This is the sort of headline that grabs my attention when surfing my sites for news of the day. I have been spending quite a bit of time refreshing CNBC's site only because they have the financial numbers in easy to see format on my Blackberry. I can't figure out how to embed the video so here is the link to the article page with video.
It poses an interesting question and one that the gentleman in the studio seems to blow off as irresponsible of the S & P folks who issued the warning. But what is really impossible? Especially when seeing where we are today versus just a year ago. Heck, did anyone really think we'd see gas under $2/gallon? How about Lehman Brothers, Bear Stearns, AIG, and the stock market tanking 6,000 points in 10 months? To declare anything impossible in our current environment is hubris in my opinion.
But the points made by Mr. Hennecke seem reasonable and point me towards breathing a little easier about the ability for Obama to nationalize the heck out of the country. It seems as if we will start sinking more next year as the local, county, and state governments get pounded by decreased revenues. Eventually, the Feds won't be able to keep up and spending more on entitlements will be a hard sell.
I hope that before the year is up Laura sets up some sort of predictions for the year blog in which all of the contributors weigh in and then check back at half time and the end of 2009. Bound to be an interesting year.
