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U.S. called a house of cards just on brink

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Gibson | 1:35 a.m. Feb. 28, 2008

I respect Studdert for being forthright. He is also a very engaging speaker. What he didn't say is this is the time for a man like Romney. Four years from now may be too late.

TOT | 1:50 a.m. Feb. 28, 2008

WOW!! A little truth and warning in the newspaper. This guy is on target. Of course, these are the same things that bloggers and others have been saying for more than three years, some for many years. The comptroller general just resigned after warning for years what's coming. That should scare you.

"Today the United States of America is a house of cards that could tumble at any time," he said.
"The elements of a perfect storm of destabilization and crisis are all about us."

You stick your head in the sand at your own peril.

TOT | 3:38 a.m. Feb. 28, 2008

Now is the time for a man like Ron Paul. Romney is more of the same.

Comments continue below

Ed C. Cook | 3:47 a.m. Feb. 28, 2008

Since when are these ideas new? Every since FDR, some
Republican has predicted America's demise.

HB | 4:11 a.m. Feb. 28, 2008

There is no more "power of the polls". In the 1970's, newspaper stories pointed out that three out of every five people in the United States were dependent upon government for their living. That would include welfare recipients, Social Security recipients, and those employed by government in the endless bureaucracies administering these programs. The two out of five in the private sector will never be able to out vote those who want to maintain their government paychecks.
I believe it was Benjamin Franklin who said that we would lose our freedom when people discovered that they could vote themselves money from the government. And the government is not a producer; it must always pass laws to take money from the producers to give to others who did not earn it.
I would like to see some in depth articles on how many people today are depending on government money versus those who are producers.

Concerned | 4:52 a.m. Feb. 28, 2008

This country for the past fifty years has been sold out to the higest bidder by our elected officials in washington D.C.these same officials put their hands on the holy bible and swore to uphold the constitution of the U.S.A.about the only thing they have accomplished is lining their own pockets at the expense of the taxpayers.it amounts to outright TREASON but none are held accountable.if this countrys finances were fully investigated we as a country would be shut down like ENRON.!!!!!!

Bob G | 5:07 a.m. Feb. 28, 2008

Where has this guy been hiding? This article should be posted on every desk of every representative at every level of government. Someone with clout has finally put in writing what has been so obvious for years to the american consumers and the american people, at least to some of us. However, it will require our representatives to stop thinking about self interest. It seems many advisors to those makeing the decisions have not listened to. Why hire advisors if they don't listen to them? Our highest leader, Bush, is more concerned about being able to eaves drop on his neighbor and countrymen than the state and stability of our economy. Bush never has shown any intelligence to lead a nation, he acts more like a CEO for corportate america than the leader of a powerful nation of people. When this country does crash, and every day that goes by it gets closer, it will make the great depression look like a cake walk. Every thing that was set in place to prevent the cause and effects of the great depression has been overturned and nullified. The greatest national security threat to our country is from within, not Iraq.

Bubble going to burst | 5:25 a.m. Feb. 28, 2008

People are so worked up about terrorism and illegal immigration. All smoke screens, this is the real issue of the coming election. We are going into debt to the tune of 1 billion dollars per day to China. While national debt accumulates, personal debt is also buring the wick on the other end of the candle. Our greed and materialism are consuming more than is being produced. The laws of economics dictate the bubble will be burst and a balance of equilibrium will occur. It's just a matter of when, beause the dollar is already losing much power. Quit buying cheap Chinese manufactuered goods.

Anonymous | 5:49 a.m. Feb. 28, 2008

Of course the day wouldn't be complete without some Rush O'Hannity whining about his attachment to Mitt Romney. : >

Anonymous | 5:54 a.m. Feb. 28, 2008

Our necons would call this guy "from the drive-by media" or worse yet - a traitor to America for suggesting that anything could be possibly wrong.

EBOB454 | 5:59 a.m. Feb. 28, 2008

Living off debt is like robbing a bank. It works great until the robber gets caught or runs out of money. Since the robbers in the USA are our politicians (law makers) and their associates, running out of money is the only real issue. The party will end in the USA when:

(1) Foreign nations will no longer lend (give) money to the USA.

