NBC’s Brian Williams: “The world has no money and the emperor has no clothes.”
posted at 1:30 pm on May 7, 2010 by Karl
Last night, NBC Nightly News anchor Brian Williams talked to Dave Letterman about yesterday’s mini-plunge on Wall Street:
Williams noted the reports that attributed the afternoon free-fall to trader error and program trading, but correctly added that these were only the sparks to a larger pile of dry tinder. Traders were glued to the televised rioting in Greece over that country’s debt crisis, which may be followed by similar crises in countries like Spain and Portugal.
The establishment press, including USA Today and even the Los Angeles Times, are waking up to the fact that America’s unsustainable entitlement programs and bloated public employee pensions put us on the path to the sort of fiscal crisis we see in Europe today. Indeed, we are far closer to Greece’s spending levels than many think, though our demographics are less disastrous.
As Williams ultimately put it (quoting Neil Cavuto), “the dirty little secret is: the world has no money and the emperor has no clothes.” To paraphrase Margaret Thatcher, “the problem with socialism is that eventually you run out of other people’s money.” If European street riots — and their impact on our markets — bring this point home to someone like Williams (who left college to work for Pres. Jimmy Carter), it’s a good sign for the Republic. Sadly, Williams has yet to identify the Naked Emperor, but HOPE springs eternal.