A great in-depth article on David Stockman, gadfly, revolutionary, Washington insider/outsider, and friend of Against Crony Capitalism.
The entire establishment hates Mr. Stockman because for the most part he is right, and that means bad things for the people who currently run the show.
Yet it’s Stockman, not Krugman, who seems to have made the right call that the Fed’s creative monetary policies have led to an unsustainable bubble. In the weeks after our conversation, bond and stock markets the world over started to crack, with bond prices falling precipitously and the Dow Jones industrial average falling below 15,000 for the first time in two months. On June 19, after Bernanke suggested publicly the possibility that Quantitative Easing might end next year, the stock market fell nearly 550 points during the next nine hours of trading.