Capitalism and democracy is over, says former Reagan administration official and former Congressman David Stockman.
Stockman tells “The Daily Ticker” that the Federal Reserve Bank’s move to flood the world with free money has created an absurd speculation boom in commodities, stocks and currencies that is only benefiting a few at the top for no good reason.
“We now have turned the capital markets into a rip-roaring casino that really is not productive for the main street economy,” he said.
The Michigan Republican even asserts it was a mistake to bailout General Motors and Chrysler in his home state.
“Capitalism requires the right to succeed as well as fail,” he said. “If we basically adopt too-big-to-fail, we’re already failing ,and that’s were I think we are today.”
As the nation slowly sinks into this swamp, Washington D.C. has been co-opted by money.
“Right now everything is up for grabs in terms of who can lobby, who can marshal campaign funds,” Stockman says.
It’s disturbing to hear these sorts of opinions from the masses, but when they come from a Reagan official, you have to suspect the game is rigged.