Reagan Administration official calls for Glass-Steagall

David Stockman comments on Mitt Romney’s version of capitalism

Erich Vieth | January 23, 2012 | 0 Comments

Appearing on Dylan Ratigan’s show today, David Stockman, an ardent traditional capitalist, criticized the leveraged buyouts engaged in by Mitt Romney at Bain, labeling this behavior speculation, crony capitalism and “an inside job.” Stockman served as Director of the OMB during Ronald Reagan’s Administrations.

Stockman hammered Obama as well, based on Obama’s acquiescence toward out-of-control Wall Street banks. He points out that the elephant in the room is the Federal Reserve, which is churning out endless money, thus bloating the financial sector. Stockman urges that we need to bring back Glass-Steagall as the starting point for a solution to this mess. Stockman also sharply criticized Newt Gingrich’s claim that he served as an “historian” for Freddie Mac.

[thanks to Dangerous Intersections blog]