Animal Spirits: The Wobbly House of Cards

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Today’s Animal Spirits is brought to you by Nuveen:

This episode is sponsored by Nuveen. Visit https://www.nuveen.com/positioning to learn more and to sign up for a custom portfolio analysis.

On today’s show, we discuss:

• Joining the dots between big AI
• AI’s Wobbly House of Cards Puts Markets and US Economy at Risk
• Frontier Overhangs
• Weeks Before the Midterms, Almost Everything Is Getting More Expensive
• Housing CEOs Say Cost Relief is Ending
• Chiefs’ Travis Kelce named as victim in multi-million dollar Ponzi scheme
• Mark Walter’s Financial Empire Was Fueled by Retirement Savers
• The Volatile Finances of Airline Pilots, America’s Unpredictable Millionaires
• Lakers Buyers Lay Out Plans to Reach $30 Billion Valuation in Pitch to Investors
• Yankees set to become most valuable team in baseball with Apollo poised to take major stake
• ‘My Husband Has No Friends’

Listen here:

Charts:

Tweets/BlueSky:

Flight delayed 7 hours – asked Muse to file for compensation. 5 mins later i had $250 credit in my delta account. it even found and rebooked me a new flight.

it just figured everything out. even responded to the support email itself.

shit feels like magic. pic.twitter.com/OxY5gyaWrS

— Ejaaz (@cryptopunk7213) September 21, 2026

Goldman sees a 14% S&P CAGR over the next 10 years in a "Goldilocks+AI boom" scenario

4% if we see stagflation @soberlook pic.twitter.com/6aTySU8za9

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 22, 2026

Like $WFC, Capital One also sees ‘striking strength’. Spending strong, bank balances up, charge offs running better than expected. Importantly, seeing strength across income levels. This consumer is still not fazed by everything thrown at them 💪 $COF $BAC $XLF $XLY $AXP https://t.co/QzysCaEEif pic.twitter.com/x48mefvsUd

— Rahul Sharma (@Retail_Guru) September 16, 2026

K goes kaputt… In August, after-tax wage growth for lower-income households continued to outpace that of higher-income households pic.twitter.com/pZpcSR8ouK

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 14, 2026

West Coast: we're approaching an economic transformation unlike anything in modern history.

East Coast: we're looking at three more years of 2.1% GDP growth. pic.twitter.com/XF7H45geOh

— John Arnold (@johnarnold) September 17, 2026

Recommendations:

• The End of Oak Street
• Rocky IV
• Deep Water
• Friday the 13th
• The Texas Chainsaw Massacre

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