Federal Reserve

Federal Reserve

Easy Money Is Exhausting

Federal Reserve By David Stockman.  |  December 11, 2019

The point is there ain’t no point. – Cormac McCarthy, No Country for Old Men (2005) The Federal Reserve is out with its final interest-rate decision of the year. Read More

They Don’t Make Central Bankers Like This Anymore

Federal Reserve By David Stockman.  |  December 9, 2019

It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. Read More

Between Hope and Illusion

Federal Reserve By David Stockman.  |  December 6, 2019

One day everything will be well, that is our hope; Everything’s fine today, that is our illusion. – Voltaire, “Poem on the Lisbon Disaster” (1756) That’s one explosive rally on Wall Street today. Read More

Fight the Fed

Federal Reserve By David Stockman.  |  November 26, 2019

An unbelieved truth can hurt a man much more than a lie. It takes great courage to back truth unacceptable to our times. There’s a punishment for it, and it’s usually crucifixion. Read More

Fight the Fed

Federal Reserve By David Stockman.  |  November 27, 2019

An unbelieved truth can hurt a man much more than a lie. It takes great courage to back truth unacceptable to our times. There’s a punishment for it, and it’s usually crucifixion. Read More

How to Give Thanks at “Peak Debt”

Economy By David Stockman.  |  November 25, 2019

A recent Wall Street Journal piece on the raging insanity in the auto loan market tells you why this going-on-126-months-old “recovery” is a ticking time-bomb, not a singular success that warrants the Federal Reserve doing “whatever it Read More

Follow the Money

Federal Reserve By David Stockman.  |  November 18, 2019

Let’s follow the money and see where it goes Because every second the Treasury grows If we follow the money and see where it leads Get in the weeds, look for the seeds of Hamilton’s Read More

Want of Quant

Federal Reserve By David Stockman.  |  October 9, 2019

Folks, I’m getting ready to deliver the Keynote Address at the 2019 Irrational Economic Summit on Thursday Evening. Read More

We’ll Laugh, We’ll Cry, We’ll Profit

Federal Reserve By David Stockman.  |  October 7, 2019

So, a second “whistleblower,” this one with “firsthand knowledge” of what remains a third-rate phone call – has lawyered up. Read More

When “Fundamentals” Attack

Federal Reserve By David Stockman.  |  October 3, 2019

Before this week began, the odds the Federal Reserve would cut its benchmark interest rate during its October meeting were around 40%. As of this morning, those odds were up to 75%. Read More