Stockman’s Corner

Why The Fed’s Doom-Loop Will Take The US Economy Down, Part 1

When you boil it down to the bare essence, the reality is that Wall Street traders and speculators are now—and have been for quite some time— running the Federal Reserve. And, apparently, the stock market averages are the new policy transmission channel through which the monetary politburo FOMC seeks to manage the main street economy.

Dictator Donald The Delusional

The central banks have turned Wall Street into one hyperventilating hot mess, as we were reminded once again this AM. Otherwise, how do you explain the Dow ticking cheerfully higher by +330 points during the more than hour-long outburst of braggadocio, bile, bullying, delusion and petulance that was occurring on the White House lawn?

Jim Cramer Was Right About The Fed In 2007—They Still Know Nothing! (Part 1)

In August 2007 when Bear Stearns’ imploding securitized mortgage funds and the downfall of Countrywide Financial were puncturing a big crack in the housing bubble, Jim Cramer famously delivered a rant on CNBC that was heard by central bankers around the world. The jist of it was that the collapsing subprime mortgage bubble was going to take the stock …

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The Folly Of Keynesian Central Banking, Part 2

The estimable David Rosenberg summed it up well in his morning missive today: “We are on the precipice of an earnings recession and the market is soaring. Is there a chapter in the classic Security Analysis by Graham & Dodd that I missed on trade talks and border wall funding?

20 Years Of ZIRP In Japan—The Very Definition Of Insanity

The chart monkeys were screeching noisily today as they finally scampered above the 200-DMA by a hair to close at 2744 on the S&P 500. But the ludicrous part of this pathetic. algo-driven sideshow is that the talking heads could not think of a single reason for the 372 Dow point gain. Well, except last night’s agreement among congressional leaders to keep the government …

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The Delirious State Of The Donald’s Delusions

We attended our first of five State of the Union (SOTU) speeches as a young congressional aide beginning way back in 1971—followed by four more as a Congressman from Michigan, and then the opportunity to march into the hall as a member of Ronald Reagan’s cabinet five additional times. After that, came another 30 or so SOTUs—-these ones beaming from our …

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