"I believe we no longer have free market capitalism and we no longer have a democracy," says David Stockman, the blunt-talking former Michigan Congressman and Director of the OMB during the Reagan administration.
What now exists at the heart of the U.S. economy, Stockman argues, is "crony capitalism" - a system that benefits and even rigs the system in favor of America's banks and bankers at the cost of average Americans. It's a system built on the back of government-issued bailouts and free money. "The Fed is the great enabler" through its free money policies, which "generate results the market wouldn't otherwise provide for," he says.
For example, banks - which caused the 2008 economic and financial crisis - are enjoying profits once again as so-called "risk assets" reflate. Meanwhile, well-meaning members of the middle class intent on saving cash continue to get "savaged" (Stockman's word) when they keep money in low-yielding savings accounts and rely on a dollar that continues to lose value"............see video here
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