if you look at, when was the last big bankruptcy before this, orange county? is orange county now, they want, they went bankrupt because like a swap deal. but the day you use that as an opportunity to reform government, no. all right, well, ben, this is your part, your neck of the woods. do you think that maybe this will be a great opportunity to finally go there and listen, these obligations, these promises that were made. they were too lavish, maybe this is the golden opportunity to fix it? well, it will be a great opportunity, but they re fot going to fix it, the public pension situation is out of control and will remain out of control. and the public sector unions are unbelievably strong in california and they will do some papering over here and there, as charlie gasperino said. and interest rates will soar for that municipality, but at the end of the day they will have the very high pensions. that s got to give nationally, the state level, the municipal level. it s a shame we
until it involves something and so the ability in washington they will agree to more taxes and adam, you were wrong about the tea party. they have no problem governing, it s the status quo which has a problem. one second, guys, i don t want to get off the subject here, but adam, back to the notion of raising taxes, for me it seems more of a political ploy and create this ground swell of envy, american versus american and it s not true economic policy and i can t see where it s worked. it certainly hasn t worked in europe. well, what we have are citizens who are deluding themselves that georgia situation is a perfect example. republican politicians said we need this money so you re going to have smooth roads and the taxpayers said no, because they asked them rather than doing what was right. so, we re going to have a great opportunity to then they don t have to bitch and moan about the bad roads then, their choice. but it s not good government and you don t live there. is
and the tax expired for this year at the end of last year and technically congress has to get on board with just that. and then on top, the bush tax cuts start expiring and people do not want their taxes to go up, but the bigger question, how will the next leader of this country fix our fiscal situation? adam, does it come down to that? ultimately, listen, i know that this is something, a center piece of president obama s reelection run, all about taxing the rich and those who don t pay their fair share, but do you think, first of all, that s the solution? and do you think it s going to resonate on main street at the end of the day? well, one of the issues of main street is, are these very soft, sort of large issues that you raised, people don t like, they think there s too much government. he think this there s too much they don t want it pay taxes. on the other side of that, inequality, the rich don t pay their fair share and so on. i think what you saw in georgia, for example,