David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge

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David Stockman is warning about the Trump administration’s tax overhaul plan, Federal Reserve policy, saying they could play into a severe stock market sell-off.

Stockman, the Reagan administration’s director of the Office of Management and Budget, isn’t stepping away from his thesis that the 8½-year-old rally is in serious danger.

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Stocks are a ‘disaster waiting to happen’: Stockman

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David Stockman has long warned that the stock market is on the verge of a massive collapse, and the recent price action has him even more convinced than ever that the bottom is about to fall out.

“I think it’s pretty obvious that the top is in,” the Reagan administration’s OMB director said Thursday on CNBC’s “Futures Now.” The S&P 500 has traded in a historically narrow range for the better part of 2015, having moved just 1 percent higher year to date. “It’s just waiting for the knee-jerk bulls, robo traders and dip buyers to finally capitulate.”

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2014 crash will be worse than 1987’s: Marc Faber

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Marc Faber says the stock market is setting up for a decline more painful than the sudden crash of 1987.

“I think it’s very likely that we’re seeing, in the next 12 months, an ’87-type of crash,” Faber said with a devious chuckle on Thursday’s episode of “Futures Now.” “And I suspect it will be even worse.” Continue reading