“In short, according to Friedman and Schwartz, because of institutional changes and misguided doctrines, the banking panics of the Great Contraction were much more severe and widespread than would have normally occurred during a downturn. Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.” – Ben Bernanke, 2002
GoI is just calling attention to the fact that Sven doesn't understand the difference between stocks and flows. Which is only to be expected of one ( S.H. ) who doesn't understand the difference between repos and reverse repos.
I use to describe Fed Reaction Action Function to my wife and the thermostat. Say she wanted to raise or lower the temperature. She will set thermostat to desired temperature. 5 minutes pass, temperature not where she wants it, so she + or - thermostat beyond desired temperature. Eventually temperature exceeds desired temperature and the process begins all over!
Also, re my proprietary armadillo indicator. On 9/12/2022 I saw a dead armadillo.* For those of you who scoff, let's go back to the summer of 1982 when the S&P 500 est a new high and inaugurated a Bull Market.
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I use to describe Fed Reaction Action Function to my wife and the thermostat. Say she wanted to raise or lower the temperature. She will set thermostat to desired temperature. 5 minutes pass, temperature not where she wants it, so she + or - thermostat beyond desired temperature. Eventually temperature exceeds desired temperature and the process begins all over!
Also, re my proprietary armadillo indicator. On 9/12/2022 I saw a dead armadillo.* For those of you who scoff, let's go back to the summer of 1982 when the S&P 500 est a new high and inaugurated a Bull Market.
I am a Certified Financial Planner, as well as CLU, Chfc, and 24 year career at Morgan Stanley, retired exactly two years ago. The NYSE clients in private wealth management, and at retail asset under management levels you mentioned are likely down on average 15-30% YTD. The people I happen to like will fair far better in this bear market, and will avoid all the carnage the clients at firms you admire experienced from 2000-2016.
Anybody here know anything about collectibles, specifically watches? The time has come to get something to complement my collection of Timexes from the 1980’s, and Swatches from the 1990’s.
I have narrowed it down to a Submariner (of course), and/or a cheap Patek like the Calatrava, and/or the Leica L2 (or maybe wait for the L3). A chunk of change, for sure.
I am tempted to wait to see if there is deflation in the watch market. Anybody have any guesses as to what’s going to happen with such discretionary luxury goods? I might buy used, if good examples are available.
I would assume this market get hit hard, more at the later end of the cycle as collectors liquidate.
Thanks. I will buy the seller, regardless of whether I buy new or used. Also up for consideration is the James Cameron Deepsea. I am waiting for a break in the price action, I hope you are right.
Last Monday losses on Nikkei, Hang Seng and Shanghai rolled across Eurasia and across the Atlantic. Hang Seng & Shanghai are already down for the day. Sport Day holiday in Tokyo. Shanghai only down a small fraction, Hang Seng down about 2 1/2%.