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Hugh Hendry: "I Would Recommend You Panic"
BBC Newsnight held another great financial round table discussion (why do these occur only in Canada and across the Atlantic? Is it so difficult to have 20 minutes of commercial free debate here in the US where people can actually tell the truth?) which brought together Hugh Hendry, Gillian Tett and Jeffrey Sachs. As usual, Hendry takes it odd with a bang: "I would recommend you panic. The European banking system is in a crisis." He continues: "Let's purge this system of its rottenness. Let's take on a recession. It's going to be tough, people are gonna lose their jobs. They are going to lose their jobs anyway. We can spread this over 20 years, or we can get rid of it over 3 years." Of course, the Columbia professor, is completely against purging the system: how else can US higher "educators" continue to indoctrinate generation after generation with the flawed principles of a bankrupt ideology, and continue getting getting paid handsomely if there is an global reset? Even funnier, Jeffrey Sachs loses it when Hendry calls him out on his BS at 5 minutes into the clip. The ensuing smackdown is worth the price of admission alone.
h/t Kevin
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I noticed this, too, CD, posted it above on my way down here.
You did a better job by outlining his (meaning the banking cabal/Ponzi) ultimatum to the world.
Thanks for the commentary.
"It's not repay it's debt, it's service it's debt and become a normal market particpant again."
I threw up a little in my mouth after that drivel yawned out of him.
I love watching celebritys being forced to take their postions on the integrity divide. Prophet or Pharisee. Hendry points to the dark clouds on the horizon. Sachs says its just a flock of geese.
so which is it, poop or rain?
What he fails to recognize is that they are swans, not geese.
I love that phrase ---- " the integrity divide"!
That crystallizes a thought I have had for a while, in that most financial analysts and commentators fall into one of two camps, which for lack of a better phrase I have thought of as simply "the good guys" or "the bad guys". Describing them as falling on the right side or the wrong side of the "integrity divide" is much better!
Of course this whole worldwide QE propjob TOTALY depends on the public being saddled with debt they could never repay in 10 lifetimes, and knuckling down with their nose to the grindstone at some $5/hr job (18 hours per day) and actually REPAYING it all happily with slave servitude, and never saying a word about it in resistance! Frankly, I say its all ridiculous and these govt's have a huge asskicking lined up very soon!
You have correctly identified why all national governments (with fed.gov leading the way) are fully committed to continuing, at any cost, the existing warfare/welfare/financial economic model. They cannot stop, because if they do, they will reap the resulting whirlwind; no one will be safe.
By way of analogy, there's a famous blues song called "One Way Out". This is the key line:
Ain't but one way out baby, Lord I just can't go out the door
Ain't but one way out baby, and Lord I just can't go out the door!
'Cause there's a man down there, might be your old man ... I don't know.
The PTB know there's a "man" down there - they are NOT going to go out that door. They are absolutely invested in pulling off, by hook or crook (ie violate any & all Constitutional restraints), a restoration of commercial credit & aggregate demand in order to keep the ponzi going.
Don't pay attention to Hendry - he's normal. If you want to understand the strategic goals of the enemy of the People, the two others are revealing their playbook.
Hendry delivered the dagger when he asked the rhetorical question about who you should trust -- the tenured academic or the guy with his entire livelihood at stake.
Duh. Sachs will pontificate endlessly and keep his lips planted on the backsides of the DC policy makers because you can't get hurt when you box with shadows.
Ah ah, Hugh Hendry: "I don't know, was Jeffrey skiing two months ago, because I was working and Gillian was working, and we can tell you about the real world"
Priceless!
More proof that academics are truly quite useless people. Sachs' claim that austerity will work and that Greece can even service its debt is ludicrous. Under what circumstances Professor? The soon to be 40% general unemployment? Riots? Etc...
People like Sachs are running the US, so don't think it will be any different opinions around the WH and Treasury. We are in for it, it's just a matter of when.
And how bout the shock displayed by the professor that Hendry would have the audacity to question his conclusions. Fuckhead sits in his ivory tower and forcefeeds his opinions on students and politicians and nobody dares question him. What an asshole.
Ezekiel 33:6
+100
With a capital "A"
Dear Turd;
So much for subtext and subtlety. Fullcourt smack down on the egghead with the spindly legs. Boombaby!
Him and 99% of the academic "Elite" (?). I teach it so I know better than you, thats the thinking.
