Batten Down the Hatches, Comptroller General of the United States RESIGNS.....

Discussion in 'Economics' started by Tauvros, Feb 16, 2008.

  1. Tauvros


    Say goodbye to the lone voice of reason.......,23599,23223292-23109,00.html

    Watchdog resigns over accountability
    From correspondents in Washington
    February 16, 2008 03:57am

    THE head of the audit and investigative arm of the US Congress announced his resignation Friday, citing "real limitations" on what he could do.

    A respected voice on fiscal matters, David Walker said he was making an early departure from the US Government Accountability Office (GAO) to head a new public interest foundation.

    "As Comptroller General of the United States and head of the GAO, there are real limitations on what I can do and say in connection with key public policy issues, especially issues that directly relate to GAO's client - the Congress," Mr Walker said.

    He did not elaborate but Walker last year issued an unusually downbeat assessment of his country's future in a report that drew parallels with the end of the Roman empire.

    He had warned that the US government was on a "burning platform" of unsustainable policies and practices with fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments threatening a crisis if action was not taken soon.

    There were striking similarities between America's current situation and the factors that brought down Rome, he had said.

    These included "declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central government."

    "This was a very difficult decision for me," Mr Walker said Friday of his decision to leave the GAO, which he joined in November for what was to be a 15-year term of office. His resignation would be effective March 12.

    He said he would become president and chief executive officer of the newly established Peter G. Peterson Foundation, which would educate and activate Americans while supporting sensible policy solutions on various issues.

    "My new position will provide me with the ability and resources to more aggressively address a range of current and emerging challenges facing our country," he said.

    "This move will enable me to sharpen my messages and bring focus and attention to the fiscal and other key sustainability challenges that I and others have been discussing during the past several years," he said.

    Here's a recent 60 Minutes interview....

    Another Interview....Touching the 3rd rail -cnn-
  2. It's sad that we cannot wake up in this country. We always have to wait till the last minute to try and correct problems because no politician has the guts to risk re-election to make the difficult choices.
  3. VERY good thread.
  4. Joab


    Fascinating !

    Listen folks, fiscal responsibility isn't a death sentence Canada has a surplus and our standard of life is as good if not better then yours.

    Now before you all tell me, I realize we are heavily dependent on the US for protection (I already know that) and I'm thankful.

    I want to point out that because of that Canada has always sold natural resources to you at well below market value to compensate.

    My point is that you've been lied to and sold a bunch of BS from Bush now throw the bum out and elect someone with some friggin common sense and take back your country from the oil companies.
  5. The problem with change is that the system is not designed for a big shift. Look at our choices for president, all are very poor and really have no clue about what is needed to do. Ron Paul has the best head economically, but without like mindedness in congress, he can't personally do jack shit. We are stuck in the same muddle through crap that we have been living, using our current political system. It is run by powerful families, lobbys and the elite.

    If people were serious about change, there is a solution. It is a VERY painful one but would completey eliminate the current bullshit we live with. That solution is for people to withdrawal their cash from the banks. Guess what, the banks don't have it all! Nowhere near it. This would cause the financial system, which is teetering on the precipice anyway, to completely collapse. The CDS's would be triggering, the market would fall apart and many bad things would happen. The enormous debt burden this country carries would be defaulted, sorry Asia and the Middle-East.

    From this failure, like the phoenix from the ashes, would rise a whole new system. I predict the true leaders neeeded for our country would emerge, and we could start to build capitalism 2.0 from scratch.

    You want a revolution? You and yours withdrawal cash.
  6. clacy


    Just look at the fiscal commitments that Obama and Hillary are promising. If one of them are elected, I shudder to think what the US's fiscal situation will look like in 20 years.

    I fear that if this country doesn't wake up and have a fiscally conservative revolution, we are done for as a country.
  7. Damn good post.

    Now all you who are long US bonds......think about it.:)
  8. "He had warned that the US government was on a "burning platform" of unsustainable policies and practices with fiscal deficits, chronic healthcare underfunding,"

    unsustainable fiscal deficits
    health care underfunding
    deficits + underfunding
    deficits and more spending
    more spending = more deficits
    he should quit his job
  9. TGregg


    What?! A federali that thinks borrowing money to buy votes is a bad idea and ultimately hurts the country? I thought all government officials had to take the pledge "I swear to spend money as fast as possible, and leave no voter unpaid by the federal government."

    Clearly he had to resign before something worse happened to him. Can't have anything derail the gravy train from the future. Everybody get both front trotters in the trough, this can't last forever. Just look at those rebate checks and say "WOW! Free Money from the government! I love my politicians, maybe they can send me some more!"

    Peoples is sooooo stupid.
  10. Just for Devil's Advocate, couldn't you have said the same thing about the U.S. in the 60s, 70s and 80s? It all sounds like complaints of any government administration we have had in the past and will likely have again.
    #10     Feb 16, 2008