Why David Stockman Isn't Buying It

NEW YORK (AP) — He was an architect of one of the biggest tax cuts in U.S. history and spent much of his career after politics using borrowed money to take over companies. But Reagan budget director David Stockman has some surprising views on the economy these days.

Stockman tells The Associated Press he thinks the economy is "super-saturated" with debt. He calls the Federal Reserve a "patsy" and says it's a dependent of big Wall Street banks.

Stockman's prescription for the economy includes raising taxes, means-testing Social Security and raising interest rates to what he calls more reasonable levels. He says he doesn't own a single share of stock and wouldn't touch the market with a 100-foot pole.

The 65-year-old Stockman is working on a book called "The Triumph of Crony Capitalism."