Stockman: The current manic rally rests overwhelmingly on the Trump Stimulus and the notion that sweeping tax cuts, deregulation and fiscal stimulus will touch off a booming economy
After all, the current manic rally rests overwhelmingly on the Trump Stimulus and the notion that sweeping tax cuts, deregulation and fiscal stimulus will touch off a booming economy and a consequent eruption of corporate profits. Yet never before in stock market history has such a giant wager been placed on such an utterly implausible proposition.
Indeed, the Donald is the Orange Swan of the present era precisely because the fiscal and financial crash landing he's generating is completely visible, predictable and palpable; there's no unexpected black swan shock and surprise to it.
Even if the Donald's economic program were a miracle cure, which it most certainly isn't, its fiscal math is so daunting that it couldn't be pushed through the Capitol Hill sausage factory by a political Houdini like Lyndon Johnson at the helm of massive Congressional majorities like those of 1965-1966.
But today's thin GOP majorities amount to a boisterous gang of ideological factions led by a whirling dervish in the Oval Office
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