Stockman’s Corner

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 …

It’s Not The “Growth,” Stupid! Read More »

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 …

They’re Back—Long Live The Bond Vigilantes! Read More »

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.

Unhinged, Part 4: The Real Idiots Are On Wall Street

Suddenly it’s all Fire And Fury, and according to its author, Michael Wolff, no less than 100% of his sources in the White House told him the Donald is a “dope” or an “idiot” and is a “child” who has tantrums if he doesn’t get what he wants and get it right now.

Unhinged, Part 3: The Donald’s Meltdown And The Market’s Melt-Up

Dow 25,000. What could possibly go wrong? After all, just because there is a meltdown happening in the Oval Office why should that be a bother in the casino? The lemmings and robo-machines are obviously paying no attention whatsoever to a crisis of governance coming to the boil, and, instead, are buying stocks hand-over-fist because prices are melting-up—100 Dow points …

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Unhinged, Part 2: The War Party’s Desperate Assault On “America First”

The major—perhaps only—redeeming virtue of the Donald’s ersatz campaign platform was his clear intent to seek a rapprochement with Russia, revamp America’s commitments to NATO and other cold war relics and to discard “Regime Change” as the core tenant of foreign policy in favor of an “America First” approach to domestic security and safety.