Archive For: November 2017

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Chart of the Day: Footprint Of The Fed's Bubble Machine At Work

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November 20: Daily Contrarian Reads

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Fiscal Sundown In America, Part 1

The Senate Finance Committee tax bill is not supply side and it's not even a tax cut; it's a gimmick-ridden policy mongrel that smells to high heaven of political desperation and cynicism.

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November 17: Daily Contrarian Reads

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Here We Go Again---Swell Numbers Which Aren't

According to the financial press we have had some swell economic numbers in the last two days---so it's giddy-up-and-go time for the stock market again. Thursday's industrial production number was allegedly gangbusters and today's housing start figure for October was described as a "boom" by the incorrigible headline writers at MarketWatch:

The Commerce Department on Friday said October housing starts surged, rising 13.7% to a seasonally adjusted annual rate of 1.29 million.
Obviously, "surge" is a very different thing than "flat" or "punk", but those latter terms are exactly what was reported by the Commerce Department this AM.

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Top's In----$333,000 Per Second At Christie's Auction

Your editor witnessed some history up close and personal last night. That is, we were in the auction room at Christie's when the Da Vinci went for $450 million. The madcap bidding between two unidentified telephone buyers went on for 20 minutes as one milestone after another was left behind in the dust. By our way of thinking, so was sanity. At a rate of $333,000 per second.

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November 16: Daily Contrarian Reads

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November 15: Daily Contrarian Reads

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Three Strikes And You're Out!

As we keep insisting, monetary central planning systematically falsifies asset prices and corrupts the flow of financial information. That's why bubbles seemingly inflate endlessly and egregiously, and also why financial crashes and economic corrections appear to come out of the blue without warning.

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Chart of the Day: How Detroit Moves The Metal

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