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Old 09-10-2012, 10:27 AM   #1
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David Stockman is trying to wake people up

Stockman on CNBC:
Quote :
...
Ron Paul is the only one who is right about the Fed, and the Fed is the heart of the problem. They have destroyed the capital markets and the money markets; interest rates mean nothing; everything is trading off the Fed and Wall Street isn't even home - as it's now a bunch of computers trading word-clouds emitted by this central banker and that
...
More (incl video): http://www.zerohedge.com/news/stockm...-heart-problem

Roughly a year ago he did an interview with Chris Martenson that is worth reviewing if you missed it:
Quote :
... As far as I'm concerned, Bernanke is the monetary Darth Vader. ...
http://www.peakprosperity.com/page/t...kman-blame-fed
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Old 04-02-2013, 09:14 AM   #2
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He's got a new book coming out: The Great Deformation: The Corruption of Capitalism in America. Article in the NYT:
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The Dow Jones and Standard & Poor’s 500 indexes reached record highs on Thursday, having completely erased the losses since the stock market’s last peak, in 2007. But instead of cheering, we should be very afraid.
...
More: http://www.nytimes.com/2013/03/31/op...=general&_r=1&
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Old 04-04-2013, 06:28 AM   #3
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Quote :
Excerpt from THE GREAT DEFORMATION: The Corruption of Capitalism in America by David A. Stockman. Published by PublicAffairs.

...

The breakdown of sound money has now finally generated a cruel endgame. The fiscal and central banking branches of the state have endlessly bludgeoned the free market, eviscerating its capacity to generate wealth and growth. This growing economic failure, in turn, generates political demands for state action to stimulate recovery and jobs.

But the machinery of the state has been hijacked by the various Keynesian doctrines of demand stimulus, tax cutting, and money printing. These are all variations of buy now and pay later—a dangerous maneuver when the state has run out of balance sheet runway in both its fiscal and monetary branches. Nevertheless, these futile stimulus actions are demanded and promoted by the crony capitalist lobbies which slipstream on whatever dispensations as can be mustered. At the end of the day, the state labors mightily, yet only produces recovery for the 1 percent.
More: http://www.zerohedge.com/news/2013-0...nesian-endgame
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Old 04-04-2013, 08:49 AM   #4
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Some interesting tidbits about Stockman's views and a calling out of Krugman:

http://globaleconomicanalysis.blogsp...-labeling.html
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Old 04-04-2013, 09:13 AM   #5
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How long do you think it will be before the administration has Stockman "suicided"?
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Old 04-04-2013, 10:36 AM   #6
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Even if this constituted that (I don't think it does) - you can wake up a dead drunk with a 5 gal pail of ice cold water. But what good does that do? A temporarily awake, angry, dead drunk isn't so useful - and will soon return to sleep.
ancona and bushi like this.
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Old 04-08-2013, 08:44 AM   #7
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David was on NPR recently (audio available via the "listen" link):

http://thedianerehmshow.org/shows/20...at-deformation
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Old 04-15-2013, 08:43 AM   #8
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Quote :
...
Stockman, of course, is the former wunderkind congressman and budget director under Ronald Reagan, whose mammoth new book, “The Great Deformation: The Corruption of Capitalism in America,” is highly critical of the Fed’s role in managing our economy and has set Krugman off on a tear (and the book up the best-sellers’ list).
...
It’s hard to know for sure why Krugman has it out for Stockman, but he took out his dagger after Stockman’s dystopic essay, “Sundown in America,” appeared in the Times on March 31, warning against the Fed’s dangerous policies.

“I was disappointed in Stockman’s piece,” Krugman wrote later that day on his Times blog. ...

...
The two men faced off live April 7 on ABC’s “This Week.” “Zero interest rates are basically crucifying the savers of America on a cross of ZIRP as I call it,” Stockman said, referring to zero-interest-rate policy. “All this money is not getting out of the canyons of Wall Street. It’s going into Wall Street [and then] right back to the, as excess reserves on the balance sheet of the Fed. It allows speculators to borrow money for nothing overnight. And we get bubble, after bubble, after bubble.”

Krugman’s weak-kneed response was to ask Stockman, rhetorically, “You really think we should be raising interest rates with high unemployment?” He then went on to lecture: “We have this overly complex financial system which is why we need financial regulation to bring it back to simplicity. But it has nothing to do with excess. It has nothing to do with zero interest rates.”

I don’t know which is sadder: That the Fed’s low interest- rate, easy-money policies are literally creating the next financial bubble right in front of our eyes, or that Krugman, supposedly one of our greatest economic minds, can’t see it, even though the very same thing happened just eight years ago and led to the Great Recession of 2008. Either way, I agree with Stockman. We’re in for trouble, and sooner than we care to admit.
http://www.bloomberg.com/news/2013-0...man-brawl.html
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Old 09-04-2013, 09:57 AM   #9
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Stockman still beating the drum on CNBC / Yahoo! Finance:

http://finance.yahoo.com/blogs/talki...090523530.html
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