Category Archives: David M. Stockman

ARCHIVE from 2012: COULD THE BANKING CRISIS OF 2008 HAPPEN AGAIN?

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Featuring interviews with David Stockman and Gretchen Morgenson from Bill Moyers’ PBS news series

Do YOU understand how the Crisis of 2008 even occurred? Could it happen again? Has the government made it all better now? Or is the other shoe about to drop?

Most working people with IRAs, 401Ks and brokerage stocks and funds may barely understand the underpinnings of the crisis beyond just the fact that their retirement hopes and dreams were seriously dashed or set back in the worst financial crisis since the Great Depression. But those were only the EFFECTS.

Unless you are going to keep a blind faith in our government, (and heaven knows, most of us lead such busy lives, it’s not like we have a world of time to study these things), then we must confront the CAUSES.

The root of the 2008 Crisis is nested in the very banking system, which permeates so many aspects of the economic life of our country, and how it inevitably became “Too-Big-to-Fail”. Who should have been jailed for this? Where are the culprits now?

David Stockman on Crony Capitalism

January 20, 2012
Moyers & Company explores the tight connection between Wall Street and the White House with David Stockman, former budget director for President Reagan.

Now a businessman who says he was “taken to the woodshed” for telling the truth about the administration’s tax policies, Stockman speaks candidly with Bill Moyers about how money dominates politics, distorting free markets and endangering democracy. “As a result,” Stockman says, “we have neither capitalism nor democracy. We have crony capitalism.”

Stockman shares details on how the courtship of politics and high finance have turned our economy into a private club that rewards the super-rich and corporations, leaving average Americans wondering how it could happen and who’s really in charge.

“We now have an entitled class of Wall Street financiers and of corporate CEOs who believe the government is there to do… whatever it takes in order to keep the game going and their stock price moving upward,” Stockman tells Moyers

Gretchen Morgenson on Corporate Clout in Washington

January 20, 2012
Moyers talks with Pulitzer Prize-winning New York Times reporter and columnist Gretchen Morgenson on how money and political clout enable industries to escape regulation and enrich executives at the top.

Check out Gretchen Morgenson’s book, Reckless Endangerment, on how Fannie Mae led the pack in facilitating an industry of “Too-Big-To-Fail” on Amazon.com

UPDATE – Wall Street Journal Opinion Section – How Huge Banks Threaten The Economy 4 April 2012 – by Richard W. Fisher and Harvey Rosenblum

Listen to the Extended Podcast Edition of Straight Talk Wealth Radio – The NEXT Banking Crisis! Could 2008 Happen Again? (below).

LISTEN TO: The NEXT Banking Crisis! Could 2008 Happen Again?

The Peak of Globalization and What Comes Next

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Currently on Straight Talk Wealth Radio:

Everyone wants to knows what the election of Donald Trump foretells about the economy and the markets. However, going just a little deeper, I’m fascinated with the events and authors who have been foretelling of the success of Donald Trump. Because it seems to me that if you really understand those forces – the precursors that would have brought about Trump or somebody else in his place, then I figure I can better understand the inevitable outcomes.

2 Authors to Begin With – Harry S. Dent and David Stockman

In doing so, I have been digging into the work of 2 of my favorite authorities, starting of course with my friend, NY Times Bestselling author and renown market forecaster, Harry S. Dent. Harry has been analyzing the likelihood of President Trump at least since last June, 2016 when he published a brilliant infographic, 7 Startling Reasons Why ‘The Donald’ May Become President Trump.

And as ironic as it may sound to have elected a billionaire as a solution, the cause essentially comes down to the global “Wealth Gap”, and the fact that any recovery we may have seen since the Great Recession of 2008, has by far more greatly benefitted the wealthy and Wall Street, than it has the average american worker. And this very situation also generated the push on the far left with Bernie Sanders.

As I had been digging on this, Harry further articulated the big picture about this in his October publication of The Leading Edge, with his article of the same title as this blog and our most recent Straight Talk Wealth Radio episode. CLICK HERE to download my copy. (It’s a subscription publication, but I figure Harry won’t kill me for making it available when it’s two months old and I’m imploring you to subscribe, for your own benefit!)

So this week I rang Harry Up to do a little chatting about this all, and you can hear our conversation on this week’s show. CLICK HERE to listen to the podcast.

You can also order a free copy of the entire uncut interview on CD if you CLICK HERE. (Just pay shipping costs).

Now, About David Stockman

I just started reading Stockman’s brand new book, (it’s WAY LESS of a monster than his previous 2 1/2 lb 750 page The Great Deformation), entitled, TRUMPED: A Nation on the Brink of Ruin and How to Bring It Back. And if you think Stockman is a big trump fan, you will be sadly disappointed. Don’t forget, Stockman was the Director of the Office of Management and Budget under the Reagan Administration, and had the damn gumption to tell President Reagan that he too, like the later George w Bush, we spending like Democrats while taxing like Republicans – sure to bring the explode the National Debt and bring the country to it’s knees.

He’s been on the news quite a bit lately promoting his new book, but I thought I’d sign off this post with a video of his recent appearance on Fox Business News and one that I took a portion of and presented on our recent episode.

BUT HEY! Keep coming back to the blog. Every time we produce a new show I have some background on it here. Let’s keep this going, ok?

Stockman: Trump will take U.S. down economic abyss

Former OMB Director David Stockman on why he thinks some of President-elect Donald Trump’s economic policies are a ‘fiscal nightmare.’

WHO’S GOOSING THE MARKET? (AND MORE ON THE POTENTIAL BANKING SYSTEM FAILURE)

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In this episode Bruce discusses:

  • Is the stock market headed for the heavens now that Greece only “almost” defaulted, or are we about to launch into the next bubble?
  • Why do a NY Times Finance reporter, a former head of the FDIC, and Ronald Reagan’s former Budget Director all say that the 2008 Banking crisis WILL RETURN?
  • Why does Harry Dent recommend “non-correlative” investing for the rest of this decade. What is that and exactly how does it work?