Former Reagan Budget Director Says Fed Bubble Machine Destroys Savings
from Wealth Cycles:
David Stockman, former congressman and White House budget director under Ronald Reagan, fired shots across the Federal Reserve’s bow recently with articles and interviews promoting his new book, The Great Deformation: The Corruption of Capitalism in America. Stockton spares no punches in his critique of a reckless Federal Reserve running roughshod over the U. S. economy, describing the U.S.-authorized central bank as little more than a bubble-generating machine.
Stockman opened his publicity tour with a ringing indictment of the Fed in The New York Times. The Fed has strayed far beyond its founding purpose, to provide liquidity during emergencies but never to acquire government debt or “manage” the economy and financial markets. In its steadily expanding role, the Fed has flopped like a dying fish from one policy to another, Stockman writes, “smoothing out the business cycle, minimizing inflation and unemployment at the same time, rolling out a giant social insurance blanket, promoting homeownership, subsidizing medical care, propping up old industries (agriculture, automobiles) and fostering new ones (‘clean’ energy, biotechnology) and, above all, bailing out Wall Street.”
2013-04-20 05:45:14
Source: http:///2013/04/former-reagan-budget-director-says-fed-bubble-machine-destroys-savings/
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