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The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.

What I'm concerned about is endless borrowing, which is going to compromise our economy not only today but in the future. Because we know the decisions we make right now really dramatically impact us in the future, and the debt is literally getting out of our control.

Worry is the interest paid by those who borrow trouble.

You know, when the cost of capital goes down, when credit becomes cheap, people start taking greater and greater risks.

As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.

This accumulated debt at all levels of our society poses an immediate existential threat to America. Now unlike the manufactured crises of global warming and healthcare, this is a true crisis. This crisis threatens the very sovereignty of our country.

I've got a chart here that shows our debt-to-GDP ratio. And while we did run deficits in the past, we now number our debt in trillions rather than in billions. And I think that represents a long-term danger, especially to the, the American dream.

Whether they run a record company or a grocery store, every boss will tell you you're in big trouble if you're borrowing more than you can ever afford to pay back. Delaying the pain for future generations is suicidal. We've got to start getting the deficit down right now, not next year.

The Greek debt issue, for example, is such a threat because if that country ever defaulted, it might cause some bank that's 'too big to fail' to actually fail.

As borrowers, we may feel guilty about running up debt, anxious about making payments, and resentful of the constraints that old obligations (and old credit records) impose on our current choices. We may find it too easy to buy things we may later regret.