(2) The money supply can no longer be expanded without causing hyper inflation which would be opposed by WE THE PEOPLE.

(3) A significant percentage of tax revenue is required to pay interest on government debt.

(4) A significant percentage of other income is required to pay interest on non government debt.

Stimulating the economy by Debt Creation is a hoax. The USA needs to focus on Wealth Creation.

Utah Resident | 6:31 a.m. Feb. 28, 2008

Thank you George W Bush and Company.

Kevin | 6:45 a.m. Feb. 28, 2008

I wonder if taxes will have to be raised simply for government bonds to keep their AAA rating.

Not Scared | 6:52 a.m. Feb. 28, 2008

What if Saudi Arabia stops selling us oil. Many African nations would love to replace Saudi Arabia. What if China holds trillions of dollars. Count the number of Chinese. A one year crop failure divided by over a billion people who would have to buy rice from us would settle the score. Nearly all Americans know where we will sleep tonight and where our next meal will come from. Our questions are should we vacation at the beach or the mountains. You have to be in the dark to be afraid of this monster.

Buster | 6:54 a.m. Feb. 28, 2008

Bush did what he set out to do. There was a budget surplus. Bush's job was to extract as much money as he could and send it along to his patrons. At that, he's succeeded wildly. To the devil with the rest of us.

Bin Laden was a lucky break for him, giving him a means to frighten us while he emptied the till.

Mel | 6:56 a.m. Feb. 28, 2008

I agree "Utah Resident" and Bob G. I've been, much less articulately, saying the same thing and have been told I wasn't 'patriotic'.

Ryan | 7:03 a.m. Feb. 28, 2008

What will happen when the world has grown tired of "America: World Police", and they decide that WE are a threat and part of the "Axis of Evil"? Will we be able to defend our homeland if half of our military is stationed in Europe, the Middle East, and Korea?

Bring them home, and let's focus on OUR problems!

John | 7:04 a.m. Feb. 28, 2008

This trend toward self destruction started out of the great depression with the administration of FDR and has continued with more and more people expecting more and more money in some form from the government. The government has become the controlling economic power in the country because of their ability to tax and the penchant to win elections by handing out entitlements (bribes) to every class of citizen. Until we reverse this attitude we will continue down the path of economic collapse. It could start with each of us becoming more dependent on ourselves by reducing or eliminating our personal debt and become self sufficient and not having to rely upon the government although programs they have passed like medicare require our older citizens to become dependent on government and now Hillary want national health care which will end up really bankrupting us. It is time to wake up and quit being complacent about what is happening around us.

russ | 7:00 a.m. Feb. 28, 2008

Definitely paints a bleak picture. And most of what he says is correct.

Yah just can't vote for more of the same. You have to vote for someone who will change this digging of the hole.

JH | 7:16 a.m. Feb. 28, 2008

When are we going to do something about "term limits" on congressmen. Having a Representative in Washington for years turns all good men bad and all bad men worse. Get them in, get them out. It would be interesting to see if someone else could do better. We will never know so long as we keep re-electing the same guy.

Is it time for change? Let it start there!

We The People | 7:15 a.m. Feb. 28, 2008

The government is just a reflection of the people. Unfortunately, we get what we deserve. Government irresponsibility is a reflection of personal responsibility.

DeLaval Milker | 7:18 a.m. Feb. 28, 2008

Thank you for the insightful slap from reality. It's not enough, I'm sure, to wake us from our stupor of celebrities and immigrants, but it does draw attention to what's really going to bite us.
We want the war, especially here in Utah. The four billion a week has to come out of someone else's pockets, though. We want, and will only vote for, tax cuts.
Trouble's comin'.

