Stockman’s Corner

$21 Trillion And Counting: Why This Time The Fiscal Wolf Is Really At The Door (Part 1)

That didn’t take long. The $20 trillion national debt marker was crossed on September 8th, but it only took another 186 days to vault over the $21 trillion level last Thursday. Then again, you haven’t seen nothin’ yet. The annual deficit will approach $1.2 trillion in the coming fiscal year; breach the $2.0 trillion market by the …

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Goldilocks, R. I. P. (Part 3)

The first law of Bubble Finance is that stock market crashes trigger recessions, not vice versa. That stands your grandfather’s macroeconomics on its ahead, yet the casual chain from which it arises is straight forward.

Goldilocks, R. I. P. (Part 2)

Goldilocks is a conceit of monetary central planning and its erroneous predicate that falsifying financial asset prices is the route to prosperity. In fact, it only leads to immense and unstable financial bubbles which eventually crash—–monkey-hammering the purported Goldilocks Economy as they do. It also leads to a complete corruption of the economic and financial narrative on both ends of …

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Goldilocks, R.I.P. (Part 1)

One of Wall Street’s most misbegotten memes is the Goldilocks Economy notion. They invariably trot her out near the end of a business cycle in order to keep the mullets buying stocks and the Fed heads as anesthetized as possible.

Desperately Seeking Larry (Kudlow)

About midday yesterday we got to wondering just how desperate bubblevision is for fake good news to peddle because apparently even the talking heads can’t figure out why the market keeps levitating higher. These ruminations arose after we had turned down a request to appear on the CNBC Halftime Report to comment on the network’s “breaking news” …

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Bravo, Trump! His Spur Of The Moment “Yes” Unmasked 68 Years Of Washington Duplicity

They say that even a blind squirrel occasionally finds an acorn, and by our lights the Donald just proved that in spades with his spur of the moment acceptance of Kim Jong Un’s proposal for a summit meeting. It is no exaggeration to say that the shock of it nearly sent Imperial Washington into cardiac arrest—- as was surely attested to by …

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The Everything Bubble—Waiting For The Pin

Yesterday we noted that financial markets have become completely uncoupled from reality and that the recent feeble bounces between the 20-day and 50-day chart points were essentially the rigor mortis of a dead bull. As it happened, we were able to share those sentiments with what remains of CNBC’s audience of carbon-based units:

Whistling Past The Graveyard

That was quick. The trade war scare was over by noon yesterday, and by the market close they were singing “Gary Cohn, we hardly knew ya”. Folks, what more evidence do you need that the financial markets are completely uncoupled from reality and that these feeble bounces between the 50-day and 20-day chart points are essentially the rigor mortis of …

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It’s Not Bad Trade Deals–It’s Bad Money, Part 2

In Part 1 we made it clear that the Donald is right about the horrific results of US trade since the 1970s, and that the Keynesian “free traders” of both the saltwater (Harvard) and freshwater (Chicago) schools of monetary central planning have their heads buried far deeper in the sand than does even the orange comb-over with his bombastic affection for 17th century mercantilism. The …

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