While Americans have historically been able to rely on their homes to serve as shelter and a nest egg, it might be 20 years before housing will be a reliable source of money again, said the former chairman of the Federal Reserve Bank of Richmond.

Thomas J. Mackell Jr. compared the general state of today's U.S. economy to a wounded soldier on life support while loved ones are keeping vigil not knowing if the soldier will live or die. Mr. Mackell was a featured speaker Wednesday at an event held at the Omni William Penn Hotel, Downtown.

"We are in the midst of the greatest financial crisis since the Great Depression," said Mr. Mackell, chairman of United Benefits and Pension Services Inc. in New York.

Mr. Mackell, author of "When Good Pensions Go Away: Why America Needs a New Deal for Pension and Healthcare Reform," served on the board of the Federal Reserve Bank of Richmond from 2003 to 2008.

"When the average American doesn't know the difference between a stock and a bond and they now have to be responsible for their own retirement plans, that is criminal," he said.

Even as the nation's hopes are resting on an economic recovery, Mr. Mackell suggested that more turbulent times might yet be on the horizon.

There is $700 billion worth of risky corporate debt that will come to fruition in 2012 that will put pressure on credit markets. There's also $800 billion in commercial loans that will come due next year which will put more pressure on the financial system, he said.

Mr. Mackell said that after World War II, the nation's debt represented 30 percent of gross domestic product. Today national debt represents 62 percent of GDP, and by 2023, he said the deficit was on pace to be 100 percent of GDP.

"What I find frightening is the concentration of power is still in the hands of those responsible for the crisis," Mr. Mackell said. "Our legislative leadership in Washington, D.C., is not riveted by the needs and concerns of the American people. [Leaders] are more beholden to lobbyists, Wall Street and corporations that funnel money into their campaigns."

The Thought Leadership Breakfast series hosted by global financial technology firm BNY ConverEx Group was started in 2007 to bring leaders together to address important issues.

Gov. Ed Rendell also attended this year's event to speak about improving America's infrastructure.

He said a study by the American Society of Engineers concluded that it would take an additional a $2.2 trillion in spending to bring America's infrastructure up to satisfactory condition.

"A well-thought-out commitment to repair infrastructure would improve levees, dams, school buildings, broadband and the electric grid," the governor said. "The longer we delay, the higher the price tag will be due to inflation."

"Money Q&A" and "Company Town" are featured exclusively at PG+, a members-only web site of the Pittsburgh Post-Gazette. Our introduction to PG+ gives you all the details.