GUESTS: STEVE CLEMONS and RICHARD VAGUE
Are we missing the forest for the trees by focusing on government debt and not private debt? According to a recent report, “How to Predict the Next Financial Crisis” (link to pdf), there is about $24 trillion in consumer and business debt held in the United States today, much more than the federal debt, our money supply, and the nation’s GDP. The report is the product of a collaboration between STEVE CLEMONS, Washington Editor-At-Large for The Atlantic, blogger at The Washington Note, and senior fellow at the American Strategy Forum at the New American Foundation, and RICHARD VAGUE, Philadelphia venture capitalist and managing partner of Gabriel Investments. The co-authors join us in studio before their talk next door today at the Federal Reserve Bank of Philadelphia, and they will also discuss the economic policy options before President Barack Obama in advance of his State of the Union address tonight.
AP Photo/Richard Drew