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Municipal bonds may be general obligations of the issuer or secured by specified revenues. In the United States, interest income received by holders of municipal bonds is often excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code, and may be exempt from state income tax as well, depending on the applicable state income tax laws. The state and local exemption was the subject of recent litigation in Department of Revenue of Kentucky v. Davis, 553 U.S. 328 (2008).[4]
Exactly one month ago, just as the S&P hit all time high, Bank of America caused a stir when it announced that one of its proprietary "guaranteed bear market" indicators created by the Bank of America quants was just triggered. As we said at the time, what was remarkable about this particular indicator is that it predicted not only the size of the upcoming drop (-12% on average) but also the timing (over the coming three months). Also notable: its uncanny accuracy: it was correct on 11 out of 11 previous occasions after it was triggered.
I suspect there’s a hidden agenda behind the announcement in The Wall Street Journal op-ed by former Hillary Clinton aide Mark Penn that the Ole Gray Mare is actually eyeing another run for the White House in 2020. No, it’s not just that she would like to be president, as she averred on video last week in a weak moment, or that she has decided late in life to go full Bolshevik policy-wise. It is to establish her in the public mind as a serious candidate so that when she is indicted a hue-and-cry will arise that the move is a purely political act of revenge by the wicked Trump. Read More
vt (pret bore; pp borne) tolerar, aguantar, soportar; (to give birth to) dar a luz; child-bearing age edad fértil; to — down pujar; Bear down as if you were having a bowel movement.. Puje como si estuviera defecando (haciendo popó); to — weight soportar peso; You shouldn’t bear weight with your left leg for two weeks..No debe soportar peso con su pierna izquierda durante dos semanas.
I think I’ve figured it out.  There’s multiple Americas.  I don’t mean North, Central and South.  I mean multiple US of As.  What other explanation could there possibly be.  When I hear a windblown politician, a television yakking head, or the wholly ignorant in the streets making these comments I think:  That’s exactly what should be happening in our country!  That is exactly what I value.  That is exactly who I am.  So, here we rest our weary hearts and minds.  In a standoff across an ever-widening abyss.  An abyss of wayward ideologies, ignorance, directionless baseless hatred, stupidity… multiple Americas. Read More
Misguided Tweet About PfizerAnother misguided tweet that came out today from the President had to do with drugs:Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other count ...…

