“Stated differently, the Orange Comb-Over is definitely not making America Great Again.”
“In a word, honest bond yields will knock the stuffings out of the mainstream fairy tale that passes for economic and financial reality.”
“Indeed, the Donald’s impending attack on the purported sacred ‘independence’ of the Fed is the Orange Swan that looms over the casino.”
“In effect, the Donald is taking credit for the doings of the plain old business cycle, and at the worst possible time.”
“The Donald is not leading America to the promised land. Instead, he’s leading it to war abroad, fiscal and economic calamity at home and a crisis of governance that pales Watergate into insignificance.”
Who’s “tired of winning”?
“Don’t bother arguing with the hard-money gurus about the correct policy course. Just watch the yield curve. The market is smarter than all of us.”
“What happened each time the Fed stopped QE? Yields fell. The complete opposite of what Jamie would predict.”
#MALFRTIAW: Make America less fiscally responsible than it already was.
“The U.S. unemployment rate is down to 4.1 percent, and economic growth could well increase in 2018. Consumer and business confidence is high. What could go wrong?”
Imagine a world without QE…
“But here’s the thing. The blue line below ain’t no Maginot Line.”
“If you want to blame someone, blame the Fed. And I am sure that is exactly what President Trump will do when he loses patience and moves to remove their independent status.”
“Now you might look at these charts and say, ‘Greece spent too much and suffered the consequences. Ultimately they will be better off taking the hit and reorganizing in a more productive economic fashion.’ If so, you probably also still have this poster hanging in your room at your parent’s house where you grew up.”
“For the past 30 years fiscal deficits have been a big financial nothingburger because the Fed and other central banks gutted their sting.”