Stockman condemns America, “the future is bleak.” He warns of a “state-wreck ahead,” of a coming “Apocalypse,” of the “Great Deformation” consuming America “arising from a rogue central bank that has abetted the Wall Street casino, crucified savers on a cross of zero interest rates and fueled a global commodity bubble that erodes Main Street living standards through rising food and energy prices.”
April 6th, 2013
By Paul B. Farrell, MarketWatch
Kaboom. David Stockman attacks America with Critical Warning No. 13. But the guy’s biggest problem is not his angry rhetoric. Stockman’s problem is he’s a truth-teller. Rare today. And not in denial.
His rhetoric in a recent New York Times op-ed piece ignites like Seal Team Six coming at you, flash grenades exploding, assault weapons blazing. No wonder he triggers wild angry, hatred and revenge.
Yes, he’s a truth-teller. And truth hurts, flushing out his enemies. Why? They’re sucking trillions from Americans. So you hate him. Counterattack. Big mistake. Don’t dismiss David Stockman. He’s no Kim Jong-Un blow-hard.
Stockman’s a patriot assuaging his conscience for having been a major weapon in the early launch days of Ronald Reagan’s “disaster capitalism” a generation ago. Today, even though Stockman says “the future is bleak,” at least he offers an eight-point plan to correct the “policies that have brought America to an end-stage metastasis,” while hedging his bet: It’s so “way out, so radical it can’t happen.” Yes, its DOA.
That’s also why Stockman is being attacked as a new “Dr. Doom” by celebrities like Nobel economist Paul Krugman. Still, you need a little background to see why Stockman’s new book, “The Great Deformation: The Corruption of Capitalism in America” is Critical Warning No. 13, as Wall Street pushes us ahead into the fifth year of an aging bull market, a fatal fifth year.
And why America’s 95 million investors will soon be losing big in the 21st century’s third mega market crash, another recession and $10 trillion more losses thanks again to Wall Street’s too-greedy-to-fail banks.
Reaganomics, Friedman’s ‘Shock Doctrine’ and ‘Disaster Capitalism’