This is the greatest fake bull market in history: David Stockman


♪♪ NEIL: ALL RIGHT. WITHOUT EVEN KNOWING THE DETAILS THE MARKET LIKED THIS TRADE DEAL THAT WE HAVE APPARENTLY WITH MEXICO. BUT THAT TELLS YOU SOMETHING ABOUT THE MARKET’S THINKING NOW. BETTER REMOVE UNCERTAINTY OF ESCALATING TRADE WAR, THAN GET CERTAIN DEALS — DETAILS OF TO STOP THE TRADE WAR. FORMER REAGAN BUDGET DAVID STOCKMAN. WHAT DO YOU THINK OF IN.>>THIS IS PR STUNT. MEXICAN WORKERS RAISED TO $16 AN HOUR. WITH 30,000 PARTS WAS MADE IN MEXICO OR THE UNITED STATES. AND WHETHER 75% WAS MADE IN MEXICO OR THE UNITED STATES. NEIL: THAT IS THE IDEA BEHIND THIS, RIGHT? WE HAVE MORE NORTH AMERICAN CONTROL.>>THIS ISN’T GOING TO BE, THIS ISN’T MAGA. THIS WILL NOT DO A LOT FOR AMERICAN ECONOMY OR WORKERS. THE WHOLE THING IS A PHONY ISSUE. THE BIG PROBLEM WITH TRUMP HE HAS A DEFICIT TOTALLY OUT OF CONTROL, 10 YEARS INTO A RECOVERY, SLAMMING UP AGAINST — NEIL: YOU’RE NOT TALKING ABOUT TRADE DEFICIT. TALKING ABOUT THE BUDGET DEFICIT?>>TALKING ABOUT THE BUDGET DEFICIT. SLAMMING UP AGAINST THE FED IT FINALLY DECIDING TO HAVE REAL INTEREST RATES AND SHRINK THE ENORMOUS BALANCE SHEETS.>>DOING RIGHT THING. HE IS A LOW INTEREST MAN. ZERO 10 YEARS RUNNING? THAT IS WHAT WE HAVE. FUEL FOR MASSIVE SPECULATION ON WALL STREET. THIS IS THE GREATEST FAKE BALL IN HISTORY. AFTER THEM AND LET’S SAY AFTER IMPROCEED. WHAT DO YOU THINK OF THAT IN.>>I THINK THAT’S RIGHT. MOST OF WASHINGTON WANTS TO RUN THE GUY OUT OF TOWN. THIS THING IS GETTING WORSE. THINK WILL — NEIL: IN TOWN THEY HAVE BEEN MAKING MONEY HAND OVER FIST, MOST AMERICANS INVESTORS?>>SPECULATORS HAVE BEEN MAKING MONEY HAND OVER FIST. IF YOU WANT TO STAY IN A MARKET AT THESE EXTREME PEAK LEVELS. 401(k)S THEY’RE LOOKING HEY, I DON’T CARE WHO IS DOING IT, I DON’T LIKE IT.>>THAT IS WHAT THEY SAID THE YEAR 2000. NEIL: TO BE FAIR, YOU’VE BEEN SAYING FOR SOME TIME. WHAT WILL BE THE MAGIC POINT?>>NEIL, THESE CYCLES, LAST SEVEN, EIGHT, NINE YEARS, THEY’RE NOT BASED ON FUNDAMENTALS, REAL ECONOMIC PROSPERITY GROWTH, FREE MARKET EFFICIENCY AND PRODUCTION. THIS IS FED-FUELED, CENTRAL BANK-FUELED AND THEY’RE AT THE END OF THE ROAD. NEIL: ARE YOU SURPRISED THIS FED-FUELED RALLY CONTINUES EVEN WITH THE FED RAISING RATES?>>NO, I’M NOT SURPRISED BECAUSE THEY’RE JUST BEGINNING TO DO WHAT’S GOING TO CRUNCH, AND THAT IS DRAIN CASH OUT OF WALL STREET AS THEY — NEIL: BUT IT IS NOT HAPPENING.>>IT IS BEGINNING TO HAPPEN. NEIL: WHEN? TELL ME EXACTLY WHEN SO I CAN GET OUT?>>I DON’T KNOW EXACTLY WHEN THE PEAK WILL BE ACHIEVED. BUT WHEN YOU HAVE A FED THAT IS GOING TO BE DRAINING THE BOND MARKET BY 600 BILLION A YEAR, YOU HAVE A TREASURY TRYING TO BORROW 1.2 TRILLION OR MORE, YOU’RE ASKING FOR A COLLISION SYSTEM. THIS ISN’T STABLE THIS IS PURE SPECULATION. THIS IS THE CHART MONKEYS TRYING NASDAQ. THE MAP, EVEN BASED ON TRAILING EARNINGS THIS IS NOT EXTREMELY CHEAPER STILL. IN OTHER WORDS IT IS NOTHING LIKE THE BOOM YOU ALLUDED TO?>>THEY’RE ABSOLUTELY LIKE THE BOOM I REFERRED TO. THE MARKET TODAY AT 2HUNDRED, 2900 — NEIL: S&P 500.