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The Money-Printing Gods Have Failed

The Money-Printing Gods Have Failed

by | Mar 18, 2020 | , ,

Hooray! Finally even the robo-machines and day traders are puking, not BTFDing. Today’s 3,000 Dow Point Dump says even they have had enough of the craven dolts who occupy the Eccles Building. You do not need a PhD in economics—or even a night school survey course—to see that COVID-19 is temporary supply side shock which 0.05% money market rates are powerless to combat. Likewise, you don’t need to be a finance wizard to see that with 10-year USTs at 0.78% and 30-year mortgages at their lowest level in history more QE is a sick joke. Adding another $700 billion of government and GSE debt to...

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Hey, Jay, Enough Of Your Stinkin’ Easy Money!

Hey, Jay, Enough Of Your Stinkin’ Easy Money!

by | Mar 6, 2020 | ,

It doesn’t get any more pathetic than this. The Fed cuts the absurdly low money market rate by another 50 basis points at 10AM and before noon the Donald is banging the podium for more.  So if you ever needed a final warning to get out of the casino, today’s back-to-back eruption of financial insanity from the two most powerful economic actors on the planet should be it.  Even then, we might be inclined to give the Donald a tad bit of slack. After all, he’s an absolute dunderhead on economics and spent a lifetime as a leveraged real estate speculator, where, in fact, lower rates...

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Yes, Virginia, There Is A Deep State And It’s Feeding The Anti-POTUS Mob

Yes, Virginia, There Is A Deep State And It’s Feeding The Anti-POTUS Mob

by | Nov 1, 2019 | , ,

The prepared statement of the latest UkraineGate whistle-blower is well worth the read. It tells you all you need to know about why the Deep State apparatchiks are coming out of the woodwork in a massive assault on America’s duly elected president. They are deathly afraid Trump will begin to dismantle a far-flung Empire which has wreaked havoc around the world, bled America’s fiscal accounts dry, and fostered unspeakable prosperity among the beltway’s legions of empiresupporting agencies, contractors, think tanks, foreign lobbies, NGO’s and Kstreet racketeers. Whether out of common sense,...

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Swan Song of the Central Bankers Part 1: Last Week Wasn’t an Error

Swan Song of the Central Bankers Part 1: Last Week Wasn’t an Error

by | Feb 13, 2018 | ,

Last week's twin 1,000 point plunges on the Dow were not errors. Instead, these close-coupled massacres, which wiped out $4 trillion of global market cap in two days, marked the beginning of a bear market that will be generational, not a temporary cyclical downleg. What hit the casino wasn't an air pocket; it was a fundamental change of direction, signaling that the three decade long central bank experiment with Bubble Finance has now run its course. Moreover, this epochal pivot is not tentative or reversible in any near-term time frame that matters. That's because the arrogant but clueless...

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Swan Song of the Central Bankers Part 1: Last Week Wasn’t an Error

Swan Song of the Central Bankers Part 1: Last Week Wasn't an Error

by | Feb 13, 2018 | ,

Last week's twin 1,000 point plunges on the Dow were not errors. Instead, these close-coupled massacres, which wiped out $4 trillion of global market cap in two days, marked the beginning of a bear market that will be generational, not a temporary cyclical downleg. What hit the casino wasn't an air pocket; it was a fundamental change of direction, signaling that the three decade long central bank experiment with Bubble Finance has now run its course. Moreover, this epochal pivot is not tentative or reversible in any near-term time frame that matters. That's because the arrogant but clueless...

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Now Comes Boondoggle Don — Why Infrastructure Won’t MAGA

by | Jan 30, 2018 | ,

America's economy is faltering not from too little infrastructure spending, but from too much debt----$67 trillion of total public and private debt, to be exact. So it appears that the bond vigilantes are returning from 24 years of hibernation just in the nick of time to put the kibosh on the Trumpite/GOP's latest hare-brained scheme to balloon the public debt. As if the impending FY 2019 collision between $1.2 trillion of new Treasury borrowing and the Fed's $600 billion bond-dumping campaign (QT) incepting this coming October were not enough, word now comes that Tuesday's night's State of...

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Now Comes Boondoggle Don — Why Infrastructure Won't MAGA

by | Jan 30, 2018 | ,

America's economy is faltering not from too little infrastructure spending, but from too much debt----$67 trillion of total public and private debt, to be exact. So it appears that the bond vigilantes are returning from 24 years of hibernation just in the nick of time to put the kibosh on the Trumpite/GOP's latest hare-brained scheme to balloon the public debt. As if the impending FY 2019 collision between $1.2 trillion of new Treasury borrowing and the Fed's $600 billion bond-dumping campaign (QT) incepting this coming October were not enough, word now comes that Tuesday's night's State of...

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Flying Blind, Part 1: How Bubble Finance Destroys Economic Efficiency And Rationality

by | Jan 24, 2018 | ,

You could say thank heavens they have finally stopped buying the "dip". Then again, there apparently aren't any left! That's the case, anyway, even if your notion of a "dip" is any day the market doesn't go up. So far there has been exactly one such occasion during 2018. Or worse still, if you assume the traditional metric of at least a 5% drop, you have already been out of the dip buying business for a lifetime---- whether measured in market lives or even dog years. That's right. Heisenberg reminds us this morning that we are in undisputable record territory. It has been fully 395 trading...

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David Stockman

David Stockman was a two-term Congressman from Michigan. He was also the Director of the Office of Management and Budget under President Ronald Reagan. After leaving the White House, Stockman had a 20-year career on Wall Street. He’s the author of three books, The Triumph of Politics: Why the Reagan Revolution Failed, The Great Deformation: The Corruption of Capitalism in America and TRUMPED! A Nation on the Brink of Ruin… And How to Bring It Back. He also is founder of David Stockman’s Contra Corner and David Stockman’s Bubble Finance Trader.


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Last Rights: The Death of American Liberty

Last Rights: The Death of American Liberty

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Americans today have “freedom” to be fleeced, groped, injected, harassed, surveilled, vilified, disarmed, beaten, detained, and maybe shot by federal agents. From hapless homeowners hit by SWAT raids to pandemic lockdowns pointlessly paralyzing lives, government...

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