If you watch bubblevision financial news, you might think that the stock market has been great this year. After all, the government deficit-spenders and Federal Reserve money-printers have been very busy trying desperately to prop up their phony baloney managed economy so that we all “keep believing.”
On these pages, we have repeatedly and sincerely made the case for a genuine economic revival, one based not on financial bubbles, but on real productivity, leading to real wealth creation, real jobs, and real hope. You know, making a useful product and bringing it to market at a fair price. Imagine! How radical!
Instead, we continue in the DC-induced doldrums, barely treading water. The middle class continues to die its slow and torturous death of a thousand cuts, while the TBTF banks borrow endless streams of quite literally free money (nearly 0% interest) from the Federal Reserve, virtually guaranteeing their endless survival and profitability. Check the interest rate on your credit card. What’s not to like?
The Keynesian miracle is not a miracle at all, unless one is a well-connected TBTF bank.
Charles Biderman of Trim Tabs: “Stop Praying For A Miracle.”
The only miracle in a managed economy is that anything real gets done at all.