Gary Gensler
speaker
649 appearances
2 recordings
1 series
first heard Aug 2026
last heard 4d ago
Gary Gensler’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Sep 2026 with 1.
Appearances
That would be an example where the analysis says this is unsustainable.
Where does it tip over?
That's the debate.
But the political consensus just isn't there.
The answer to Jessica would be no.
I look at something in the capital markets, the spread between two-year borrowing Treasury and 10-year borrowing.
It's called the yield curve.
And something happened over the last twenty or so years that narrowed, meaning the cost of borrowing for 10 years is only forty to fifty basis points or a half a percent.
Greater than for two-year debt on average.
For some time it was even less.
And when I grew up at Goldman Sachs, it usually was in the 80 to 100 basis points.
You'd say, well, again, sir, what's 30 or 50 basis points between and amongst friends?
But the central banks around the globe plus China's excess savings pulled that down.
And it
Allowed the United States to lean in.
I don't think we'll be allowed to lean in and borrow from the world that $200 trillion without the yield curve steepening, interest rates, real interest rates adjusted for inflation moving up.
At some point there'll be a reckoning.
It's really hard and I think the challenge is really the American public itself.
We're basically borrowing from the future and we're borrowing from foreigners to spend in the present.
If you look at the federal budget in aggregate, it takes in about 17% of our economy, gross domestic product, in revenues.
Showing 161–180 of 649 · page 9 of 33
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