circumstances, as has been the case, you can t go into that creating accounting business. you have to honor your signature, you have to give certainty to the rest of the world, and you have to make sure that your own economy is consolidating that welcome recovery that we have seen in the last few days because it impacts the entire economy. the result of this budget fight and previous fights has been part of a global debate about whether governments need to cut spending, deal with their entitlement state. you know the american budget is overrun with mandatory spending on entitlement programs like medicare and social security. is austerity the answer? are spending cuts that you hear american conservatives say are so necessary, is that the answer for our economy? or is europe teaching us that that s the wrong answer during a period of slow growth? you know, when we look at the u.s. economy we say something which is bizarre.
yet again into recession. that was that tip at the big table. in 2008, the great recession, as it s called, this would mean another recession from your point of view? if it wasn t resolved, yes, that s what the risk is. you know, there are some figures in our government and congress, senator rand paul, others who say, you know, this is overstated. the treasury can do things that the concept of default is hyperbole. but creative accounting is not the solution. and markets know that. the counterparts to the united states know that. and when you are the largest economy in the world, when you are the safe heaven in all circumstances, as has been the case, you can t go into that creating accounting business. you have to honor your signature, you have to give certainty to the rest of the world, and you have to make sure that your own economy is consolidating that welcome recovery that we have seen in the last few days because it impacts the entire economy. the result of this budget
swan on the other dancers. malnourished, hating life. that was not a fun time for me. but it never would have occurred to me, i was trying to think, is it me or is it just a change in the times. it never would have occurred to me to be an entrepreneur at that age. it just seemed so daunting. you go to school or you become really good at something. if i was not going to be a ballet dancer, i was going to college and go to the best one i could go to and go to the professional world and get a job at some big company. it never occurred to me to start my own company or invent something. i m wondering if that s just because i m not entrepreneurial or because something has changed where that kind of thinking is more encouraged now. i hate to keep bringing up my father every single day but a huge impact. the accountant? he started his own accounting business. i remember him doing it. so the entrepreneurial bug or
him, he managed to start a new life for himself in milwaukee using his real name. his undercover days were over. he hung out his shingle as an accountant and tax preparer. it was here in this building that gaede opened his accounting office that the lives of dennis gaede and timothy wicks became en29ed. timothy wicks needed help doing his taxes. tim wicks gave gaede access to all of his personal and financial information. everything gaede might need to steal tim wicks identity. as time went on they realized that they were both very interested in drumming and were both drummers. and so that is kind of what cemented the relationship and made them friends. at about the same time, dennis gaede made another friend, diane fruge, a single mother of two where she managed the building where he ran the accounting business. what s your first impression of dennis gaede? he was huge.
government to refinance even if under water. apparently it s complicated to do logistically. the government owns half the mortgages. you know, you have to be why about how you do it, but the notion that the american government and the american people lent banks trillions of dollars at essentially no interest, but can t lend the american people money for their mortgages at 3% or 4% interest certainly is a powerful political talking point, and if they could find a way to do it structurally, if they could make it pencil, as they say in the accounting business, you re going see that in the president s speech. thank you both for being on the program. thank you. thank you. coming up, the question of torture keeps coming up every time dick cheney s name is mentioned. the former vice president again defends waterboarding. what if a foreign government decides to waterboard and american? we ll get to that. you re watching hardball only on msnbc.