is Coming MUCH Sooner
Joe Weisenthal
May 27, 2010, 8:13 AM
David Einhorn, the Greenlight Capital hedge fund manager, has an op-ed in the New York Times today that starts pretty brilliantly
ARE you worried that we are passing our debt on to future generations? Well, you need not worry.
Before this recession it appeared that absent action, the government’s long-term commitments would become a problem in a few decades. I believe the government response to the recession has created budgetary stress sufficient to bring about the crisis much sooner. Our generation — not our grandchildren’s — will have to deal with the consequences.
And this op-ed, titled "Easy Money, Hard Truths" isn't your typical 5 paragraph op-ed. It's three pages of debt statistics and inflation warnings that will ruin your day. (We're thinking this might have been the speech he gave at Ira Sohn yesterday, though we're not sure).
He slams the US AAA rating. He says inflation would be 9% per annum if they still calculated it they way they did in the 80s.
He says we could solve our problem, but seriously doubts we have the political will.
[snip]
(Excerpt) Read more at businessinsider.com ...
Never had any doubt the boomers would spend it all and destroy the country before my retirement.
It is upon us....
Maybe someone should organize trips to Cuba so the kids can acclimate to the new environment that Obama is ushering in. This way it will not be such a shock to them.
One giant tax increase is coming when the “Bush tax cuts” are allowed to expire at the end of this year.
Whoa, whoa, whoa. As a Boomer, I acknowledge my generations "contributions" to this impending disaster but let's remember who voted for the Communists behind all these ideas to begin with. That's right, The so-called "Greatest Generation".
So there's plenty of blame to go around.
That's comforting </sarc>
Good point, really.
I hear people talk about passing it on to our kids, etc, but, like the author, I’ve always assumed the end was much nearer than that.
I’m 54, and I expect my entire nest egg to be wiped out - either through inflation or direct swiping by the gvt.
Buy firearms, ammo, food, seeds, LAND, alternative energy generation, gold and silver.
Find friends.
I believed this all along. My financial planner disagrees which is exactly why most of my money is in cash. Can’t teach an old dog new tricks. You’ve got to think in cataclysmic terms. The crash in the 30’s produced millionaires. This isn’t our Daddy’s crash and it’s not our grandkids crash.
If you really want to blame someone, blame the friggin politicians that the collective have been voting for pandering to the 'Greatest Generation". They are the ones who've cleaned up these past 3-4 decades....
“LAND”
...not so much. It still is confiscatible.
I suppose that’s what the firearms and friends are for.
It is upon us, and we will be lucky to live thru it.
This is going to make the 30’s seem like a Sunday picnic.
I am not sure our country will survive as we know it.
Actually, it's the Greatest Generation that blew the trust fund.
After 10+ years as a Freeper, I've grown weary of the "generational blame" threads.
For all of our faults, Boomers ended the Cold War.
“I suppose that’s what the firearms and friends are for”.
...for sure.
>>One giant tax increase is coming when the “Bush tax cuts” are allowed to expire at the end of this year.<<
They expire for anyone not getting a rebate for paying ZERO taxes. Everybody else will pay higher taxes.
Reagan was a Boomer?
Yup.
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