I won't defend President Obama's attention to the fiscal health of the country. His actions in that regard are pretty indefensible. But I think it's only fair to note that I can't think of another president who took office saddled with the cost of two wars, an economy on life support on his inauguration day, and the tax policy of his predecessor which didn't accomplish it's objectives yet for political reasons couldn't be changed. Unfortunately there's very little time left to fix that stuff before our lenders start treating us like Greece or Ireland. If you thought there were complaints and accusations before, just wait...

Remember, we re-finance about $100 billion in maturing loans every week. Unless there's someone there to buy new bonds or bills to replace those that are coming due, we'll get spending cuts all right. Big time and real fast!