Goldilocks, RIP

One of Wall Street’s most misbegotten memes is the Goldilocks Economy notion. They invariably trot her out near the end of a business cycle in order to keep the mullets buying stocks and the Fed heads as anesthetized as possible.

The theory, of course, is that with the economy in a perfect and endless growth equilibrium, punters should be eager to buy equities and the central bank should be in no rush to remove the punch bowl.

So not surprisingly, when the alleged “blow-out” jobs number for F...