(couldn't resist)
Posted on 01/26/2011 9:53:06 AM PST by Ernest_at_the_Beach
Nouriel Roubini appeared on Bloomberg Television with Tom Keene this morning from the World Economic Forum in Davos, Switzerland. Along with Gerard Lyons of Standard Chartered, Roubini discussed the global economy, emerging markets, and the fiscal crisis in the U.S. Roubini said that we're going to see a "trainwreck" if the U.S. doesn't "start to address this fiscal problem." He also said that "the bond vigilantes have not woken up in the U.S. in the same way as in the euro zone." Highlights can be found below, courtesy of Bloomberg Television. The video can be seen here.
Roubini on the global crisis:
"Today there is a global economic recovery, but my view is still two-speed. Emerging markets, China, India, Asia, even Latin America are doing well. I
think the recovery in the advanced economy is making us apart. There is still balance sheet repair in both the private and public sector. You see this especially in the periphery of the euro zone and Japan, the U.K. is almost double-dipping. Even in the U.S., the recovery is still weak. The banks are doing better of course--they're being built out, they're being recapitalized at least in the United States in the case of the euro zone, but we still have significant problems in Ireland, Spain, and so on. The global outlook is going to affect what happens to the banks. In the U.S., the down side risk is coming from housing double dipping, unemployment being high, the federal deficit and it's taking a load on local deficits. Some of the banks are going to be still struggling."
On the fiscal crisis in the U.S.:
"We're not doing much about the budget deficit.
(Excerpt) Read more at benzinga.com ...
Yeah, like getting a new engineer.
Well he say something about trains in the SOTU.
A high-speed trainwreck for 80% of America, something like that?
Yeah, I’m sure fiscal repsonsibility is just another election away. Always is, so it seems.
LOL. Fair enough.
That works for me!
(couldn't resist)
The Tea Party movement that propelled Republicans to power in 2010 was primarily based upon a recognition of the need to return the federal government to its Constitutionally-mandated "box." If we're going to move even modestly toward that goal, we're going to have to make cuts that even most Republicans seem to believe are unthinkable. If we can't make these decisions now, in the depths of the worst financial crisis of most of our lifetimes, when will we?
I love that picture, thanks.
But hell yeah, according to the AnnointedIdiot, let’s spend....errrrrrrrr, “invest” ....more money that we do not have... =.=
BA - DA - BOOM - PIIISSSHHH
We won’t. The people in charge have a plan: Be gone with their wealth before it all comes down.
I remember early in The Won's term, he made a big deal about having Cabinet members "save $100 million".
Not mentioning that saving $100 million on a $3.5 trillion budget is the equivalent of taking 0.001 inch off a yardstick.
The Financial Crisis, The Worst Is Behind Us
To spare you the suspense, the U.S. experience is right in line with the averages of those 18 other crises. That surprised me, but it's true, as I'll show.
If the outcome in the U.S. is anything like the outcome in these other 18 instances, the worst is behind us.
I like that
You mean the Republicans are gonna save us?
Yes, it's so large it's hard to believe. Here's the Wikipedia picture of the budget.
Now, we need to cut $1.5 Trilion out to get a balanced budget. Cutting ALL discretionary spending (ie: ending FBI, CIA, zero Hwy. Funding, closing Agriculture Department, etc.) only gets you $437 Billion in savings. Less than 1/3 of what is needed. You could throw in the ENTIRE Defense Department and you still wouldn't get there!!
Essentially the mandates and pensions of FedGov have bankrupted us.
My plan, put bluntly, is to screw the poor. It's either that or screw the middle class. My harsh take is that there is a higher moral obligation for FedGov to pay off SSI to those who have diligently contributed for decades than it is to give free medical treatment to the poor. That is pure charity, and coerced charity is less virtuous than meeting obligations as a debtor.
Obviously the libs see it backwards. The poor are the highest moral priority for them, and if the middle class is screwed to deliver it, so be it. If the middle class is made poor, well they too can use the socail safety net.
Medicaid, Section 8, AFDC, WICC, SCRIP, all the first things that must go. Until I see them getting cut we're not getting serious. Even your seemingly bold suggestion of ending a few departments is far, far less than needed to close the gap.
The votes are with the poor....that is what the Democrats see.
Good post! You also might want to see comment #19.
http://www.freerepublic.com/focus/chat/2663613/posts?page=19#19
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