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David A. Stockman is the ultimate Washington insider turned iconoclast. He began his career in Washington as a young man and quickly rose through the ranks of the Republican Party to become the Director of the Office of Management and Budget under President ... more

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They're Back - Long Live The Bond Vigilantes!
Most of today's stock speculators don't remember the bond vigilantes and wouldn't even recognize one in the flesh.
Why This Time Is Very Different
The government bond free money carry trade is just the beginning of the distortion and deformation flowing from monetary central planning. What happens next is the hunt for yield.
The Greatest Bubble Ever: Why You Better Believe It, Part 2
For the first time ever both the Fed and the US Treasury will be dumping massive amounts of public debt on the bond market---upwards of $1.8 trillion between them in FY 2019 alone---and at a time which is exceedingly late in the business cycle.
The Greatest Bubble Ever: Why You Better Believe It
The central banks are out of dry powder and belatedly recognize that they have stranded themselves on or near the zero bound where they are saddled with massively bloated balance sheets.
What The GOP Pols Have Wrought - A Fiscal, Economic And Political Monster
The GOP tax bill is not "at least something". It's not "better than nothing". And, no, we are not letting the perfect become the enemy of the good.
The Coming Fiscal Derailment - Why FY 2019 Will Sink The Casino
Since last November 8th the Russell 2000 has risen by 30% and the net Federal debt has expanded by an astounding $1.0 trillion dollars.
Little Marco's Last Stand - The GOP's Fiscal Debauch Intensifies
Little Marco (Rubio) is right for once: The GOP tax bill does virtually nothing for the bottom 50% of American households, but his amendment to "fix" the problem reveals why the whole effort is so misguided and heading for fiscal calamity.
Bubble Finance And The Era Of No-See-Um Recessions
Today's single most dangerous Wall Street meme is that there is no risk of a stock market crash because there is no recession in sight. But that proposition is dead wrong because it's a relic of your grandfather's economy.
Look, Mom, No Hands!
Wall Street's manic melt-up is pushing stock prices ever deeper into the realm of insanity, and nowhere is that more evident than in the Russell 2000 (RUT).
EC The 30-Years Bubble - Why America Ain't That Rich
The entire financial and economic narrative in today's Bubble Finance world is virtually context- and history-free, it's all about the short-term deltas and therefore exceedingly misleading and dangerous.
Peak Fantasy Time
The US economy has been shedding high paying goods producing jobs ever since they peaked at 25 million way back in 1980. Indeed, we are still not even close to the 24.6 million figure which was posted at the turn of the century.
Spend, Cut And Borrow - How The GOP Is Heading For Fiscal Calamity
The GOP is on the cusp of opening up a new torrent of red ink for tax cuts, defense spending and much else.
Debt, Taxes, Growth And The GOP Con Job
During more than four decades in Washington and on Wall Street it is quite possible that we never picked up any useful skills. But along the way we did unavoidably acquire what amounts to a survival tool in those fair precincts.
Lemmings In Full Stampede Toward The Fiscal Cliff
From Bitcoin to Amazon, the financials, the Russell 2000 and most everything else in between, the casinos are digesting no information except the price action and are relentlessly rising on nothing more than pure momentum.
The GOP Tax Bill: Fuggedaboutit!
It's hard to see how a mere 0.8% "stimulus" to GDP is going to incite a tsunami of growth and jobs.
Don't You Believe It - The Melt-Up Madness
The melt-up madness now underway marks the most dangerous, unstable and combustible financial bubble in human history. It was fostered by Keynesian central bankers who were making it up as they went along.
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