Detailed text transcripts for TV channel - MSNBC - 20121226:15:19:00
Former chief economist and economic policy adviser to vice president joe biden. that's just some of the details as you so well know here but let's remind ourselves, though, of this word that we have been using. that was termed by mr. bernanke. he called it a cliff. but really -- >> right. >> it is like falling down stairs, isn't it? >> right. more so a staircase or a slope in the sense that some of the damage you just described actually takes a while to arrive and if congress is able to quickly reverse the cliff dive, it could be more and i have heard folks use this, more of a bungee yump to g...