by Craig Wilson
Daily Reckoning
“I think it’s going to be a very nasty time in the year ahead,” said David Stockman during an exclusive interview with CNBC’s Futures Now last week.
David Stockman served as a two-term congressman from Michigan (Rep) and is also the former director of the Office of Management and Budget under President Reagan’s administration. Following his time at the White House, Stockman was a managing director on Wall Street. He is now the founder of David Stockman’s Contra Corner and a best selling author.
The economist when on to say, “When the stock market stumbles and the economy begins to actually register negative growth, which I think is coming if not next quarter certainly in the first half of next year, there’s going to be nothing below and the market is going to go through a massive contraction…”