“What in the hell were they thinking” will surely be the query of future historians when they survey the US fiscal wreckage of the present era. We were prompted to address the fiscal madness now erupting on the banks of the Potomac by yesterday’s announcement that the October budget deficit came in 34% higher than last year at $234.5 billion. That brought […]
Now Cometh The Washington Debtberg, Part 1 Read More »
In March 2007 Bernanke infamously proclaimed that the US economy is in a good place and that— “…..the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.” There must be something in the water cooler at the Eccles Building because surely Powell has just had his Bernanke
Powell’s Bernanke Moment: “The Baseline Outlook Remains Favorable” Read More »
The Donald was out in full-throated bombast mode at the New York Economic Club today, boasting almost violently about what he calls the Greatest Economy Ever. Yet it is nothing of the kind—-and is actually a cogent reminder that prosperity is a gift of capitalism, not the handiwork of vainglorious politicians. So we must first of all
The Donald’s Great Big MAGA Mirage Read More »
A recent Wall Street Journal piece on the raging insanity in the auto loan market tells you why the current record 125 month business expansion is a ticking time-bomb, not a singular success that warrants the Fed doing “whatever it takes” to extend. Yet extending the current ragged expansion—the so-called mid-cycle adjustment—is exactly what they are attempting
The Harlot Of Wall Street: Why The Fed’s Assault On Main Street Must End, Part 4 Read More »
Stocks rose to records in October. One corner of the debt market had a rougher time. Some securities in the $680 billion market for collateralized loan obligations, or CLOs, lost about 5% in October, reflecting worries about rising risk in the complex investment vehicles. The declines were a rare stumble for the CLO market, which has
LO Selloff Flashes Warning Sign to Junk Bond Market Read More »
There will be no smooth transition back to sustained economic growth, he warns Instead, the distortion of today’s excessive asset prices will require a systemic reset to fix. Either by a deflationary event that destroys the malinvestment, or by an inflationary event that destroys the currency. Either way, a shock to the system awaits us:
The Great Reset Comes Next Read More »
Hoffman, in his comments Thursday, gave a different message—that “the revenue from this is not going to the U.S. This is going to the SDF,” referring to the Kurdish-led and U.S.-allied Syrian Democratic Forces, who are battling ISIS. Byrne claimed that the U.S. has been waging the oil field control mission alongside SDF and that
Last night we heard some knucklehead on the War Channel (CNN) braying about Ukraine as a vitally important “ally and strategic partner”. The implication, of course, was that the Donald’s attempted squeeze play on its new President was dangerously undermining national security. What unadulterated tommyrot! The safety and security of the American homeland has absolutely nothing to do with it.