Stockman: It’s The Fed, Stupid!

David Stockman said on Bloomberg yesterday, “Flyover America is hurting, and hurting badly because of the negative impact of Fed policies.”

Stockman, is a former two-term Congressman from Michigan. He was also the Director of the Office of Management and Budget under President Ronald Reagan. After leaving the White House, he had a 20-year career on Wall Street.

“Zero percent interest rates for 93 months is a retirement hit of enormous magnitude. Massive monetary stimulus and bond buying has basically turned the stock market into a casino and the C suites of America, the executives… into a stock pumping operation.”

David Stockman discusses what is happening in the U.S. economy, how he expects the presidential candidates could take on the economy and his new book TRUMPED!  

Click on the link here to catch Stockman’s discussion with Bloomberg’s Vonnie Quinn and David Gura on “Bloomberg Markets.”

Craig Wilson
for the Daily Reckoning

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