In the US alone there is probably another $15 trillion of bottled air waiting to be released.
The talking heads were busy yesterday morning powdering the GDP pig.
Well now. We actually got our money’s worth last night. Almost with out exception the GOP candidates conveyed a compelling message that the state is not our savior, while the CNBC moderators spent the night fumbling with fantasy football and inanities about which vitamin supplements Ben Carson has used or endorsed. But this was about…
There are few political hacks in Washington more deserving of everlasting ignominy than retiring speaker John Boehner. So here’s a vehement good riddance to the man who has single-handedly destroyed whatever pathetic semblance of fiscal responsibility that remained in Washington. The so-called bipartisan budget deal he confected as a parting gesture doesn’t even deserve to be called a…
In explaining to the FT’s Martin Wolf why he bailed out the Wall Street gamblers at Goldman Sachs and Morgan Stanley while crushing millions of ordinary American savers and retirees, Bernanke typically repaired to his go to argument. It had nothing to do with the mild excesses of inventories and labor that had built up in the main street economy…
It took no “courage” whatsoever to inflate the Fed’s balance sheet from $900 billion to $2.3 trillion during just 17 weeks in September-December 2008. What it actually took was an epochal con job by a naïve Keynesian academic whose single idea about economics was primitive, self-serving, borrowed and wrong. The claim that the Great Depression was caused by the Fed’s failure…
This is getting just plain ridiculous. The robo-traders were raging to the tune of 300 Dow points Thursday after Mario Draghi confirmed that he actually is a complete monetary lunatic. And now that the People Printing Press of China has followed suit overnight, they are piling on for more. In fact, Europe is stranded in economic stagnation because…
The IBM unbeat goes on. Its sales plunged again for the 14th straight quarter while its net income was down by 14% from last year. Even management’s dodgy ex-items earnings guidance for 2015 was lowered by 6% with only one quarter to go. Nor is this a passing swoon. IBM’s Q3 revenues were actually back to 2002 levels. As the Zero…
The proverbial peddlers of Florida swampland can now move over. They can’t hold a candle to the red suzerains of Beijing. The latter had drawn a line in the sand at 7.0% GDP growth. Conveniently enough, the “consensus” estimate of so-called street economists was pegged at 6.8% for Q3, thereby giving authorities one thin decimal point through which to thread a “beat” at 6.9%. By golly they did it! Even then, China’s Ministry of…
It is more evident than ever that the world economy is heading into a deflationary conflagration, but today’s generation of house trained bulls wouldn’t recognize a warning if it slapped them upside their horns. They refused once again last week to exit the casino because they got another signal from Hilsenramp that the Fed is on “hold” until at least next March. That…
