Housel. You mean @morganhousel.bsky.social . Not 'House'.

I think @tracyalloway.bsky.social was campaigning for this

American software is eating the world.

Out of curiosity, is that publicly traded corporate profits, or an estimate that includes private cos?

I think you just found a theme for another episode.

4) it's just a tweet, it's not policy. It's like banks' year end S&P estimates, it's a made up number.

The real takeaway of course is that growth in loans = growth in the economy. When loan issuance slows, historically the economy has too, and it's hard to see or imagine more new loans being originated at current rates.

I was also surprised that these 3 segments of the market are so similar in size.

more immigrants, please!

literally the only thing to dislike about this sort of development is that the trees haven't had a chance to mature yet.