2003 quote

"The total debt of America is $31 trillion. That is three times the GNP of the U.S. That is unprecedented in a major nation. No nation has ever had such a big debt as America has, and it's bigger than it was at the peak of the stock market boom. Think of the dangers involved. Almost everyone has a home mortgage, and some are 89 percent of the value of the home. By 2007, many would be over 100 percent. If home prices start down, there will be bankruptcies, and in bankruptcy, houses are sold at lower prices, pushing home prices down further" - Sir John Templeton, Interview with Robert J. Flaherty - "Equities" Magazine - July 2003.