Stockman’s Corner

Washington’s Bloated Big Engine That Can’t—Why The Shutdown Threat Matters

We have been here before—-in the blow-off stage of a stock market mania that is being driven by nothing more than momentum. Speculators and robo-machines alike are buying the market solely because it is going up (almost) every day. Their excuse is FOMO. But their downfall will be utter failure to have noticed headwinds gathering everywhere—but most especially in the Imperial …

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The Statist Roots Of The GOP’s Anti-Immigration Folly, Part 4

If you ever needed an example of how to Not Make America Great Again (N-MAGA), consider the idiocy of the Trump Administration’s raid last week on about 100 7-Eleven convenience stores located in 17 states. Upwards of 1,000 ICE agents and support personnel were involved in storming these bottom-of-the-barrel emporiums, but what they snared was …

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The Statist Roots Of The GOP’s Anti-Immigration Folly, Part 3

The false association between immigrants and crime always comes back to illegal drugs and the violence and mayhem of the Mexican cartels which bring them across the borders and the US based syndicates and gangs which distribute them throughout the land.

Why The GOP’s Anti-Immigration Folly Is Economically Stupid, Part 2

In Part 1 we documented that the social insurance Ponzi is going into an accelerating collapse in part because the working age population is flat-lining. Compared to growth of 20 million prime age workers (25-64 years) per decade, as occurred between 1975 and 2005, there will be only 5 million new prime age workers per decade over 2015-2035—-all of whom …

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Why The GOP’s Anti-Immigration Folly Is Fiscally Fatal, Part 1

The actuarial deficit of Social Security/Medicare (OASDHI) is in the range of $55 trillion on a NPV basis and even in the world of big numbers that’s downright daunting. Therefore we have long felt—and not entirely facetiously—–that the only way to avoid  fiscal catastrophe is to annex Mexico.

The Real Bleep-Hole Moment—–$40 Trillion And Counting

You can call it the bleep-hole moment (per the Fox “family channel”) or the shit-hole moment (per the rest of the MSM), but what you can’t call yesterday’s contretemps in the White House is evidence that sentient adults are in charge of the Imperial City. And, no, we are not getting down on the Donald for using a swear word—nor are …

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It’s Not The “Growth,” Stupid!

Yesterday we took passing note of the latest bullish delusion being peddled by Wall Street. Namely, the claim that you got to love those rising yields because they are due to a stronger economy. And the latter, purportedly, means more profits and rising stock prices ahead. So back up the trucks! To that we can only say: No, no and …

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They’re Back—Long Live The Bond Vigilantes!

Most of today’s stock speculators don’t remember the bond vigilantes and wouldn’t even recognize one in the flesh. They were just too scary to have been a character on Sesame Street. But last night some strange riders were spotted galloping eastward from China and Japan. While their visage may be somewhat foggy to the uninitiated, the boys and girls on Wall Street are …

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Why This Time Is Very Different

All bets are off regarding conventional forecasts of the economic and financial future because central bankers have gone bonkers ever since the 2008 financial crisis. Their insane balance sheet eruptions have thoroughly obliterated all of the traditional relationships between Economy and Finance. The two are now virtually disconnected, suspended in their own separate silos.

Steve Bannon’s Done–But It’s Way Too Late

Good riddance to Steve Bannon. The last thing America needed was a conservative/populist/statist alternative to the Welfare State/Warfare State/Bailout State status quo. Yet what Bannonism boiled down to was essentially acquiescence to the latter—even as it drove politicization deeper into the sphere of culture, communications and commerce.