By David Stockman
David Stockman's Contra Corner
October 12, 2026
It is now abundantly obvious that the FOMC and its clumsy rate-pegging and credit printing tools are not remotely fit for purpose.
The real impact is dramatically displayed in the graph below. It shows that after 1987 the growth rate of household assets relative to earned income (i.e. excluding transfer payments) took off like a bat out of hell.