Stockman’s Corner

The Damnable Cult Of The Stock Market And The Istanbul Bonesaw Massacre

During an appearance on Fox Business yesterday we were asked about the Khashoggi affair and whether any intemperate response by Washington might inconvenience the party kids’ reviling on Wall Street. Perhaps we were having a bad hair day, but the question did trigger a fairly intemperate response on our part. For crying out loud, Mohammed Bin Salman (MBS) is hands down …

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It Ain’t So, Alan! Why Greenspanian Central Banking Is The Mortal Enemy of Capitalist Prosperity

We can thank bubblevision and the Maestro himself for a splendid reminder today that Greenspanian central banking is the greatest menace to capitalist prosperity ever invented. This was made abundantly clear by his pronouncement on CNBC regarding the current labor market: “Tightest labor market I’ve ever seen.” – Greenspan on @CNBC As an empirical matter, of course, that’s …

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Why The Casino Is Dumber Than A Mule, Part 1

Mules usually need a hardwood 2X4 twixt the eyes before they know they’ve been warned. So it can be well and truly said that today’s stock market is dumber than a mule. In fact, yesterday’s report on the $779 billion and 4% of GDP Federal deficit for FY 2018 was the fiscal equivalent of a giant redwood beam whacking the punters squarely upside …

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Alan, Ben, Janet, Eddie And Steve’s Excellent Adventure Bankrupting Sears—A Cautionary Lesson For The Donald

Sometimes the Donald fires before aiming, or not. Anyway, today he clobbered his Treasury Secretary with a two-by-four across the forehead. Regarding the long, long overdue demise of Sears, Trump opined that management did it: President Trump says “it’s a shame” that Sears is declaring bankruptcy…..”Somebody that is of my generation, Sears Roebuck was a …

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Chart Monkeys On Wall Street, “Loco” Central Bankers In Washington, Part 2

Not surprisingly, today the algos and day traders made a determined effort to rally an allegedly “oversold” market. That’s what the machines do in a casino that has become uncoupled from reality after years of egregious central bank money-pumping. As a matter of pure price action on the trading charts, we have no idea whether they can muscle …

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Raging Machines On Wall Street, “Loco” Central Bankers In Washington, Part 1

It turns out he wasn’t done yet. In a tirade transmitted through a certain news network that disseminates Favorable Only Xerox (FOX) copies of Oval Office talking points, Trump let Chairman Powell know exactly what was on his mind prior to last night’s regularly scheduled stadium rally: “The problem I have is with the Fed. The Fed is going wild. I mean, …

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800 Dow Points—Not Even A Footnote In The Carnage To Come

America’s “low interest man” was at it again yesterday, chiding the Fed for it’s baby steps toward quasi-honest interest rates. Self-evidently, the Donald thinks the route to MAGA is via thoroughly crooked money rates—the kind that don’t even cover the cost of inflation and which help developers and speculators pay back their debts in depreciated money. We …

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Beware Of The Ides Of October (9th)

It’s probably nothin’! We are referring to today’s move to above 3.26% on the 10-year UST. The benchmark yield hasn’t been that high since way back on May 4, 2011. Then again, you might want to beware of the Ides of October (9th). That’s because two recent (and painful) market turning points took place on this exact date.

Come Rain, Shine, Sleet Or Snow, Wall Street “Economists” Spin The Economic Weather To A “Buy”

The job of Wall Street economists is simple: Namely, to spin the economic weather— come rain, shine, sleet or snow—so that it is just right for the stock market. Since nothing could possibly go wrong, the message is everywhere and always the same: Hit the “buy” key and don’t sweat the small stuff! The recently surging interest rate complex is a …

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