Latest / Black Box Theory Podcast / Bank Earnings, Market Swings, and Staying Calm When It Dips
Transcript
- Malcolm: so I got you you wanna talk about the the well thing, I mean like the bank bank like quick stuff about like some like bank earnings. Like I say, a couple of the the big banks haven't done Thomas: Mm-hmm. Malcolm: as hot as we thought. Goldman, they reported a seventeen dollar earning per server against a thirteen dollar sixty-five cent consensus driven by equities trading. JP Morgan's net income was around fifteen point three billion. Wells Fargo fell 3% on a revenue disappointment. the Treasury Bank, the Treasury fined a Bank of America $1.2 billion over anti-money laundering and sanctions for failures, the third largest penalty in Treasury history. the Fed, they raised rates a quarter point on September 16th, 3.7 to 3.75, 3.75 to 4%. and yeah, yeah. So the the bank ETFs, they all sitting around 12% below its mid-August high. While the SP 500 and NASDAQ records, it also has been a pretty bad week, brutal week for stocks, especially tech, Thomas: Yeah. Malcolm: tech and memory. I personally was buying Thomas: Bleeding. Malcolm: the dip, man. this is not financial advice, but I'll be back. Everybody that's panic selling and stuff, bro. I learned my lesson. I used to do the same thing, bro. And I missed out on a lot, a lot, a lot of money because I was reactive to the market. And no, I'll be back. So I'll be holding. I'll see y'all after midterms come around. That's that's when start gonna start looking green again. So Might be a little bloody for the next couple of weeks or so, but we'll be back for sure. Thomas: No, facts. And then yeah, definitely, definitely don't panic by it, man. Y'all gotta stay firm in the way that y'all are investing. Also, I I I don't have the facts off the top of my head, but I Will Spargo is facing some pushback for d ro doing some program to assist with black home ownership. Apparently the government called it racist. So yeah, or so something like that. They were saying it was racist towards non black people because you're helping Malcolm: Yeah. Thomas: black people get homes, which I mean You look at redlining in the country. Hey man, I don't know. I can't talk about it. people say I'm too negative, so I can't tell y'all what's going on. Do your research. I I can only talk about how sunny it is outside. They they said it was a school shooting, Malcolm: Amen. Thomas: but you saw the sun outside, right? This would be positive. Malcolm: Samsung. Thomas: You saw the s the sun was in the sky. School Malcolm: Sunshines and rainbows, man. Thomas: Yeah, yeah, yeah. Well, you know, gun control, right? Guns guns are controlled, right? School you s you feel s I matter of fact, I seen I seen a school a school shooting survivor from two thousand or two thousand one. Her kid was in a school shooting that happened. You got generational school shootings in this country, but hey, sunshine and rainbows. Malcolm: Say, man. Amen. My people. Appreciate y'all as always. this is Black Box Theory. Catch y'all the next episode, man. yeah, and just go ahead putting it out, do not expect an episode weekend of Halloween weekend. Homecoming Halloween, yeah, man. forget it. Beat it.