Texas Federal Reserve Chair: At this rate "we will become insolvent, the question is when"

Via Drudge, some cheery news:

The United States is on a fiscal path towards insolvency and policymakers are at a "tipping point," a Federal Reserve official said on Tuesday.

"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt.

"The short-term negotiations are very important, I look at this as a tipping point."

And yet the fiscal denialism continues apace.

Whole thing, including a twinge of optimism, here.