How Bad Off Are You?

April 28, 2023 One of the biggest economic puzzles today is the surprising divergence between consumer confidence, which has plummeted, and consumer spending which has continued to climb at a moderate pace.  That makes absolutely no sense.  If we are as scared as we...

Perception Matters

March 17, 2023 The banking crisis has now swallowed three U.S. institutions — Silvergate, Silicon Valley Bank, and Signature Bank — and threatens First Republic Bank.  There was a legitimate fear that other regional banks could have similar difficulties. ...