Scott talks to David Stockman about the economic fallout from the coronavirus lockdowns. Stockman points out all the devastation that has already been wrought by the government so far—relating to both the lockdowns and to the rampant stimulus measures meant to address the fallout of the lockdowns themselves. This, Stockman believes, could be the event that triggers the bursting of the bubble that has been inflating since the last crash in 2008. This time, though, the economy is in an even worse position by certain measures, such as the amount of household and corporate debt, which has exploded over the last ten years. The big question in Stockman’s mind is just whether President Trump can stave off the next collapse until after the election.
Discussed on the show:
- “The Big Short (2015)” (IMDb)
- “National Debt To Surpass $78 Trillion By 2028: What It Means For Americans” (Forbes)
David Stockman is the ultimate Washington insider turned iconoclast. He began his career in Washington as a young man and quickly rose through the ranks of the Republican Party to become the Director of the Office of Management and Budget under President Ronald Reagan. After leaving the White House, Stockman had a 20-year career on Wall Street. He is the author of Trumped!, The Triumph of Politics, and his history of the financial crisis, The Great Deformation: The Corruption of Capitalism in America.
This episode of the Scott Horton Show is sponsored by: NoDev NoOps NoIT, by Hussein Badakhchani; The War State, by Mike Swanson; WallStreetWindow.com; Tom Woods’ Liberty Classroom; ExpandDesigns.com/Scott; Listen and Think Audio; TheBumperSticker.com; and LibertyStickers.com.
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Scott Horton is director of the Libertarian Institute, editorial director of Antiwar.com, host of Antiwar Radio on Pacifica, 90.7 FM KPFK in Los Angeles, California and podcasts the Scott Horton Show from this website. He’s the author of the 2017 book, Fool’s Errand: Time to End the War in Afghanistan. Visit https://scotthorton.org