David Stockman Exposes Trump’s ‘Davos Delusions’
By David Stockman as originally published on Contra Corner and reprinted here with permission
Somehow the Donald managed to say less during his 15 minutes of fame at Davos than even the swamp creatures he abhors might have offered up.
But the pity of it is that the whole thrust of what he did say was dead wrong: America is not back; it's fading fast---and mostly on account of the Welfare State/Warfare State/Bubble Finance policies Trump inherited.
Still, while the Donald has manage
I’ve been enjoying the David Stockman pieces – maybe it’s just the nihilist in me. But he does make Albert Edwards look like the god of optimism!
See that dip in the first chart from 1985-95, that’s what happens when you systematically destroy unions.
Ancient history man; nobody remembers that. I do.
He really is angry, I’ll say that for him
He was also the motivation on Kill the Poor by the DK’s
“Efficiency and progress is ours once more
Now that we have the Neutron bomb
It’s nice and quick and clean and gets things done
Away with excess enemy
But no less value to property
No sense in war but perfect sense at home
The sun beams down on a brand new day
No more welfare tax to pay
Unsightly slums gone up in flashing light
Jobless millions whisked away
At last we have more room to play
All systems go to kill the poor tonight
Gonna kill kill kill kill kill the poor
Kill kill kill kill kill the poor
Kill kill kill kill kill the poor tonight
Behold the sparkle of champagne
The crime rate’s gone, feel free again
Oh, life’s a breeze with you, Miss Lily White
Jane Fonda on the screen today
Convinced the liberals it’s okay
So let’s get dressed and dance away the night”
regarding Rosenbergs quote about savings rate from 3.3% to 2.6% would have changed teh PCE number from 3.8% to .8%, resulting in a lower GDP print……might someone briefly explain how these are interrelated/interdependent?
i would have though had we still saved a lot, it would depress gdp, personal consumption declines(?) with less saving. if the PCE is the deflator, then OK i see the math, but how is saving less/spending more connected to the PCE?