Bill Gross says negative rates are going to crush the banks

 J.P. Morgan Chase CEO James Dimon said negative rates might lead to “unintended consequences,” 

 MarketWatch 3 March 2016

Banks at IntCom

Bill Gross at IntCom

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Pfizer in 2019 sold $20 billion of drugs in the U.S. Its federal tax bill? Zero; Ireland

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AI is driving markets and GDP growth—but the underlying financing resembles the 19th-century railroad industry, which had its own share of crashes. Financial history can help us here. If you’re unsure if there’s an AI bubble, refer to the historian Charles Kindleberger’s five-stage model: Displacement: Some change in economic circumstances creates new and profitable opportunities for certain companies. Euphoria or overtrading: A feedback process sets in whereby rising expected profits lead to rapid growth in share prices. Mania or bubble: The prospect of easy capital gains attracts first-time investors and swindlers eager to defraud them. Distress: The insiders discern that expected profits cannot possibly justify the now-exorbitant price of the shares and begin to take profits by selling. Revulsion or discredit: As share prices fall, the outsiders stampede for the exits, causing the bubble to burst altogether. We are currently at stage 3. Niall Ferguson The Free Press 17 November 2025...
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