Denver’s airport has the longest runway in the U.S. at 16,000 feet (3 miles). As thousands of vendors, with some lenders thrown in for good measure, and me, head to Nashville for the MBA’s conference this weekend through next Wednesday, I am reminded of a bit of air travel trivia. Namely, if a commercial pilot seems to land quickly and taxi off the runway as soon as possible, generally that pilot’s background is Navy. If the pilot lands gently and taxis for a bit, that pilot was trained in the Air Force. The reasoning? Many Navy pilots were trained to land abruptly on carriers. The economic backdrop for this year’s event is not pretty. And in our biz, concerns about a potential recession and other issues are prompting some investors to sell mortgage securities known as credit-risk transfers that are packaged by Fannie Mae and Freddie Mac. The trend has sent the securities' prices lower and widened the yield spread when compared with Treasury bonds. The Federal Reserve's latest Beige Book shows a trend toward deepening pessimism regarding economic health. While the report contains positive notes, including marginal economic expansion and an easing of some costs, many businesses note weakening demand for products and services, as well as consumer pushback against higher prices. Brokerage houses are reporting that day trading has fallen off as retail investors turn to cash: An explosion of day trading by retail investors during the pandemic has subsided as inflation rises and as stock prices fall. (Today’s podcast is available here. This week’s is sponsored by EarnUp, reinventing payment and data flows in real estate ecosystems, origination, mortgage, and fintech.)