A reader put me onto a speech by Fed Governor Richard Fisher to the Commonwealth Club of California last week. In it Fisher sounds similar alarms regarding the dangers of runaway entitlement spending that I discussed in my post two days ago….
There is a crisis confronting the U.S. Larger than war, more dangerous than Osama, more hazardous than recession, it threatens our status as the world’s preeminent economic superpower. If we fail to address this crisis, we face potentially “catastrophic consequences.”