Personally I think that the reason people are so down on education is because they do not have any.
Sure, there are some ignorant teachers in our schools. But what would you call the majority of people who have not been taught by them?
This is evident in the fact that most people (and many of the posters here) have no rudimentary understanding of economics, the monetary system, or reality.
And yet you keep coming back here for more trolling.
Well Johnny. When you've got an anyone who listens to you is brilliant. Anyone who doesn't is stupid attitude. Then you pretty much set up where you stand on intelligence. You think you're the sole posseser of it.
I tease Leo but he'll be alright because no matter how shitty it looks and how much he'll want to flip flop at exactly the wrong time. I think he'll hold his strategy. But you. You're screwed. And I think you need to take your fight to source of the problem becuase you're screwing yourself.
I think the reason most people are down on education is that we have depressed the standards we hold our students too so low that just being present is good enough to pass.
Yes there are good teachers and educators out there but the system is flawed. I hold a masters degree, run a successful small business, and have a firm grasp of economics. I just choose not to drink the "everything is fine" flavored kool-aid. Our current monetary system is broken because there is no value associated with it, and "our reality" is written in a room and feed to us by talking heads with pretty faces.
Your self-congratulation and gee whiz fascination with your newly developed TA skills leads me to believe I am correct in asserting much of higher ed is a waste these days. The day will come Bates, when you think to yourself "why didn't they teach me how to run with shit in my pants".
If you are suggesting that what passes for economics these days and the monetary system has anything to do with reality then you should get your money back from whatever alleged school you allegedly attended. They ripped you off.
<q>More proof that academics are truly quite useless people.</q>
Line them up and shoot them?
Agreed - can't wait to see the rioters going peacefully into that good night on their collective way to austerity bliss....NOT!
The host fucking yawned when Hendry started talking. If I were Hendry, I would have jumped across the table and started choking that bastard and show him what real oxygen deprivation is about. Wake the fuck up.....
The show is "relatively" live from 10.20pm. I guess Paxman was just tired.
Of course you would have, thats why you're the Hulk for fricks sakes...
I can tell you, from personal experience, a 20 lb raccoon takes 3 minutes
to drown in a koi pond, but it you have to get the F$cken thing in a HavaHart
trap first.
And the elite think we don't care, they just don't know us well enough.
Hendry on academics and politicians is priceless. (And I say that as an academic.)
Note, also, that Shiller, Roubini, etc., are academics too. We're not all douches.
I'd call anybody who says the same thing over and over about economics a douche.
The guy is ALWAYS freakin bearish.
I could hand him a billion dollars and he'd be bearish on that too.
Jesus, Economists really aren't worth the cotton balls they use to stuff their shirts.
Thanks for this. An intelligent conversation about what is really going on. Who would have thought this could happen on TV.
The panic of a true Minnesotan is a long, slow, quiet thing. I see it all the time.
We must maintain our dignity as we sink deeper into the cow shit. I agree and I'm planning an organizied local panic over the holiday weekend. Please come and join in the fun. :>)
I'll bring the potato salad and I am signing up DCRB to bring whats left of his absinthe..
"...bring whats left of his absinthe..."
LOL
I said an organized panic, not a drunken riot. You, Hulk, are not known for keeping your cool. I'd hate to see you drunk. :>)
Happy drunk, it runs in the family...
OK, you look trustworthy so you can come. And bring the friend with the booze. :>)
LOL
"I think that huge green dude is drunk. Can't wait to see what happens when the riot squad shows up."
Hell, when he shows up and starts drinking, I'm putting the cameras on auto record and I'm slipping out the back door. Hope the camera survives at least a few minutes. :>)
just keep all the weapons locked up and everything will be just fine.
Might want to drain all the gas out of the chainsaws too...
This goes to show what a novice I am. While the weapons would have definitely been removed from the premises, I'd never have thought about the chainsaws and gas.
I guess that's why my parties were always considered the best on campus. :>)
"Little men with big debts make Hulk ANGRY!!!"
sorry just paraphrasing
(takes absinthe, lies down looking at empty sky)
The fraud and corruption too make hulk ANGRY!!!
(takes absinthe, lies down looking at empty sky)
Sounds like an excellent idea!
Bummer, I am late to the party!
Reason, went shooting our guns with a friend. So, I at least sort-of partied w/ Mr. Beretta and Mr. Kalashnikov.
