Stockman’s Corner

If they don’t hear the bell ringing on Wall Street now, we are surely dealing with a mass loss of auditory function. We are referring to the fact that yesterday Elon Musk became the richest person on the planet with a net worth of more than $200 billion, but his principal asset—Tesla—has never made a […]

Moderate Democrat Sen. Joe Manchin of West Virginia has issued a statement over his refusal to back his party’s $3.5 trillion spending plan, calling “trillions more on new and expanded government programs” the “definition of fiscal insanity” when we “can’t even pay for the essential social programs, like Social Security.” Full statement below (emphasis ours):

We do not believe either the main street economy or the Wall Street financial markets were anything other than normal, reasonably healthy and logically coupled at the end of Q2 1987. To that end, the US GDP stood at $4.8 trillion and total stock market was valued at $3.0 trillion, as measured by the Wilshire

It is appropriately said that to a repairman with only a hammer, every problem looks like a nail; and, by extension, to a Keynesian central banker with a printing press there can never be enough liquidity.

Once upon a time, the Wall Street Journal supported a bevy of reporters who were no one’s fool and who evinced a decent level of economic literacy and respect for the institutions of free markets and sound money.

Once upon a time, the Wall Street Journal supported a bevy of reporters who were no one’s fool and who evinced a decent level of economic literacy and respect for the institutions of free markets and sound money.

When the market was initially attempting to rally after the August CPI report this AM the weenies at CNBC helpfully posted a crawler announcing that the averages were up on “tame” inflation data.

Well, that was clarifying. The PPI for all commodities came in at 19.9% for August, representing the highest YoY gain since, well, the peak of the oil embargo in November 1974. As shown below, none of the other post-war cyclical flare-ups even came close. And by now it’s also time to dispense with the silly

As we said in Part 1, the rips and routs of the meme stocks are just the prequel to the big correction that’s coming to fantastically inflated markets everywhere. In particular, they are a reminder of what happens when markets become completely decoupled from the fundamentals and degenerate into pure eyes-wide-shut gambling joints. Thus, it