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I’ll see if I can find a transcript.
UPDATE: Worth watching if only to see Chambers trying to brush aside multiple questions concerning S&P’s errors. He essentially admits a $2 trillion mistake but downplays its significance.
6 comments
1 |
Virginia Plain Fri, Aug 5, 2011 9:55:42pm |
Hope this guy has good security, because a lot of people are going to kill him, miscalculations or no. He also shares the same name as Cisco System's CEO. Both of them better have good protection.
| 2 |
RoadWarrior Fri, Aug 5, 2011 10:11:19pm |
Unfortunately for the argument of the US Treasury, even a $2 trillion error shouldn't alter anybody's conclusion in the context of a $50 trillion US federal budget over the next decade. If it had been a $7 trillion error, then we might have had something to discuss.
| 3 |
Bob Dillon Fri, Aug 5, 2011 10:32:42pm |
"He essentially admits a $2 trillion mistake but downplays its significance."
No, it was difference of opinion on which baseline to use looking out to 2015. 1.5% of GDP projected out 4 years with every government agency except the Comptroller General cooking the books .. $2 trillion did not make enough of a difference in debt to GDP ratio to keep AAA.
BTW our debt has now surpassed our 2010 GDP.
If you want the truth listen to David Walker every chance you get.
| 4 |
simoom Fri, Aug 5, 2011 11:10:27pm |
re: #3 Bobibutu
Walker: .. they're alleging there's a several trillion dollar difference between what they came up with and what you asserted ...?
Chambers: ... we had a discussion over the baseline, we agree with the Treasury's postion on this, and our figures that we have published reflect this ...
...
Cooper:... they say that S&P sent treasury an error in their analysis that inflated the U.S. deficit by $2T ... did you make a mistake of $2T in your analysis?
Chambers: ... the difference between baseline calculations out to 2015 is %1.5 of GDP.
The way I read the conversation is that Treasury went over S&P's numbers, found an error in S&P's baseline calculations, S&P acknowledged the error and corrected it. Publicly they're downplaying it by saying it isn't that significant. Of course $2T baseline difference seems quite meaningful, particularly when you seemed to be OK with a $4T deal vs the current ~$2T deal, and you're ignoring another $1T because you've adjusted your future revenue assumptions.
| 5 |
simoom Fri, Aug 5, 2011 11:14:34pm |
re: #3 Bobibutu
No, it was difference of opinion on which baseline to use looking out to 2015.
Just to clarify, it wasn't a difference of opinion because S&P agreed with Treasury's correction and adopted it.
| 6 |
Bob Dillon Fri, Aug 5, 2011 11:29:11pm |
re: #5 simoom
Whatever. 1.5% one way or another is meaningless in the context of the U.S. as AAA or AA+ in terms of total debt to GDP.
IOU $100 and we are arguing about less than $0.02 and we can't even agree on projected interest rates let alone if it was $100 or $101 to start with.
Its point fingers anywhere and blame everyone else. Disgusting.
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