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October 14th, 2013
09:58 PM ET

Suze Orman on the government shutdown: "What's going on in the biggest travesty ever in the USA"

As the debt ceiling deadline rapidly approaches and with the United States entering a third week with the government shut down, on Monday evening Piers Morgan asked Suze Orman to share her trademark brand of financial insight and candid perspective.

Joining the "Piers Morgan Live" host in studio, Orman admitted to finding the state of affairs in the nation's capital to be reprehensible on a historical level:

"I think what's going on in Washington, really, is the biggest travesty that's ever happened to the United States of America. You know, I've recently just come back, from Asia, from Malaysia, and we are the laughing stock now over there. It's as if, 'Oh, how's the circus going,'" explained the host of CNBC's "The Suze Orman Show." "I'm sorry that this is happening. This didn't need to happen. They had all the time in the world, knowing that this was coming up. Why do they always have to wait to the last minute?"

Labeling it simply "political shenanigans," Orman described the snowball effect that Americans will face as the shutdown moves forward:

"Now when people are buying a treasury, they're going to have to get a higher interest rate," she revealed. "Interest rates will have to go up because now there is a risk in owning treasuries. Never before, first time ever. When interest rates go up, they go up across the board. If you happen to have an adjustable rate mortgage, on your home, your interest rate's going to start to go up."

From student loans to credit card debt, Orman told the host that for the average American, the current financial state of affairs will increase costs in every way, in the process creating a dangerous chain reaction:

"When all of that happens, the housing market slows down. If this puts us into a recession, businesses stop hiring. We stop expanding. Everything was going so great," Orman described. "And now, we're like 'bam, stop!'"

Watch the clip for more from Morgan's interview with Orman, and for the next episode of "Piers Morgan Live," watch CNN at 9 p.m.
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Filed under: In the Chair
soundoff (45 Responses)
  1. Patty

    Thank you, Piers, for having the guts to speak the truth and plainly state your opinion. You are a breath of fresh air!

    October 14, 2013 at 10:05 pm | Report abuse | Reply
    • sm

      Yes ,all of America knows that Sen ted Cruz and sarah Palin ( beloved Tea Party leaders) are D omestic terrorists, and stood out this week with Larry Klayman and His big, phat, " CONFEDERATE FLAG " and spit inall of Americas faces......

      October 15, 2013 at 7:37 pm | Report abuse | Reply
  2. Rose Golubic

    Piers, you are the best.! Your opinion? Effect of population increase for last ten years, unemployment has created loss of taxes, our economy is in sad situation as a result. For instance–if one has $100 to spend on one hundred people, then population increases to 200, yet still have only $100 to share how can it be done?

    October 14, 2013 at 10:48 pm | Report abuse | Reply
  3. Scott

    Careful with her advice earlier today, suggesting cashing out a Roth IRA. Potential tax consequences if it hasn't been 5 years since $ put in.

    October 15, 2013 at 12:29 am | Report abuse | Reply
  4. Karl

    I so totally disagree that Ted Cruz is the problem. Why? First of all the AFC was rammed down the throats of the USA Citizens and is full of PORK and is a total train wreck! And quite frankly the way the AFC is written is going to further strangle the economy and the Middle Class. Maybe what we really need to do is to just let the AFC roll out so that ALL will see the cost to the American Dream. I do not deny ALL Health Insurance should cover Pre-existing and that Health Insurance should be a reasonable cost to all! We should pay our debts and CUT Spending NOW! President Obama and Harry Reid need to stop playing games with our country and start listening to ALL the USA Citizens!

    October 15, 2013 at 12:35 am | Report abuse | Reply
  5. Scott

    You agree to the 2 main elements of the affordable care act, what is it that you disagree with other than the method by which you maintain it was enacted?

    October 15, 2013 at 12:42 am | Report abuse | Reply
    • Karl

      This could have been simply a bill that just focused on the Pre-existing and Capped Insurance rates; NOT turning it into a FEDERAL Tax/Penalty Health Insurance required Law. We claim we are a land of Freedom, well that should be the freedom to choose if we want/need to purchase insurance, not demanded to and penalized if we don't.

      October 15, 2013 at 12:54 am | Report abuse | Reply
      • Scott

        Can't get reasonable rates without requiring participation and having a method to require it. Otherwise, lots of young healthy folks would opt out, and take the risk of non-coverage, which would increase the costs too high for the program overall. In order for it to work we need full participation, or close to it. Still have the "freedom" to opt-out, but would have to pay the "penalty".

