David Stockman on Dylan Ratigan: US Can't Afford Tax Cuts

RATIGAN (01:00): Following the Clinton Administration, which repealed Glas-Steagal and gave us the Commodities Futures Modernization Act to unleash the banking bubble... and bring the debt to a whopping 94% of our GDP this year.

STOCKMAN (05:08): We've lost 10% of our middle-class, family supporting jobs. We've only created part-time, temporary jobs. So there's been no real growth. And what we've had instead is a Fed-enginereed, serial bubble that's created the appearance of wealth; that has caused people to consume beyond their means through borrowing; and that has flushed the income and wealth of our society up to the top, as a result of the Fed turning the financial markets into a casino. These are pure casinos. They are not capital markets. They are not adding to the productive capacity of our economy.

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