Even ordinarily, the jeremiads come thick and fast at David Stockman's Contra Corner, a bearish financial blog headed by President Reagan's illustrious Office of Management and Budget director. But since the stock market's most recent cresting of July 15, now a full month ago, the predictions of gloom and ruin have been more insistent than ever at the site.
Talk of "Yellen's invisible bubbles," "the ultimate in structured finance opacity," and the Fed's "financial repression policies" has especially infected the blog since the market started to shake off and then recover the most recent gains that have capped its impressive five-year run. And Stockman's biggest and most persistent bugbears are Wall Street opacity and the Federal Reserve.
But also, stories chronicling the same old opacity squabbles that led to the financial meltdown of 2007-8 have been appearing in even more traditionally bullish financial media with bellwether if not fully alarming frequency. And once again, the targets are not ordinary individual investors but big institutions, this time government and para-government agencies.
A comprehensive listing of such appeared in International Business Times recently, in which the City of Los Angeles, an Alabama county utility, and "other public institutions such as the San Francisco Asian Art Museum and the city of Richmond, California" have all complained of overly-opaque arrangements with banks, and in which some institutions have fought the arrangements they signed in courts and won.