The mass of men lead lives of quiet desperation.
The rest lead lives of loud desperation.
Without a skin in the game talk is cheap. It's hard not to like HH
Also agree with Amish Hacker --- the time to panic is early and be first.
TD --- You have posted so many classic lines in the last couple of weeks that it's hard top keep track of them all. My wife thinks I'm crazy sitting here laughing at my computer screen
Yours too!!!
Mine thinks I am insane!
I'm pretty sure my gf thinks I'm insane now. Too much sniggering at ZH.
And she may be right - she seems a lot more normal than me from where I'm sitting.
She likes the 'Panic first' idea tho..
Clearly, someone as condescending as Sachs must be right, whether they actually say anything or not. What a schmuck.
The best way to deal with Columbia University is just to allow the nearby Black and Hispanic tribes that the institution has abused over the decades to re-conquer their old territory.
Shit, you think that using the expropriation power of the banking system to piss off generations of people from Harlem and Morningside Heights - all while nattering about "evil imperialists" while taking pallets full of dirty money from the CIA, NSA, World Bank, IMF et al might've been just a little bit short-sighted?
There's something mighty poetic about this here economic collapse...
Hahaha
At Freshman Orientation, students are given the stern warning, "Don't go down the hill!"
That might actually cause this "professor" to join Hendry in some quality panicking.
By that time Sachs would simply relocate/transfer to McSorley's/NYU in the east Village............
mcsorley's FTW
as of now, the whole area is quite gentrified. give it a few years.
serf, a friend & i were just ruminating on whether & when newly-F&F-owned stuy town will become a squatters' resort. you can grow lots of food & have lots of fun on those grounds.
stuy town, the poster child for the residential real estate boom. who the hell knows what is going to happen there... apparently is half NYU dorms now. mary jane cultivation could prove quite profitable.
dupe
Hilarious - could the respected Dr. Sachs possibly have a larger pickle up his butt?
His freakin' attitude is just sooooo typical......"Oh yes, it's abundantly clear that there is a need for deep austerity...."
For everybody except the IMF and their coddled, lap-poodle Columbia professors, right Jeffrey boy?
Good on ya, Hugh, for putting this pompous douch-bag in his place!
Hendry may very well be right (and Sachs wrong) but he does come across as a little ... forward (douchey?), I think is the word I'm looking for. I wonder what his track record is like.
Having reviewed many/most of Hendry's calls & trades over the past 3 years, I would estimate an 80% win rate. He's had a few, occasional clunker trades, but a clear majority of his calls have been winners. For a macro/big picture guy, he has good timing/trading instincts... a rare combo.
Thought he had a pretty damn good record too. Am I missing something?
I've a hunch that Hendry, seated right next to the Professor, had probably already had his fill of the Professor's arrogance by the time the cameras were rolling....
Indeed. This SOB and all like him continue to believe that if they forestall the inevitable, growth will "magically" kick in and save the day. What these tools HAVEN'T realized is that by socializing the gigantic losses and trying to save the broken system they have effectively eviscerated the middle class...THE F-ing ENGINE of growth. Go plug that into your equations Dr. SACK and see what you come up with.
Sachs says: "To go from the idea that there's a risk of default to let's get it over with now is really jumping to a remarkable conclusion"
Here we can see how they are framing the issue. IMHO, it's the wrong framing. It's not a question of if the debt "can" be repaid, the issue is "if it should be". The message of the Greek strikers is not getting through.
Precisely. This is the risk with lending to sovereigns, and especially democracies. The only guarantee of repayment is their need for further loans in the future. The populace may well decide to run a balanced budget going forward and stiff the lenders. Why shouldn't they do that? That is the question.
And remember, no moralizing bullshit. We are free marketers. Rational self interest is the only worthy consideration.
I kind of agree with Sachs.
Why can't we do what the baby boomers did: print a shitload of money, live in massive amounts of debt, offshore all the jobs, and kick the can down the road for another 30 years?
shouldn't you be busy hanging yourself or something? kthxbai!
Jeffery Sachs just looks the part of stupid douchebag. If I ever get a chance I'm gonna punch him in the cunt.
I am Chumbawamba.
LOL!!!
(I almost never type this but it is richly deserved in this case)
Ezekiel 33:6
Sachs looks like he should be sipping on a martini and smoking a cigar while he blows smoke up everyone's asses.
