Former OMB Director David Stockman talks U.S. debt crisis

http://www.youtube.com/watch?v=yBtfktG3T2U&feature=player_embedded

"The essential distinction is that we had a clean balance sheet then - $1 trillion of national debt. Today we have $14 trillion in national debt.  We have used up all the runway, so to speak. We have piled our national balance sheet with so much debt that the government is at the very edge of a huge solvency crisis that isn't going to be addressed unless both parties dramatically change their position, and I see no sign of it.  So we're going to have a gong show."

"We have not had a two-way bond market.  We have had a rigged market that has been dominated by not just the Fed, but all the central banks.  Today over half of the $9 trillion in publicly-held debt is in central bank vaults. I call it the 'Monetary Roach Hotel.'"