Jim in GA | 7:29 a.m. Feb. 28, 2008

I and many others have seen this coming for years. We are no longer an Independent Nation. As the article stated, we are too much dependent on foreign countries for our financial well-being.
Every time a mention is made, or a step is taken, to help us become a more self-reliant nation, there arises objections that, in the case of oil, 'it will harm the environment, and any progress toward independence stops.
The gentleman is correct. We need less political correctness and more political responsibility.
This year's offerings for new Presidential Leadership is sadly lacking. I give blame for this largely on our press and media in general for having no interest in promoting the 'good of the nation'.

BBKing | 7:29 a.m. Feb. 28, 2008

First, we should keep one thing in mind, and that is this gentlemans conflict of interest. Much as we have chided our legislators for not having it.

This gentleman has written a book which I have not read but the title suggests, the more doom and gloom the higher the sales.

This does not mean what he says is wrong. It does mean we should keep that in mind as we listen to him. A grain of salt.

That being said, certainly we could fix a great deal of problems by balancing a budget. Stop going selling bonds, etc to China and Japan. We need to create an actual energy policy that must include diversifying the sources of our oil. And we need real leadership. Take Ethanol, that is a joke. Nothing but government to the highest bidder.

I agree with the assessment that President Bush and company are horrible in these areas. The tax cuts have helped significantly. What they did not do everywhere else is more hurt than the tax cut help.

The problem with Romney, which guy do we get? The one who balanced Mass budget by increasing fees $700+million, or the business manager extroidaner?

So Much For "Globalism" | 7:43 a.m. Feb. 28, 2008

What does Globalism mean to me? Let's begin with China...our national bank. We allowed them to dump cheap products on our markets, manufacturers to relocate there, multinationals, etc..the U.S. consumer can buy the 3.00 lamp at walmart while the us worker gets layed off. Our products sit while foreign product sell...DA who got bought off in congress?? China buys our TBILLS, Saudi's hord US dollars...and we've successfully allowed ourselves to be extorted. Another DA
Politicians, repubs and dems, spend billions on education, prescription drug benefits, entitlements, and then we need to print more money while our debt rises.
Instead of investing in American production, we have essentially sold out, spend more than we have, and then find ourselves in one big mess.
Then, we allow anyone to invade our country to take all of our public assistance for free for them, and at our expense. Plus, under the so-called "multiculturalism" agenda, we have assaulted our Western heritage and displaced it with relative irrelevancy.
Hey Congress, forget Clemens and get something done!

Well folks, this is why I voted for Ron Paul.

M.M. | 7:38 a.m. Feb. 28, 2008

Too simplistic to blame "George W. Bush & Company"
for everything.
If every person would look to theirselves, and how they are contributing to the problem, there would be solutions to many of our ills.

Wrong Priorities | 7:49 a.m. Feb. 28, 2008

it seems that many Americans have become obsessed with wealth and will happily buy something cheaper made in China so that they can have money to pay an outrageous mortgage on a large house, or make the payments on their Mercedes Benz car.

This is reflected in big business who can save manufacturing costs and make a bigger profit by setting up their plants overseas, and putting American workers out of their jobs. The Government leaders have the same mindset, do whatever is necessary for re-election, without any concern for the health and prosperity of the United States.

In days gone by, most Americans priorities were God, Family, Country. Today it seems that what most Americans value is materialism at any cost.

glory days are over | 7:58 a.m. Feb. 28, 2008

I am afraid it doesn't matter who is voted in or voted out.
The glory days when America ruled the roost are over. Time to re-evaluate your prorities and values.
Less is more.
The best things in life are free.
Perhaps there is someway I can serve somebody.

Crazy Mormons | 7:57 a.m. Feb. 28, 2008

and their food storage and philosophy of getting out of debt. Mabey the time will come when they will be thought of as the genious's they are...

Roger Babbitt | 8:03 a.m. Feb. 28, 2008

Since when does this "Rush" alike become an authority on the future of the United States? He, evidently, was a part of the "Reagan Revolution" which has resulted in the state of affairs now. What has conservative politics brought us to this point in time but housing crisis, a dead end war, Roe vs. Wade stronger than ever, larger government and a loss in the confidence of America. If, this man is going to through rocks, he should remember he was part of the "House Of Cards"
built by his cronies.

