The Rise of Earnings in Q2

Companies have done a very good job managing the rise in wages, boosting their productivity. They're cutting back their labor force, reducing their costs and it's that dynamic nature of the U.S. economy. As an American banker, you're always waiting for the next shoe to drop. The commercial real estate market is pretty difficult shape. There's private capital sitting on the sidelines looking for some device and distress assets. So the Fed's got a lot of work to do yet. I don't think it's going to be a lot of the great financial crisis. But with elevated, like Michael talked about, interest rates are going to stay elevated for some time. That puts a lot of