I remember Ronald Reagan, and I used to argue the [president’s] point, “I can have the strongest military and increase the Defense budget. I can cut taxes and I can balance the budget.”

And my retort to him: “Mr. President, you can do any two of those things at any time in history. But three of those things you can never do. It’s an oxymoron. You just can’t do it.” 

They have to know that, but people around them don’t force them to own up to the fact that you can’t do those things.

I don’t think George Bush ever, when he was in office, understood the tragedy that he committed not only to the American people and country, but to the whole world [by borrowing to invade Iraq] because now we’re [the U.S.] no longer in a power position. Literally, the Chinese are in a position to win the war of power against the United States without firing a shot [since they hold so much of our national debt].