READ about Piers Morgan's long career in journalism here.
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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