Bernanke said, "Under current law, on Jan. 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date."Congress, in its infinite insanity, decided playing chicken with the US economy via the man-made "debt ceiling" and "budget" crises at least twice every year, was not exciting enough. So, Congress purposely set up the US economy to drive over a cliff, unless the most dysfunctional group of 535 people ever assembled in world history, comes to an agreement on whether to steer left, or right and avoid plunging into the abyss.
So, the big question is, "which is Thelma and which is Louise" in this picture from our real-time historical econo-drama? I'm sure we can all agree that Treasury Secretary Tim Geithner (a.k.a TurboTax Tim among the CPA crowd) is Brad Pitt in this analogy.
My second question is, "should I trademark the term econo-drama?" Just think of the royalties Dr. Bernanke could have earned had he trademarked "fiscal cliff?"
And lastly, "who will bail out the U.S." if we continue to write our own version of the similar econo-drama, and Greek tragedy, "The Five Little PIIGS" that is playing out on the European stage simultaneously?
