"Bubbles are breaking out everywhere," exclaims outspoken former-insider David Stockman in this brief FoxTV clip, warning that "its like 2007/2008 all over again." Of course, we have heard 'bubble' talk before but Stockman steps methodically from the broad market (exposing the incredible numbers behind the Russell 2000) to junk bonds (and the record-breaking issuance and risk ignorance) and Fannie Mae (as an example of the idiocy). Crucially, Stockman explains to Neilo Cavuto who tempers the bubble-talk with aggregate measures, "bubbles don't form at the heart of the Dow, they form on the speculative periphery of the economy and work their way in," - something that is very evident in today's market, "the market will have a huge hissy-fit if Yellen tapers... the Fed has taken itself hostage."

Stockman goes on to destroy the myth of a housing recovery "there are few 'real buyers' this is massive speculation only"

"This is the 4th bubble the Fed has created through easy money and printing press expansion."

"we need to get the Fed out of the market..."

"the market will have a huge hissy-fit if Yellen tapers..."

"the Fed has taken itself hostage"

"This is a destructive poisonus monetray medicine that is being put into the system that is distorting all kinds of economic mechanisms with malinvestments on a massive scale"