December 22, 2010
I have been pretty hard on “CBS 60 Minutes” for doing fluff interviews with Fed Chief Ben Bernanke and not asking the hard questions that would be obvious to a freshman journalism student.
In all fairness, I have to admit last Sunday’s story called “The Day of Reckoning” was an eye-opening, hard-hitting piece. It was about the dire financial troubles that are overwhelming many state budgets.
My only criticism – “60 Minutes” is a little late coming to the party. But as that old cliche’ goes, “better late than never.”
Since this website was launched nearly a year and a half ago, USAWatchdog.com has mentioned many times the dire financial situation many states face. California alone is $19 billion in the hole, and Illinois is basically a deadbeat when it comes to paying its bills. CBS broke some new ground with this story.
Banking analyst Meredith Whitney predicted as many as 100 “sizeable” municipal bond defaults in 2011! It is one thing to read a great quote, it is quite another to see some one’s face when they say it. Facial expressions say much more than words can ever capture.
Take, for example, Ben Bernanke’s quivering lips when he said that it was a “myth” the Fed was “printing money” – priceless! Please enjoy the 60 Minutes story below that went out of its way to NOT sugar-coat the truth.