Posted on 01/23/2017 10:42:20 AM PST by Lorianne
Count David Stockman, former director of the Office of Management and Budget under Ronald Reagan, as one of the non-believers in the Trump rally and coming economic boom.
U.S. markets have hit record highs since the election of President Donald Trump, and Wall Street continues to anticipate pro-business policies that will benefit banks and infrastructure.
However, Stockman reiterated his warning on "Fast Money" that a financial meltdown was in the offing. On the eve of Trump's inauguration, the former director of the Office of Management and Budget offered a reality check for investors who thinks the days of Reagan prosperity will return once again.
"The market is pricing the second coming of Ronald Reagan, but the newsflash on the eve of the inauguration is that there's no reincarnation coming," said Stockman, who served as budget director from 1981 to 1985.
"We're at the diametrically opposite position that we were in 1980," he added.
Stockman explained that in the early 80's when Reagan took office, debt was at a $1 trillion which equaled around 30 percent of U.S. GDP. Now, 35 years later, debt is nearing $20 trillion, or what could translate to 105 percent of GDP.
In other words, Reagan had a lot more room to maneuver with respect to the debt, while Trump could find himself hampered by rising debt.
(Excerpt) Read more at cnbc.com ...
Maybe Reagan did, but the publishing industry seized the opportunity to both make money off of a book by Stockman, and at the same time, make money off of making RR look bad.
I don't think the book did as well as they had hoped, and RR over came the "voodoo economics" moniker.
Stockman is the go to guy for the corrupt media when they want to protect the swamp.
The rats intentions were one world government, using the cloward piven system of overloading the system into collapse. We dodged the bullet electing Trump, Hillary would have sealed the deal
Yes, Stockman is the doofus who said that. He didn’t last long in Reagan’s administration.
Three and a half decades ago Stockman was OMB director for President Reagan. Of the budget process during his first year on the job, Stockman was quoted as saying, “None of us really understands what’s going on with all these numbers,” It looks like he still hasn’t learned.
I don’t believe in economic forecasts. They are almost always wrong. The billions and billions of decisions made in just a day are too much for any economic model. It dwarfs the complexity of weather systems.
Stockman is a backstabber, trying to reclaim the 15 minutes of fame he peed away when he backstabbed Pres. Reagan.
the next time a so-called expert makes a prediction that comes true will be the first time...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.