The Washington Times - April 1, 2013, 08:04AM

David Stockman, a director of the Office of Management and Budget in the Reagan administration, said Monday that if people hate their children, they should cheering on the policies being pushed by the Federal Reserve.

“The real economy is failing,” Mr. Stockman said on MSNBC’s “Morning Joe.” “We are in trouble. The Fed is just inflating a third bubble by this zero interest policy and by this insane purchase of $85 billion in government debt a month, telling Washington, ‘Don’t do anything about the deficit, go out, have a party, bury yourself in debt.’”

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“The policy today is that if you hate your children, you will love what Washington is doing because they are burying them in debt,” Mr. Stockman said.

Mr. Stockman currently is promoting his new book, “The Great Deformation: The Corruption of Capitalism in America.”

In the interview, Mr. Stockman also warned that the nation will never recover from the $700 billion bailout of Wall Street in 2008, calling it a “turning point in American history.”

“When we bailed out Wall Street, that was the end of capitalism,” Mr. Stockman said. “When we bailed out Wall Street, that was the end of fiscal rectitude in American. I don’t think we can turn around from where we are.”