0:50 These ratings agencies have been wrong about everything over the past 10 years.
1:20 U.S. politicians should "take an axe" to spending. The U.S. is the largest debtor nation in the history of the world.
2:00 Troops around the world are "not doing us any good, they're just making us enemies." We need to cut defense spending.
2:40 Sooner or later people will stop buying U.S. bonds, interest rates will rise, currency markets will enter turmoil, and then everything will be affected.
3:30 "I wouldn't lend any money to the U.S. government and I'm a U.S. citizen," China, India, and others are taking notice.
4:00 Yes, eventually they will stop buying. The countries have started to cut back.
4:50 The Fed will stop QE2, but when things start getting worse, they will come back with QE3, but they may not call it that. "They may disguise it, they may call it cupcakes," he says.