“Contrary to yesterday’s self-congratulatory statement, all is not well and its not getting weller. Instead, what we really have is net business destruction, faltering investment in productive assets, massive unutilized and under-utilized labor hours, falsified capital market prices, grotesque mis-allocation of investable funds, euthanized savers, zombified business enterprises, rampant financial engineering, stock-option addicted C-suites, massive waste of VC capital and stupendous over-valuation of every asset class that can be monetized, manipulated or margined.” Part 1. The Fed’s Bathtub Economics Brigade Blathers On | David Stockman’s Contra Corner

Contrary to yesterday’s self-congratulatory statement, all is not well and its not getting weller. Instead, what we really have is net business destruction, faltering investment