“How could someone in their right mind believe that you can have interest rates that drive the whole short end of the money market at zero for nine years?…That is the greatest gift to the speculators, to the 1 percent, to the leveraged traders, to the carry trade ever imagined; it will totally distort markets and create unimaginable bubbles if you keep that up. We’re almost on the edge of another explosion at the present time.”
“We’re at the fourth bubble inflated by the Fed in this century…Now, I think, we have the greatest, mother of all bubbles. There’s no one in the stock market today except drugged up day-traders and robots…This is utterly irrational.”
David Stockman is a former Republican congressman from Michigan and was President Reagan’s budget director from 1981 to 1985. He is the author, most recently, of The Great Deformation: The Corruption of Capitalism in America.
See Video below of the interview.
Go to the link - http://marketsanity.com/stockman-mother-of-all-bubbles/
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