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Robert thinks the odds of a recession are increasing every day, and we have 15 months to fix the crisis. Rodriguez thinks that the “moment of truth” will come on November 23rd, when the super-committee, which is tasked with coming up with $1.5trillion in deficit reduction will meet. Rodriguez stated about the recent deficit reduction plan “the cuts were deferred into 12, 65%, 7 5% of the cuts were deferred until 2016. That was one of the key elements that led to the markets down side volatility beyond the S&P downgrade. It is just an abject realization of the total ineptness of the government. “
He predicted in the past the next crisis would be on the Federal level and not on the corporate level.
Bob comes in at the 3:20 mark.
Below is the video and transcript:
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