Former Reagan OMB Head Stockman Stumps for Glass-Steagall
May 3, 2013 • 11:28AM

David Stockman, who was head of the Office of Management and Budget under President Ronald Reagan, is touring the country, promoting his new book, The Great Deformation: The Corruption of Capitalism in America, and is using every opportunity to push for Glass-Steagall as the only remedy to the financial disaster created by Greenspan and Bernanke's hyperinflationary policies. In the past few days, Stockman has been interviewed on Fox Business, and his interviews have been published in Money Morning, Money News and the Fiscal Times. In every instance, he has warned that we are headed for the biggest blowout of all. In TV and radio appearances, he continues to promote the reinstatement of Glass-Steagall. In his TV interview with Fox's Varney & Co., Stockman was blunt: "We've got the subprime auto bubble, a housing bubble started, the stock market in a bubble, the risk assets all in a bubble. When all of this is generated by policy that is so far off-base, you don't know when confidence is going to break, but when it does, things will unwind very rapidly... What we have is massive fiscal stimulus; what we have is a Fed that creates serial bubbles."

In his interview with the Fiscal Times, Stockman zeroed in on Greenspan and Bernanke: "People think it's being caused by greedy people or bad behavior, when, in fact, all of that behavior was induced by the cheap money that Greenspan put in, that Bernanke put in, and all the rest of it that's in the market today." Stockman concluded by noting that, if he had his way, "The guy I'd like to run the Fed is Carter Glass. Unfortunately he's dead and has been for the last 50 years."