Where The Risks Are: A Spider Web Of Financial Excess

“Mostly reassuring.”


David Stockman: Amazon Is ‘The Poster Child For The 11th Hour Mania’

“The historic relationship between trends on main street and Wall Street to go absolutely haywire.”

Good News: We Won’t ‘Spiral Into A Recession’. Bad News: Stocks Could Fall 25%

It’s comforting. Sort of. But sort of not.

David Stockman: ‘This Is Getting Pretty Ridiculous’

“Mind you, while that number wasn’t exactly diminutive, it had taken all of 188 years to accumulate. That is to say, Uncle Sam had borrowed an average of $28,000 per week during the 9,776 weekssince George Washington was sworn in as the nation’s first president.”

David Stockman Bemoans ‘The Night Of Fiscal Infamy’

“We have crossed the fiscal Rubicon.”

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: Politicians Should Be ‘Petrified’ Of This

“Even as a matter of economics 101, the forthcoming $1.8 trillion of combined bond supply from the sales of the US Treasury ($1.2 trillion) and the QT-disgorgement of the Fed ($600 billion) is self-evidently enough to monkey-hammer the existing supply/demand balances, and thereby send yields soaring.”

One Bank Reveals 7 Key Calls For The New Year

But for those interested in trying to “DO SOMETHING” (as opposed to just kicking back and being “actively” passive)…

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.”

Requiem For 2017: The Year In Charts

Cheers to you in the new year…

Sour Note.

Well, an eventful week ended on a sour note, which is a shame for the bulls because Thursday was a barnburner. 

‘Pigs Just Might Fly’ In A World Where Spreads Are This Out Of Touch With Leverage

“However, by 2008’s final quarter, corporate debt reached 523% of internal funds and the high-yield EDF soared to 10.33%. At the same time, a mild recession was turning into a global calamity.”

‘Listen Up!’ Albert Edwards Wants To Talk To You About Bubbles

“The Fed and BoE are once again presiding over a credit bubble, with the BoE in particular suffering a painful episode of cognitive dissonance in an effort to shift the blame elsewhere – the credit bubble is everyone’s fault but theirs.”

I’m Out Of Bullets, How About You?

Can I borrow your double-edged sword?

Holiday Road.

“Well, that’s nothing to be proud of, Rusty…. 50 yaaaards.”