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The U.S. is heading towards fiscal disaster and no one in Washington is doing anything about it,...

The U.S. is heading towards fiscal disaster and no one in Washington is doing anything about it, warns a trio of experts. Erskine Bowles and Alan Simpson - authors the Simpson-Bowles reform plan - along with Goldman Sachs CEO Lloyd Blankfein are concerned that investors are putting way too much faith in Congress and the White House to work out a deal. Those people are just "whistling around the market" right now, and they're likely to get creamed, Simpson notes. "They really believe honestly that no Congress could be this stupid, and by God, they can.”
Comments (20)
  • Lakeaffect
    , contributor
    Comments (972) | Send Message
     
    Hear. Hear.
    11 Oct 2012, 08:17 PM Reply Like
  • Aristiphones
    , contributor
    Comments (1327) | Send Message
     
    Governments function by consensus not name calling. As the name caller in Chief i think i am overqualified to say that btw. the fact is the Federal Government bailed out Wall Street...not the other way around...and it's time to pay the piper. No more tax free holidays for America Inc. Obviously we're not all in this together...but we can be made to be. There are solutions....a multitude actually...but hyperventilating over the fiscal cliff solves nothing at this point anyways. Practical and straightforward paths that both sides of the aisle can...and have already but for Senator Schumer of course...and will be effected. You built that war machine Wall Street...time to pay for it.
    11 Oct 2012, 08:21 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    Unfortunately Congress and politicians can be that stupid and in fact usually are. Perhaps stupid is not the right descriptor, but greedy, corrupted, unethical, self-serving, etc. would be apt descriptors.
    11 Oct 2012, 08:31 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    I interpreted Blankfein's comments as a threat. He has no credibility, whatsoever, and this event was well orchestrated.
    11 Oct 2012, 08:36 PM Reply Like
  • Petelovesamy
    , contributor
    Comments (178) | Send Message
     
    Lets Bring Parliament To A m e r i c a !!!
    11 Oct 2012, 08:36 PM Reply Like
  • Terry330
    , contributor
    Comments (866) | Send Message
     
    President Obama had a deal months ago, but Republicans would not agree to tax the top 1% even $1.00 more, sad times for Americans working to support the wealthy.
    11 Oct 2012, 08:38 PM Reply Like
  • 2MuchDebt
    , contributor
    Comments (215) | Send Message
     
    @Terry330: If you were offered a job where you would earn $1 million a year in salary and $2 million in additional benefits (stock options, bonus, etc) would you turn down the job opportunity? If you would turn down the job then good for you and I respect your arguments. However, if you would accept the job, which I would guess 99.9% of people would, then you are a hypocrite and your arguments are hollow. The U.S. is a capitalist society. If you dislike capitalism, I suggest you move to another country with different values.

     

    What is not brought to the American people's attention are the donations and philanthropic activity of the wealthy. I would like to see some stats on this, but I know some ultra wealthy give back to society through philanthropic activities.

     

    Some jobs offer more money than others. That's economics. It depends on the value created by the person in that job. Don't hate someone because they work hard or create a significant amount of value to someone or something. This reality won't change anytime soon.
    11 Oct 2012, 10:15 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3529) | Send Message
     
    The only legitimate tax increase is the one that comes from everyone having more taxable income, not from squeezing out a few more dollars from those already carrying the bulk of the load.
    11 Oct 2012, 10:56 PM Reply Like
  • spald_fr
    , contributor
    Comments (2705) | Send Message
     
    [The U.S. is a capitalist society. If you (Terry330) dislike capitalism, I suggest you move to another country with different values.]

     

    He's already there, just of the mainland of China, in an intelligence bunker.
    11 Oct 2012, 11:26 PM Reply Like
  • Sam Liu
    , contributor
    Comments (3864) | Send Message
     
    Obama wasted his first 2 years.

     

    Reminds me of a cheerleader ...
    11 Oct 2012, 08:42 PM Reply Like
  • Ted Bear
    , contributor
    Comments (574) | Send Message
     
    Washington will NOT going to do anything which is not in their own individual self interest. The wishes of the people, or the course of this nation, do not factor into their decisions. The only thing which is important is ensuring that they get their perks, money, and preservation of their sense of self importance.

