Pardoned General Flynn calls for martial law to overthrow Congress and the Courts and Trump holds a press conference saying he is going to do something to defend the election system…great, just great.
…there’s a salient aspect of Yellen’s career that should not be overlooked: Her failure as Fed chair…
Covid bestowed end-of-cycle excess a hardy additional lease on life.
Meaning even if Americans were to take this seriously today, the US daily death rate will STILL probably exceed 3,000 daily in weeks.
The bottom line: It sucks.
At this point, markets are scary dysfunctional. Melt-ups lay the groundwork for breakdowns. And the longer markets disregard reality, the more destabilizing the eventual reckoning. There’s a major economic crisis shoe to drop when market Bubbles succumb.
“And we can reorient our economy from wealth to work. To do all of that, we have to take on Wall Street power.
But if an adverse outcome didn’t materialize, the unwind of hedges could spur markets higher while stoking speculative excess.
And don’t get me going on the Federal Reserve’s buying Apple’s corporate bonds when credit card rates are 17%.
We’re drifting ever deeper into dangerous territory. The economy sopped up last year’s $3.1 TN federal deficit like water into a dry sponge. The conventional narrative holds that the pre-COVID economy was robust and healthy. It was neither.