Stockman’s Corner

The estimable Scott Minerd of Guggenheim Partners has apparently had enough. His firm is as establishment as they come, and Minerd himself is a CNBC regular. Still, in his most recent commentary, no punches were pulled:

For about three decades now the President’s budget of both parties has been pronounced DOA (dead on arrival) no sooner than the ink was dry. And that is commentary enough about why $1 trillion of public debt in 1981 has become $23 trillion by 2020, will hit $43 trillion by 2030 and is virtually on

If you want to know why we are heading for a financial trainwreck, just consider the back-to-back statements this AM uttered/tweeted by arguably the two most powerful economic players on the entire planet:

The Donald will never, ever drain the Swamp for a very basic reason: Trump has maximum low regard for free markets and the principles of liberty, fiscal rectitude and sound money; and, actually, is the worst kind of statist—an advocate of Big Government centered on the cult of his own personality. That is, he’s neither

In Part 1 we demonstrated that the Donald’s claim that the US economy is booming on his watch is superficial and wrong. But it’s also exceedingly annoying. That’s because the Donald is claiming credit for the work of everyday American capitalism—even as it struggles against Washington’s headwinds—while utterly neglecting what should be his real job:

There was one line in the Donald’s paean to his own greatness last night that says it all. Namely, his claim that he has actually reversed the failed policies he inherited and has fostered a dramatic pivot to a brighter future:

In case you were wondering, the Wall Street Journal splain’d it all in a mid-day posting:

Sven Henrich hit the nail on the head this AM in surveying the Sunday night’s blitz by the People’s Bank of China (PBOC) which included rate cuts on overnight reserves, a record 150 billion yuan liquidity injection and an indefinite ban on short-selling.

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