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Endgame: The End of the Debt SuperCycle and How It Changes Everything by Jonathan Tepper, John Mauldin

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CHAPTER NINE

The United States

The Mess We Find Ourselves In

We are hurtling irreversibly toward a budgetary crack-up that will generate the mother of all crises in global bond and currency markets.

—David Stockman, director of the Office of Management and Budget under President Ronald Reagan

Something that can’t go on, will stop.

—Herb Stein, chairman of the Council of Economic Advisers under President Richard Nixon

When we started writing this book, we purposefully set out to write so simply that even a politician could understand the nature of our problems. If there is any chapter in this book that is specifically written for congressmen, it is this chapter. We hope they will read it. We hope it will add something positive to the national conversation.

After the collapse of Lehman Brothers and AIG, almost all Americans hated Wall Street, yet surprisingly, one institution in America had a lower poll rating. No points for guessing. It is too easy.

Congress is the most reviled institution in America and with reason. According to a report by the Pew Center for People and the Press, “When asked for a single word that best describes their impression of Congress, ‘dysfunctional,’ ‘corrupt,’ ‘self-serving’ and ‘inept’ are volunteered most frequently. Of people offering a one-word description, 86% have something negative to say, while only 4% say something positive. Just 12% believe that Republicans and Democrats are working together in dealing with important issues facing the country—81% ...

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