“Then, when the Fed's fire hoses started spraying an elephant soup of liquidity injections in every direction, and its balance sheet grew by $1.3 trillion in just thirteen weeks compared to $850 billion during its first ninety-four years, I became convinced that the Fed was flying by the seat of its pants, making it up as it went along. It was evident that its aim was to stop the hissy fit on Wall Streetm and that the thread of a Great Depression 2.0 was just a cover story for a panicked spree of money printing that exceeded any other episode in recorded human history.”
Quote by David Stockman
Author
David Stockman
David Stockman, born on November 10, 1946, is a former Director of the Office of Management and Budget in the United States. He has extensive experience in politics and economics and was a key member of President Ronald Reagan's administration in the early 1980s, where he played a significant role in shaping the nation's fiscal policy. more
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