Buffett spotlights nation’s debt crisis (August 21 – CNNMoney OMAHA, Neb. (AP)
The catastrophe looming in the documentary
"I.O.U.S.A." isn’t romantic like the doomed young love in "Titanic,"
but billionaires Warren Buffett and Pete Peterson warn it could break
many more hearts. The disaster they warn of could be bigger than any
we’ve ever seen – bigger than an iceberg, bigger even than the current
mortgage crisis.
If the U.S. doesn’t do something, and fast,
to tame the federal government’s debts – now more than $50 trillion –
the two Nebraska natives warn we will saddle coming generations with
economic problems that will make this year’s financial turbulence look
like a trip to the debt counselor’s office.
Premiering
Thursday at 358 theaters nationwide, "I.O.U.S.A." is part of Peterson’s
campaign to give the ballooning debt a central role in the presidential
campaign.
A live panel discussion after the first showings –
tape delayed for moviegoers in the West – will include Buffett,
Peterson and other experts. Despite ticket prices much higher than for
a feature, at $11.50 to $20, Thursday’s showings had sold out at some
theaters by Wednesday, organizers said.
The two prominent
investors don’t share a political philosophy: Peterson endorses
Republican John McCain for president while Buffett favors Democrat
Barack Obama. But they say the nation’s budget and trade deficits
aren’t really partisan issues.
"Our situation is a lot worse
than advertised, and we need to start making some tough choices if we
want our future to be better than our past," former U.S. Comptroller
David Walker, one of the movie’s stars, said Wednesday.
This is the movie I wanted to make, but didn’t. I am so glad that it got done. I am going to see it, and I hope you do, too.