Former Treasury Secretary Rubin: Bond Market Could Implode; Vote to Increase Deficit Could be the Trigger
EconomicPolicyJournal.com
November 17, 2010
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Former Treasury Secretary Robert Rubin is laying it on the line. At a confrence today at the Pierre Hotel in NYC he said, according to Arron Tusk, that the soaring federal budget deficit and the Fed’s quantitative easing are putting the U.S. in “terribly dangerous territory” and warned of a bond market “implosion.”
Get this. He said Congress’ vote on raising the deficit ceiling next spring could be the “trigger” for a rout in the Treasury market.
He also said the Fed’s plan to buy $600 billion of Treasuries “has a lot of risk,” calling the international reaction “horrendous.”
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