Welcome to September … and for those who believe the month will stay true to form (giving us the lowest returns for the year), were provided a bit of support as indices moved lower at the open and continue to show ugliness across the board.

While there were great hopes for the Fed to lower rates by 50 basis points (0.50%) at their meeting which starts in a couple of weeks, these hopes were beaten down a bit by strong retail spending continuing throughout July.  Even though shrinking savings could end such buying madness (my phrase), and Goldman Sachs looks for an eventual slowdown in economic activity, the American consumer continues to buy … showing, once again, old habits are hard to break.

This possible economic slowdown is, in fact, being foretold by many … and I am seeing more recessionary warnings on a daily basis … but, let’s be fair … it might be better (career-wise) to call for a downturn and be wrong … since you are part of a large crowd … than to stand out by going against the grain.

There is, however, one note I came across this morning which did stand out … as the oft-quoted expert is claiming the housing market today is in its “biggest bubble of all time.”  With the HOA problems in Florida (mentioned in the 5th article below) this certainly grabbed my attention … until I started to do some Google searching and found that another claim he also made was that a “crash” was about to start … without question … in June of 2021 … advice you hopefully didn’t follow.  Why do I spend time on this?   He makes some good points as he always does, and scary claims … and all you need to do is simply subscribe to his company’s “app” and find out more in detail.  I realized I don’t need a job … what I really need is an app.

Somewhat related, I spent some time on instagram and tiktok this weekend … and it is filled with people giving advice and … by golly … I actually learned how to make tens of thousands dollars a month, working only two to three hours a week.

My, how I love the internet.

For those who are interested, the new and updated Covid vaccine is now available (at CVS and elsewhere) but many I spoke with have decided not to take it.  Some feel they already have had Covid, with little effect, and feel no need.  Another said they felt the vaccine they received put them in worse shape than catching the darn disease.  So I am just making you aware of its availabilty … my PSA message for the day.

That will wrap it up for me today as I recover from Labor Day as we had beautiful weather, and I was at a park filled with families.

Remember how when you were little you could just rip off your diaper and run around naked and people would laugh and think it was adorable, cute and funny?

Anyway, I’m not allowed in the park anymore.

Have a great day,

Joseph G. Witthohn, CFA

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