Bear Spots ‘Classic Crowding Out’ In Juiced-Up US Economy

One of several recurring themes in this year's notes from Morgan Stanley's Mike Wilson is the idea that the government (i.e., "the fiscal") is crowding out small businesses and consumers in the US. I'd say I like a "good" crowding out narrative as much as the next guy, but that'd be a lie. Because I don't. Like a lot of other "classic" economic theories, the crowding out effect assumes a cartoonishly simplified world, and I'm not capable of making such assumptions. (I've tried. Really I have.)