David Einhorn, the Greenlight Capital hedge fund manager, has an op-ed in the New York Times today that starts pretty brilliantly
ARE you worried that we are passing our debt on to future generations? Well, you need not worry.
Before this recession it appeared that absent action, the government’s long-term commitments would become a problem in a few decades. I believe the government response to the recession has created budgetary stress sufficient to bring about the crisis much sooner. Our generation — not our grandchildren’s — will have to deal with the consequences.
And this op-ed, titled “Easy Money, Hard Truths” isn’t your typical 5 paragraph op-ed. It’s three pages of debt statistics and inflation warnings that will ruin your day. (We’re thinking this might have been the speech he gave at Ira Sohn yesterday, though we’re not sure).
He slams the US AAA rating. He says inflation would be 9% per annum if they still calculated it they way they did in the 80s.
He says we could solve our problem, but seriously doubts we have the political will.
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