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David Stockman: We Have A BREXIT On Steroids

Wednesday, November 9, 2016 13:11
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This post David Stockman: We Have A BREXIT On Steroids appeared first on Daily Reckoning.

“We have a thunderbolt. We have a Brexit on steroids.”

David Stockman joined the cast of Fox Business during Neil Cavuto’s Coast to Coast coverage.  In discussion the best selling author answers hard pressed questions on the economy, Trump, the Federal Reserve. He even breaks the election mystique and lays out the clear math for the TV commentators – quite literally calling the election before Fox Business had a chance.

“The good news is, the night is almost over. The bad news is, the national nightmare starts tomorrow. The United States will become ungovernable for the next year. There will be chaos.”  

“We are going to have a debt ceiling expiration in March. There is no way they will extend it without a government shutdown time after time. Trump has no programs. He came in on the fact that the people are fed up with the establishment.”

David Stockman is a former Reagan White House official who worked on Wall Street for over two decades. His latest urgent call is within his new book, Trumped! A Nation on the Brink of Ruin… And How to Get it Back – out now.  

When asked about what to expect from the US central banking policy under the incoming Trump administration Stockman proclaimed, “The Fed is now going to be in the spotlight. Trump said that we have a huge bubble – that is fat, ugly and going to crash. He is right.”

David Stockman Fox Business Trump Elected

The Fox Business panel then pressed the former Reagan insider on what to expect from the government and economy.  David Stockman looked outright troubled noting, “We are going to have fiscal chaos. The market will be down several thousand points within the next couple of days. It will precipitate a recession. When we get a recession we are going to be back in the trillion dollar deficit. The point is, you have to face this. We have been living in a fantasy land. We are just going to begin to start reckoning with it.”

“We have got $20 trillion of debt now. When I was with Reagan and cutting taxes in 1981 we had $1 trillion of debt. It is a totally different world. We are in big time crisis.”

To see the full Fox Business election night interview with David Stockman and why he believes the Trump election is Brexit on steroids click here.

Regards,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

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The post David Stockman: We Have A BREXIT On Steroids appeared first on Daily Reckoning.

This story originally appeared in the Daily Reckoning . The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today’s markets. Its been called “the most entertaining read of the day.

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