Of Two Minds

The self-sustaining recovery is a fantasy that’s evaporated.What looks like a powerful, can’t-lose rally to newbies is recognized as distribution by old hands. In low-volume markets (as in the past few months), insiders holding large pos…

No federal bailout or stimulus can reverse these three dynamics, and no amount of legerdemain can replace the spending of the top 10%.Few of those anxiously seeking a rebound in consumer spending take into account the top 10% of households account for …

Not only is our lifestyle on back-order, so is our sanity.Yesterday I mentioned our collective inability to make sense of the contradictory messages of the status quo and our own experience. This inability to reconcile completely contradictory mes…

The abyss between the Fed’s illusion of phantom wealth for Wall Street and the collapse of Main Street is bottomless, and our descent into the abyss is accelerating.I know this runs counter to every dominant narrative, but a vaccine doesn’t really matt…

The laughably hopeless hope is that by propping up the corpses, the populace will discern some faint flicker of life in the decaying carcasses and return to their free-spending ways.Call it cultural synchronicity, but it increasingly feels like we…

Sclerotic, hidebound institutions optimized for linear stability and permanent growth are simply not designed to adapt to non-linear change and disruption of permanent growth.Since the first news of pandemic in late January, I’ve been discussing potent…