- Infowars - http://www.infowars.com -

Bankruptcy of U.S. is ‘Mathematical Certainty,’ Says Former CEO of Nation’s 10th Largest Bank

Posted By kurtnimmoadmin On November 5, 2010 @ 1:40 pm In Economic Crisis | Comments Disabled

Terence P. Jeffrey
CNSNews.com
November 5, 2010

  • A d v e r t i s e m e n t
  • {openx:49}

John Allison, who for two decades served as chairman and CEO of BB&T, the nation’s 10th largest bank, told CNSNews.com it is a “mathematical certainty” that the United States government will go bankrupt unless it dramatically changes its fiscal direction.

Allison likened what he sees as the predictable future bankruptcy of the United States to the problems at Fannie Mae and Freddie Mac, whose insolvency he also said was foreseeable to those who studied their business practices and financial situation.

Fresh food that lasts from eFoods Direct (Ad)

“I think the first thing we have to realize is where we’re going and to face it objectively,” Allison told CNSNews.com, when asked about the trillion-dollar-plus deficits the federal government has run for three straight years, the more than $13 trillion in federal debt, and the $61.9 trillion long-term shortfall the government faces (according to the analysis of the Peter G. Peterson Foundation) if the government is to pay all the benefits it has promised through entitlement programs.

Read entire article


Article printed from Infowars: http://www.infowars.com

URL to article: http://www.infowars.com/bankruptcy-of-u-s-is-mathematical-certainty-says-former-ceo-of-nations-10th-largest-bank/

Copyright © 2013 Infowars. All rights reserved.