David Stockman On Why Financial Reporting Is So Bad

The United States became the economic wonder of the world—producing real wealth and earned prosperity for a higher percentage of her people than probably any nation in all of history—by actually making and selling stuff. We were largely free to work, and to benefit from our efforts. Now, the Federal Reserve has enabled the financial sector to grow its slice of the pie, not by providing real goods or services, but by setting up tollbooths on the economic highway. Charles Hugh Smith is probably Read more […]

Implosion Architect Greenspan Blames Us for Being Irrational

The Wall Street Journal has given former Federal Reserve Chairman Alan Greenspan a careful platform so he can justify himself. The most nauseating thing about this “interview” is it gives us few direct quotations. It mostly summarizes points. Obviously, this is simply the defense that he wishes public to swallow about himself and that the “reporter” Alexandra Wolfe dutifully produced, no doubt allowing him to edit and “correct” the final draft. If we were given a transcript or (better) Read more […]