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Risk Of Minsky Moment High With ‘Airplane In A Tailspin’
Even if the Fed decided to lean decisively dovish this week, it may not matter. The die may be cast.
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Kinda ironic that Marko is talking about Minsky moment and tailspin while his Boss is trying to restore confidence in First Republic Bank whose stock is down approx 45% as I wrote this.
There’s no relation between those two things whatsoever. I mean, the fate of First Republic doesn’t depend on the tone of the opening paragraph from this week’s research digest.
a vp asked me once (i was chief staff) – ‘is it a rumor or fact?’ His point if rumor, we’re screwed; if fact, we can fix (in time). All the press outputs recently if nothing else will fuel rumor (sentiment). If I’ve learned anything the last 24 months in the market – acceleration beyond history and sentiment rules … sentiment is negative off the charts it seems, maybe even merited which would mean fighting fact AND rumor … buckle up.