David Stockman has never been shy of expressing his true feelings (about Bernanke's "Born Again Jobs Scam" [5], Calamity Janet Yellen [6], Obamacare's resentment-encouraging rollout [7], and the entire Keynesian state wreck ahead [8]). But this time, he aims his acerbic ire at the "markets."
During a brief interview on FOX Business, the author of The Age of Deformation exclaimed "There’s no one in the stock market today except drugged up day-traders and robots... This is utterly irrational," adding that "we're in the fourth bubble inflated by the Fed in this century... but now we have the greatest, mother of all bubbles."
The blame (and benefactors) are clear, he blasts, "how could someone in their right mind believe that you can have interest rates... at zero for nine years?... That is the greatest gift to the speculators, to the 1%, to the leveraged traders, to the carry trade ever imagined!" He concludes, "we're almost on the edge of another explosion at the present time."
In just over 3 minutes Stockman takes it all on...