        October 15, 2013 at 1:37 am | Report abuse |
    • Creed Wait

      Here is the biggest problem: It won't work. Without an individual mandate new enrollees will primarily be the sick. No insurance plan can be funded this way. Think of auto insurance. What if all auto insurers were forced to accept all comers at one price? Who would be the new enrollees? Drunk drivers who would then immediately go out and commit vehicular manslaughter!!! The uninsurable would be the first to sign-up and the effect would be the bankruptcy of insurance companies. Compare it to Social Security. What if everyone qualified for benefits at age sixty-five but enrollment until that age was voluntary? Do you see the problem????

      October 16, 2013 at 8:18 pm | Report abuse | Reply
  6. Tony

    Reality is that President Obama and Harry Reid are the ones playing Political Theater with our country. Obama is using the head game that the Republicans are at fault for the shutdown; and the reality is that it is a game of Smoke and Mirrors. Reasoning is that Obama is trying to obscure that he has illegally sent (paid with our tax money)weapons and assistance to Syria Rebels. The IRS, Benghasi, allowing our communications with others in America to invaded, our First Amendment Rights in Media and personal communications to violated.

    October 15, 2013 at 12:47 am | Report abuse | Reply
  7. Mr S

    i watched your show for the first time ever .I was truly disappointed that a reputable news agency would allow your fact obscuring and one sided reporting . one of my favorite stances you have is the gun control topic .you seem to constantly compare uk"s gun violence to america's . the true topic should be over all violence ! so would you like to compare that? Lol no prob not then your puppet masters would be angry . in conclusion be a true reporter because you are not above judgement .until cnn removes you fgrom their schedule me and all my friends will boycott your network.

    October 15, 2013 at 4:34 am | Report abuse | Reply
    • brasstacs

      Morgan deserves no respect in anyway. He has no right in even commenting on what he thinks our 2nd amendment should mean...He even criticizes the Supreme court,because of their interpretation of our 2nd amendment giving law abiding citizens the RIGHT to own guns...Why would anybody listen to or even care what this tabloid sleaze ball thinks, considering he has a history of lies, deceit and scandal in his seedy shady career. It's a mystery why CNN even hired such a low life,and even more of a mystery why he still on the air, when Cspan and test patterns beat him in the ratings. Morgan is rude,disrespectful and argumentative to guests that disagree with his warped liberal opinions,Morgan as expected has twisted and manipulated facts for his agenda,and needs to fired and escorted from the building like the Daily Mirror did when they discovered Morgan had faked photos...Time to ship off "mate"

      October 15, 2013 at 12:04 pm | Report abuse | Reply
      • sm

        " B " , take your gun and shove it, well, you know where. Don't even bring a gun up at this time.......Your weak minded, Boy!

        October 15, 2013 at 7:47 pm | Report abuse |
      • brasstacs

        sm...ouch....Now if I only knew what you're babbling about ?? Maybe you should get off the bong for a while.

        October 15, 2013 at 10:49 pm | Report abuse |
      • sm

        Doing drugs is bad!!!! Don't do drugs kids.......... Don't play with guns, emm kay!

        October 16, 2013 at 6:02 pm | Report abuse |
  8. max

    I find it odd that she comes back to the usa only to say we are a laughting stock over in the parts of the world where there laws on many things are so backward. We fight.we do this due to we let all side be.hear. but as with morgan if its so up seting our ways leave and.go to a country that is gun free where ones man wish is law. Good by

    October 15, 2013 at 5:29 am | Report abuse | Reply
  9. donrutht

    As a Canadian, I watched Bourdain in Denmark the other evening where taxes are heavy and the people are happy! In Canada, we have Medicare which protects all but does allow the rich to seek medical aid elsewhere. Meanwhile, I see a minority of USA politicians affecting my wife's retirement income through the DOW. I have to agree with China, it is time to de-USA the global economy while the USA repeats the "decline of the Roman empire"! A handful of idiots are holding hostage a majority of wimps – and you call yourself a global leader! God Bless us all..............

    October 15, 2013 at 10:08 am | Report abuse | Reply
  10. Gina

    Whether Americans like it or not, the current crisis is splitting the world view of the US. Half the world thinks the US is a laughing stock and the other half are terrified of the consequences of this brinkmanship. If this were a third world country the US would be among those pushing hard and loud to name it a failed state, to set up a government of national unity, to arrest the leading 'troublemakers' as threats to national security and generally doing everything they could to 'encourage' it back to stability. That will not happen here because more rational heads usually prevail. Unfortunately it is true that most Americans have no voice or control over what happens in Washington. They can only watch as the train wreck that is the US government collapses in on itself. The lunatics are in charge of the asylum. There will be none of the above measures on failed state here. Of course not – this is a first world country – a leader among nations – failed state status cannot happen here. Well maybe it can because right now there are a group of elected people who do not accept that this is a democracy where the voice of the majority HAS to hold sway or the whole falls into anarchy.

