America’s Mood Was Already Worsening On Eve Of Bank Crisis
There wasn't much to be gleaned about America's still simmering bank crisis from the preliminary read on University of Michigan sentiment for March.
Survey director Joanne Hsu knew just what markets were curious about, but at least for now, she couldn't offer much in the way of answers. "85% of our interviews for this preliminary release had been completed" by the time Silicon Valley Bank failed, Hsu said Friday.
So, we'll have to wait for the final read on March sentiment, or perhaps for the
It’s not just low income folks who are panicked about this mini crisis. Yesterday I got a call from a very smart individual I worked with for his entire career as the executive director of a major behavioral health agency. He is the closest thing I have to a real personal hero, a blind individual leading his staff of over 100 to help people trapped by addiction to free themselves. He called me for reassurance that the apocalypse is not upon us and to gain an understanding of how the system works. What I realized at that moment, and what I have gleaned from reading chatboards, posted comments and other sources, is that even most “smart” people don’t actually understand how the major institutions of our economy actually function. They really don’t seem to get banks. Many characterize depositors as greedy “investors” who should all be punished by losing all their money so they wouldn’t get anything from honest taxpayers. It won’t be China or Russia or climate change that brings humanity down, it will be ignorance, the fastest growing problem we jointly face.