David Stockman, who served as the late US President Ronald Reagan’s top economic adviser, says a day of reckoning has arrived for the stock market. Stockman believes a recession is imminent and that a “bad situation” waits on Wall Street’s horizon.

He warns investors to exit the stock and bond markets in a recent interview with Neil Cavuto on Fox Business with a stark metaphor:

“We need to wake up and smell the roses here.”

Stockman says the US economy is in the tenth year of the longest business expansion in history. An increasing budget deficit comes at the “very wrong time,” coupled with the US Federal Reserve reducing its balance sheet. The Fed is doing this by allowing bonds to expire without replacing them. These factors are “catching up” with the US economy, he argues.

US Economy and Stock Market Will Live with the Consequences of a ‘Free’ Fiscal Lunch

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