This is a syndicated repost courtesy of The Daily Reckoning. To view original, click here. Reposted with permission.
David Stockman joined Fox Business on Varney & Co. to discuss why he believes the current markets are setting up investors for a big drop.
Asked for an explanation regarding his call that the S&P 500 faces a 35% fall and whether the market was seeing the start, Stockman fired away at his logic and reasoning. ‘I think it will happen any day. Because we’re a country that’s out of control.’
Varney, quick to draw conclusion noted that the economist had been making such claims for years. Stockman rebutted, ‘I could have said that in February 2000 and the market dropped by sixty percent. I could have said that in November 2007 and the market crashed. I am old enough to remember October 1987.’
This post was published at Wall Street Examiner on June 17, 2017.