David Stockman on CNBC 3 December 2010

This interview by David Stockman, Reagan's budget director from the 1980's, is worth spending a few minutes to view. This took place on CNBC, which OS never bothers to watch, because, well, they feature clowns like Cramer. Friday, however, he was surfing, and lo and behold, there was Mr. Stockman!

(OS stayed with the channel for a couple of more hours, which was devoted to the talking heads screaming at each other about whether to go short or long on Netflix. One of the guest heads has a huge short position, is about to take a huge bath, and was desperately trying to trash the company, attempting to herd the shareholders to hit that 'Sell' button before he begins to bleed profusely. Just another day on Tout-TV.)

The interview is beginning to show up on the blogs of sober writers, so OS thinks it may be good to make it available.

Stockman was reviled by the Dems in the 1980's, who predicted disaster if his ideas were to be implemented. They hated and reviled him even more, because many of those ideas were implemented, and worked. And because he worked for Reagan. Let no good deed go unpunished, ya'll.

So, it's interesting to see him resurface, now gray-headed, but still his calm, thoughtful self. He's saying, like so many others, that we are in for a rough ride, unless we make some tough decisions as a society.