Tuesday, January 4, 2011

Must-Read Interview With David Stockman...

I always thought this guy was one of the best minds to go thru Washington, DC - except for his original Reaganomics ideas.  It's good see him back-peddaling on that.  Here's a salient quote from him about what a lie TARP was:
First of all, that's urban mythology. I don't think there was panic on Main Street in America. What there was was that the big pyramids of debt were crashing down on Wall Street and had we allowed nature to take its course, maybe the Goldman Sachs stock would have gone down to $10, but that's their problem and the problem of the financial speculators who owned the stock. Not a systematic problem for the economy.
Here's a link to the rest from clusterstock.com:  LINK

1 comment:

  1. Anyone care to guess the total amount of debt the Treasury Department issued and rolled (and rolled) in FY2010?

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    $129 TRILLION

    http://www.treasurydirect.gov/govt/reports/pd/pd_debtposactrpt_1011.pdf

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