David Stockman on the Coming Lockdown-Induced Financial Catastrophe
Scott talks to David Stockman about the economic fallout from the coronavirus lockdowns. Stockman points out all the devastation that has already been wrought by the government so far-relating to both the lockdowns and to the rampant stimulus measures meant to address the fallout of the lockdowns themselves. This, Stockman believes, could be the event that triggers the bursting of the bubble that has been inflating since the last crash in 2008. This time, though, the economy is in an even worse position by certain measures, such as the amount of household and corporate debt, which has exploded over the last ten years. The big question in Stockman's mind is just whether President Trump can stave off the next collapse until after the election.
David Stockman is a former Republican congressman from Michigan and was President Reagan's budget director from 1981 to 1985. After leaving the White House, Stockman became a managing director at Salomon Brothers, and he later founded a private equity fund. David is the founder of David Stockman's Contra Corner, and he is the author of The Great Deformation: The Corruption of Capitalism in America