Anonymous | 7:58 a.m. Feb. 28, 2008

Wonderful article! Yet, America should stop blaming our elected officials and government. We've chosen this course thus far. The change must now begin in our own lives, in our own households. Personal debt and responsibility must begin with us, including our own involvement with how our community, state and federal government are run. We've been sitting idly by as a people. The ship is about to hit the iceberg and we've had no desire to steer its course until panic sets in. Massive change must take place now to redirect the course, if possible, but the finger pointing elsewhere, should point to our own lives first and our choices we have made to lead country down this path. Then take ACTION in our communities and government to make the change.

Anonymous | 8:14 a.m. Feb. 28, 2008

And so a new day of revelation has dawned. We have a bureaucrat who has made his fortune feeding at the Washington trough tells us all is (or was) wrong. Hello! Are we that stupid?

samhill | 8:15 a.m. Feb. 28, 2008

Advisor to four Presidents?? In what position precisely.

From what I've heard of your part as the Chairman in the Fonix debacle, I can't imagine what advice you could give that would either be uniquely informative or, more importantly, valid.

Curious Question | 8:22 a.m. Feb. 28, 2008

Would anyone on this blog be interested in pushing for congressional term limits? There's been much ado made about change in the current election round, but changing the White House, in my opinion, won't affect a very broad or long lasting change. Clip the out of control Congress wings with term limits and we may really see some substantive change.

Anonymous | 8:19 a.m. Feb. 28, 2008

I wonder what currency the prophet of doom receives when he sells his book and collects appearance fees. controversy without solution seems to pay. I prefer the cllected works of "chicken little."

should I laugh or cry? | 8:29 a.m. Feb. 28, 2008

WASHINGTON - President Bush said Thursday that the country is not headed into a recession and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts.

I don't know if I should laugh, cry or throw-up?

parallel | 8:39 a.m. Feb. 28, 2008

I, too, am concerned about the mountains of debt and negative savings rate in this country. One thing we do have, however, is political stability (comparative, relative stability, that is) that accounts for the house of cards still standing.

You can draw a parallel to major league baseball; for years many teams lose millions of dollars, but the owners can turn around and sell them to someone else for more than the total of what the seller paid for the team plus all cumulative losses. there's some intangible there.

That's not to say we can just go willy-nilly on our merry way and everything will work out. Nor does it mean we have to adopt Jimmy Carter's 1970's theme of go without, reduce your standard of living, and accept that your are now third rate. Make responsible choices about what you really need as opposed to want. What do you really have a right to expect from others in the form of their taxes as opposed to what services you are willing to pay for yourself? All of this needs to be tempered with compassion for the disabled and the general good (public education, law enforcement, etc.)

Why don't we.... | 8:36 a.m. Feb. 28, 2008

... declare bankruptcy as a nation and start over? It seems to work for those who can't meet their obligations at the consumer and business level. Why not the national level? Those that are hording our money will be bummed when the notes they are holding are worthless. Those that are citizens can exchange their current savings for "new" dollars. Man, I should be President. :)

Federal budget | 8:46 a.m. Feb. 28, 2008

Folks..read the IRS 1040 booklet under the federal budget and look at Interest on the debt, entitlements, and military spending and then you'll see where the money goes. Social Security should only be for when you retire, now it is an umbrella. Bush increased the size of government by over 7% per year. The problem is that the republicans and dems are run by big government types now..we need a conservative party in power to fix things.

Grant | 8:47 a.m. Feb. 28, 2008

As an adviser to the past several administrations, it appears that Stephen M. Studdert himself is more to blame for our situation than any single president.

Shame on you, Stephen M. Studdert! You are a BAD adviser!

So why should we listen to his "sky is falling" rhetoric??

Thank "W" for the mess | 8:56 a.m. Feb. 28, 2008

And we as a State wanted ot want to continue to vote Republlican? Lets get someone like Clinto who balanced the budget and paid down the debt.

