Stockman’s Corner

Economic Old Age And The Infections Of Monetary Central Planning, Part 1

This morning we heard one of the usual bubblevision suspects, a Keynesian street economist by the name of Ian Shepherdson, giving the all-clear signal to buy stocks. He claimed business cycles don’t die of old age, and implicitly, therefore, that the Fed has your back and will keep GDP and earnings chugging ever higher. And, besides, there …

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Jumping The Great White Shark Of Bubble Finance

Wall Street has now truly jumped the shark—the one jockeyed by Jeff Bezos. Last night Amazon reported a whopping 41% plunge in free cash flow for the March 2018 LTM period compared to prior year. Yet it was promptly rewarded by a $50 billion surge in market cap—-with $10 billion of that going to the guy riding topside on the Great White Shark of Bubble …

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Cycling Blindly In Chartland, But Look Out Below!

Wall Street’s beer-goggle induced complacency is not simply a matter of eager-beaver optimism or an excessively short-term focus on the meme of the day. It is exhibit #1, in fact, of the profound intellectual mendacity, sloth and downright corruption that has accompanied the Fed’s destructive regime of monetary central planning. Needless to say, the latter has thoroughly falsified financial …

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Your Ain’t Seen Nothin’ Yet—More On The Donald’s MAGA Delusions And Others

MAGA is not the only thing the Donald is delusional about. For example, he thought the dip-buying robo-machines were heralding Trump-O-Nomics, when they were merely chasing chart points higher—until the moving averages turned negative. Likewise, he apparently believes that Xi Jinping is his friend and that America’s hideous $504 billion-to-$130 billion import/export imbalance with China can be remedied by the …

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The Delusions of MAGA And The Return Of Honest Bond Yields, Part 4

In the wee hours this AM, the yield on the 10-year treasury note hit 2.993%. That’s close enough for gubermint work to say that the big 3.00% inflection point has now been tripped. And it means, in turn, that the end days of the Bubble Finance era have well and truly commenced. In a word, honest bond yields will knock the stuffings out of …

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Sell The Rips—The Delusions of MAGA, Part 3

In Part 2 we noted that the key main street economic metrics reflect no MAGA magic whatsoever. Since the election, inflation-adjusted paychecks have gone nowhere and almost anything else you can name—-business investment, real retail sales, productivity, employment and even real GDP—-continue to slog along in the tepid “recovery” channel that has prevailed since 2010. Notwithstanding …

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The Delusions of MAGA, Part 2

We began Part 1 with the Donald’s bogus tax day boast that the American economy has come roaring back. But that falsehood merits further debunking because it succinctly embodies the kind of context-free, anti-historical, bad money-populism that prevails on both ends of the Acela Corridor. On this Tax Day, America is strong and roaring back. Paychecks are climbing. Tax rates …

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The Delusions of MAGA, Part 1

The Donald took to some bragging during yesterday’s annual tax filing moment—-assuring America’s oppressed taxpayers that happier times beckon. In fact, he insinuated that MAGA is not just a slogan. By his lights, apparently, we are already living the dream. To wit: On this Tax Day, America is strong and roaring back. Paychecks are climbing. Tax rates are going …

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The Deep State And The Big Lie—Douma Deposed

The contra-narrative about Assad’s alleged gas attack is gaining traction as the evidence comes in. It increasingly seems probable that some folks suffocated or were overcome with smoke inhalation and hypoxia (oxygen deprivation) when buildings, tunnels and underground bunkers collapsed into clouds of dust during the final battle for Douma last Saturday. Then the desperate remnant of the jihadist Army of Islam (Jaysh al-Islam) holed up …

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