Published on Zero Hedge (http://www.zerohedge.com)
David Stockman's Non-Recovery Part 3: Borrowed Recovery On Borrowed Time
By Tyler Durden
Created 06/19/2013 - 19:59
Following Part 1's exposure to the faux-prosperity [1] of the post-2009 'recovery' and the precariousness of the Bernanke bubble, Part 2 of the series explained the dismal internals of the jobs numbers [2] the utterly politicized calculation of the "unemployment rate" that disguises the jobless nature of the rebound (as breadwinner jobs languish). In Part 3, David Stockman (from his new book "The Great Deformation") [3] starts an explanation of the why. As he notes, the Fed's post-crisis money-printing polices gifted Wall Street speculators, as intended, but they also delivered an utterly botched recovery on Main Street. The reason the Main Street economy refused to follow the Keynesian script, however, could not be found in the texts of the master or any of the vicar's uncles. The Keynesian catechism has no conception that balance sheets matter, yet Main Street America is flat broke, and that is the primary thing which matters.
Source URL: http://www.zerohedge.com/news/2013-06-19/david-stockmans-non-recovery-part-3-borrowed-recovery-borrowed-time
Links:
[1] http://www.zerohedge.com/news/2013-06-17/david-stockmans-non-recovery-part-1-post-2009-faux-prosperity
[2] http://www.zerohedge.com/news/2013-06-18/david-stockmans-non-recovery-part-2-crash-breadwinners-and-born-again-jobs-scam
[3] http://www.amazon.com/The-Great-Deformation-Corruption-Capitalism/dp/1586489127
[1] http://www.zerohedge.com/news/2013-06-17/david-stockmans-non-recovery-part-1-post-2009-faux-prosperity
[2] http://www.zerohedge.com/news/2013-06-18/david-stockmans-non-recovery-part-2-crash-breadwinners-and-born-again-jobs-scam
[3] http://www.amazon.com/The-Great-Deformation-Corruption-Capitalism/dp/1586489127
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