Reagan Budget Director: “Mad Men” Run Fed – MyStateLine.com

Reagan Budget Director: “Mad Men” Run Fed – MyStateLine.com.

(Washington, DC)  —   The man behind Ronald Reagan’s tax policies blasted “mad men” at the Fed and “free lunch parties” in Congress.

David Stockman also ripped into the Fed as “these mad men” on ABC’s “This Week.”  Stockman served as Reagan’s budget director but had blunt criticism for those drawing parallels between today and 30 years ago.

Paraphrasing a Reagan campaign line, Stockman said, quote, “this is not morning again in America.”

He lit into the Federal Reserve, saying, quote, “we’re now becoming the banana republic (of) finance.”  Stockmen said the Fed was comprised of “these mad men who are out of control” and predicted their plan to load up on U.S. debt will “end in a disaster.”  He called for a stark reassessment of Social Security and Medicare and for scaling back defense spending.

Stockman insisted the country was at the “sundown as an imperialist power.”  He added, “We can’t be the policemen of the world anymore because we can’t afford it.”

Stockman insisted the “weak” and “tepid” recovery was over, and the country would remain in economic crisis for another five-to-ten years.

He said the U.S. would be lucky to see one-to-two percent economic growth annually.

He called on Republicans to consider raising taxes as much as he wants to see Democrats slash spending.

Stockman said, quote, “We are in such dire shape that we have no choice.”

(Copyright 2010 by VERTEXNews/Newsroom Solutions)

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