Stockman’s Corner

Jobs Friday: What Bubblevision Didn’t Tell You And The Donald Won’t

On Thursday, the government said there were nearly 31.3 million unemployed Americans drawing UI benefits. That’s almost 20% of the work force, and included 16.7 million under regular state UI programs, 14.1 million under the emergency pandemic programs and 0.5 million under certain veterans, Federal and other programs.

An Apple A Day Keeps The Mullets In Play

With the S&P 500 closing at 3349 today, which is just 1.0% below its all-time high on February 19, we are no longer dealing merely with a liquidity-fueled speculative excess, or even the ultimate case of Greenspan’s infamous “irrational exuberance” of December 1996.

Madness On Both Ends Of The Acela Corridor

As we said yesterday, the central bank enablers have fostered madness at both ends of the Acela Corridor, and it’s an especially virulent kind of madness because it is two-pronged: The Fed’s torrent of bond-buying and liquidity has unleashed Wall Street speculators and Washington’s free stuff dispensers alike–and like never before.

Washington’s Transfer Payment Bacchanalia

The Washington pols and the MSM are working themselves into a fever pitch about the so-called “fiscal cliff” dead ahead. The latter reflects the expiration this week of the $600 per week Federal UI bonus and the lapsing of several other Everything Bailout measures—including the hideously stupid and corrupt PPP program at the SBA.

Lockdown Lunacy: Your Government Ordered Depression Has Arrived

Well, the Virus Patrol sure has done it. In a fit of reckless overkill they have managed to vaporize six years of economic growth during the last 90 days. And that’s just by the mechanical reckoning of the GDP accounts, where total output in Q2 weighed in at essentially the same level as Q4 2014.

Why The Political Classes Hate Gold, Part 4

You can’t find a more red hot smoking gun than the chart below. It tells you precisely what happened to the stupendous $74 trillion gain in household financial wealth between Q2 1987 and Q1 2020 that we charted in Part 3.

Why The Political Class Hates Gold, Part 3

We have belatedly changed the title of this series because that there are a lot more haters of gold in the Imperial City than just the pedigreed liberals of the MSM, think tanks and Dem party apparatus.

Why Establishment Liberals Hate Gold, Part 2

If there was ever a single chart that could plunge a dagger into the heart of Keynesian central banking, it would be the one below. It demonstrates dramatically and unequivocally that the essence of this misbegotten enterprise is the systematic and massive falsification of financial assets prices—in this case, the world’s entire bond market.