The Moment Gary Cohn Realized His Entire Economic Policy Is A Disaster

Ever since 2012 (see "How The Fed's Visible Hand Is Forcing Corporate Cash Mismanagement") we have warned that as a result of the Fed's flawed monetary policy and record low rates, corporations have been incentivized not to invest in growth and allocate funds to capital spending (the result has been an unprecedented decline in capex), but to engage in the quickest, and most effective - if only in the short run - shareholder friendly actions possible, namely stock buybacks.

We got a vivid confirmation of that recently when Credit Suisse showed that the only buyer of stock since the financial crisis has been the corporate sector', i.e. companies repurchasing their own shares...

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