Succinct Summary: Earnings season kicked off this week. The nation's big banks reported earnings and for the most part provided positive economic commentary. We are seeing a return to a generally sound economy and confidence has improved a lot. Credit performance has been much better than expected and if nothing changes banks probably have a lot of excess reserves. The election creates the potential for near-term volatility but the end of the pandemic is hopefully in sight. Editor's Request: This weekly newsletter is made possible by donations from our readers. If you like what you are reading, click here to donate (Our suggested donation: $10 per month). Help us keep The Transcript going.