Tom welcomes a new guest, David Hay, to the show. David is a long-time investor and author. He recently released his book "Bubble 3.0" which is a warning about the problems inherent in the financial system. The Fed being the main culprit for bubble creation, and such bubbles always get wrecked. The Fed has kept rates at great depression levels despite reasonable economic activity. He recalls not being negative enough during 2005 regarding the housing market, which blew up. David believes this time around will be similar and things will get quite bad. We've had a wealth wipe out on par with the end of the tech bubble. Many stocks are down around seventy to ninety percent, but this time people are losing in stocks and bonds. People believe there will be another big rally, but he doesn't see it soon. The environment of zero and negative interest rates is crazy, and we may have seen peak insanity. Q.E. wasn't inflationary due to a corresponding drop in money velocity. However, during co...