The Calm Before the Storm
Marking to myth.
"Think about it. If you own a bond, you've got a claim on money, but the claims are too much...You're either not gonna get back that money in full, or you're going to get back money that's worth less, because they print the money."
- Ray Dalio
So I agree with Dalio there, and in most of that interview. At the end though he can't help himself, and goes full-Davos, first with his man-crush on Mario Draghi, and ending with a heartfelt presentation of the Chinese Communist Party's position on Taiwan.
With high food prices, grocery shopping has become a strategy game. “There is a trade-down with the consumer going on,” Louis said, “because at the end of the day, you have to think about disposable income.”
"I don't feel the pain of inflation anymore. I see prices rising but I have enough... I sometimes balk at the price of things, but I don't find myself in a space where I have to make tradeoffs because I have enough, and many Americans have enough."
In 2021, Mary Daly made $500K, just in salary. There were 1,800 employees at the San Francisco branch alone. She had 140 'other officers’ making an average of $272k each, plus juicy benefits, bonuses and pensions.
A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead
The Federal Home Loan Bank system provides billions to banks curtailing mortgage lending, and millions to its executives
It’s a feature, not a bug!
Just another indicator. These generally seem to roll over going into a recession - sometimes during a recession. Don’t see a lot of false signals. I’m reminded that states can’t print money (although I’m sure California will try).