David Stockman interview on Cavuto today.

• At least [Trump] recognizes that 19 trillion of debt is more than we can live with, that if we continue down this path it will be 30 billion within a decade.
• It think he at least has some sense that debt can be dangerous.
• So, my point is, one way or another, with outright default some day down the road if we keep going this way or inflationary default, we can't live with this debt.
• Whoever is elected will inherit a recession.
• We've got a deflationary recession emerging everywhere in the world.
• Japan is an old age colony sinking into the sea.
• China is a massive speculative mania that's going to collapse any day.
• We have been living beyond our means for 30 years.
• We have more junk bonds than ever before.
• We're just drifting as we have in the past and sooner or later you hit the wall.