Tuesday, May 24, 2011
...What If the U.S. Treasury Defaults? - WSJ.com
The "root cause" of the debt problem is clearly mismanagement and overspending by our governments.
When pressed, their natural response is more of the same.
I think it's time to let the chips fall where they may, evaluate what remains, and set a pragmatic path for future generations...
When pressed, their natural response is more of the same.
I think it's time to let the chips fall where they may, evaluate what remains, and set a pragmatic path for future generations...
In the Wall Street Journal, James Freeman discusses the debt with a guy who has been quite successful on such issues:
"Mr. Druckenmiller is puzzled that so many financial commentators see the possible failure to raise the debt ceiling as more serious than the possibility that the government will accumulate too much debt. 'I'm just flabbergasted that we're getting all this commentary about catastrophic consequences, including from the chairman of the Federal Reserve, about this situation but none of these guys bothered to write letters or whatever about the real situation which is we're piling up trillions of dollars of debt.'"
