Quotessence
Home / Authors / David Stockman
David Stockman

David Stockman Quotes

Former Director of the Office of Management and Budget

Filter quotes by topic

AllBubblesThinkingInterestRateInterest RateRepublicanEconomyRealTaxesTodayWallCuttingFedsFinanceIfsProsperityWorldCashCrashFree Market

Famous David Stockman Quotes

“I think everybody in this generation, and I'm the leading edge of the baby boom - I was born in 1946 - has benefitted from a 30-year explosion of debt, which created temporary but unsustainable economic prosperity and a financialization of the system through lower, and lower, and lower interest rates that has created massive rewards to speculation but not real investments so I benefitted from it. Almost everyone who has been in the market has benefitted but they didn't earn it.”

ThinkingRealInterestEconomicBabyInvestmentRateProsperityTemporarySpeculationInterest Rate
Author:David Stockman
Create image

“The stock market in Japan was half the world market and where has the Japan economy gone since the 1990s? Nowhere. They've been struggling for two decades in the aftermath of a massive bubble that's collapsed. They've tried to work their way out of it by printing even more money and it hasn't worked. Now, I'm saying this is what all the central banks are doing. There is no honest interest rate in the world today.”

WorldTodayInterestStruggleEconomyHonestRateBubblesPrintingInterest Rate
Author:David Stockman
Create image

“The problem is that you're creating a system of bubble finance where interest rates are so low that people can speculate. An asset value goes up. You put it up as collateral. You borrow against it. You buy more of the asset. You then take the rising asset. You borrow against it again. This is the nature of what's going on in the world. This isn't an excess of real savings. This is an excess of artificial credit that's being fueled by all the central banks.”

PeopleWorldRealProblemValuesInterestRateFinanceBubblesInterest RateCollateral
Author:David Stockman
Create image

“If you let interest rates be freed, be set by the free market, they would rise dramatically. There would be a lot of broken furniture on Wall Street. It needs to be broken. The back of the speculative bubble would be broken and we could slowly heal the financial system. That's what I think we need to do but it's never going to happen because there's trillions of asset values dependent on the Fed continuing to suppress, repress interest rates and shovel $85 billion a month of liquidity into the market.”

ThinkingValuesInterestBrokenWallRateFinancialHealBubblesFree MarketInterest Rate
Author:David Stockman
Create image