SPECIAL EPISODE: Banks bite the dust, a question about renting versus buying a home, and why smart people are making poor financial decisions right now.

Allworth Financial‘s Money Matters

Allworth Financial

Investing, Business:investing, Business

4.9 • 782 Ratings

🗓️ 18 March 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On this special episode of Money Matters, Scott and Allworth Chief Investment Officer Andy Stout put banking industry turmoil into context. Then Scott and Pat help a 60-year-old single woman who wonders whether she’s making a mistake by not owning a home. A caller wants to know whether he should open a tax-deferred account to house some of his 2023 income, or just pay the taxes now. Finally, Scott and Pat talk to an expert on decision making about why smart people are making bad financial choices right now. Join Money Matters: Get your most pressing financial questions answered by Allworth's CEOs Scott Hanson and Pat McClain live on-air! Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at [email protected]. Download and rate our podcast here.

Transcript

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0:00.0	Would you like an opinion on a financial matter you're dealing with?
0:08.0	Whether it's about retirement, investments, taxes, or 401ks, Scott Hanson and Pat McLean would like
0:14.3	to help you by answering your call to join Allworth's Money Matters.
0:18.3	Call now at 83399 Worth. That's 83399 W-O-R-T-H.
0:26.0	Hi, Scott Hanson here, Allworth's Money Matters. Pat and I recorded our traditional show,
0:30.6	which you'll hear shortly. But we recorded about a week ago, and so much has gone on with the financial
0:35.4	markets. We thought we would have a little update on what's happened this past week with Silicon Valley Bank and the rest. And so I'm
0:43.3	interviewing with Andy Stout. And so I hope you enjoy this. After about 15 minutes, you're here
0:47.3	our regular programming. Well, hi, everyone. Scott Hansen here. I'm here with Andy Stout, our
0:53.8	chief investment officer at Allworth.
0:55.7	We want to just have a conversation about what's going on in the market this week. Obviously, it's been crazy week. And so, Andy, thanks for taking a little time to be with us.
1:04.9	Thank you, Scott. Happy to be here.
1:06.7	Yeah. So, first of what's your take on, what's your take on what the Fed's done with the bank,
1:14.2	SVB, and what's happening with some of those other regional banks?
1:18.8	Yeah, so we look at what's been going on with the regional banks and just the banking industry
1:22.6	and the whole.
1:23.1	There appears to be some cracks emerging in the system, partly because the Federal Reserve has kept
1:28.2	interest rates so low for so long and then hiked them really, really quickly to fight off
1:33.2	inflation. And that inflation shock led to this interest rate shock, which is having an effect
1:39.1	on the bank's balance sheets in general. And when we look at problems with the banks, I mean, there's a few things
1:44.9	you want to think about. You want to think about, is there a liquidity issue? Is there a solvency issue?
1:49.1	Those are two very different things. When you look at the banking industry as a whole,
	...

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