David Stockman was the wizard of Ronald Reagan’s economic policies. Mr. Stockman’s credibility and success make his opinions and analysis worth reading. Here are some highlights of the interview presented at the end of the article.
- The U.S. Economy has become super-saturated with debt.
- There is no sustained net investment in our economy.
- The Fed is a patsy. It is a pathetic dependent of the big Wall Street banks, traders and hedge funds.
- I wouldn’t touch the stock market with a 100-foot pole. It’s a dangerous place. It’s not safe for men, women or children.
- Capital preservation is what your first, second and third priority ought to be in a system that is so jerry-built, so fragile, so exposed to major breakdown that it’s not worth what you think you might be able to earn over six months or two years or three years if they can keep the bailing wire and bubble gum holding the system together, OK? It’s not worth it.
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