The biggest of all BIGGER story aspects to the HPSCI Memo, in all coverage, has been overlooked by all Main Stream Media.  The Department of Justice FBI FISA request was for “Title I” surveillance authority.  This is not some innocuous request for metadata exploration – the FBI said American citizen Carter Page was a “foreign agent of a hostile foreign government”; the FBI was calling Carter Page a spy.
In my opinion, flyover America voted Republican because the “deplorables” want to defend Trump. They want to defend him for two reasons. One is that he spoke to their economic plight caused by the US corporations exporting their jobs, leaving the American workforce and middle class hard-strapped. The other is that the adoption of Identity Politics by the Democratic Party has made the Democrats the party that hates white people—especially white heterosexual males who are defined as the victimizer of minorities, homosexuals, and women. Read More
Anyone looking for a deatailed explanation as to how and why the economic collapse came to be needs to read this book. In factual analysis Peter explains the responsiblity of the Federal Reserve in creating the booms and busts of our economy and makes no bones about who is responsible for the latest economic turmoil. As a blue collar person looking for some legitimate answers "The Little Book of Bull Moves in Bear Markets", is an invaluable read. I reccommend it to anyone who is looking for sound economic advice in an unpredictable environment. Peter Schiff's record stands for itself. He truly did see what lay ahead and tried to warn everyone. His bravery in the face of ridicule should be an inspiration to all. As they say, "Peter Schiff was right!"
So I have been rolling this whole mess around in my head: Trump wins the RNC nomination. Hillary wins the DNC nomination by cheating over Bernie via the great “Super Delegate Scandal.” DNC comes up with a plan to dig up dirt on Trump via Steele and his Russian contacts. Steele apparently fails to come up with anything substantial or is too incompetent to understand his lies will not hold water when looked at closely and so publishes the phony baloney Russian Dossier. DNC and Clinton via Steele and Fusion GPS worm their way around the FBI and FISA courts and get a FISA warrant on a low-level Trump flunky Carter Page. Page is promptly removed from the Trump campaign. Using the FISA warrant, FBI spies on Trump and apparently finds nothing. Hillary email scandal erupts. Comey states Hillary is guilty as hell but no one will prosecute so no charges are brought up. DNC calls for Comey’s head. Trump wins the election and becomes POTUS. Trump appoints Flynn, then promptly fires him when he finds out he is compromised. Comey is outed as a corrupt idiot and so Trump fires him. DNC cries foul about firing Comey, even though they were literally calling for his head 6 months previous for his coverage of Hillary email scandal. DNC screams for a special council, Sessions recuses himself for no reason (clearly making POTUS Trump angry), and so deputy AG Rosenstein (who signed off on the junk Russian Dossier FISA warrant) assigns his and Comey’s good friend Muller to lead the investigation (clear conflict of interest on multiple fronts). Muller investigates for a year and finds nothing of substance (except completely unrelated crap on Flynn and a few others). Nunes investigates and finds out everything above (it is not even hidden very well). Nunes wants to release the memo. DNC balks badly and ultimately fails. The memo is released.
Publisher’s Note: If you’re not averaging double-digit percentage gains on your investments, it’s worth your time to check out Nicholas Vardy’s portfolio strategy. You can learn about his two most recent recommendations — both up over 50% in just the last few months — along with his favorite “wealth-compounding machine” — here in his updated research report. Click here to keep reading.
For the study, researchers from Suranaree University of Technology in Thailand derived the extract of broken bones from the fruit pods of the plant. They looked at the effects of broken bones plant extract on the adipogenic and biomolecular change in 3T3-L1 adipocytes. They used the cell line 3T3-L1 to establish the potential toxic effects of broken bones plantextract during adipogenesis, the differentiation of pre-adipocytes into adipocytes. Read More
Velocity can also tell us about the long-term direction of bond yields. As velocity is a main determinate of nominal GDP, and yields track nominal GDP, Lacy believes that the secular low for interest rates are not in hand: “In my view, we will not see the secular low in interest rates until the velocity of money reaches its secular trough, and that is not something that’s going to happen soon.”
One of the major indicators that a bear market may be on the way is the yield curve. While the yield curve is currently flattening out, and not inverting, by sitting at around 0.2%, it is right on the edge. When the yield curve is flat, that means that the 2-year spread and the 10-year spread for bonds (in the case of the U.S. Treasury yield curve) are around the same -- basically, that the long-term interest rates aren't much better than the short-term interest rates (which they ideally should be). Given that interest should be higher for lending the government money over a long time (giving up the opportunity to do other things with your money like invest in stocks), an inverted yield curve is a sign of danger and a possible bear market. 

