Erskine Bowles: Most Predictable Economic Crisis in US History Video

Erskine Bowles, a co-chair of Obama’s Fiscal Responsibility Commission, testified before the Senate Budget Committee this week. His words were stone-cold scary. We desperately need Democrats to step up and help Republicans legislate our financial health back to a rosy-cheeked status (I refuse to accept that it cannot happen). My caveat is, Erskine Bowles is a Democrat, served as Bill Clinton’s Chief of Staff and is plagued with scandals related to university mismanagement. Both the video and the transcript are below:


Erskine Bowles

“I’m really concerned,” Bowles told the committee last month. “I think we face the most predictable economic crisis in history. A lot of us sitting in this room didn’t see this last crisis as it came upon us. But this one is really easy to see. The fiscal path we are on today is simply not sustainable.

This debt and these deficits that we are incurring on an annual basis are like a cancer and they are truly going to destroy this country from within unless we have the common sense to do something about it,” said Bowles.

“I used to say that I got into this thing for my grandchildren,” Bowles said. “I have eight grandchildren under five years old. I’ll have one more in a week. And my life is wonderful and it is wild. But this problem is going to happen long before my grandchildren grow up.

“This problem is going to happen, like the former chairman of the Fed said, or the Moody’s said, this is a problem we’re going to have to face up,” he said. “It may be two years, you know, maybe a little less, maybe a little more. But if our bankers over there in Asia begin to believe that we’re not going to be solid on our debt, that we’re not going to be able to meet our obligations, just stop and think for a minute what happens if they just stop buying our debt.

“What happens to interest rates?” asked Bowles. “And what happens to the U.S. economy? The markets will absolutely devastate us if we don’t step up to this problem. The problem is real, the solutions are painful, and we have to act.”

Erskine Bowles: Most Predictable Economic Crisis in US History (video)

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  • Got this from Wikipedia….

    The United States Bullion Depository holds 4,603 tons (4,176 metric tons) of gold bullion (147.4 million troy ounces[1]). This is roughly 2.5% of all the gold ever refined throughout human history. Even so, the depository is second in the United States to the Federal Reserve Bank of New York’s underground vault in Manhattan, which holds 5,000 metric tons of gold, some of it in trust for foreign nations, central banks and official international organizations.

    No matter how you add this up… we’re so … well you know…

  • Robin Solis (Bobbie West)

    What is your point, David?

    • Sorry was just passing on info.. The actuall gold bullion in Fort Knox hasn’t been inventoried since the sixties.. A little scary when you think how little gold and how much paper is out there..