Good morning.

It was barely over two months ago when those few who bothered to pay attention were aghast to find the nation’s debt had jumped to $37 trillion.  Of course, politicians were quick to blame the Fed as if, somehow, a 25 bp (0.25%) rate cut would have solved everything. Sorry … not even close … but it surely was fun to point fingers and grab some headlines.

The reason I bring this up is that just 10 weeks later we ingeniously figured out a way to add another trillion to our debt … now up above $38 trillion … doubling over the last 10 years … with no slowdown projected … other than to reside deeply within campaign promises which always seem to tout fiscal responsibility “if you vote for me.”

According to USDebtClock, each taxpayer is now on the hook for $110,000.

The only thing the site doesn’t tell me, though, is where to send my check.

Meanwhile, stocks are rebounding a bit today (following yesterday’s decline) though MAI Capital Management’s Chief Market Strategist, Chris Grisanti, CFA, commented on CNBC that the present situation surrounding AI stocks reminds him a bit too much of the “dot.com” era … when investors gleefully followed an investing strategy of “ready, fire, aim” (my words).

The Tesla earnings call yesterday had to have been interesting as Elon Musk reportedly defended his “near trillion-dollar pay package” amid shareholder concerns that this might just be a tad too rich.

Still, he was quick to shift attention away from worrisome Electric Vehicle (“EV”) sales and tell listeners that robotaxis and robots “can create a world in which there is no poverty” … without, of course, explaining how.

I know my note is short today, but I need to rush out to LLBean as there is a sale on a sweater I have my eye on.

I picked the perfect one out yesterday, but had a problem when I brought it up to the cashier

… for when I went to pay, my Visa card was declined …

… and the cashier had to ask for my cardigan.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | October 23, 2025 As of 11:25 AM today: $38 trillion dollars … well, that’s the number today related to the U.S. debt … but it is even scarier when you realize we only hit $37 trillion just over two months ago (FoxBusiness) https://www.foxbusiness.com/politics/national-debt-surpasses-38-trillion-milestone-first-time-us-history-spending-surges   You know I am always bothered by articles quoting “Wall Street legends” … especially when they have been wrong in the past yet confidently claim amazing insight (AOL) https://www.aol.com/articles/wall-street-legend-gary-shilling-083742270.html   Buyers … though not all …. have been delaying home purchases … not because of prices, but because they expect rates to drop following anticipated action by the Fed (CNBC) https://www.cnbc.com/2025/10/23/housing-market-survey-buyers-expect-mortgage-rates-to-drop.html   … but when they get these homes, some might opt for solar power … as its acceptance has been increasing at a lively pace (NewScientist) https://www.newscientist.com/article/2500013-solar-energy-is-going-to-power-the-world-much-sooner-than-you-think/   Taking a page from the “you’ve been selected for a credit card” crowd, colleges have begun sending admission notices – even if college juniors and seniors haven’t applied (EdSource) https://edsource.org/2025/youre-in-and-didnt-even-apply-why-college-direct-admissions-is-growing-nationally/743523   Well, here is an article claiming that ticket prices have priced out loyal fans from attending games.  No kidding … prices have been ridiculously high for years (NPR) https://www.npr.org/2025/10/23/nx-s1-5561909/ticket-prices-sports The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.