The average pension fund assumes it can achieve a 7.6% rate of return on its assets in the future. As noted in Monday’s Wall Street Journal, the majority of these assets are invested in the stock market. The rest are invested in bonds, real estate and alternatives. An aggregate bond index fund yields 2.5% today. Real estate investment trusts, as a group, yield nearly 4%. Read More
In closing, EvG says, “. . . At some point, all hell will break loose. There is no question about it. It could be something very serious coming this autumn. The whole political system is fighting against Trump, and that is going to be tough, very tough. . . . The markets are giving me the signal that things are going to turn in the autumn, and you can easily find a number of catalysts for this to happen.” Read More
The benchmark Shanghai composite closed officially in bear market — referring to a decline of at least 20 percent from recent highs — on Tuesday. The smaller Shenzhen composite moved into bear market territory in February this year. The Shanghai and Shenzhen composites were down around 22 percent and 26 percent, respectively, from their 52-week highs, as of Asia afternoon trade on Wednesday.
vt (pret bore; pp borne) tolerar, aguantar, soportar; (to give birth to) dar a luz; child-bearing age edad fértil; to — down pujar; Bear down as if you were having a bowel movement.. Puje como si estuviera defecando (haciendo popó); to — weight soportar peso; You shouldn’t bear weight with your left leg for two weeks..No debe soportar peso con su pierna izquierda durante dos semanas.
All day today the presstitute scum at NPR went on and on about President Trump, using every kind of guest and issue to set him up for more criticism as an unfit occupant of the Oval Office, because, and only because, he threatens the massive budget of the military/security complex by attempting to normalize relations with Russia. The NPR scum even got an ambassador from Montenegro on the telephone and made every effort to goad the ambassador into denouncing Trump for saying that Montenegro had strong and aggressive people capable of defending themselves and were not in need of sending the sons of American families to defend them. Somehow this respectful compliment about the Monenegro people was supposed to be an insult. The ambassador refused to be put into opposition to Trump. NPR kept trying, but got nowhere. Read More
Relaxed is how an asset management office should be because if you know what you are doing, you can be pretty sure that you will do well in a certain time horizon. However, the reason behind the relaxed atmosphere at Vanguard isn’t because they know what they’re doing, it’s because they do absolutely nothing. Let me elaborate, out of the $4 trillion of assets under management, about $3 trillion is invested in passive index-based strategies. Investing in passive index-based strategies means investing in a little bit of everything and letting the market decide how much you’ll buy of what as the indexes are weighted by market capitalization. So Vanguard invests around $2 billion a day of new investors’ money mostly into companies like Amazon, Apple, Microsoft, and smaller amounts into smaller companies.
The economies of the world are at an inflection point.  Enough data points have now presented themselves to be able to see the outlines of a major shift in the markets of the world.  We are at a pay attention moment.  There comes a time when a successful investor must make some hard decisions to position himself to be able to take advantage of opportunities down the road.  The markets are telling us now is such a moment.
Three of the four worst bear markets were preceded by high valuation. Among the four worst bear markets with over 40% losses, three of them including the Great Depression in 1929, dot-com bubble in 2000 and subprime crisis in 2007 started with somewhat extreme market valuation. The only exception is the 1973 bear market caused by Arab oil embargo and subsequent recession, but it had an above-average PE to start with as well.
One notable absentee from the list of major concerns cited in the survey was China, with just one investor highlighting the danger of a disruption in that country’s financial system. Atul Lele, chief investment officer at Nassau, Bahamas-based Deltec International Group, said the chance for excessive tightening by the Fed comes a close second to his China worry.
Having lived through and traded the bear markets since 2000, I can attest to the accuracy of the descriptions provided - especially the psychological roller coaster that takes place. Forewarned is forearmed when the next bear market appears. The trading suggestions for bear markets range from the straightforward to the more advanced. I was slightly disappointed that there was no mention of using inverse ETFs in a bear market - perhaps a topic for a future bonus section.
The central bank and investment banks have the power to crash the market right before the midterm elections to influence voting. I have seen this pattern repeated with both Ronald Reagan and George Bush, and we could be seeing it repeating once again for Donald Trump. The Fed and its dealer banks battle against Republican administrations, especially when they hold both houses of Congress, too.
If we look back at the history of bear markets in the United States, then they were usually preceded by lengthy, strong bull markets.  Those bull markets encouraged most investors to pile into the stock market and into high-yield corporate bonds, with the highest concentrations close to the tops.  We can see that recently with all-time record inflows into U.S. equity funds--especially passive equity funds including ETFs--in 2017.  Thus, as each bear market begins, people have huge percentages of their money in the stock market.
Dick Meyer of NPR believes that "the idea of blaming one person for the downfall of the economy with a gross domestic product of about $14 trillion, powered by 300 million people and engaged in complex global commerce is nuts — whether that person is Bush, Obama, Alan Greenspan, Bernard Madoff, Osama bin Laden or the editors of opinions at The Wall Street Journal."[14]
“The big lesson of history is that we have run the experiment of hyper-globalization before. In the late 19th century, many of the forces we are seeing [today] were at work: International migration reached levels we have begun to see again, the percentage of the US population that was foreign born reached 14%, and free trade and international capital flows reached new heights. At the time, the 1% were tremendously happy. Unfortunately, they underestimated the backlash that happens when globalization runs too far. The populist backlash [in the late 19th century] was just the beginning of a succession of crises that culminated in 1914 with WWI. War can be global too, and we will know the Liberal International Order has failed when it does what the last one did, and that is to produce a major conflict.”
Americans are now so polarized that they “no longer share basic sympathies and trust, because they no longer regard each other as worthy of equal consideration.” Codevilla blames the progressives and their attitude of moral superiority, but his explanation is independent of who is to blame. I blame both sides. The Constitution and our civil liberties took a major hit from the “conservative” Republican regime of George W. Bush.  Read More
A few weeks ago the DJI became over-bought, but not by as much as we normally expect to see at tops, while at the same time showing very bearish volume and Accumulation Index divergences. Immediately afterwards, we started seeing day-after-day weakness at the close following earlier intra-day strength. This first cluster of technical conditions set up the decline. Now the sell-off has been confirmed by (1) the Hourly OBV Line on the DJI making new lows ahead of the DJI itself , (2) by the increase in down-day volume above the previous day’s volume and (3) the steady 10 day streak of red “candle-sticks” on the daily SPY (SP-500) chart.

