Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

[cjppjc]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

here's the solution that pete will never suggest...

- end gov't subsidies of the housing market
- let res real estate fall 50%
- write off 50% of the mortgage debt & interest payments
- shrink all financial debt by 50% & interest

Think that will get the job done?

[cjppjc]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

I think what FRED and MM are getting at regarding Peterson's solutions is this: "why should we cut Social Security? what about more obvious way to address the imbalances"?

Why is Peterson not proposing a reduction in military expenditures? what about the bailouts and other FIRE-friendly programs? what about reducing the other huge costs of running the government?

Why is the little guy burdenned by debt and soon to be crushed by the inflation tax should pay yet again for government stupidity and mismanagement?

I agree. Peterson should be better drinking his $1B in Louis XIII Cognac, keep his mouth shut and stop writing one-sided books while pretending to "save us all" to boot.

Well I'm with you on military expenditures. The other really big money is in entitlement programs. All the other tinkering with the budget is like bailing with a bucket on the Titanic.

[metalman]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

Think that will get the job done?

ok, maybe we have to cut it by 2/3 down to pre fire econ levels... cut financial debt from $15 trillion to $5 trillion...



at 5% interest that'll save the economy $500 billion a year in interest payments alone.

[LargoWinch]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

That "great German" was also apparently playing chess...with Lenin.

I guess that explains a lot?

[LargoWinch]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

Well I'm with you on military expenditures. The other really big money is in entitlement programs. All the other tinkering with the budget is like bailing with a bucket on the Titanic.

Turning around never sounded so good while on a collision course with an iceberg.

Too bad FIRE is selling leg warmers and fur coats.

[jtabeb]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

Think that will get the job done?

You bet your ass it would. Most people's largest monthly expense? DEBT SERVICE.

[cjppjc]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

You bet your ass it would. Most people's largest monthly expense? DEBT SERVICE.

Maybe I misunderstood PP. I thought he was speaking about government unfunded mandates, not Americans in debt. I'll check it again.


I stand by what I wrote previously. Also I didn't hear him suggest anything.

[rjwjr]

Re: Pete Peterson on US Debt - Aug. 11, 2009 (5min.)

In a few weeks I'm going to go see him speak at some breakfast, will report back if anything jumps out at me. I go to these things when invited because it is amazing what one picks up re: the bullhorn.

As I think I mentioned here one time in the past, I went to see the president of Mexico and some GS Vice chariman (along with a bunch of other self-important old people) talk about the future of North America. It was so funny to watch how they very subtlely poopooed all of the dumb and backward folks in the south who prevented the north american highway from materializing (for now, at that time). Or the time I got invited to see some world bank bigwig, man that was a new world order-SDR-global regulatory chat if I've ever seen one.

At least the food is delicious, even if I'm one of the three guys that doesn't clap at the end (the other two being my business partners).

WildspitzE, did you ever follow-up with a report?