from the country from all of this wasteful irresponsible spending that is heading us towards a financial clifft just by the democrats but by the republicans. the reason we tend to support republicans is they are taking this toward the cliff at 70 miles an hour and democrats are taking it 100 miles an hour. so i'm sad to say it is the lesser of evils. but what would be great to have is someone who would change the trajectory and move us away from this irresponsible spending that we can't afford and away from this train toward the two-tiered society. >> you've been critical of republicans and democrats alike including george w. bush on spending issues in particular. you don't have a guy yet in the 2016 election. can you say whether there is a potential person? on both sides of the aisle, do you see anyone who might potentially stand to the principles in which you believe? >> it is possible. the problem is, is that the practice of almost every politician, not all, only 90-something percent, there's a difference between the rhetoric and what they practice in office. and that's the problem we have

financial mismanagement. the country has tumbled over a fiscal cliff but reasons and solutions are far from cut and dry. island, puerto rico has giant debt, totally $70 billion. it companies downgraded the debt and the government turned to hedge funds to lend it money. agree puerto rico will default a year. it could happen as early as january 1, but there's a glimmer of hope. puerto rico's electric utility reached an agreement to restructure $8.2 billion of debt. puerto rico has population and economy is small compared to has states, but the island taken on more debt than any state government except california and new york. puerto rico did not do this on its own. to puertoof flocked rico creating new bonds after the island adopted the sales tax. thanks raked in hundreds of millions of dollars in fees. banks raked in hundreds of millions of dollars. a special tax break was arranged for puerto rico ensigns since 2006, the economy has contracted every year except for one. resulted withhas the population shrinking and heading toward a 100 year low by 2050. because rico is a non-incorporated territory, it ca

that is an emergency level that was instituted when the financial system was about to fall off a clifftle evidence to suggest that continuing to stick to a zero rate really does anything for the economy. also, there's a difference between the fed trying to curtail an economy that is receding, versus the fed injecting a book -- a vote of confidence into an economy in the process of healing, however slow and anemic the process has been. here, we are dealing with the latter. the move last week was very important in injecting that confidence into the markets. we have seen the equity market rally and bring itself into positive territory on the back of that move. stephanie: there are a number of myths associated with rising rates. i will try to address some of them. first of all, there is the belief that rising rates are going to tank the housing market, because there's going to be -- it's going to be difficult for people to buy houses. the reality is that mortgage payments, first loan interest payments today, comprise only about 12% of household income, compared to the 20% average historica