Current Stock And Bond Bubbles Much Worse Than 1929. Interview with David Stockman, Director of the Office of Management and Budget under President Ronald Reagan, by Greg Hunter.
[T]he central banks … have violated every principle of sound money and sustainable finance that mankind has ever learned about over many centuries. They have taken us to the edge, but they are out of dry powder. I think it’s pretty obvious that they can’t go any deeper with subzero interest rates, or negative interest rates. …
All this financial malfeasance and engineering was fantastic for the one percent, but everybody else got the shaft. For example, Stockman points out in “Trumped!” over the last 30 years: “The top 1%’s wealth has grown by 300%, and the top “Forbes 400” wealthiest people in the world had their wealth grow by a staggering 1,000%.” Meanwhile, the “bottom 90% of Americans have seen their wealth steadily deteriorate.” Stockman goes on to say, “This has benefited a very narrow slice of the population. You can call it the 1% or the bicoastal elites who own most of the financial assets.”
The rigged economic landscape is fueling a political reaction:
Stockman … says this is the single biggest reason that created a groundswell of support for Donald Trump, which may catapult him into the White House. …
“So, why I wrote this book is to try to explain why there is so much economic pain in fly-over America, and link that to the wrongheaded policies of the Fed and explain what I call the revolt of the rubes. I don’t use that in a condescending way. I use that to explain the so-called sophisticated press, and they think they are enlightened ones and think the rest of the country is kind of dimwitted and don’t get it. So, they call them rubes. The rubes are revolting, and they are revolting because they can see the system is rigged. These people are fed up, and they have had enough, and I think this is where Trump is coming from. . . . I do think we are at an inflection point where someone is finally challenging the Wall Street/Washington elites. Trump is kind of a wild man in some ways, but he hasn’t spent the last 30 years in Washington drinking the Kool-Aid.”
It’s not just immigration, though that issue is more obvious and easier to understand.