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Deep State First, Part 3: Crashes First, Recessions Later

by David Stockman
David Stockman’s Contra Corner

 

Let us repeat: Financial crashes cause recessions, not vice versa. So if you are waiting for NBER (National Bureau of Economic Research) or even some unusually enlightened Wall Street economist to call recession before exiting the casino, well, get prepared for some very bad hair days.

The old fashioned sequence of causation, of course, was that stock markets don’t crash until they are triggered by warning signs, or the actual onset, of recession. But there is no mystery as to why that model has become inoperative.

 

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