“They stick a Q-tip up your nose so far, you can see it through your eye,” I thought, as a friend described what it was like to watch his daughter squirm in pain and holding her in place as the doctor performed a COVID-19 test. No thanks. But Rhode Island requires school children showing two signs of COVID-19, which we all have when we get a cold, must be sent home. They can return with either a doctor’s note saying in writing he doesn’t believe a test for COVID-19 is necessary, or take the traumatizing test and wait at home for the results. Both options stink, and are disruptive to say the … [Read more...]
Why Ultra-Low Interest Rates are Bad for You, the Economy, and Inflation
If the Fed sticks to its forecast of leaving interest rates at zero for another three years, the U.S. economy will have gone through a 15-year period where interest rates were at zero for about 12 of those years. What a gut punch to investors in or nearing retirement. The cost of safe retirement income has never been as expensive as it is today. If you want return even if it ends up being ephemeral return, you have to take more risk. To the Fed’s way of thinking, low-interest rates stimulate economic growth and stoke inflation. Retired investors be damned! Yet, since the Fed moved … [Read more...]
If You’re Wondering Who Won Debate #1
If you’re wondering who won the first debate look no further than to those who’ve been displaced to a country home, or are stuck in the city. The recovery matters to them like never before, and they want the Trump economy back. Good news, it’s happening in a big way, and just in time. My father-in-law, Dick Young writes of America's current economic situation: Since America has begun reducing the severity of its COVID-19-shutdown, the country has seen an incredible economic rebound. The tax and regulatory reforms put in place before the shutdown set the stage for rapid recovery. Today, … [Read more...]
Cracks Form in Fed’s Unprecedented Rate Policy
Cracks could be forming among Federal Reserve officials as some begin to question the feasibility of the Fed's "lower for longer" rate policy. Nick Timiraos reports for The Wall Street Journal: Federal Reserve promises to hold interest rates very low for a long time could pose a dilemma once the pandemic is over: how to deal with the risk of asset bubbles. Those concerns flared when Dallas Fed President Robert Kaplan dissented from the central bank’s Sept. 16 decision to spell out those promises. The Fed committed to hold short-term rates near zero until inflation reaches 2% and is likely … [Read more...]
Consumer Confidence Soars as Economy Reopens
As President Trump and governors like Ron DeSantis and Kristi Noem work to reopen America's economy, consumers are responding with growing enthusiasm. In the Wall Street Journal, Gwynn Guilford reports on September's highest increase in the Conference Board's index of consumer confidence in 17 years. Guilford writes: Consumers are growing more optimistic about the state of the U.S. economy, according to September surveys, as the labor market continued to gradually improve and a summer coronavirus surge receded in parts of the country. The Conference Board, a private research group, said … [Read more...]
Vanguard Proving Why It’s Too Big, Yet Again
Just when you think Vanguard might see the light and get back to its roots, it shows once again why it has become too big and is just like any other money-sucking behemoth--like BlackRock. Vanguard has proven this with the introduction of its own ESG investments program. In my series “You Invest, They Win,” I prove that you are not necessarily front and center, as you most certainly should be when it comes to how your money is invested. This is especially true with the new, hot, investment flavor-of-the-month, ESG. What is an ESG? It’s a marketing tool hoping to get you to feel good about … [Read more...]
New York Just Keeps Getting Worse: 40% Jump in Bankruptcies on the Way
New York City has taken 2020 hard. It's been one of the areas hardest hit by COVID-19, and has seen an unnerving spike in crime and violence. In response the city has been shut down, and many people have fled for greener pastures. Those left behind are now facing bankruptcies and closures. Bloomberg's Josh Saul and Henry Goldman report: (Bloomberg) -- The pandemic has battered New York City businesses, with almost 6,000 closures, a jump of about 40% in bankruptcy filings across the region and shuttered storefronts in the business districts of all five boroughs. It’s going to get … [Read more...]
Once Desolate Country Towns Now Overrun by People Trying to Escape the City
Small towns across America are dealing with something they haven't seen in a long time, population increases. For decades the United States have been urbanizing, as young people left their home towns in search of better opportunities in the nation's cities. Now, a mix of COVID-19 and riots and looting have driven them from the cities. They fled with their families to small country towns, seaside summer homes, and cabins in the mountains. In the Boston Globe, Vermont locals explain how they feel about the new influx of former city-dwellers who have turned up, filling their schools, roads, … [Read more...]
New Deal Creates one of the Largest Independent U.S. Shale Producers
A new deal between Devon Energy and WPX Energy will create one of America's largest independent shale producers. The deal is worth $2.56 billion, and was spurred on by investor interest in consolidation in the Permian Basin's shale oil industry. Rachel Adams-Heard and David Wethe report for Bloomberg, writing: The transaction, which includes a deal premium of about 2.6%, will see Devon shareholders own approximately 57 percent of the combined entity, the companies said Monday in a statement. Shares of Devon and WPX rose, indicating investor enthusiasm for the deal. The plunge in oil prices … [Read more...]
Stock Market Investing for a Secure Retirement
Here’s why I don’t follow the meaningless price or market capitalization stock market averages, especially the likes of the Dow and S&P 500. The S&P 500 Index: only 50 of the biggest cap names account for more than 50% of the total S&P500 Index. The Dow 30: only 10 of the highest priced stocks account for more than 50% of the total Dow Jones Industrial Average. No thanks to index investing in either the Dow or the S&P. Dick Young's Investment Rules Why savvy investors saving for a long and comfortable retirement should always follow RCY’s guide in crafting balanced … [Read more...]
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