All international problems are currently suspended, awaiting the results of the US mid-term elections. The partisans of the old international order are gambling on a change of majority in Congress and a rapid destitution of President Trump. If the man in the White House holds fast, the protagonists of the war against Syria will have to admit defeat and move on to other battle fields. On the other hand, if Donald Trump should lose the elections, the war on Syria will immediately be revived by the United Kingdom. Read More

The Pecora hearings, as they became known (after their lead counsel, Ferdinand Pecora), revealed the seamier side of Wall Street during the bull market: the involvement of leading firms and bankers in the manipulation of share prices, the dumping of unseasoned securities on an innocent public, the fleecing of the firms’ own clients, the preferential distribution of shares to favored friends, and so on.

Also, matter can neither be created or distroyed. Is the same true with wealth? Do we have a finite “pie” of wealth that moves from “family” to “family” over time? Let’s consider a given “life cycle” of family wealth. 2 to 3 generations work to build wealth. 2 to 3 generations maintain that wealth. 2 to 3 generations blow the family fortune…. in general. All of this happening when other “families” are building, some other “family” is blowing it.

RATE AND REVIEW this podcast on Facebook.https://www.facebook.com/PeterSchiff/reviews/Bearish SignalSo much for yesterday's dead cat bounce. All of the U.S. stock market averages came plunging down today, in fact they all closed below yesterday's lows. So even though we had those big rallies off the lows, today, we lost the entire gain and clos ...…

Even Jack Bogle himself, founder of Vanguard and one of the earliest proponents of buy-and-hold index investing, sidestepped much of the Dotcom bubble in his personal portfolio and has spoken about this before. He noticed, correctly, that the S&P was utterly, ridiculously, overvalued, while bonds were reasonably-priced. So, he actively reduced his equity exposure substantially, especially because at his advanced age he wanted to avoid a major stock market crash.
Conventional economics holds that it is incentives—carrots and sticks—which drive individual economic actors to do what they do, and thus leads to economic growth. Although incentives are important, they are not the main driver of growth. The Neanderthal in his cave had the same incentive to eat and access to the same raw materials as we do today. Yet, our economy is vastly more advanced, why?
Three weeks ago when GDX was trading around $17.90 I wrote a post titled "Why I Bought Gold Miners Today" in which I presented the concept that the gold miners were potentially all "sold-out" and ripe for a rally.  Since that day the GDX is up a little more than 3% but the price action has been far from convincing and GDX ran into stiff resistance just above $19 last week (double-top at $19.11 to be precise).  However, when one considers the totality of the picture it becomes easier to discern a potential head & shoulders bottoming pattern, with the recent choppy and lackluster price action as part of a larger bottoming process: Read More
The past few days have highlighted nervous investors are sensitive to policy changes by the European Central Bank and the Bank of Japan, widely viewed as the most accommodative central banks in the world. Treasurys came under pressure earlier in the week after the Bank of Japan trimmed its monthly buying of long-dated government paper, drawing speculation that the move could herald a tapering to its assets purchases.
5. Historically, housing has generally kept up with inflation (whereas stocks have generally performed negatively in real terms—which takes into account inflation). For example, look at the negative real returns on stocks during the 70’s; compare that to real value of housing that stayed flat during the 70’s (housing prices moved up in line with inflation).
As the blame game over the alleged chemical attack in Syria escalates ahead of what is expected to be an imminent, if contained, air strike campaign by the US, UK and/or France against Syria, on Friday morning, Russia’s foreign minister Sergey Lavrov said Moscow had “irrefutable evidence” that the attack – which allegedly killed more than 40 people in an April 7 chemical weapons strike on the former rebel outpost of Douma  -was staged with the help of a foreign secret service.
Emotions are the biggest challenge when a bear market hits. After spending years scrimping and saving to find money to invest and watching it grow slowly but steadily, it's painful to see stock market declines wipe out a significant chunk of your portfolio. Even for seasoned investors, the kneejerk reaction is often to want to put those losses to an end quickly and sell.

