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Peak Bull: Fake Economy, and Fake News

by David Stockman
Daily Reckoning

The American economy has been mangled by decades of assault on capitalist prosperity.

Growth is now dying because the Federal Reserve’s hit on corporate America that has strip-mined its balance sheets to feed the halls of Wall Street. Trillions of dollars have been thrown into financial engineering (stock buybacks, M&A deals and leveraged recaps) while neglecting real investment and productivity in Flyover America.

[…] The single most important thing that speculators and bulls on Wall Street should be looking at now is where we came from. If Wall Street understood this, they wouldn’t continue to expect the “born again” Reagan stimulus that has been imagined since Trump’s inauguration.

Continue Reading at DailyReckoning.com…

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