Alan Simpson: Markets Tanking Reaction to Tepid Debt Deal

Friday, 05 Aug 2011 04:04 AM

By Hiram Reisner

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Former GOP Senate Whip Alan Simpson said Thursday the stock markets are plummeting because the debt-reduction compromise did not go far enough and global markets don’t care about American politics — “they care about their money.”
 
“It seems that they didn’t go far enough — we did avoid the cliff, and that is fine and that is a good sign,” said Simpson, who co-chaired President Barack Obama’s debt commission. “But I have often said that the global markets don’t care about Republicans or Democrats or the president — they care about their money.

 “And when they see us tumble around to the edge of the abyss and just mess around and do this . . .  they’re going to take it out on us,” Simpson told Fox News’ Neal Cavuto.

Cavuto asked whether the moribund global markets reflect a repudiation of world leaders. Simpson said it was more the fact that in recent years, the world’s economies have become more inter-linked.

“It’s so different from anything we have ever had in our whole history,” Simpson said. “And all of these countries have this trajectory of debt, deficit, and interest, which it is unconscionable and unsustainable.”

Simpson said the markets would not be teetering on the brink if the debt commission’s report had not been set aside.

“If the world had looked at the 67-page report — and it’s not about Simpson or Bowles — it was about five good Democrats, five good Republicans, and one independent putting together a thing in 67 pages where everybody had skin in the game,” he said.

“You cannot get this done unless everybody has skin in the game. The president didn’t really . . . dabble with defense or Social Security reform. Paul Ryan, a splendid thing, he hit the mastodon in the kitchen — he went after Medicare — but he didn’t really touch Social Security reform,” Simpson said.

“Unless you do touch them all and everyone with skin in the game, it will fail.”

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