Must See David Stockman Interview

5By Greg Hunter’s USAWatchdog.com

Sometimes I am shocked at what leaks out over the mainstream media.  Two days ago, former White House Budget Director in the Reagan Administration, David Stockman, dropped some financial bombs in an interview on FOX.  He said the Social Security Trust Fund  was “filled with confetti.”   This was not included in the cut I posted.  What is included in the clip is Stockman saying if the Fed was “gone fishing” for six weeks (meaning it would stop the $85 billion a month “open-ended” money printing),  “there would be calamity in the markets.”  I think if the Fed stopped its $85 billion a month money printing, there WOULD be “calamity in the markets”  in six minutes.  It seems everybody on both sides of the aisle hates his new book called “The Great Deformation.”  That tells me he’s doing something right.  The interview ends with Host Neil Cavuto saying, “On that happy note, if you have a syringe, you can now stick it in your eye.”  But that quote has been cut off on all the videos I saw.  (I saw it live and recorded it on my DVR.)

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  1. Mike R

    Greg,

    I am wondering if it might be healthier for you and your viewers, if you chose not to react to every negative thought that enters your mind ?

    Maybe it’s time to look at healthier views, where not every single conversation is based upon what’s wrong with our economy, what’s wrong with these folks in DC, what’s wrong with our currency, whats wrong with social security, and so on.

    Not here to suggest any of your work is not worthy, but again just wondering if it might be worthwhile to consider things are going well. Could it be that just enough is going well, that is the basis of the stock market going higher ? Could enough be going well, that gold remains relatively locked in a trading range for a while longer ? Could enough be going well, that is the reason for the US dollar not yet tanking ?

    Surely, there is a lot of fairly biased media positive spin on everything, and if you go to a site like CNBC you’ll hear mostly 90% of what’s said as raging bullishness. Too there are probably just as many, if not more websites, or daily media that is equally negative.

    Personally, I come here to get a little bit from both sides. And for the past decade, I’ve dwelled mostly on the negative. As a result, I’ve lost a lot of money in the stock market, via shorting it time and again, and usually at the wrong times. I’ve perpetually blamed Ben Bernanke, for me losing my money. Whereas, if I had taken an equally positive view, just at the time I was so negative, I would have more than doubled my money.

    This is generally true in life. I despised all the Polly Anna’s out there. I was in essence a contrarian. I thought I would be rewarded by going against the crowd, and against the grain. And I’ve been perpetually wrong. This doesn’t mean however I’m ready to dive into stocks again. In fact, I will likely continue to shun stocks, because there is simply too little factual information I can learn about them on the Internet. Instead I choose to invest in what I do know, which is my job, my family, and my life. I’ve pulled a lot of money out of the bank, but not all mind you. I’m paying off my mortgage, in full, about 14 years ahead of time. Why ? Because I can. It’s that simple.

    As far as gold, or silver, I don’t invest in it because I think I will get “rich”. I mainly hold it as a diversification of some of what I have earned over the years. Gold is more widely held as an asset than many people think, but perhaps less so by folks here in the US, principally because things like stocks, bonds, houses are so much more heavily marketed here, than most countries on the planet. If anything, this country makes it very easy to invest in those things, and not so easy to invest or hold physical metals. While we do have choices for PM’s they are quite limited, if not even shady in terms of who offers them. It feels like I’m going to some obscure pawn shop whether I’m buying at a local coin store, or on the Internet.

    In any event, my meandering and rambling thoughts have gone on long enough for one piece. If you ever get the chance, or make the chance to write or interview folks who have some good things to offer about this economy, perhaps even at a grass roots level, rather than from all the corporate, or financial media talking heads, you might actually find your viewers will appreciate that too. You have a lot of good things going here !

    Good luck with it all !
    Mike in Chicago.

    • Greg

      Mike,
      I call it the way I see it and it is looking very bad. Stockman, a former White House Budget Director for the first four years of the Reagan Administration, backs up this view. That’s why I highlighted this interview. Thank you for your positive comment.
      Greg

      • Snorky

        I agree, Greg.

      • MrAudio106

        Greg, don’t know if you’ll get this…. I work for ATT and have a great job… to the best I know Im not in jeperody. I have been putting most of my earnings into the 401K. Im a single 51 year old Male with lots of silver and gold. just hearing that 401k’s wont be around in 10 years??? not asking for direction but just your opinion… do you think my 401K will be comprimized b4 I retire? I ask because I want to reduce size of contribution amount to almost nothing and the difference I will just keep buyin my silver and gold.

        Thanks and love your program. Tim

        • Greg

          Tim,
          I would at least cut you 401-K population to no more than the company match. I personally stop contributions altogether. I am not an investment advisor. All the best.
          Greg

    • Charles H.

      Mike R,

      Television spawned the phrase: “the perception is the reality.” Our perception has a lot to do with station in life and unique individual experiences. It is good you can pay off your mortgage fourteen years ahead of time; and diversify in gold. Your comments seem to reveal a station in life of some prosperity and accomplishment. But some of us may have lived a more austere life; one not as secure or accomplished. In fact, some as myself, have lived near poverty all their life, and have tasted tyranny, betrayal, and abandonment. Consequently, my world view is perhaps more defensive than your is. Your point of being positive is well taken – all organisms must strike a balance. But is the landscape today more positive or is it more negative? I suggest that America has become more “dog eat dog” than anytime in it’s history, and there is a tsunami of consequences coming. In that perspective, I believe there aren’t enough speakers or volume to sound the warnings. These are trying times – to rosey-up this site would be like putting lipstick on a pig.

    • droidX-G

      What possibly could be written about what is going on good in this economy? Oh, I know…how about the market highs…due to low volumes and extreme manipulation

    • April Gardner

      Mike, You are a self-absorbed bore. While you are reflecting on you, the vast majority of the nation cannot afford a gallon of milk. While you are thinking of you, with an absurd 14 year plan, the vast majority of people who live in Chicago are trying to survive in one of America’s most violent cities. You would do well to be a “contrarian” again because you are buying onto “their” line of BS as they walk in the opposite direction. If you do not belive that those who are managing the markets have devised the end-of-it-all, ask yourself why the quarterly memos were changed? Your meandering thoughts {aka day-dreaming} will result in your “ramblin'” Chicago’s streets looking for a loaf a bread under $8.00 per loaf when the dollar formallly crashes. Your perception of reality is far from any base in macroeconomic reality.

      By the way, why bother paying off your mortgage? Because you can?…You are so smug. If you had any sense you would try to get of it and rent. Or, haven’t you been informed that the IMF reached a deal with our gov’t to end deductions for interest paid on a mtge? This is absolute fact. It is called the “European Model”. You are an absolute fool. And as a fool your bubble will burst and your family will fall victim to your hubris.

      Finally, your letter is so absurd that it makes one wonder if you are not simply a shill. April

    • On The Beach

      Mike R, I got good news! It’s also called the good news! The most positive book, on da, (past, present & futoid), on da whole planetoid! Read it and weep! For joy! In the meantime: Listen & watch’yadog. That old star named Gabriel is in both, in the movie he plays himself. See if you can find him?

      https//www.google.com/search?q=Paul-Whiteman-Bing-Crosby-great-Day-(1929)-YouTube&oq

      https//www.google.com/searchq=The+Story+of+Ruth+youtube&oq

      Positive you wants,

      Positive you gets.

  2. Nathan

    That would have been much better if Cavuto would have shut his mouth and let the guy speak .

    • Greg