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Mandeville, LA – Exclusive Transcript – Back to David Stockman, there are a couple more stats from the “Sundown in America” essay that he wrote.  You can find it in today’s Pile of Prep.  If you’re not already convinced, after I read you the rollover of the debt from the first hour, Stockman isn’t finished with his rundown.  I’m skipping here.  This thing is 18 pages long if printed.  I’m only going to get to about a page and a half during the entire three hours.  Check out today’s transcript for the rest…

 

Begin Mike Church Show Transcript

Mike:  Back to David Stockman, there are a couple more stats from the “Sundown in America” essay that he wrote.  You can find it in today’s Pile of Prep.  If you’re not already convinced, after I read you the rollover of the debt from the first hour, Stockman isn’t finished with his rundown.  I’m skipping here.  This thing is 18 pages long if printed.  I’m only going to get to about a page and a half during the entire three hours.

Is Davis a Traitor? In Paperback, get it signed by the Editor!
Is Davis a Traitor? In Paperback, get it signed by the Editor!

[reading]

james-madison-gutzman-ad-signLikewise, total US credit market debt—including that of households, business, financial institutions and government— was $13 trillion or 2.3X national income in 1989. Even back then the national leverage ratio had already reached a new historic record, exceeding the World War II peak of 2.0X national income.

Nevertheless, since 1989 total US credit market debt has simply gone parabolic. [Mike: How many of you people know what parabolic means? Parabolic means it looks like an umbrella. There is a straight line going horizontal and then there’s an umbrella on a graph. That’s what parabolic is.] Today it is nearly $58 trillion or 3.6X GDP and represents a leverage ratio far above the historic trend line of 1.6X national income—a level that held for most of the century prior to 1980.  In fact, owing to the madness of our rolling national LBO over the last quarter century, the American economy is now lugging a financial albatross which amounts to two extra turns of debt or about $30 trillion.

In due course we will identify the major villainous forces behind these lamentable trends, but note this in passing: The Federal Reserve was created in 1913, and during its first 73 years it grew its balance sheet in turtle-like fashion at a few billion dollars a year, reaching $250 billion by 1987—at which time Alan Greenspan, the lapsed gold bug disciple of Ayn Rand, took over the Fed and chanced to discover the printing press in the basement of the Eccles Building.

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