I wish Hugh would've reached over when Sachs was busily bloviating and jabbed him in the eye with a #2 pencil.
I am Chumbawamba.
Something like this, perhaps?
http://www.youtube.com/watch?v=aDLtMEu49BI
Ezekiel 33:6
Naw, not gory and brutal enough.
I am Chumbawamba.
It's the end of the month. Time to feed Chumbawamba.
Feed me!
http://www.youtube.com/watch?v=BGRN39oifsE
Thank you, seems the only big belly laughs I get all day anymore is here at ZH.
+250 - fuck yeah
Hahahahaha!!! I'm taking that one into my weekend.....
LOL, needed a good laugh today...
In the process, inadvertently breaking his nose.
This was the greatest owning of a college professor I've ever seen.
Hats off, and Bravo to Hugh Hendry!
"The University thinker has his food brought to him in his cage. The independent thinker gets his food in the wild"
Arthur Schopenhauer
Hi Brett,
This one is longer but chocked full of 10x more ownage. I highly recommend if you have the time.
Austrian Economist Peter Schiff debates Columbia University Professor David Epstein:
http://www.youtube.com/watch?v=zM23TZxzOw8
brilliant debate, schiff makes him look like a naughty puppy.
Austerity programs = middle class goes up in flames.
Goldman & Little Jeffy share last name, coincidence, I think not!
+100
I just had this wonderful vision of a horde of heavily tattooed, armed thugs running into Jeff Sachs' room during office hours.
As they're screaming, Sachs says "W-watch your rhetoric!"
This guy is a funny man (as in the movie by the same name)
How does he know how long the depression will last? This is the kind of stuff you know when you go in and dont know when you go out.
No more informative shows on TV. Only catering to the audience. Viewership is the target. This tool is simply here to appeal to a certain segment of viewership that might get bigger and bigger.
Cant believe people still fall for it and see more in the 'message' than a guy selling himself and flattering his audience so that he gets his pay check.
Expanding. That Pacman guy even spilled the beans. Give me three actors or better five and I make a show as 'informative' as this one.
Notice how the show is articulated around one person taking one medium position (the woman) and two others taking extrema positions? Catering to the opinion. The show fits any forum, any discussion site as it does appeal to people as a viewerbase.
Everything is thought, the outlook etc... Just symbolic theatrics. The medium position is held by a woman (how comforting!), the positive/optimistic/cautious position by a well dressed, well established classical gentleman who knows his business (mind you, he is a professor!)whereas the negative/pessimitic/out of range position is held by a maverick looking guy, probably self made, thinking out of the box etc...
Baffling...
Just look at a survey fill: always five options: yes, absolutely;yes, maybe;I dont know;no, maybe and finally, no absolutely.
This allows a quite accurate profiling of the opinion. It does not aim to inform but to collect information. Everytime a show organizes around the same principle, it does not aim to inform people but to enlarge as much as possible its viewer base. Everyone is able to relate with a guy on the stage as everyone will think one of the five options.
Simple reinforcement, flattering and stuff. No information value.
Yep, sadly this is the BBC 2010.
But at least we get this good theatre on a nightly basis.
I agree. Completely manufactured. I want my 8 minutes and 22 seconds back.
As a publicly funded broadcaster, the BBC has to appear balanced - they can't take a strong (ie biased) editorial line in the way that a private broadcaster can. Not quite sure how you would expect them to play it?
I dont blame BBC specifically.
All shows are now designed to pander to an audience by not delivering an information but trying as much as possible to reflect the whole spectrum of opinions hold by an audience. The larger you hit, the larger the audience you can appeal to. That is not information. Just hooking if you allow me that.
A couple expects a baby. Invite three experts to role play a 'debate' over the sex of the baby to come. One with a medium position: it can be a boy, it can be a girl, another with an extremum position: it is a boy, the last with the other extremum: it is a girl.
Where is the information? For sure, in the audience, people think one of the three options and can relate to the expert propagating their already shaped point of view, leaving the show reinforced in their opinion.
Would you call that balanced?
I expect nothing. But I can tell when a show is informative or not. People taking side on this kind of show just willingfully ignore that the show is not designed to deliver information, just to cast large fish nets to capture as many viewers as possible.
astute observation you make AnA. something to be aware of as the bears makes babies (& need fed their slop)...
What we really need is the "balanced" model of Fox news.
