A Donald Trump presidency would be a disaster for the markets—but that's exactly what America needs, according to a former top government official.
In a recent interview on CNBC's "Fast Money", David Stockman. the former Director of the Office of Management and Budget under President Reagan, explained why the Republican candidate will be so bad for stocks, it will actually be good.
"I think the market is underestimating why this phenomena is happening, his odds of winning and the consequences if he does," said Stockman.
Trump took a narrow lead over Democratic rival Hillary Clinton in Ohio this week, a key swing state for the election. Just this week, Trump also gave a comprehensive economic speech in which he declared he would offer up $4.4 trillion in tax cuts if elected, arguing it would boost job creation by 25 million over a decade.
However, Trump also took aim at the Federal Reserve's policies, telling CNBC in an on-air interview that Fed chair Janet Yellen should be "ashamed"of having kept interest rates so long for so long.
"The elephant in the room of American politics is the Fed," added Stockman, author of the new book, "Trumped! A Nation on the Brink of Ruin...And how to Bring it Back."
The GOP contender said "the Fed is the problem. He said the [market] is artificial, the whole thing is overvalued and that Janet Yellen should be ashamed of herself," he said. "I think he's right about that."