Given the problems with SVB and Credit Suisse, it's probably not a surprise that the banking index is showing stress.
But what is going on in short-to-medium term Treasuries is far more disturbing.
Afternoon folks!
This week we've got two eras of Chicago blues represented - an album from Muddy Waters starts us off, followed by Washboard Sam with Big Bill Broonzy and Memphis Slim. After that there's Don and Dewey with a compilation of some serious r&b. After that there's Bonnie Raitt's debut album which features Junior Wells on harmonica on about 4 tunes, then it's off to blues rock with Steppenwolf's live album. Finishing up is an album by Weather Report.
Enjoy!
“Learn the rules like a pro, so you can break them like an artist.”
Pablo Picasso
I have re-wrote the opening of today's diaries many times mentally and on the keyboard. Normal frustration of trying to sort and organize an uncomfortable subject. It is similar to the one many families face with an older generation - are they still competent to drive on public roads or take care of their own finances. Is it time for an intervention or at least a discussion?
Happy St. Patrick's Day everyone. Remember, everyone is Irish today so I hope you're all wearing something green and have corn beef and cabbage on the menu. Oh, and don't forget the Irish whiskey.
A few of my "Irish" friends sporting green in honor of St Patrick's Day.
Paddy O'Mallard
One fine day in Ireland, a guy is out golfing and gets up to the 16th hole. He tees up and cranks one. Unfortunately, it goes into the woods on the side of the fairway.
He goes looking for his ball and comes across this little guy with this huge knot on his head and the golf ball lying right beside him. "Goodness," says the golfer then proceeds to revive the poor little guy.
~~ St. Pat
The next shoe to drop hangs by a shoestring over our heads like the Sword of Damocles. And the shoestring is fraying.
Dear citizen, it matters not that you live your life trying to do what's right. You go to work, pay your taxes, obey the laws, save your money only to have it stolen in the form of inflation. The banks don't play by those rules. They have different rules, as do the very wealthy. If you get in financial trouble that's on you. If the banks get in financial trouble that's on you as well.
The recent Silicon Valley Bank (SVB) failure is a perfect example of balance of justice weighed in favor of the wealthy. You did everything by the rules, they play fast and loose with the rules. They broke the rules, you didn't, who pays?
So, yeah, the Russians brought down a drone which was spying upon territory occupied by Russia. The video below gives us the response of Lindsey Graham, senator from everyone's fave state South Carolina, to this incident.
