COMMENT & ANALYSIS
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By Gillian Tett
Published: April 1 2011 22:50 | Last updated: April 1 2011 22:50
The other day, I attended a dinner at New York's Plaza hotel organised by a group called the "Citizens Budget Commission". To the irreverent British observer the name sounds improbably earnest: something that wouldn't have been out of place in a Monty Python sketch.
However, New Yorkers (to their credit) take citizens' commissions seriously. At the Plaza dinner was a host of luminaries, such as Ben Bernanke (the solemn, bearded Federal Reserve chairman) and Michael Bloomberg (New York mayor), who earnestly discussed the tidal wave of debt that is now engulfing America, not just at the federal level but at state and municipal level too.
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