>>S&P 500, IS TRADING 25 TIMES TRAILING EARNINGS WHEN YOU ADJUST FOR THE ONE-TIME TAX INCREASE. OKAY. YOU COULD SAY IT IS AROUND 18 RIGHT NOW. IT IS A LITTLE ABOVE THE HISTORICAL AVERAGE?>>NO, IT ISN’T — NEIL: YOU CAN’T E X-OUT TAX INCREASE.>>IT IS 24 EVEN WITHOUT THE TAX. NEIL: THAT IS JUST WRONG.>>NO, TRAILING FOR 12 MONTHS JUNE 30th, $123 S&P SHARE. NEIL: YOU’RE, WE ARGUE THIS, YOU’RE SAYING IT IS STILL A RICH MARKET. WE’VE GOT TO BE CAREFUL. WHAT WOULD HAPPEN? WHAT WOULD BE THE TRIGGER EVENT?>>IT IS HARD TO SAY BUT I THINK DEMOCRATS WINNING THE HOUSE WHICH INCREASINGLY LIKELY. NEIL: REALLY?>>YOU WILL HAVE 21 STANDING RELATED TO TRUMP FROM NOW — NEIL: YOU COULD ARGUE THAT KEEPS>>NO, IT DOESN’T. BECAUSE YOU HAVE A FISCAL SITUATION THAT SECTION EXPLODING. HOW ARE THEY GOING TO MAKE AGREEMENTS TO RAISE THE DEBT CEILING? THEY WILL HAVE TO BORROW 3 TRILLION MORE BETWEEN NOW AND THE NEXT PRESIDENTIAL ELECTION. NEIL: THEY ALWAYS FIND A WAY. I DON’T LIKE THE WAY THEY FIND IT. YOU AND I TALKED ABOUT THIS REPUBLICANS DEMOCRATS ALWAYS MAGIC TRICKS, RIGHT?>>WE’RE RUNNING OUT OF RUNWAY OR RATIONALITY. YOU CAN’T BE BORROWING THIS MUCH MONEY WHEN CENTRAL BANKS OF THE WORLD MADE A PIVOT TO QT TO, TIGHTS, FINALLY SHRINKING BALANCE SHEETS OF AFTER 20 YEARS OF EGREGIOUS EXPANSION. YOU CAN’T JUST THINK NONE OF THIS WILL –>>WHERE IS THE MOST PROFOUND BUBBLE TO YOU? OKAY? REMEMBER, PEOPLE SAID LAST TIME IN THE YEAR 2000 WHEN THE NASDAQ 100 WAS AT 47, I REMEMBER IT WELL, MARCH 27, 2000, DON’T WORRY WE’RE 13% ABOVE FIFTH DAY MOVING AVERAGES. 13 DAYS LATER DOWN TO 3200. EARNINGS. DOMINATE NASDAQ HAVE A MUCH BETTER FINANCIAL FOOTING THAN>>I DON’T KNOW. RUSSELL 2000 SET A RECORD TODAY. 1/3 OF THE RUSSELL COMPANIES DON’T HAVE ANY EARNINGS. MARKET. STAY OUT OF THE STOCK MARKET. KEEP YOUR POWDER DRY. BUILD UP CASH. NEIL: WHAT IS POWDER DRY? PUTTING MONEY UNDER A MATTRESS?>>PUT IT IN TWO-YEAR TREASURYS. ONE YEAR TREASURYS. 90 DAY BILLS. NEIL: YOU WOULDN’T TO OUT MUCH FURTHER.>>YOU WOULDN’T. THIS IS — NEIL: WHOSE FAULT IS IT? YOU’RE NOT JUST BLAMING PRESIDENT TRUMP. YOU’RE BLAMING EVERYBODY.>>BLAMING WHAT WE’VE BEEN DOING. BOTTOM, PEAK MID 2007. 75%. TAKE INFLATION OUT. 55%. REAL GAIN ON S&P 500. NOW LET’S COMPARE THAT TO MEDIAN REAL FAMILY INCOME. PRODUCTION. 11 YEARS 3% NOT A YEAR. 3% TOTAL FOR 11 YEARS. LET’S COMPARE IT TO THE AMOUNT OF LABOR BEING USED IN THE AMERICAN COMPANY, HOURS, REAL PHYSICAL HOURS UP 5%. NEIL: THESE UPTICKS YOU’VE SEEN IN ALL OF THE ABOVE, ALBEIT SLOW AND LIGHT ARE NOT ENCOURAGING?>>NO. THEY’RE ONLY SLIGHT UPTICKS FROM A DIP WE HAD IN 2016 IS AND 2017 WHEN WE HAD A KIND OF A MINI RECESSION IN THE WORLD BECAUSE OF COMMODITY PRICES COLLAPSING AND TRADE AND INDUSTRIAL CHINA WHICH IS A HOUSE OF CARDS, EUROPE, WHICH IS SPUTTERING AGAIN. NINE MONTHS FROM THE LONGEST ONE IN HISTORY. NEIL: WE’RE LEADER OF THE WORLD.>>THIS IS CRAZY IS. THIS IS UTTERLY CRAZY. NEIL: ALL RIGHT. PUT YOU DOWN IFFY HOW THIS THING IS ALL GOING. DAVID STOCKMAN, ALWAYS A PLEASURE. I LIKE YOU TO HEAR ALL POINTS OF

