Below are the key clips from this morning's Meet The Press which is devoted exclusively to proponents of the status quoTM, whose entire argument boils down to the syllogistic: "cut spending yes... but not today...never today" In fact, it is best to make any cuts the next administration's problem. So assuming Obama gets reelected, and there is another debt ceiling hike, which there will have to be, it means about $7 trillion on top of the currently debated $3 trillion, whoever inherits this mess from Obama (who in turn inherited his mess from Bush, who in turn inherited his mess from Clinton, and so on), will have $24 trillion debt to deal with on day 1, with about $16-17 trillion of GDP. And that person will have to cut spending? What idiot would want that job? Anyway, we fully expect the paid government workers from the rating agencies to shortly upgrade the US to AAA+ on renewed growth prospects courtesy of 140% debt to GDP in 5 years... and that excludes the $7 trillion in off balance sheet GSE debt.
Interview with White House advisor David Plouffe:
Plouffe part 2:
Plouffe part 3:
Plouffe part 4:
Plouffe part 5
Brokaw, Granholme, Labrador and... Jim "Buy Bear Stearns Cramer" ???
Brokaw, Granholme, Labrador and Cramer - part 2