Archive for January 2024
2024 Economy – Buy The Dip
Experts predict a recession. U.S. Manufacturing says we’re already in one. Opportunists say, “Buy the dip.” The Federal Reserve Bank of Richmond released its Fifth District manufacturing survey on January 23. All the components are negative by double digits. Employment is down hard, dropping from -1 to -15. The capacity utilization index sits at −27. …
Read MoreU.S. Debt Explosion
It’s hard to grasp the amount of debt U.S. citizens have allowed into their lives. Here’s a simple graph. In 1989, Michael Lewis published Liar’s Poker, his famous book describing the rise, then collapse of Solomon Brothers in 1987. Early in the book (Chapter 4) Lewis quotes Henry Kaufman, a.k.a. Dr. Gloom: “One of the…
Read MorePNC Moving To Next Level
The Prince of Darkness is now Banker of the Year. He’ll use M&A to put PNC on the SIFI list, because deposits are flowing uphill. And scale matters. (Stay with me. This will all make sense.) Bill Demchak has a history of getting things done. He might have been a little aggressive when he hit…
Read MoreSlow Learner
I’m missing out on the big Greenhouse Gas argument. As a carbon-based life form, I can’t quite grasp the premise. But I do admire the catchy slogans. I get that we’re all going to Save The Planet. We’ll abandon Fossil Fuels and use Green Energy. We’ll reduce Carbon Emissions by using Renewable Energy to end…
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