Tuesday, October 15, 2013
CNN "Crossfile" shows public has little confidence in avoiding default; On Piers Morgsn, Suze Orman warns Americans that they have to save themselves and each other personally
Carly Fiorina and Austin Goolsbee joined Stephanie Cutter and Newt Gingrich on CNN’s “Crossfilre” Wednesday, and a surprising poll, taken at 7 PM, showed that only 38% of those responding believed that Congress and the President would close a deal before the debt deadline. The blog link is here.
Gingrich is prone to warn of catastrophes, as he has written about EMP terrorism before, and feels that immediate default is not the only risk; runaway debt itself could lead to a financial collapse.
On Piers Morgan, Suze Orman ( link ) warned consumers “The government is not going to save you, the stock market is going to save you” and called Congress’s behavior “shenanigans”. She recommended that young people who are working keep saving in the stock market, because they have enough time for values to recover, and that workers consider using ROTH IRA’s, where they pay taxes up front but can withdraw later without penalty. She also said that stocks might be safer than bonds in an environment where interest rates are likely to rise quickly because of political instability.
Orman's comments sometimes don't seem to recognize the expenses and debt couples take on when they have kids.