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FSN: David Stockman: Welcome to Irrational Exuberance 2.0
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
by Karen Roche and JT Long
The Gold Report
In his new book, “The Great Deformation: The Corruption of Capitalism in America,” David Stockman, former Republican U.S. Congressman and director of the Office of Management and Budget and a founding partner of Heartland Industrial Partners, levies blame for the dire straits of the global financial system on central bankers, economists and politicians of both parties. In this interview with The Gold Report, he also offers some draconian solutions, including the need for a “constitutional fiscal chastity belt” in the form of a balanced-budget amendment.
The Gold Report: David, your new book, “The Great Deformation: The Corruption of Capitalism in America,” examines the roots of what you consider government’s fiscal irresponsibility. As President Reagan’s director of the Office of Management and Budget and a former U.S. congressman, what could have been done when you were in government that would have put a dent in the U.S. debt?
David Stockman: In the early 1980s, we did not recognize the danger of setting a precedent for running large, chronic deficits in peacetime. The Reagan program got out of control. The tax cuts became much bigger than intended. The president was unwilling to resist what became a massive defense buildup. Social Security, Medicare and other entitlements needed to be reformed but were left largely untouched. In the mid-1980s by the time the economy recovered from Volcker’s heroic inflation cure, the big deficits were there and the Republicans began to rationalize: The economy recovered because Volcker’s draconian anti-inflation medicine worked, not because deficits didn’t matter. They just got kicked down the road.
Continue Reading at TheAuReport.com…
2013-04-03 12:32:45
Source: http://silveristhenew.com/2013/04/03/david-stockman-welcome-to-irrational-exuberance-2-0/
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