Banks Collapsing?! What’s Next? – Plus ENCORE episode with Financial Advisor Michael Kitces

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 4 May 2023

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

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Summary

There are massive rapid changes unfurling in the financial world. This week’s biggest news: First Republic Bank collapsed; JP Morgan Chase acquired it. (As it happens, I was one of 12 people who was lucky enough to have dinner with Chase CEO Jamie Dimon exactly one week ago – just days before the acquisition. I tell that story around the 8-minute mark of today’s episode.) The Fed issued a 10th consecutive rate hike, raising interest rates another quarter of a percentage point. Inflation is still double the target rate. And public confidence in bedrock financial institutions, as measured by a regional banking index fund, is in the toilet. I talk about these issues for the first 18-ish minutes of the podcast, and then we switch to a replay of an interview that we held with acclaimed financial advisor Michael Kitces, which originally aired as Episode 64. Enjoy! The interview with Michael Kitces originally aired on February 13, 2017 https://affordanything.com/64-michael-kitces-mind-powerful-money/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	There are massive rapid changes happening in the financial world.
0:04.6	First Republic Bank collapsed and JP Morgan Chase acquired it.
0:07.8	The Fed raised interest rates by yet another quarter of a percentage point, the 10th consecutive
0:11.9	rate hike, but they've hinted that there might not be an 11th.
0:15.8	The jobs report is still strong despite the high profile layoffs.
0:19.7	Inflation is hovering around 4%, which is a huge improvement, but still double the target
0:23.4	rate, and the market is as volatile as ever.
0:26.8	What does all of this mean for you?
0:29.2	How can we make sense of this cacophony separate the noise from the signal and understand
0:34.9	what to do with this information?
0:37.1	We're going to chat about that today.
0:39.6	Welcome to the Affordable Care Support Podcast.
0:41.6	The show that understands you can afford anything but not everything.
0:44.9	Every choice that you make is a trade-off against something else, and that doesn't just
0:48.4	apply to your money.
0:50.2	That applies to any limited resource you need to manage, your time, your focus, your
0:53.7	energy.
0:54.7	So what matters most?
0:57.0	And how do you make decisions accordingly?
0:59.4	Those are the big picture questions that this podcast explores.
1:03.5	In today's episode, we're going to do something a little bit different than what we normally
1:06.6	do.
	...

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