I stumbled across this video the other day and thought I would give you the opportunity to watch as well.
Paul Volcker was the Federal Reserve Chairman from 1979 until 1987 until Alan Greenspan succeeded him. He isn't too happy with the state of the fiscal predicament it appears that the US is in right now.
Watch Paul Volcker speak at the Stanford Institute for Policy Research in 2005 (still pertinent today).
He mentions a few things worth noting:
1) Negative Savings Rate
2) Rampant speculation on housing
3) Unsustainable fiscal imbalances