The Fed's Deadly Instrument of Speculation
Bruce Johnson * American Thinker
Yes. David Stockman is an author. He is interested in selling books, in particular his recent The Great Deformation. Points all considered and duly registered. But his cautions are real and his delivery blunt.
“The Corruption of Capitalism in America” is the title of his March 31, 2013 New York Times piece. His fundamental point is that the “latest Wall Street bubble, inflated by an egregious flood of phony money from the Federal Reserve rather than real economic gains, will explode…”
Essentially he states that when the Fed decides it must rest or withdraw from its hyper-accommodative policies, the market will “panic.” There is too much company leaning in one direction and it all relies on the “final word” of the Federal Reserve and Ben Bernanke.
The American Thinker posted an article to just this point a few days before Mr. Stockman’s New York Times op ed.
Mr. Stockman could not be more adamant about his position. He drives home the fact that the massive accommodations have had muted, masked, and artificial results. He cites the anemic economic output, slack real business investment, falling payroll job count, tepid median family income, and increased food stamp and disability recipient counts. (rising to one in five., i.e. 59 million).
Mr. Stockman observes:
… the Main Street economy is failing while Washington is piling a soaring debt burden on our descendants, unable to rein in either the warfare state or the welfare state or raise the taxes needed to pay the nation’s bills. By default, the Fed has resorted to a radical, uncharted spree of money printing. But the flood of liquidity, instead of spurring banks to lend and corporations to spend, has stayed trapped in the canyons of Wall Street, where it is inflating yet another unsustainable bubble.
Read more at American Thinker:
http://www.americanthinker.com/2013/04/the_feds_deadly_instrument_of_speculation.html#ixzz2PWrhZkce
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