The No-Win Bubble “Wealth Effect”: Either Way We Lose

I have endeavored to explain how our economy has changed dramatically over the past 50 years beneath the surface. Nothing that’s going to happen…

Five Taboo Headwinds

The first step in solving a problem is to face it directly and identify its sources. If for whatever reason this can’t be done,…

The phrase that best describes the present era is hollowed out. By hollowed out I mean the exterior facade still looks pretty much the…

Let’s indulge in some basic logic: 1. All credit-asset bubbles burst. 2. U.S. housing is a credit-asset bubble. 3. The U.S. housing bubble will…