100 thoughts on “This is the greatest fake bull market in history: David Stockman”

  1. The fake bull market was so much more honest when stockman was running it with reagan right after they started taking all loans from the fed so we would lose all our gold and silver and assets because they dont print on nothing the imf takes your assets. We went off dollars representing gold under Reagan.

  2. The market doesn't 'think' 🙄 It goes up and down as rumors are flying by… it's all vaporware that can deflate in a few hours.
    Inflation is up in the US, the interest rates will go up. That will eat up the 'huge' tax cuts for the average citizen. 😬
    If the markets crash that will be a 'huuuuuuge' chaos. 😱

  3. The deficit under Trump has already doubled, and stands near $1.2 trillion.
    The republican tax cuts of 2017 are front loaded, causing the illusion of wealth and a good economy, but a) adds greatly to the debt/deficit, b) applies permanent tax cuts to corporations and the wealthy while raising taxes on American families, c) sets the nation up for ballooning deficits while interest rates climb, which causes a snow ball effect of deficits growing even more.

    NAFTA definitely needed to be updated; the agreement is near 25 years old and doesn't cover technology, data, IP, etc. However, what the "new NAFTA" does is take bits of the TPP, and addresses the auto industry, while ignoring so many other sectors of the US economy / job market. People on the right are cheering for it, but the new agreement is moving too fast and is being hastily written. Eventually, when people have to enforce this new agreement, they're going to find all sorts of inconsistencies, subjects that are not even covered, and gaping holes that were glossed over.

  4. 😂 the trump supporters commenting here have suddenly become economists. Ha what a joke. Trump is a stunning con job.

  5. Not to mention that the world’s central banks have been buying tens of trillions of dollars of tech stocks directly to pump the market. That isn’t any economist’s or law maker’s definition of central banking. They’ve become collectively the world’s largest hedge funds. As those balance sheets are rolled in…

  6. This guy is not a trump basher. If anything he’s blaming the fed reserve. He can see the writing on the wall. Cheap money largest debt to gdp ever. Add a little inflation which forces the feds to raise rates then you’ll see a collapse of an economy. It’s not trumps fault but ironically you guys must of forgot that Trump ran his campaign on the idea that the stock market was in a bubble. Short memory loss I guess?? Either way the collapse will come when the Dow hits 30,000 towards the end of 2019.

  7. The debt is growing at a massive rate under Trump, $2,000,000,000,000 in a 1 1/2 year. America but an expert in bankruptcy into the White House and he's just doing what he did in private life. If the economy is strong as the Trump followers say, that's the time to get the fiscal engine under control. You cannot spend like this.

  8. Has anyone ever put on a show that was positive for Trump? Stockman is a complete fool. He is the genius behind trickle down economics that everyone knows was complete B.S.

  9. Interesting. Stockman on Bloomberg attracts massive approval. Stockman on Fox attracts a bunch of MAGA fanatics. Sadly you're the ones going to get hit the worst, but carry on believing in the conman.

  10. David Stockman is not so much a Trump basher as he is a reality exposer. Are there any who listen aware of the precariousness of our economy? Trump inherited this. During his primary Trump complained loudly about the debt bubble. The problem is the vast majority of Americans do not understand the problem and so politically this debt building bubble will continue until the crash wrecks the economy. Teachers themselves are clueless! Ask anyone if they know what fiat money is? This is beyond stupidity! Our collective ignorance will destroy us. Look around your room. All wealth came our of the ground! Do you 'believe' in capitalism? Then how on earth is the rate to rent money controlled by the FED and NOT the market???
    God help all who do not have ears to hear!

