It’s too bad that Stanley Druckenmiller is not Treasury secretary.
He says, “I think technical default would be horrible, but I don’t think it’s going to be the end of the world. It’s not going to be catastrophic. . . . What’s going to be catastrophic is if we don’t solve the real problem,” referring to Washington’s wild-spending ways.
How true, how calming and how preferable to the frantic and fear-mongering Treasury Secretary Timothy Geithner.
Runaway spending and borrowing have caused the government’s fiscal problems. More of what caused the problems will only make the problems worse, something Mr. Druckenmiller understands and Timothy Geithner and Fed Chairman Ben Bernanke apparently do not.