– Why Financial Reporters Are Clueless: They Copy And Paste Keynesian/Wall Street Propaganda (David Stockman’s Contra Corner, June 25, 2014):
By David Stockman, former director of the Office of Management and Budget (1981–1985)
This morning’s Q1 GDP revision might have been a wake-up call. After all, clocking in a -2.9%—-cold winter or no—it was the worst number posted since the dark days of Q1 2009. Well, actually, it was the fourth worst quarterly GDP shrinkage since Ronald Reagan declared it was morning again in American 30 years ago.