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David Stockman spoke with CNBC’s Fast Money over the weekend where they hit on the markets, the presidential election and what to expect under a Trump or Clinton Administration.
“If you don’t sell before the election, certainly do it afterwards. Government is going to be totally paralyzed regardless of who wins,” he said. “There could be a 25 percent drawdown on markets.”
David Stockman worked as the Director of Office of Management and Budget within the Reagan Administration and was on Wall Street for two decades. He is also the author of the book Trumped! A Nation on the Brink of Ruin… And How to Bring it Back.
“Government is going to be totally paralyzed regardless of who wins. If Hillary wins it will be very bad. If Trump wins it will be even worse. For 6 months, or even longer, I think there will be acrimony, there will be brinksmanship, there will be paralysis, there will be a swarm of house committees doing investigations over wikileaks and emails. There will be no baton handed off from the Fed to fiscal policy as we slide into recession. The reason I think there will be a recession is because I follow the IRS and not the BLS.”
“If you have a paralyzed Congress… If you have a Fed, out of dry powder… If you have a market that has basically been chopping for 700 days (we are basically where we were in December 2014). There is massive risk. What is the possible reward?”
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