Stockman: There are Bubbles All Over, Hide in Cash
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Last week, the Dow (DJI) and S&P 500 (^GSPC) both beat their all-time closing highs set back in 2007. In a Sunday New York Times op-ed, David Stockman, President Reagan’s budget director and former Republican Congressman, writes “instead of cheering, we should be very afraid.”
Stockman goes on to lay out a case for his prediction: “This latest Wall Street bubble, inflated by an egregious flood of phony money from the Federal Reserve rather than real economic gains, will explode” in the next few years.
(His concern over Fed-fueled bubbles is one theme from his new book The Great Deformation: The Corruption of Capitalism in America.)
Stockman tells The Daily Ticker that “the bond market, stock market, all risk assets - they’re totally driven by the Fed."
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