Guest #1: Obama sucks!
Guest #2: Obama is a douchebag
Guest #3: Obama is a communist
Guest #4: Obama is a sucky douchebag communist, but, he can speak well...
Notice how when Hugh says "I would recommend you panic", the chick nods her head in agreement. Neat.
She simply took into account the answer of the guy in order to produce her medium position.
That is a role playing game.
Tett was apparently warning about a crash before that made you lots of friends. I doubt her voice is for sale that cheaply. Which isn't to say that the BBC weren't thinking of her as the moderate person when they invited her on. It's also likely that the BBC was aiming for one journalist, one academic and one industry guy though.
Oh, I remember Sachs when he, Greg Mankiew, Andrei Shleifer and Larry Summers brought "privatization" to Russia.
reference: Harvard Mafia, Andrei Shleifer and the Economic Rape of Russia Chronicles of Harvard University Russian Economic Team Scamhttp://www.softpanorama.org/Skeptics/Pseudoscience/harvard_mafia.shtml
Russia's 'shock therapy' was featured in Adam Curtis' 'The Trap - We will force you to be free'.
You have to wonder how this guy has any credibility left.
http://video.google.co.uk/videoplay?docid=-7581348588228662817#
36.00 minutes onwards.
That was a WINNER wasn't it!!
I would recommend you stop using the word douch-bag.
too late. see below, douchebag.
I'm currently watching our esteemed president address the press. He seems like a nice fellow. Would make a great neighbor. Fun to kick back and share a few beers with.
But, as our leader and the leader of "the free world", what a douchebag. Full of shit just like all the other college professors (see Jeff Suchs above).
Ezekiel 33:6
Barack Obama - Joe Biden (et.al.)
Bullshit You Can Believe In
or as my wife put it the other day: "What the IMF is going on around here?!"
Hendry always ripping the pompous intellectuals a new asshole. Cutting right to the chase and busting the extend and pretend philosophy into pieces.
+1
Every thing is sunshine and peaches
Move along folks, nothing to see here....
that 30 pt ramp job in the /es has my spider senses going tingly and my hair standing on end.
i think some really bad news will be released in the next 48 hrs.
just a premonition, nothing definite to base it on
Comin down and their fighting it all the way.
I bet by close its all red again. Markets ramped on anemic growth (probably a padded number by 50% too) and 460,000 jobs lost? Prop-job for weekend and pre-emptive cushion for outbreak of nuclear war on the Korean peninsula.
They are having a tough time keeping it up, areal battle going on in the ES. Like a superball in a hallway.
Added
They aren't going to let this fall today. Blatant ramping taking out some shorts.
Nothing like a good nuclear war to distract from the problems at home....
I agree, huge rampjob based upon nothing. Pre long holiday weekend cushion placement and I bet they know over the next few days Korea gets a nuke lobbed in. To many bad things going on to support +200 point premarket rampjobs. 1 thing is certain, Im not touching any of it with a 10 foot pole, well clear of this blast zone.
2 minutes after i posted that i went 20% more srs.
4 years of this make me trust my spider senses.
but can't seem to break the highs of last Thursday
Look at Sachs reminding everyone he's a doctor by waving around his little urine cup.
my belly is shaking from laughing
Hugh three months ago. I big I told you so.
http://paul.kedrosky.com/archives/2010/02/hugh_hendry_vs.html
Thank you for this. Fantastic stuff.
Obviously Stiglitz's Nobel was about as deserving as Krugman's and Obama's.
That organization has become a laughingstock. Politically correct nonsense.
Ezekiel 33:6
I hate Stiglitz. An economist is bad enough, but a moralist masquerading as an economist is even worse.
+ Krugman
Thanks really enjoy seeing Hendry dismantle these idiots with the hammer of reality.
Same UK programme - Newsnight.
I need another Ouzo
Opa!
Now, I remember where I've seen this before.
In the movie, "Back to School," when Rodney Dangerfield owns the pompous Business Professor:
"While you were tucked away up here working on your ethics, I was busting my butt in the real world."
come on Sam Kininson had the best quote in back to school. - "I wasn't in some classroom thinking about it, hoping I was right. I was there UP TO MY KNEES IN THE RICE PADDY While pussies like you,? WERE LISTENING TO THE GOD DAMN BEATLES ALBUM! AHHHHH AHHHHHH !!!"
http://www.youtube.com/watch?v=Xfi4s8cjLFI
Erm, ladies and gents, Hugh Hendry is SCOTTISH, not Irish.
