This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarresna.

Macro Voices episode 289 was recorded on September 16, 2021. I'm Eric Townsend. This episode

is brought to you by Abbex Technologies, pioneering the design of smarter markets that better

serve the needs of both market participants and society as a whole. And by escrow.com,

the world's most secure online payment system from a counterparty risk perspective because

the funds sit in escrow. Bianco Research Fowder Jim Bianco returns

is this week's feature interview guest. We'll discuss secular inflation, demographics,

decentralized finance, and much more. Then be sure to stay tuned for our post-game segment

when Patrick has prepared a terrific slide deck for you, which is titled, Sizing Up

the Markets and Emergent Trends. And I'm Patrick Sarresna. Now, Eric, let's get to the

S&P 500, which has been correcting for a week or so, but not a real breakdown or anything

just paused from its prior up trends. What's your take on the markets here?

Well, I agree with your characterization. It blows me away when I see some of these

descriptions online about how the market is starting the beginning of the October crash.

And I just think, boy, we're not even down to the 50-day moving average and people are worried

already. And it's been what, two weeks since an all-time high in the market. Now, I think it is

worthwhile to explore how October crashes usually happen. October is the month that you remember,

but usually the market actually tops sometime in August. And then volatility really picks up

...