     

    Wall Street is NOT going to pay. They are the recipient, not the payor.

     

    Which shoves it ALL on the shoulders of the little guy: the taxpayer.

     

    It turns my stomach when i hear politicians say 'WE" have a deficit problem, like it was some euphoric discovery--certainly a 'surprise' to the great unwashed who couldn't possibly fathom the goings on in Washington.

     

    No Washington. 'We" get it. YOU spent us into a hole in order to line your personal pockets. Now YOU have to figure out a way to get us out. "WE" are NOT part of the solution. This one is on you.

     

    In the end these guys will literally be dragged from their mansions and left to rot on the streets. The good will of the Country will be spent, and god hope that there are those among us who have the bravery and the courage to rebuild the nation before we end up belonging to China.

     

    Or worse.

     

    BTW, we have probably already gone over the fiscal cliff. There has been no sound because we haven't hit bottom yet. Just exactly how is one stroke of anyone's pen going to solve a $20 trillion dollar hole in an economy which is in recession?

     

    Or worse.
    11 Oct 2012, 08:52 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2482) | Send Message
     
    Practically, we need to lower rates, get ride of loopholes, broaden the base, and cut spending. It's not rocket science to figure out that we overspend by a trillion dollars every year. Unfortunately we, as a society, elect idiots and snake oil salesmen to office. We reap what we sow.
    11 Oct 2012, 09:06 PM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    The 2010 tax code was over 71,684 pages.

     

    Let that sink in for a moment.

     

    Then ask yourself if we should start with serious tax reform that cuts that down by at least 95%.
    11 Oct 2012, 09:18 PM Reply Like
  • june1234
    , contributor
    Comments (2499) | Send Message
     
    when those automatic cuts kick in, (supposed to), lot of lost jobs, lots of lost revenue for companies . markets wont like it. I don't see them dealing with it running up to such a close election anyhow.

     

    Any politician who tells you tax rates are coming down with a $16 trillion deficit and a $1 trillion annual deficit is a snake oil salesman . Closing loopholes like the mortgage deduction is a tax increase one the housing recovery may not appreciate(lot of chatter in real estate circles about that one)
    11 Oct 2012, 09:21 PM Reply Like
  • 2MuchDebt
    , contributor
    Comments (215) | Send Message
     
    I don't know if any of you are watching the Vice Presidential debate, but the moderator is terrible. Interrupting Congressman Ryan constantly and clearly favoring Democrats. Very unprofessional. Also, Biden is incredibly disrespectful. He's a disgrace of a VP. He needs to learn public manners because it's embarrassing to think he's our VP. I am more right leaning (shocker, I know), but I would say the same thing if this debate were skewed towards Republicans. Any thoughts?
    11 Oct 2012, 09:57 PM Reply Like
  • tsra1983
    , contributor
    Comments (40) | Send Message
     
    I probably won't vote because I don't really care for either candidate. But, I agree with your assessment of the VP debate 100%. The moderator has practically acted as an extension of Biden.
    11 Oct 2012, 10:40 PM Reply Like
  • rambler1
    , contributor
    Comments (397) | Send Message
     
    The zombies are in Washington, and their coming to get us. Be prepared....
    11 Oct 2012, 10:04 PM Reply Like
  • Sam Liu
    , contributor
    Comments (3864) | Send Message
     
    be prepared to bow down to the CCP.

     

    NOT expecting Washington govt to get their act together
    12 Oct 2012, 12:07 AM Reply Like
  • 2BUSTER1
    , contributor
    Comments (4) | Send Message
     
    They are all a "disgrace"....how they sleep at night is beyond my comprehension. Bipartisanship has disappeared and obviously will not show it's face in the near future.......sad times ahead for the "Good ole USA."
    12 Oct 2012, 01:51 AM Reply Like
  • june1234
    , contributor
    Comments (2499) | Send Message
     
    ask them where the $13 trillion the fed gave the banks went; almost enough to pay off the entire national debt; despite that super banks are still insolvent continuing to layoff and credit is touch to get for most. Swiss banking giant UBS announced they were laying off almost 20% of their workforce going forward. Good to see all those trillions being put to such good use; if you're a bank boss.
    30 Oct 2012, 07:29 PM Reply Like
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