picture you know we're just bouncing the wrong books it's that simple that simple accorded laurence kotlikoff professor of economics at boston university now as you heard him talking about the credit ratings agencies those agencies namely f. and p. have said throughout this debate in washington that the u.s. has aaa credit rating may still be downgraded even if there is a deal reached who benefits who could possibly benefit from that well financial analyst max kaiser says this may be exactly what bankers on wall street crave he laid out that case today earlier with our teens kevin owen most of the economy in america over fifty percent of the economy is tied to investment banking and wall street trading so they control the g.d.p. for them to continue to make money they need to look for new business new revenue is turning america's aaa rating to junk will make many many billions of dollars in fees it's just simple economics and simple business just follow the money but if everyone can see that it's just piling debts on the debt how the american public by the seeds dealing with this or the ameri

country is flat out bankrupt i want to see if he thinks that this deal means anything he's laurence kotlikoff he's economics professor at boston university thank you so much for being with us your muscles are ok so i know why you're ago you're writing in the country is bankrupt you have your own policy for prescriptions for how much need to be cut but first i'm just curious do you think that you said last year that the country can no longer afford any kind of no pain all gain solutions is that the kind of solution this debt deal is. you know that's what this is this is a pretty much of a you know there's next for you that really haven't made any major changes in entitlements here and. you know obviously this will inflict some pain on some people but we need to do something much more massive than this we're talking about you know trying it our true fiscal picture and under control we need something like a twenty trillion dollar adjustment over ten years not a shoot to enter into a real just me every ten years now i use that you throw out that twenty trillion dollar number it's then pretty wide

figures or talking to someone like my guest who was i spoke with earlier he's an economist laurence kotlikoff he's he's an economics professor at boston university and he puts the build of the government owes even higher he has also said in the past even a year ago he was saying that the country is bankrupt so i want to ask him given this deal which in the past he said you know the country can't afford anymore no pain all gain solutions i said is that with this kind of a deal is this a response. yes but this is this is a pretty much of a another smokescreen they really haven't made any major changes in time and. you know obviously this will inflict some pain on some people but we need to do something much more massive than this we're talking about you know to try to get our troops physical picture and under control we need something like a twenty million or adjustment over ten years not to shoot you in the interim i don't just mean every ten years now i use that you thought about twenty trillion dollar number it's then pretty widely quoted now even when there was a big deal being hashed out b