/PRNewswire/ The International Finance Forum (IFF) organized a panel discussion on Dec. 3 under the topic of "Global Debts Crisis and Risk Prevention" to.
government is at the heart of this. there s corruption, inequality, rule of law, and is trying to attack this with a crackdown on corruption. it s seeming to do something about the problem. if it succeeds, that s good. if it fails, it will make the problems worse and the government weaker. something to watch. another challenge for china that i think a lot of people might not realize is debt. normally when we think of china and debt we think of how much money we owe them. they have a massive debt load. 28 it% of their gdp 282% of their gdp. that s the single biggest thing to watch. basically if we look at the financial history, crises come about when you have massive debt. it s almost impossible to get your way out of a major debts crisis without something really bad happening to the economy. what s happened with china is their growth has kept going forward, then they ve pushed it forward in the last few years with more and more debt. and the question is at what point will this st
drawing distinction of what they re obstructing and proposing? no. this is actually one of the points i was frustrated by, this idea that we have a jobs crisis and a debt crisis. i think we don t have a debts crisis and if we should eight indicate our priorities it should be 99% toward jobs and 1/2% mentioned. i guess i understand the politics for trillion deficit cuts or whatever. one of my greatest economists talking about the national debt is like talking about someone has a heart attack and they re being rushed into the hospital and the doctor s baerjing them about their insurance as they re going in. it makes no sense. fix the crisis you have right now. i wonder. it just seems terrible salesmanship to argue for it and which he kind of did in this vague sense, we re going do nation building in the u.s. and stuff while also conceding this broad point that we have this fictitious crisis. one little addition to that.
cap and balance bill. but the democrats in if the senate, harry reid said it sed the piece of legislation that ever hit the chambers. joined now by congressman david schiekert. he joins us now. welcome. good to have you here today. where do you stands? you have got cut, cap and balance which was a proud moment for a lot of republicans in the house. went over to the senate and it was shot down. so now what? to give an idea, the staff just cut me off of caffeine because i m still bouncing off the walls mad. when it came to the budget, when it couple to the continuing resolutions and when it came to dealing with this debts crisis, the house is the one that put pen to paper and puts the votes up on the board. we delivered 234 votes a couple days ago, then we have the left over in the senate go, it s the
where do you stands? you have got cut, cap and balance which was a proud moment for a lot of republicans in the house. went over to the senate and it was shot down. so now what? to give an idea, the staff just cut me off of caffeine because i m still bouncing off the walls mad. when it came to the budget, when it couple to the continuing resolutions and when it came to dealing with this debts crisis, the house is the one that put pen to paper and puts the votes up on the board. we delivered 234 votes a couple days ago, then we have the left over in the senate go, it s the worst bill we have ever seen and completely on partisan lines vote against it. great. leader reid, let s see you put it on paper or as we just heard the president trying to avoid these tough decisions, let s see his on paper now. martha: harry reid said the senate will not work through the