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The uk's teetering on the brink. and at some point i think in the next couple of years the reality will be that the paul krugman recipe ends up having costs that exceed the benefits. >> what else do you do? do you wait and hope? >> what's frustrating to me is the way the discussion is conducted it seems like there is only a keynesian option and the alternative is just sort of passively waiting for disaster. i think there is a better strategy that we could adopt. imagine radical fiscal reform that attacked not only the entitlements problem, that fundamental problem of medicare, social security ...

Which things compound. the greeks have been there. spain is there now. japan could be next. the uk's teetering on the brink. and at some point i think in the next couple of years the reality will be that the paul krugman recipe ends up having costs that exceed the benefits. >> what else do you do? do you wait and hope? >> what's frustrating to me is the way the discussion is conducted it seems like there is only a keynesian option and the alternative is just sort of passively waiting for disaster. i think there is a better strategy that we could adopt. imagine radical fiscal reform that attack...

>>reporter: kent conrad is a conservative democratic hawk and is leaving the senate, retiring at the end of the term and he says that would free him up to be honest about how dire the fiscal situation is referring to his belief that the president needs to deal promptly with the long-term entitlements problem and it wasn't just kent conrad but the ranking democrat on the house committee today said that the president and the white house feed to get about sitting down with members of congress, republicans and democrats alike, to figure out a plan and he said that has to start immediately. there i...