Anold Evans | 9:06 a.m. Feb. 28, 2008

Where was this man when he joined the Reagan team? Was everything great then and now it's gone to ___ in a basket? Forget the house cards, if you could collect all the books about what is or has been wrong with American and burn them, you've solve the energy crisis. Thanks but no thanks to you, you offer nothing
of any help to this country.

Layman Economics | 9:20 a.m. Feb. 28, 2008

This guy is spot on in the points he makes. As was mentioned we need to go back to self sufficiency which has been redefined by the PC as isolationism.

One point that never gets mentioned is the economic earning disparity. I'm still seeking an intelligent argument as to why (if we are all created equal) one guy who delivers an essential service or product to the market is worth $10.00 an hour and another guy (irrespective of how many pieces of paper he has on his wall), deliver the equivalent essential product or service be worth $20,000 a minute.

Is not government subsidy directly related to the disparity of earning. Why is it that the medical industry can casually charge fees that require insurance to pay the charges to begin with? Then instead of asking them for a rational explanation we instead grow government by stealing the fruit of the labor of those who are already under paid to pay those who are over paid.

It's been clear to me for some time that capitalism without moral boundaries is a contributing factor relating to this coming financial tsunami.

Anonymous | 9:27 a.m. Feb. 28, 2008

At least congress is working on fixing the steroids in major league baseball problem....

Nuclear Option | 9:56 a.m. Feb. 28, 2008

Ever heard of the Nuclear Option? It has been discussed by top ranking Chinese officials. It goes like this: China holds so much of our debt that if they chose to dump our debt on the market they could destroy the dollar, and thus the country. You might think that China is so intimately linked to our economy that they wouldn't do such a thing. I hope that is the case, but China isn't exactly known for doing what you would expect. If our relations with them become strained, or they want to send a message they could easily exercise less than the Nuclear Option, which would still be devastating.

Anonymous | 10:08 a.m. Feb. 28, 2008

To Nuclear Option | 9:56 a.m.

How exactly does dumping US debt on the market have anything to do with "nuclear" anything? Your comment makes no sense. Please explain, if you are able.

Rick | 10:03 a.m. Feb. 28, 2008

Everybody, when you get your stimulus check from the IRS in a couple of months, make sure that you look toward the west, because it is the Chinese who are loaning you that so-called "free" money in the form of treasury bond investments. One of these days the flow of investment money from China will slow, and all of the sudden the lives of every US citizen will dramatically change. The slowing of investment money from China is inevitable, even though when it happens it will cause them pain as well. The only question is when.

Anonymous | 10:52 a.m. Feb. 28, 2008

Oh, great. Another self-declared "authority" trying to give the Skousen conspiracy clan more ammunition for their "end of the world" scenarios and panic speach.

What a fool this man is. Doesn't he realize HE is part of several administrations that got us into the mess he is proclaiming?!

If the sky is really falling the way he claims, then HE is to blame. And if he is that stupid, then perhaps there is reason to believe that such stupid people really have set us up for a meltdown...?

Nuclear Option Explained | 10:59 a.m. Feb. 28, 2008

My comment makes perfect sense. "Nuclear Option" is the term China's own state media uses to describe the scenario of China dumping our debt on the financial markets. China threatened to dump our debt on the market last October when our government threatened trade sanctions, in an effort to force the Chinese to allow the yuan to float. You haven't heard much about our government trying to force the Chinese to allow their artificially low currency to revalue to what it should be. Why haven't you heard anything about it? Probably for the same reason you can't boss your bank around.

Here is the bottom-line point in case you don't understand currency and debt markets: China could absolutely devastate the country without ever firing a nuke.

It is true that China would be hurt by the Nuclear Option, but not nearly as much as we would be. We "need" much more than a bike, a 400 sq. ft apartment for 7 people and a few cups of rice and vegetables per day.

kent | 11:13 a.m. Feb. 28, 2008

Now all we have to do is get some real people like mr studdent run for office. There is no one out there running for political office, locally ar nationally that I would even waste my time to vote for. Two wrongs don't make a right.

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