“To wit, there never would have been a double inverse VIX ETF under a regime of honest money and free market financial discipline; nor would you find European junk bond yields trading inside of US treasuries.”
Category: David Stockman
David Stockman Compares ‘This Time’, To Last Time And It Actually Is ‘Different’
“In that cyclical context, the historic record leaves little doubt about the foolishness of pricing the stock market at peak PE multiples during the final innings of the business cycle.”
David Stockman: ‘You Cannot Build An Entire Economy On Pilates Instructors’
“…they’ve simply deleted the entire industrial economy from the dashboard.”
David Stockman Presents: The Folly Of 2% Inflation Targeting
“At the end of the day, the real scandal of central banking is that it takes credit for what it doesn’t cause and can’t achieve in the main street economy, while ignoring the mayhem its machinations bring to the financial system.”
David Stockman: ‘Goldilocks’ Is A Figment Of Your Imagination
“That was fast.”
David Stockman: Last Week Wasn’t An Error
“Last week’s twin 1,000 point plunges on the Dow were not errors.”
David Stockman Bemoans ‘The Night Of Fiscal Infamy’
“We have crossed the fiscal Rubicon.”
David Stockman: Here Comes The Yield Shock
“That’s right. The taxpayers and future generations be damned. Apparently, it doesn’t matter how many small businesses, farmers and entrepreneurs get elbowed out of the capital markets by Uncle Sam’s $1 trillion per year borrowing spree: Mitchels & Chuckles intend to keep the Washington Monument open and the Imperial City’s 3.7 million employees paid in full come hell or high water.”
David Stockman Presents: The Two Elephants The GOP Has Forgotten
“Indeed, they are the proverbial elephants in the room, thereby giving rise to a considerable irony: To wit, the GOP party of the elephant, which is supposed to be the palladium of financial rectitude in American politics, has forgotten about them completely.”
David Stockman: ‘Run! This Casino Is About To Blow’
“… if you are still in the Wall Street casino, run don’t walk toward the nearest emergency exit.”
David Stockman Rips Trump’s ‘Delusional SOTU’
“Donald Trump is walking himself right into a miserable trap. He and his putative “advisors” are apparently so blind to the severe headwinds facing the financial markets and the deep structural impairments plaguing the US economy that they have eagerly embraced a veritable fairy tale.”
David Stockman: ‘Now Comes The Black Swan With An Orange-Colored Hue’
“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.”
David Stockman: Now Is Not The Time And Place For Nosebleed PE Multiples
“…the very idea that you would pay 26X EPS for the S&P 500 at the tail end of a 103 month long recovery cycle is truly ludicrous.”
David Stockman Exposes Trump’s ‘Davos Delusions’
“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.”
David Stockman Delivers Epic Send-Off To Steve Bannon But Warns ‘It’s Way Too Late’
“Bannonism just gave a thin veneer of ersatz nationalism to what was otherwise the Donald’s own dogs’ breakfast of protectionism, nativism, xenophobia, jingoism and strong-man bombast.”
David Stockman: If Michael Wolff Wants To See Some Real Idiots, He Should Look At The People Buying The S&P at 2743
“Yet there is something about Michael Wolff’s tirade that deeply resonates, albeit on the other end of the Acela Corridor. We are referring, of course, to the ‘idiots’ who are buying the S&P 500 at 2735 and earnestly debating the pros and cons of bitcoin at $16,000.”
David Stockman Asks: ‘Dow 25,000, What Could Possibly Go Wrong?’
“…we know of no melt-up that had legs of more than a few months after the point that irrational exuberance went full retard, as is happening at this very moment.”
David Stockman Unveils The ‘Watchword For 2018’: ‘UNHINGED!’
“That refers to Wall Street, Washington, the Dems and the GOP, and all the far and near corners of the planet which are implicated in their collective follies.”
David Stockman: Bitcoin Speculators Will ‘Have Their Hands Burned To A Crisp’
“All of these latter-day speculators will have their hands burned to a crisp, and they will learn the proper lesson.”
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