Relative to GDP the second most expensive market all-time…. ‘Father of Reaganomics’ says ‘get out of the market’

by

‘Father of Reaganomics’ Says ‘Get out of the Market’

David Stockman, the so-called “Father of Reaganomics,” is at it again with his most recent prognostication of doom for Wall Street and the broader economy, even as the stock market tests fresh highs for the year.

The 72-year-old politician and businessman, who was the director of Office of Management and Budget under President Ronald Reagan in the 1980s, told Fox Business’s Neil Cavuto on Thursday that investors ought to get out of the market and retreat to the presumed safety of Treasury bills and cold, hard cash.

U.S. Durable Goods Orders and Philly Area Economic Conditions

Durable goods orders in the U.S. in December rose A SEASONALLY ADJUSTED 1.2%, with much of the gain coming from sales of commercial aircraft. Economists had expected durable goods to rise 1.4%. Orders for non-defense capital goods excluding aircraft, however, FELL A SEASONALLY ADJUSTED 0.7%, the Commerce Department said in the report, which was delayed because of the 35-day partial government shutdown that ended in January.

Meanwhile, the Philadelphia Federal Reserve’s business index fell to TO A SEASONALLY ADJUSTED NEGATIVE 4.1 in February, much weaker than economists’ expectations, from 17 in January.