{"id":12386,"date":"2015-09-18T06:46:09","date_gmt":"2015-09-18T11:46:09","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12386"},"modified":"2015-09-18T06:46:09","modified_gmt":"2015-09-18T11:46:09","slug":"david-stockman-interview-on-yahoo-the-fed-painted-itself-into-a-corner-confidence-in-the-casino-is-headed-for-a-fall","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12386","title":{"rendered":"David Stockman Interview On Yahoo\u2014\u2014The Fed Painted Itself Into A Corner, Confidence In The Casino Is Headed For A Fall"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/david-stockman-interview-on-yahoo-the-fed-painted-itself-into-a-corner-confidence-in-the-casino-is-headed-for-a-fall\/\" target=\"_blank\">David Stockman Interview On Yahoo\u2014\u2014The Fed Painted Itself Into A Corner, Confidence In The Casino Is Headed For A Fall<\/a><\/h3>\n<p><iframe loading=\"lazy\" src=\"http:\/\/finance.yahoo.com\/video\/fed-jihad-against-savers-retirees-165144931.html?format=embed\" width=\"520\" height=\"360\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>David Stockman is not a fan of the Fed. In fact he claims that the Fed is on a \u201cjihad\u201d against retirees and savers.<\/p>\n<p>The former Reagan budget director and author of \u201cThe Great Deformation: The Corruption of Capitalism in America\u201d visited Yahoo Finance ahead of the Fed announcement to discuss his predictions and the potential impact of today\u2019s interest rate decision. \u201c80 months of zero interest rates is downright crazy and it hasn\u2019t helped the Main Street economy because we\u2019re at peak debt,\u201d he says.<\/p>\n<p>Businesses in the U.S. are $12 trillion in debt. That\u2019s $2 trillion more than before the crisis, but \u201call of it has gone into financial engineering\u2014stock buybacks, mergers and acquisitions and so forth,\u201d according to Stockman. \u201cThe jig is up; [the Fed] needs to get on with the business of allowing interest rates to find some normalized level.\u201d<\/p>\n<p>While Stockman believes that the Fed should absolutely raise rates today, he isn\u2019t so sure that they will. But even if they do, he says they\u2019ll muddle the effect by saying \u201c\u2018one and done\u2019 or \u2018we\u2019re going to sit back and watch this thing unfold for the next two or three months.\u2019\u201d<\/p>\n<p>This all fuels an inflationary bubble on Wall Street, according to Stockman. \u201cThis massive money printing we\u2019ve had has never gotten out of the canyons of Wall Street. It\u2019s sitting there as excess reserves.\u201d<\/p>\n<p>According to Stockman, the weakness of the U.S. economy has been due to a lack of investment over the past 15 years and inflated labor costs in America that can\u2019t compete on a global scale. \u201cSimply printing more money and keeping interest rates at zero do not help that problem.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Stockman Interview On Yahoo\u2014\u2014The Fed Painted Itself Into A Corner, Confidence In The Casino Is Headed For A Fall David Stockman is not a fan of the Fed. In fact he claims that the Fed is on a \u201cjihad\u201d against retirees and savers. The former Reagan budget director and author of \u201cThe Great Deformation: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5979,2120,303,305,1154,451,9113],"class_list":["post-12386","post","type-post","status-publish","format-standard","hentry","category-economics","tag-contracorner","tag-david-stockman","tag-fed","tag-federal-reserve","tag-interest-rate-policy","tag-janet-yellen","tag-yahoo-finance"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12386"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12386\/revisions"}],"predecessor-version":[{"id":12387,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12386\/revisions\/12387"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}