  Superconductivity in cuprates is achieved by doping holes into a correlated
charge-transfer insulator. While the correlated character of the parent
insulator is now understood, there is no accepted theory for the "normal" state
of the doped insulator. I present a mostly empirical analysis of a large range
of experimental characterizations, making the case for two pseudogaps: (1) a
large pseudogap resulting from the competition between the energy of
superexchange-coupled local Cu moments and the kinetic energy of doped holes;
(2) a small pseudogap that results from dopant disorder and consequent
variations in local charge density, leading to a distribution of local
superconducting onset temperatures. The large pseudogap closes as hole kinetic
energy dominates at higher doping and the dynamic antiferromagnetic
correlations become overdamped. Establishing spatially-homogeneous $d$-wave
superconductivity is limited by those regions with the weakest superconducting
phase coherence, which tends to be limited by low-energy spin fluctuations. The
magnitude of the small pseudogap is correlated with the doping-dependent energy
$E_{\rm cross}$ associated with the neck of the hour-glass dispersion of spin
excitations. The consequences of this picture are discussed.
