Dave Stockman: Markets Are Going to Be Mauled by the Bear

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Is the U.S. headed for a recession? Dave Stockman, former head of the Office of Management and Budget, gives us his take on the volatile markets and what's ahead in the near future.

DAVE STOCKMAN: Well, I think actually the markets are being pawed by the bear right now, but they're going to be mauled in the months ahead. And the reason for it is, this is not just the end of a bull market. I think it's the end of an era. The end of a worldwide era in which central banks printed money, injected liquidity, supported markets, manipulated and intruded in the pricing of financial assets like never before. And what it did was create a massive credit expansion in the world that's stopping. We had $40 trillion of debt in the world in 1995. We have $225 trillion today. Everywhere's at peak debt. China is. The United States is. Europe obviously is.

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