  11. traitor trump will find a way to blame hillary's email or ted cruz's father when it comes crashing down. He's a total incompetent buffoon

  12. This complicated formula is going to create quite a few jobs in Washington, just like Obama did in 2008 crisis, contributing to the huge deficit.

  13. Let's just go to 40 trillion , 100 trillion who cares the "money" is all fake. 50k Dow here we come (or 7k)…. They have rigged this thing in perpetuity…..(or…..) 40 million on food stamps top2% have all the resources, state, local, municipal tax receipts falling Banks own the most homes, Government is the biggest employer, labor participation rate is a disaster. this thing is so fake phoney and false when it goes, it's going to be biblical. Technocratic Communism.

  14. The rich are getting richer by sucking the health, wealth, welfare, security, future and joy out of the poor American worker, to invest into a black hole in space called war and line the pockets of the filthy rich. By doing this they are killing the goose that is laying the golden eggs. Once the goose is dead it willl stop laying golden eggs and the economy will collapse.

  15. I'm going to enjoy the reactions of all the Trump-supporting morons when the economy crashes again. They'll turn on him pretty quick, I bet.

  16. I love all the negative comments. For some reason Americans have an unlimited amount of money to spend. If we had our personal finances like the goverment, we be pooping our pants right now.

  17. Of course, all things go up and down. Not hard to predict that. I want to know what this clown is worth. It is easy to quote numbers you know nothing about. I don't remember who came up with the phrase"Service economy" , but this goofball certainly sounds like he believes there is such a thing. The President is trying to get the country producing again, and it will be a long haul.

  18. So how long does a market have to be good before it can't be considered "fake"? Give me a break. This is basically the equivalent of "the market is good and staying good but I don't know why" which is what these so called "experts" have been claiming since trump took office. A fool and his money are easily separated! This man is probably heavily invested himself and just wants the idiots to believe him so he can scoop up your shares at a low price and then hold onto them for himself while the market continues to grows. When people start talking about political beliefs and invest with their party instead of their own financial intuition… they are doomed to lose money. Keep feelings out of business and acknowledge the economy for what it truly is…doing great and will continue to grow!

  19. All these hacks do is criticize and never actually work towards anything that would improve any of systems they claim to know so much about

  20. Fake currency, fake markets and fake wars, these are the main reason for the coming crash…. 💯 % FOR sure the markets will crash….. Long live Trump.

  21. Wow wow David don't go beserk dude … you just don't understand about this Bull market … this is real economic boom that everybody jealous..

    DOW will even rocket to 50K Not Crash … this is not OBAMER economic — this is real deal.

  22. Tax cuts to the richest and tariffs will end in a disaster. Middle class and the average Trump supporter will get nothing, but get screwed as usual.

  23. He lost me after he blatantly lied about NAFTA not being a problem! Amazing how Democrats will lie about everything, I have a few friends who graduated with economic degrees and they all completely disagree with every word this idiot is saying!

  24. Trump is a fking moron and all the havock hes unleashed on the economy from his bs tax cuts for the rich havent been realized yet, but they WILL

  25. Nobody in this chain seems to understand what's going on in this conversation. David Stockman is a Republican and was President Ronald Reagan's economic advisor. He is the one who engineered the famous tax cuts that Reagan signed into law early in his administration. Those large tax cuts spurred economic growth, but also ballooned the deficit, which forced Reagan to raise taxes in his second term, and forced both George H.W. Bush and later Bill Clinton to raise taxes. Finally, in the last two years of Clinton's presidency, the budget was balanced. All economists agree that cutting taxes will stimulate an economy, but it should only be done during a recession. When the economy is growing, you raise taxes to pay down the debt caused by the previous tax cut, and to prevent overheating of the economy which ultimately will lead to inflation. Unfortunately, when Trump became president after seven years of steady economic growth, he cut taxes. Sure, it stimulated the economy, but it's like dumping gasoline on a bon fire. The fire burns hotter for a while, but soon you have nothing but ashes. BTW, those people that lost their jobs, lost them after the following things happened: automation, CNC machines, robotics, the destruction of collective bargaining, deregulation of Wall Street, and deregulation of banks that allowed risky mortgage lending without adequate reserves. When George W. Bush was elected, the economy was strong and the federal budget was in balance. A Republican congress happily went along with his tax cuts and ignored that it created a deficit. Eight years later, after the economy crashed and President Obama signed the American Recovery and Reinvestment Act of 2009 (ARRA), conservatives were ringing their hands about the deficit. But now that Trump cut taxes (which heavily favor the wealthy) and increased military spending, which has exploded the deficit to just under $1 trillion, up $222 billion over last year, conservatives say nothing. Why?

