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Home / David Stockman's Contra Corner / The Great Immoderation: Beware of Money Printers In The Land Of The Bubble Blind, Part 2

The Great Immoderation: Beware of Money Printers In The Land Of The Bubble Blind, Part 2

Summary:
Yesterday we offered Neiman Marcus as a poster boy for the chain of economic deformations and financial mutations which have arisen from Bubble Finance. Now comes word that the once and former toney emporium of wealthy patrons and conspicuous consumption has been reduced to borrowing money to pay interest on its staggering billion mountain of debt.

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Yesterday we offered Neiman Marcus as a poster boy for the chain of economic deformations and financial mutations which have arisen from Bubble Finance. Now comes word that the once and former toney emporium of wealthy patrons and conspicuous consumption has been reduced to borrowing money to pay interest on its staggering $5 billion mountain of debt.

David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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