Archive For: March 2011

Crony Fascism Strikes Again

Recently by David Stockman: Why Deficits Do Matter       Someone has to stop the Fed before it crushes what remains of America’s main street economy. Last Friday morning alone it launched two more financial sector pumping operations which will harm the real economy, even as these actions juice Wall Street’s speculative humors. First, joining the central banking cartels’ market rigging operation in support of the yen, the Fed helped bail out carry traders from a savage short-covering squeeze. Then, green lighting the big banks for another go-round of the dividend and share-buyback scam, it handsomely rewarded options traders … Continue reading

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A Violent Dollar Sell-Off

Recently by David Stockman: Warren Buffett’s Humbug       The Henry Hazlitt Memorial Lecture at the 2011 Austrian Scholars Conference. The Triumph of Crony Capitalism occurred on October 3rd 2008. The event was the enactment of TARP — the single greatest economic policy abomination since the 1930s or perhaps ever. Like most other quantum leaps in statist intervention, the Wall Street bailout was justified as a last resort exercise in breaking the rules to save the system. In the immortal words of George W. Bush, our most economically befuddled President since FDR, "I've abandoned free market principles in order … Continue reading

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