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Going Over The Cliff

Fascinating interview this morning with Erskine Bowles (Former President of UNC so he’s a Tar Heel) and Warren Buffet on CNBC.  Bowles is the architect of the National Commission on Fiscal Responsibility and Reform with Alan Simpson.  Basically a plan to turn the country’s spiraling debt problem around.

When asked what he thinks will happen, Bowles said it’s likely that we’ll go over the cliff.  He said it calmly with a smile, but he did confirm that it does appear that we will go over.  Over the cliff is irreversible debt, the country goes bankrupt.  That’s not good, but what does it really mean for us?

I think it probably means that they finally are forced to do what’s right and cut spending.  Over the long haul, this is making business conditions more difficult than they have to be.  Too bad for all of us.  Better conditions with less debt dragging down business would be great.  But as Buffet said at the end of the interview, I’m not worried, they’ll do the right thing eventually.  It would just be smart to do it earlier.  I’m sure he is right as well.  I don’t want to go over the cliff, but in this country I’m not real worried about it either.

Todd Kmiec

Todd Kmiec and Associates

todd@toddkmiec.com 

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