Alan Simpson on Fiscal Cliff: Congress Could be this Stupid [VIDEO]

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Alan Simpson on Fiscal Cliff: Congress Could be this Stupid [VIDEO]
Alan Simpson on Fiscal Cliff: Congress Could be this Stupid [VIDEO]

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“People are never going to understand how critical this particular time in history is,” said Erskine Bowles, the North Carolina businessman and co-chairman of President Barack Obama’s National Commission on Fiscal Responsibility and Reform. “We have $7.7 trillion worth of economic events that are going to hit America in the gut in December, and in Washington they’re doing nothing about it.”

“They’re both in this,” Simpson said of the warring Democratic and Republican parties. “They worship the god of re-election.”

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“I’d be a buyer of this market. Goldman Sachs would,” Blankfein said. “We’re not only advisers to companies, we’re a company ourselves. We would assume that our business would grow.”

“The guys who are working and putting to the side are going to make it, and the guys who are just whistling around the market — and I’m not here to dampen that — but holy smoke,” he said. “They really believe honestly that no Congress could be this stupid, and by God, they can.”

“We’re at a tipping point,” Simpson said. “The tipping point is when the people who loan us money say ‘you’re addicted’ … and so we’re going to loan you more money, but we want more money for our money. Interest rates will kick up and inflation. The guy who gets hurt worst is the little guy.”

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