How much is that Benjamin in your pocket really worth? If you live in New York or California, it may be a lot less than you think in relative value terms. But no surprise, your money is worth least in Washington D.C., where the relative value of $100 is a mere $84.67. Meanwhile, in Arkansas […]
RAGE Gauge: Americans Unhappy
Throughout July, Americans signaled that they’re feeling more risk. Gold prices pushed higher, people bought more guns, and most frighteningly, dissatisfaction with the country jumped from 69% to 82%. It’s obvious the current political campaign is having an effect on people’s moods, and rightly so. No matter who you’re voting for, no one can deny […]
Bob Lutz on the Auto Industry
I saw this interview with Bob Lutz in the September 2016 issue of Car and Driver. C/D: Because automakers eat so much capital, will we eventually see only four or five remaining? BL: It’s likely. With autonomous cars, you’re gonna see more consolidation. Once we have transport modules, you order off the phone and brands […]
The Trouble at DoubleLine Was Predictable
Fortune breaks the bad news to readers that Jeffrey Gundlach’s DoubLine Total Return Bond Fund is having its worst year ever. Jeff Wieczner writes: DoubleLine CEO Jeffrey Gundlach’s flagship DoubleLine Total Return Bond Fund (DBLTX) is having its longest streak of underperformance on record, lagging most of its peers as well as the Barclays Aggregate […]
Dangerous Rules Make American Pensions Riskier
The abuse of expected returns assumptions at public pension funds in America is something I have regularly raised a red flag about. Take a look here at The Economist’s comparison of American public pension fund rules with those for private funds and foreign public funds. The opportunity to use inflated future return expectations leads public pensions […]
Are Your Retirement Plans Ready for the Robot Uprising?
Many smaller businesses that wouldn’t typically be served well by the financial industry are being forced to create pension plans for their employees. Whether this is good or bad, these small businesses will need the absolute cheapest option in order to fulfill their regulatory obligations while simultaneously remaining afloat. Of course, when businesses need cookie cutter […]
Tim Kaine: Rated D by Cato Institute
My friend and Cato Institute scholar, Chris Edwards has succinctly summarized what’s wrong with Tim Kaine and why he shouldn’t be allowed anywhere near Number One Observatory Circle. Edwards writes: Kaine was governor of Virginia from January 2006 to January 2010. I assessed Kaine on Cato’s fiscal report card in 2008, and he received a […]
1,000 Veterans Die While VA Spends Money on Art
Just when you think the sad story of the VA can’t get worse, a new more depressing chapter is unveiled. FoxNews’ Elizabeth Harrington reports that while a thousand veterans were dying, the VA was spending $20 million on artworks. Lack of prioritization is a death knell to any privately run business, but in government, it […]
States and Cities Struggle under Pension Weight
Timothy Martin writes at the Wall Street Journal that public pensions in the United States are about to record their lowest long-term returns ever. I’ve warned about the threat to pension funds posed by low interest rates time, and time, and time, and time again. Now the chickens are coming home to roost, and public […]
Excise to Excess: States that Make You Pay
The Tax Foundation has released a map displaying the ranking and dollar/citizen each state pulls in via excise taxes. Excise taxes are usually placed on goods that consumers can’t avoid, like gasoline, or goods that governments would prefer consumers avoid, like cigarettes or alcohol (also called Sin Taxes). Policy makers are attempting to generate maximum […]
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