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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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The Market's Little Helper: S&P 500 Dividends And Buybacks Hit $1 Trillion Annual Rate In Q1
Sometimes one chart can say it all.
May Retail Sales - The Warning Signs Beneath
Aggregate income estimates suggest a collision where income growth has stalled in the wake of the 2015-16 downturn but spending hasn’t been dampened by nearly as much.
May Industrial Production—Not Much But Oil
If globally synchronized growth was a real thing, and its effects on the US economy were likewise more than rhetorical, then why hasn’t US income accelerated?
Economic Old Age: 40% Unemployment Ain’t Awesome
The fraudulent nature of the Awesome Economy story was again on display on Friday morning with the monthly jobs report release. Embedded in it were two juxtaposed charts that in theory can't happen under the Fed's bathtub economics macro-model
Economic Old Age And The Infections Of Monetary Central Planning
The US economy is now riddled with infections and debilitating impairments; and having expanded for 106 months or 2.5X the average historical cycle, it is well past the octogenarian point on the age scale.
Jumping The Great White Shark Of Bubble Finance
Wall Street has now truly jumped the shark---the one jockeyed by Jeff Bezos.
Cycling Blindly In Chartland
Wall Street's beer-goggle induced complacency is not simply a matter of eager-beaver optimism or an excessively short-term focus on the meme of the day.
Yield Shock On Wall Street, Conservative Default In Washington
Pricing for perfection when the pillars of prosperity are being crushed in Washington - that's folly with malice aforethought.
Your Ain't Seen Nothin' Yet - More On The Donald's MAGA Delusions And Others
The individual tax rate cuts, credits and 20% deduction for business income in the GOP tax bill cost upwards of $200 billion per year, but were written in disappearing ink. Donald now thinks it would be swell if they were made permanent.
The Delusions Of MAGA And The Return Of Honest Bond Yields, Part 4
As bond yields march relentlessly higher, corporate earnings are going to be hammered by rising interest expense - even as C-suites and boards get called to account for having borrowed trillions in order to feed financial engineering payments.
Sell The Rips---The Delusions Of MAGA, Part 3
Since the election, inflation-adjusted paychecks have gone nowhere and almost anything else you can name business investment, employment and even real GDP continue to slog along in the tepid "recovery" channel that has prevailed since 2010.
The Delusions Of MAGA, Part 2
The US economic expansion is not roaring; it's still stumbling into debt-ridden old age---fixing to be battered by another round of collapsing financial bubbles and payback for growth stolen from the future.
The Delusions Of MAGA
The Donald took to some bragging during yesterday's annual tax filing moment assuring America's oppressed taxpayers that happier times beckon. In fact, he insinuated that MAGA is not just a slogan.
The March Labor Market Update: Feebleness And Malfunction
The labor force hasn’t grown because the economy hasn’t. It really is just that simple.
Not Your Grandfather's Trade War: Wall Street's Mindless Complacency, Part 3
If Trump ends up going the full monte on $150 billion of Chinese goods at a 25% levy, it will generate a windfall opportunity for foreign (and domestic) suppliers far greater than the $38 billion value of the tariff itself.
Not Your Grandfather's Trade War: The Revenge Of Bad Money, Part 2
The effect of central banking's bad money has been to preternaturally bulk up China's industrial economy and hollow out America's.
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