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Headline of the Week

Zero Hedge Article
Time To Go All-In The “Big Short 3.0”? 80% Of New York Hotels On Verge Of Default
A recent tailwind blast for the CMBX 9 shorts came from a September report from NorthStar according to which, without aid 74% percent of US hotels said they expect to lay off more employees, with a whopping two thirds of properties warning they won’t be able to last another six months at the current projected revenue and occupancy levels. 
What does this mean for the economy? What does this mean for recovery? What does this mean for unemployment? Is this short or long lived pain for the USA?

Book of the Week
The Great Deformation by David A. Stockman

Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation.
I met David a number of years ago and he had a lot of interesting things to say about D.C. and made me reassess my perspective.