The Digital Skeptic Saves The Economy
WASHINGTON, D.C. (TheStreet) -- There I was watching an all too familiar rendition of Who's To Blame for the Mess in This Town? And all I wanted to do was stand up and yell out: "You do realize, we can fix this $%^#, right?"
David Stockman, former director of the Office of Management and Budget and author of the The Great Deformation, was on the stage here at the Society of American Business Editors and Writers annual conference. The guy with him was David M. Walker, CEO of the Comeback America Initiative and former director of the U.S. Government Accountability Office.
Stockman says it's the private sector that's the bad guy.
"We've been cooking the books for a heck of long time," he said. "Both fiscally and in the monetary system, and on Wall Street."
Walker drew the all too familiar other gun: that it's all the elected officials' fault.
"The truth is, if you have been looking at what has been done so far," Walker said, "they have been treating the symptoms and they have not been treating the disease."
It's all on this C-SPAN link, if you've got the stomach.
Both were long on problems, short on answers, and if you look at the tape you'll see a room full of bummed-out financial writers staring at a $16.7 trillion national debt, according to USDebtClock.org -- which, if you have not seen it, is as marvelous a one-stop shop for the full dimension of our woes as I know of.
But since D.C. is filled with folks who stand up, scream and get nothing done, how about I take a Skeptic's day off and instead go long on a real live investor-worthy practical answer to our budget, tax and sequester woes?
Ready? It turns out that there is a simply massive, hidden, bonus upside to our dark collapsing digital age. Getting our national debt paid, our budget balanced and our economy humming is not as hard as it appears.
Seriously. It isn't. And here's why.
In these digital days, stocks are just another thing a consumer buys.
We've all grown up in a world where supposedly immutable walls divide us. Investors are over there. Consumers are over here. Executives stand in this box. Labor toils in that one.
As stunning as it is to consider, that's not how the world works anymore.