Stockman takes Bush & co. to the woodshed

Reagan's Director of OMB, David Stockman, was the Paul Ryan of that administration.  A really good numbers man who sounded the alarm about the dangers of the deficits to be caused by the massive tax cuts that were the centerpiece of the Reagan plan to get the economy out of the Carter funk.  He was right about the deficits back then largely because Reagan was sandbagged by Tip O'Neil's democrat house and got none of the cuts in government spending he thought he was promised.  Stockman is sounding off, as a private citizen, in this speech about the current state of the economy.  He sees no hope for a "soft" landing, in fact he owns no stocks and expects the worst.  Since he was an important player at a time when the credit machine was cranked up, what he saw back then and sees now is quite relevant.  Paul Ryan sees the same problems but thinks we can manage our way out providing we make the necessary reforms in entitlements now.  The big question is can we make the reforms he proposes in time?  The short answer is, probably not unless the republicans get control of the House, Senate and WH this fall.  Otherwise the gridlock will continue until we pass the rubicon and are in the muck.  At that point the reforms will happen but there will be no choice because things will be so ugly.  Not a pretty prospect.