He is also spot-on. People like him and Joe Saluzzi I have great respect for.
DavidC
Is it so difficult to have 20 minutes of commercial free debate here in the US...
Bring back Firing Line!
http://www.youtube.com/watch?v=tMM92gLiYDQ
Like, literally. There will be plenty of perpetrators to execute once this all flames out.
I am Chumbawamba.
That ongoing buying support I detected has morphed into a rally...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
Will someone please ban this nit from spamming his worthless charts on every post?
He seems to be tolerated, like the old crazy aunt in the attic.
BTW, he's never wrong and always gives us his predictions (in retrospect).
I laughed out loud when Sachs gets all indignant- 'How DARE you sir question my integritah and authoritah'!!
His comments about austerity having a chance to work and regulation as a solution indicate a real disconnect with reality on the ground. Scary.
Replace cop with academic and Cartman becomes Sachs
http://www.youtube.com/watch?v=rIVHNylH1Mk
They shall ask Nouriel Roubini Joins in the debate. He is full of ammo.
The last time I saw him in person, he was full of red wine and sitting in a dark booth full of 4-6 of his "students," who all appeared to be young Eastern European women with little grasp of English. A deficiency likely mitigated by a firm grasp of other things.
I'd pay money to see Hugh Hendry on Squawk Box.
hmm we have to differentiate between government over-borrowing and all-out crazy leveraged derivative gambling from the banks. both are sitting on government/CB balance sheets and supposedly austerity is neccesary to cover both types of debt. without clearing out the illegitimate part of the debt with full transparency, which is ever-expanding and keeping these banks solvent and their giant bonuses intact, people are literally being relegated to serfs.
I've been in a panic ever since Obama appointed Summers and Geithner!
Can someone embed the video differently? I can't access it here at work......
Sure. We'll get right on it. Anything else we can do for you?
Try this:
http://www.youtube.com/v/nuysYXlJ43I
me thinks the "ivory tower" was a bit offended.
If Sachs didn't exist, we would have to invent him. He is the perfect foil.
But seriously, we should listen to him. He represents the Authorities who think they are going to bullshit their way through this crisis. His disdain for the collective judgment of markets was shocking, but not surprising.
If only we could shut down all these pesky markets and let the wise men of Columbia U and the IMF and the White House run the world.......
"Facts are stubborn things"....John Adams (died solvent)
"If Sachs didn't exist, we would have to invent him. He is the perfect foil."
Like so many others of our "leaders," he patterned himself after his favorite character in Atlas Shrugged.
+1
The nature of a capitalist system is that there are panics. There are recessions and the like. We can become stronger for all this. Forest fires make a forest stronger, new growth and so forth. This punishes recklessness and un-discipline. Hendry is right- this is not new. If a bank is too big to fail, it is too big to exist. It is a dinasour(sp). The euro-social system is doomed. Not only for its gross gov't welfare state with very little productivity and nihilism. It is doomed because of its trying to do an illogical thing. Combine countries that are too different from top to bottom and side to side. Why the Dutch are barely able to stay together, depite VP Biden's nonsense.
And so too are we- our debt is untenable, not practicable and stultifying. Hendry is right-do it in three not 20!
First step, raise rates
Second, stop the fractional banking system for a period of 5 years. Match assets and liabilities until we sort out what's under the tarp.
Three, drop all taxes on corporations to 0%.
Four, bring home all american troops- Europe, Sk, Japan, Afghan, Iraq, etc. Stop all foreign aid, period. This will finance #3.
Five, institute a flat tax- no income tax, at 30%. No tax on income below 50K agi. MFJ or single or HH, whatever. No Sch A.
Six, halt/freeze all gov't spending to what comes in for a 5 year period.
Seven, all gov't pensions are halted and matched to SS levels of earliest draw at age 62 with haircuts. Same penalties on income between 62 and NRD.
Did I forget something......
Eight, obligatory claw back on all gov't salaries that are extra-ordinary both for pensioners and currently hired.
Nine, corp boards begin acting like a board. Fiduciary bearing regarding the operation of a corp. for all aspects, mgmt, workers, staff et. al.
As if....
Because if not this, then what? Eat a .45 bullet or a double martini? Be alert.