"Sooner or later ? within a few years, I predict ? this latest Wall Street bubble, inflated by an egregious flood of phony money from the Federal Reserve rather than real economic gains, will explode too....
When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today?s feeble remnants of economic growth." - David A. Stockman
David A. Stockman is a former Republican congressman from Michigan, President Ronald Reagan?s budget director from 1981 to 1985 and the author, most recently, of ?The Great Deformation: The Corruption of Capitalism in America.?
Peace!
http://www.nytimes.com/2013/03/31/opinion/sunday/sundown-in-america.html?smid=fb-share&_r=0
When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today?s feeble remnants of economic growth." - David A. Stockman
David A. Stockman is a former Republican congressman from Michigan, President Ronald Reagan?s budget director from 1981 to 1985 and the author, most recently, of ?The Great Deformation: The Corruption of Capitalism in America.?
Peace!
http://www.nytimes.com/2013/03/31/opinion/sunday/sundown-in-america.html?smid=fb-share&_r=0
