When the Third Bubble Collapses

The problem is in the Eccles building [home to the main office of the Fed] and in the 12 people sitting there and thinking that interest rates are some magic elixir that'll cause this very troubled and difficult economy to revive," Stockman said.

"It's not true," he said. "These people are dangerous and destructive, and they're creating this massive income inequality that, sooner or later, is going to cause a huge political reaction."

That said, because Stockman thinks that stocks are set to plunge, he believes that those who have their money in the market are set to lose a great deal of it.

"We've had two huge bubbles that collapsed already in this century," he said. "When this third bubble collapses—and surely it will—I believe that will be the day of reckoning. The credibility of all this central-bank-dominated, Wall-Street-coddling policy will be totally repudiated, and maybe then we can clean the slate and start over.  http://www.cnbc.com/id/102381666

=====================================================

Martin Armstrong has consistently predicted a crash on October 1, 2015 or what he calls 2015.75.  The Shemitah, an ancient Jewish prophecy about 7 year cycles, supposedly is predicting a stock market crash on September 11, 2015.

There are numerous indicators showing that we are at the top of the roller coaster, maybe just over, and set to plunge.  But the plunge hasn't started yet.  Some of the indicators are: initial jobless claims, credit market debt, Manufacturers' New Orders and S&P 500.  The 2001 recession was clearly underway by about October 2000, and the 2008 recession was underway by about August 2008.  I think within a few months the recession will start.  I've been wrong numerous times before, so I am a little cautious.  But I think the Third Bubble Collapse will occur this fall.  We will see.