Robert Rubin Sounds The ALARM On U.S. Debt Crisis: "We're In Terribly Dangerous Territory, Bond Market Could Implode"
Warning of the risk of an "implosion" in the bond market, former Treasury Secretary Robert Rubin says the soaring federal budget deficit and the Fed's quantitative easing are putting the U.S. in "terribly dangerous territory."
Speaking at an event at The Pierre Hotel in New York City honoring Sen. Kent Conrad (D-N.D.), Rubin joined the growing number of current and former officials (foreign and domestic) to criticize QE2. The Fed's plan to buy $600 billion of Treasuries "has a lot of risk," he said, calling the international reaction "horrendous."
Rubin, who issued a similar warning about the bond market at The FT's "Future of Finance" conference in October, said Congress' vote on raising the deficit ceiling next spring could be the "trigger" for a rout in the Treasury market. Several Republican and Tea Party candidates vowed to not increase the government's debt ceiling unless Democrats agree to sharp cuts in spending that may not be politically tenable.
Just a quick thought for Bob. Perhaps if you, Greenspan and Larry Summers hadn't done everything in your power to derail and destroy Brooksley Born in the late 90's when she warned on derivatives and attempted to regulate them at the CFTC, then we wouldn't be in this extend-and-pretend, fed-ponzi, economic-collapse, national-debt nightmare.
So, thanks for your hard work in that regard. Taxpayers appreciate it!
Link:
http://dailybail.com/home/robert-rubin-sounds-the-alarm-on-us-debt-crisis-were-in-terr.html
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