Wednesday, December 15, 2010

"The Fed is destroying prosperity."

David Stockman, President Reagan's OMB Director:

"We have had a Fed-engineered serial bubble, that has created the appearance of wealth, that has caused people to consume beyond their means through borrowing, and that has flushed the income and wealth of our society up to the top, as a result of the Fed turning the financial markets into a casino. These are pure casinos, they are not capital markets, they are not adding to the productive capacity of our economy....

We're getting close to the day of reckoning...."

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