Senior editor Ash Bennington joins managing editor Ed Harrison to discuss Q2 earnings for banks such as JPMorgan and Wells Fargo and use it as a barometer to talk about market cycles. Ash and Ed consider how the abysmal results in financials can cloud our understanding of where markets are at in the cycle. They also break down the sector weightings in the S&P 500, examining how severely underrepresented certain industries are and how that is distorting equity market performance. They also ponder the ways in which the system is currently “rigged,” the sorts of inequities that arise out of it, and how the pandemic is exposing it all. In the intro, Peter Cooper discusses the Q2 earnings for JPMorgan, Citigroup, and Wells Fargo, and analyzes how effective the Payroll Protection Program has been in supporting small businesses in the US.