  26. The host of this show continually interrupts his guest, preventing the guest from giving a complete answer. Why? David Stockman is a conservative Republican. He engineered the Reagan tax cuts. Why won't Fox let him finish a sentence?

  27. if it isn't the democrats giving away taxpayer dollars and spending on social programs and welfare it is the republicans who give it away to rich people and corporations—either way—if your not rich–your screwed

  28. Yea, sure. Another "expert" from a former administration. I'm sure he thought Trump couldn't win the Presidency either. It's the timing here just before the mid term election and during primary season. Another schill perhaps?

  29. The crash will leave us vulnerable to being taken over by the western democracies to keep us from bankrupting the worlds economies.

  30. unfortunately the "stockman" is correct. P/E ratios are out of control. corporate buybacks have been propping up this bull run. every other market is tanking except the US, how long will be able to hold back the inevitable

  31. EVERYONE who raises warnings before a fall is called an alarmist. No one wants to hear "last call" when you're feeling buzzed and having a blast. To all who believe this about Stockman please feel free keep your money invested in securities. 👀.

  32. This guy is not a trump basher…………..he is an economist. trump is a business burner. trump literally got his $$$ from daddy and has NO (provable) real time business success.

  33. Ooo im getting the chilly willies just thinking about it lol and my rossy red cheeks that guy dose not have money in the market he stalled to ans the question lol

  34. If only there was some sort of multi ฿illion dollar currency with a fixed supply and not controlled by central banks/authority….

  35. When will you people get your heads around the fact that there is no such thing as a free market. Its a figment of your collective imaginations. Trump knows that interest rates need to go up and they will go up, he also knows that timing is everything.

  36. Drumpf is about to go to prison. Everyone around him that's worked closely with him is singing like a bird. The next big book out will be by Cohen called "Art Of The Squeal". How's that whole wall thing working out for yah? Lock Him Up!!!!

  37. Stockman's thinking is much like Peter Schiff's. Men like these understand this fake economy and financial illusionary profits that news media deceive us with. Seek out alternative media via good newsletters and avoid CNN, MSNBC etc. Get out of debt and stop being a slave. Stop looking to the government for all your solutions. They and big corporations are in bed together to enrich themselves and the top 1% elite while the average American will lose his/her job and home in the near future to be replaced by robots. WAKE UP!!!

  38. Stockman was a failure to Reagan and continues to gamble on business staying the same. He does not believe in change or long term goals. NAFTA didn't hurt the US economy???? He needs to get out of his suit and posh living style and see real economy at work. IT is not money control, it is hard work, manufacturing and selling goods.

  39. FED created FANTASY. I hope he don't turn the Fed like Nixon did. PE ratios are useless BULLSHIT. It is dividends that are more reliable. Hey David, Trump wants to do away with the debt ceiling. What a MORON.

  40. even fox is in denial. Tell him to stay in the markets because speculators need people like him and pension funds to fund their plundering

  41. the Bull Market started 10 years ago..that in itself contains 1 TRUTH that Republicans never will accept or admit…BARRACK OBAMA and his administration are responsible for all this stock market growth..Obama's policies and leadership helped raise the US out of the financial disaster he inherited when he got into office…

  42. An interest in a business concern called a stock is an intangible representation of perceived value. The stock market is just a more sophisticated way to gamble your money than going to the race track or Vegas.

  43. I don't know why anyone would listen to this guy. He has been wrong about everything for decades. The fact is if anyone followed his advice over the past 30 years they would be in financial ruin.

  44. Why does this interviewer continue to interrupt his guest……………just bad manners………….or perhaps like all other interviewers, very self opinionated

  45. David Stockman has got a brain tumor and is a Globalist apparently. Yes Stockman you're right that during the Obama years things were phony but now as earnings have been made real by the great leadership of Donald Trump. This is where you're completely wrong.

  46. The elite are nessing we ith anything that is good for the people they dont want it good, they want to control evrry part if our oife and money too

  47. Looking at this video on 1-4-2019, it looks like he called the top very close to the actual top in the stock market (granted, he's been a "broken clock" for some time now).

  48. You made money ignoring this guy. Look at the DoubleLine real estate fund, for example, that was launched a few months after this. It's a money-maker this guy would have you miss.

  49. Stockman has an annoying tone and manner. Very off-putting whiner. An old lady. Look how many dislikes so far.

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