Economist says GAO warned about financial derivatives in 1994; must face music now
Wednesday, March 18, 2009 at 9:27AM 
Economist Martin Weiss says government is trying to "short circuit" a depression. [Photo from Money and Markets website.]Economist Martin Weiss appeared on C-Span Mar. 18, and his advice to US citizens was blunt. When you have a global collapse, there’s always a day of reckoning. “Better to face the music now,” he said.
Weiss echoed the opinion of many of us when he implied the bailouts were a bad idea. Only Weiss held that opinion before bailouts became a daily household word. In September, 2008, the Florida based expert submitted a white paper to the Senate Banking Committee and to the House Financial Services Committee. The title: “Proposed $700 Billion Bailout Is Too Little, Too Late to End the Debt Crisis; Too Much, Too Soon for the U.S. Bond Market.” But alarm bells sounded long before that--by the government no less.
