OCT 25, 2016
In this candid excerpt below (from a broader interview with Hedgeye CEO Keith McCullough), Stockman places much of the blame on the Federal Reserve’s easy money policies which rewards Wall Street while “punishing savers.”
“It will be a crisis like we’ve never seen before,” Stockman says, “and it was one that was generated way back in the 90s and early 2000s when the Fed went this bubble finance route.”
· The “baby boomer” generation will reach peak retirement by the mid-2020s.
· They haven’t saved enough to retire and will be “totally dependent on Social Security.”
· By that time, “Social Security will be absolutely bankrupt from an accounting point of view.”
It’s an disconcerting scenario with significant ramifications.