Stockman Sundown Belied by Stocks Showing Morning for Investors

David Stockman’s warning that the Federal Reserve’s quantitative easing is steering the world’s largest economy toward a crash is at odds with nine quarters of job growth, record stock prices and unprecedented corporate earnings, former fiscal and monetary policy makers said.

Stockman, who served as budget director for President Ronald Reagan, wrote in a March 31 opinion piece in the New York Times that Fed policies in the aftermath of the financial crisis flooded equity markets with cash while weakening the “Main Street economy” and creating an “unsustainable bubble.”