David Stockman

The Keynesian Apotheosis Is Here—But Blame The Final Destruction Of Sound Money On The Bushes

The only thing that can be said about Janet Yellen’s simple-minded paint-by-the-numbers performance yesterday is that the Keynesian apotheosis is complete. American capitalism and all political life, too, is now ruled by a 12-member monetary politburo, which is essentially accountable to no one except its own misbegotten doctrine that prosperity flows from the end of a printing press.…

A Horror-Show Called “Fed-Gate” May Be Coming To Your Bond Fund Soon

But now it is dawning on at least some of the more market savvy occupants of the Eccles Building that they have created a monumental financial log-jam waiting to happen.

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But now it is dawning on at least some of the more market savvy occupants of the Eccles Building that they have created a monumental financial log-jam waiting to happen.

The Keynesian Jabberwocky Gets Downright Dumb

Opining gravely, medieval theologian Thomas Aquinas asked, “Can several angels be in the same place?” In only slightly modified terms, the Fed is now pre-occupied with a similarly unanswerable and fanciful question, according to Jon Hilsenrath’s pre-meeting missive on the Fed’s current monetary policy “debate”. Figuratively estimating the number of angels which can dance on the head of a pin,…

Janet Yellen’s Bathtub Economics: Excuse Me Doctor—There’s Bubbles In That Tub! | David Stockman’s Contra Corner

Some people are either born or nurtured into a time warp and never seem to escape. That’s Janet Yellen’s apparent problem with the “bathtub economics” of the 1960s neo-Keynesians. As has now been apparent for decades, the Great Inflation of the 1970s was a live fire drill that proved Keynesian activism doesn’t work. That particular historic trauma showed that “full employment” and “potential GDP” were…

Chronicling The Fed’s Follies: America’s Housing Fiasco Is On You, Alan Greenspan

So far we have experienced 7 million foreclosures. Beyond that there are still 9 million homeowners seriously underwater on their mortgages and there are millions more who are stranded in place because they don’t have enough positive equity to cover transactions costs and more stringent down payment requirements. And that’s before the next down-turn in housing prices—a…