Stockman's Corner

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Steve And Eddie's Excellent Adventure With Bubble Finance Now Comes A Cropper

A couple of weeks ago Treasury Secretary Steve Mnuchin averred that Janet Yellen was doing a pretty good job. He should know. He made billions from the wreckage of subprime lender IndyMac that had no reason for existence or basis for economic revival except for the Fed's massive reflation of financial assets after the 2008 crisis.

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Thursday's Defining Moment: Defeat Obamacare Lite Or Be Buried By The Welfare State

Thursday's vote on Speaker Ryan's wrong-headed plan to repeal and replace Obamacare involves far more than keeping faith with an admireable campaign pledge or the Donald's notion that it's just the preliminaries to "cutting the hell out of taxes".

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The Deep State And The Donald, Part 2

What a farce! The Boobsey Twins of Comey and Rogers did well and truly give "stone-walling" a new definition. Somewhere in Deep State heaven Tricky Dick Nixon turned green with envy.

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The Deep State and The Donald, Part 1

The Donald is so right. And not just about what he shares "in common" with Angela Merkel. We all share the fact that the surveillance machinery of the Deep State now effectively "taps" every single email we send and every cell phone call and text message we make.

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The Day #1 Defenestration Of OMB Director Mulvaney----Trump's "Skinny Budget"

We have been betting on the Great Disrupter, and find ourselves validated once again by the so-called "skinny budget" issued by the White House on Thursday. After all, if you wanted to dump a truckload of sand into Washington’s fiscal gears, a plan to shift $54 billion from the shallow end of the Swamp (State, EPA, HUD etc.) to the deepest end (Pentagon) would be just the ticket.

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The Ides of March: Why This Time IS Different, Part 2

During the last 129 months, the Fed has held 86 meetings. On 83 of those occasions it either cut rates or left them unchanged.

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The Ides of March: Why This Time IS Different, Part 1

We do not buy the notion that history repeats or even rhymes. Instead, we are far more partial to the aphorism attributed to Nixon era economist and philosopher, Herb Stein, who averred that any trend which is unsustainable tends to stop.

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Eight Years Of Bull Ends Tomorrow

We demonstrated yesterday that the US economy has essentially generated no breadwinner jobs since the turn of the century. The gain in what the BLS counts as "jobs" are essentially part-time gigs in the bread and circuses sector and jobs emanating from the booming growth of government funded education and health spending.

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February Jobs----Fake News Is Still Fake News

We haven't been hesitant to tout Donald Trump as the Great Disrupter because he rarely let's us down on that front. So we were not surprised when he came through in spades with respect to the "awesome" jobs report for February.

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The Countdown To Crisis Starts Wednesday, March 15

We were on Fox News again yesterday afternoon beating the drums about the massive cash drain at the US Treasury and its ominous implications for the impending financial crisis. Shortly thereafter, colleague Lee Adler sent us the chart below---- which makes the picture crystal clear.

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David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.

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