Bank Economist Sees Bumpy Road Ahead

Because of Washington's out-of-control spending habits and weak economic performance, the U.S. is headed down the same road taken by economic basket cases Portugal and Greece, says John E. Silvia, chief economist at Wells Fargo, the nation's fourth-largest bank. "We have to make some arrangements in terms of cutting back the promises that were made by prior politicians," he said. "[We've had] forty years of political promises to give people certain entitlements certain benefits... We're not the dominant economy [any longer]. And our pace of growth has moderated. Our ability to finance all this is limited."