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Erskine Bowles Testifies On "The Most Predictable Economic Crisis In History; We Have 2 Years Left To Act"

Video - Erskine Bowles - April 4, 2011

“I'm really concerned.  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.”

“I used to say that I got into this thing for my grandchildren.  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.  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?  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.”




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Reader Comments (11)

Apr 5, 2011 at 5:08 PM | Registered CommenterDailyBail
Wisconsin, Illinois pension woes weigh on munis

Retiree costs unlikely to cause defaults, investors say

Apr 5, 2011 at 5:50 PM | Registered CommenterDailyBail
Apr 5, 2011 at 5:52 PM | Registered CommenterDailyBail
What do Bill and Warren know that we don’t?

Using ETFs to short the bond market

Apr 5, 2011 at 5:53 PM | Registered CommenterDailyBail
At some point the nation needs to say no...no to the money addicts that works for the power addicts. We somehow are all being squeezed like a lemon...next they want your children. We should consider hitting "reset" let's start over at zero; a Chapter 11 so to speak. We need to rebuild America; we can do this, we are Americans. This time let's learn from these events, let's ratify the Constitution.
Apr 5, 2011 at 11:41 PM | Unregistered CommenterTeresa
Predicting that Obama will be a one-term president is easy: Americans vote their pocketbooks.


Are You Better Off Under the Obama Administration?

See full article from DailyFinance: http://srph.it/hjlkIY

We shall see but one thing is certain the middle class is being systematically wiped out and Obama with his wall street masters are in many ways an even worse deception he actually managed to fool the majority in the last election that he wasn't bought and paid for.

Barack’s Wall Street Problem is Now America’s



Apr 6, 2011 at 1:03 AM | Unregistered CommenterLiberatedCitizen
The Age of Treason: 1958 Book Exposes Chemical Attack on Humanity
Old-Thinker News | August 19, 2010

By Daniel Taylor

This small part seems like the plan has worked...where are the warriors?

Dr. Clymer warns that such chemicals are to feminize men,

“Every vigilant human being should be concerned with several important factors involved: The methods or means by which it is possible to change man’s characteristics as easily as the animal’s. Man is a warrior by nature, the protector of his family, and his own rights and privileges; an individual, a free man… A being who has wrought great things and who, if not interfered with, will do even greater things. This being is to be turned into a lesser female; unable, even unwilling, to defend himself, much less his family or country; becoming a slave…”
Apr 6, 2011 at 11:24 AM | Unregistered CommenterTeresa
Where was Barack Obama, Nancy Pelosi, Harry Reid for the last 2 years when they, the Democrats controlled the House, the Senate and the Presidency and could have had any budget they wanted? The economy during this period of time was begging for a fix and yet they decided to place all their energy into the healthcare un-reform bill that has made matters worse. Now the Democrats want a budget passed while claiming that seniors will be eating dog food and everyone is going to starve if a budget isn't passed. http://chuckmeisterunleashed.blogspot.com/2011/03/government-shutdown.html

They are a complete joke! Barack Obama and his "Obama Doctrine" seems to be working just fine. http://therealrevo.com/blog/?p=42807

Next on the agenda will be the Democrats blaming the Republicans for the government shut down when they continue with their excessive spending of our grandkids future. The Chinese are laughing at us right about now. http://www.thetrumpet.com/?q=2460.1126.0.0
Apr 6, 2011 at 3:47 PM | Unregistered CommenterTaterSalad
Well the Dem. will shoot down Paul Ryons new plan down, why......it will work..? OK, for the American People, that is. I knew he would make a good V/P with Ron Paul.......!
Apr 6, 2011 at 10:08 PM | Unregistered CommenterTexas Dar

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