This interview with Joe Stiglitz originally aired on March 31, 2008 after Hank Paulson floated his proposal for sweeping reforms of our regulatory environment with the Fed taking a key role....
Joseph Stiglitz is Nobel Prize winning economist, former chief economist at the World Bank, also, the coauthor of the new book, "Three Trillion Dollar War: The True Cost of the Iraq Conflict," and also professor of economics at Columbia University just to keep busy.
"STIGLITZ: And so every dollar of this war has been financed by borrowing; 40 percent of this has been borrowing from abroad. First time since the Revolutionary War.
DOBBS: For the first time since the Revolutionary War, as well, we have a -- we have a national debt of $9 trillion, a trade debt of $6 trillion. And that trade debt is rising faster, including the capital that we have to borrow to sustain ourselves. That -- that debt is rising faster than our national debt.
I mean, is there at any point at which we're going to come to terms with the devastating reality of our economy? Whether it's $53 trillion in unfunded liabilities or that $9 trillion national debt, a $6 trillion trade debt, and a $3 trillion war? ..."
Norton's comment: take this in and consider the legacy we are leaving the next generation:
$ 9 trillion dollar national debt
$ 6 trillion dollar trade debt
$ 53 trillion dollar unfunded liabilities to our veterans
$ 3 trillion dollar Iraq / Afganistan War
$ ??? dollar Iran war that is coming before Bush leaves office!
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