When BofA's Michael Hartnett releases his monthly Fund Managers' Survey, the one chart we always head straight to is the one laying out what the "smart money", aka the polled investors who make up the survey, is most worried about, or as they put it: what are the biggest "tail risks."

The chart below shows that as recently as a month ago, what jept everyone at night by a substantial margin, with 45% putting it as their top fear, was a China Recession, followed by an EM debt crisis.

How things have changed in the subsequent month.

The President of the Federal Reserve Bank of Minneapolis – who oversaw the Troubled Asset Relief Program (TARP) as Assistant Secretary of the Treasury for Financial Stability (Neel Kashkari) – says that the nation’s biggest banks remain too big to fail and pose significant risk to the economy

Kashkari joins the following top economists and financial experts who believe that the failure to rein in the “too big to fail” banks is unacceptable:

When last we checked in on Norway, we outlined what we called the country’s “currency conundrum.”

The new PPP South Carolina poll was conducted entirely after Saturday’s debate, and it appears that Trump suffered no damage from his criticisms of George W. Bush. Trump continues to lead with 35% to 18% for Cruz and 18% for Rubio. Iraq war dead-enders thought that Trump had finally gone too far, but that’s because they were judging his statements by their own very ideological and self-serving standards.

In recent weeks, status-quo maintainers have pointed to The Atlanta Fed's GDPNow forecast's resurgence as evidence that the market is just being irrational and that everything is awesome after all. Since we first brought the world's attention to this real-time forecast of US economic growth it has become closely-watched by all...