David Stockman, who served as the late US President Ronald Reagan’s top economic adviser, says a day of reckoning has arrived for the stock market. Stockman believes a recession is imminent and that a “bad situation” waits on Wall Street’s horizon.

He warns investors to exit the stock and bond markets in a recent interview with Neil Cavuto on Fox Business with a stark metaphor: “We need to wake up and smell the roses here. ” Stockman says the US economy is in the tenth year of the longest business expansion in history. An increasing budget deficit comes at the “very

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