Reagan’s OMB head: Wealth inequality is a problem

But Stockman says blame lays not with the tax code (indeed, he pioneered a trickle-down approach to taxes under Reagan) but with the Fed.Obama “is talking about a symptom, but he’s clueless as to the cause. The cause is not capitalism. The cause is not some entrepreneur out there trying to invent something and improve the performance of his business. 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. Continue reading