    October 15, 2013 at 5:28 pm | Report abuse | Reply
  11. sm

    Thank You Sen. Ted Cruz and sarah Palin ( head leaders of the Nazis " TEA PARY NETWORK " ) for standing in front of the White House with Little Loser " Larry ( Im Racist ) Klayman " and pledging alledgiance to the " Confederate Flag ". We , all of America know your agenda is to crash the Economy, the middle class, and uproot the present government. You are Domestic Terrorist, and will be dealt with as such in 2014 and 2016.... Go ahead and crash Americas reputation..... We will prevail, and Us,the American people who voted for the present laws that you defy, will see youout of the country or in Prison, where the Tea Party belong.

    October 15, 2013 at 7:45 pm | Report abuse | Reply
  12. Celeste

    Treason Arrest RAFAEL CRUZ! Conspiring to overthrow the U.S.A.

    October 15, 2013 at 10:52 pm | Report abuse | Reply
  13. anthony manzetti

    Susie O. and the rest of you..........what will you say when the usa cant pay up.........suzie orman is the one telling all of us not to raise the credit limit....quit spending etc etc etc. !!!!! In the end ..we will fall big and all the common working people will suffer together ...while the big shot politicians laugh all the way to the hot tubs and banks and jets .....yes ...cuba we joing you soon.

    October 16, 2013 at 2:52 pm | Report abuse | Reply
  14. alexandra ayres

    Pierce Morgan is a supercilious jerk who should move back to jolly old England. I remember one interview he gave with Scarlett Johannson, whom he was "slobbering" over and the questions he asks. are laughable. "Have you ever been properly in love/" What the heck does that mean? He has been divorced. Inane is all he his. Bring back Larry King or find someone else to fill his shoes. Pierce stinks and he is creepy.

    October 16, 2013 at 7:08 pm | Report abuse | Reply
  15. Jennifer Gorey

    What is wrong with you people !! It's common sense that you can't keep borrowing , this president and Harry Reid will go down in history as the culprits who crashed America. . They have caused so much damage racism is at its worst in years . Obama has pitted class against class people against people , destroyed the family unit and encouraged being on welfare .stripped people of their dignity etc . What is better in America ?? We ask why ... He wants this as it will give govt more power as as your dependant you are controlled . Trillions of tax payers money is being wasted and stolen but nothing is done except waste more on "special committees ".if Obama care is so great why are NONE of the politician s having it !!!! COMMON SENSE

    October 16, 2013 at 7:08 pm | Report abuse | Reply
    • sm

      No.......................................Sen. Ted Cruz ,Sarah Palin, and the Lame " TEA PARTY" is know known as Nazis" and " DOMESTIC TERRORISTS" .................. Obama played they right card, " Common sense" and ethics...."

      October 16, 2013 at 9:29 pm | Report abuse | Reply
    • sm

      Jenny, Jenny, Jenny, Man, your doped easy! The Tea Party, the Koch brothers and many Republican rich 1% are trying to manipulate their wealth by making laws to prevent that rich club from losing any of their own money ( dosent a true business owner take all risk with every fascet of thy business ), BUT< they subsidies Tax dollars, yours and mine to explore, risks, etc. and absorb any loses, protecting their money.

      October 16, 2013 at 9:34 pm | Report abuse | Reply
    • JLM

      Yes the Tea Party and Koch Brothers are the insane factor. The normal GOP and Dems look like calm reasonable people in comparison. The nut factor has to stop bcause there is no value in killing govt or making it disfunctional and that is all the Tea Party cares to do.

      October 21, 2013 at 4:02 pm | Report abuse | Reply
  16. Creed Wait

    Suze Orman feels that the debt ceiling problem is the biggest travesty in American history. Seriously? Bigger than slavery??

    October 16, 2013 at 8:10 pm | Report abuse | Reply
  17. sm

    The Middle Class run this Country and Fuel this Country, and No profits are made without our Blood, sweat and Tears................So Sorry early here, But.............The Republicans are Hit and miss in 2014 and 2016...............Eat that!

    October 16, 2013 at 9:37 pm | Report abuse | Reply
  18. JLM

    The Tea Party did not need to make the debt ceiling about the Affordable Care Act. This govt shut down and the insanity of politics affects middle Americans so much more than the ACA ever could. Suze Orman has it right. Our interest rates are going up and the uncertainty in our econmy is killing business and jobs and ends up costing so much more money than implementing ACA. We have to get back to sanity!!!

    October 21, 2013 at 3:59 pm | Report abuse | Reply
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