The argument against Stockman’s warning seems to amount to nothing but, “So far, so good.”
Stockman seems to have all the right enemies.
Ironically, Stockman may well be understating the real severity of the economic problems we face. The national debt is not $17 trillion, but more like something close to $100 trillion — a truely crushing debt that can never be repaid. And the Fed has amassed an astonishing $4 trillion balance sheet that it will have to unwind at some point.
Our era of printed prosperity is not going to end well.
“The argument against Stockman’s warning seems to amount to nothing but, “So far, so good.””
Well stated. It reminds me of my wife’s evacuation plan when Hurricane Rita was approaching. I was at my kitchen table with a bunch of maps open, plotting a way out of the Houston that didn’t involve freeways and barely involved state highways. She told me her plan was to simply hop on the freeway, since the freeways aren’t usually too crowded. I explained to her that it wouldn’t be the case when 5 million people are leaving at the same time and there are a total of 4 freeway lanes available that go North and West out of the city. Most people ended up like her, lucky to go 50 miles in 36 hours (and running out of has at that). We made it to San Antonio (220 miles) using my maps in 8 hours (and my wife was still complaining about the traffic...LOL).
Then you have the bunch that laughs at preppers, because they assume Walmart and Sams (and others) will somehow maintain their food stock after the trucks stop rolling (for whatever reason). They’ll just stock up then, why do it before things go bad?
So here...we have low inflation, manageable unemployment, so what on earth can go wrong. They are unable to understand that TEN PERCENT of our entire GNP (at least) is PRINTED MONEY. And at some point the creditors will have enough of that. Think about it. If you make 50k - already have another 50k in credit card debt, and are adding to that number at 5k per year - how long will the credit card companies keep giving you more credit. Not forever, that is for sure. The dumbing down of math has worked...
My first thought exactly.
If this socialist Ubama shill, Joe Weisenthal, doesn't like him then he must be on the right track. But then again, it's David Stockman, who seems to blow whichever way the wind blows. Wasn't he a big Clinton / rat supporter in the '90s?