Stockman: This Is The Most Hideously Overvalued Market In History

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Authored by Craig Wilson via The Daily Reckoning,

David Stockman joined Fox Business on Varney & Co. to discuss why he believes the current markets are setting up investors for a big drop.

Asked for an explanation regarding his call that the S&P 500 faces a 35% fall and whether the market was seeing the start, Stockman fired away at his logic and reasoning. ?I think it will happen any day. Because we?re a country that?s out of control.?

Varney, quick to draw conclusion noted that the economist had been making such claims for years. Stockman rebutted, ?I could have said that in February 2000 and the market dropped by sixty percent. I could have said that in November 2007 and the market crashed. I am old enough to remember October 1987.?

?Markets go up on an escalator, they come down on an elevator. This is the most hideously overvalued…

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