Great question. We are certainly in a confirmed market correction. The Four Horsemen have been released by the titans of doom. So are we in the early stages of a bear market? Is this just another selloff, as in February and April? Market movement is far more violent now that human decision-makers play a far less significant role in price discovery. Hey, humans were too slow for the big players. Well, you reap what you sow.
The bear markets of the last 50 years have had many different causes. Sometimes it's an external shock, often caused by politics—the 1973-74 correction set off by the rise of the Organization of Petroleum Exporting Countries is an example, as is a 1990 bear market set off by Iraq's invasion of Kuwait. So, too, was the 1982 bear instigated by the Federal Reserve, which raised interest rates to punishing levels in a successful bid to crush inflation.

Enclosed are our Student Aid Report and a copy of (Another University’s) Award Letter per our recent telephone conversation. We discussed our family’s present financial situation and how it would be financially difficult for Heather to attend Anywhere University unless the university reconsiders her financial aid amount. You said you would do everything possible to provide additional assistance for Heather and suggested we send you the above-stated information.
Dark Ages is not a silly username—it is a compelling fear that we are repeating the mistakes of all great civilizations, with arrogance that we can merely crush nations that will not continue to take our paper for their tangible goods. I don’t know whether folks dismiss this ranting as nonsense or actually are concerned that this is where we are headed. I cannot imagine a rainbow behind this cloud, although I was in North Carolina recently and saw a beautiful rainbow to the east, while death and destruction were occurring underneath that storm.
Trump Driver is Suing the Trump OrganizationOn thing I talked about on the Joe Rogan podcast was a story that broke the same day of my last podcast, which I thought was very interesting. It was about Donald Trump being sued by his former personal driver, who still works for the Trump organization, by the way, he's worked there for over 25 years ...…
Identifying and measuring bear markets is both art and science. One common measure says that a bear market exists when at least 80% of all stock prices fall over an extended period. Another measure says that a bear market exists if certain market indexes -- such as the Dow Jones Industrial Average and the S&P 500 -- fall at least -15%. Of course, different market sectors may experience bear markets at different times. The bear market that occurred in the U.S. equity markets from 1929 to 1933 is one of the most famous bear markets in history.
Since January, gold futures speculators have been trending from extremely bullish to scared short. And in the week ending last Tuesday (the most recent data available) they appeared to capitulate, adding a massive number of short positions while marginally cutting their longs. They’re now about as close to neutral as they’ve ever been. Based on the history of the past decade this is hugely bullish, since speculators tend to be wrong when they’re fully convinced they’re right. Read More
Written by seasoned Wall Street prognosticator Peter Schiff–author of the bestselling book Crash Proof: How to Profit from the Coming Economic Collapse–The Little Book of Bull Moves in Bear Markets reveals how you should protect your assets and invest your money when the American economy is experiencing perilous economic downturns and wealth building is happening elsewhere. Filled with insightful commentary, inventive metaphors, and prescriptive advice, this book shows you how to make money under adverse market conditions by using a conservative, nontraditional investment strategy.
The disability payment and stock option distribution are one-time events which unfortunately inflates the family’s actual ability to contribute to Julie’s education. The disability payment has to provide care for the rest of John’s life, he is currently 53. The stock distribution was used to purchase living quarters that included making the home handicapped ready. This was necessary since his only income is Social Security and his wife earns $14,000 per year. It would be impossible to qualify for a mortgage.

A spook who somehow got onto the Trump transition team… how did that happen at all? I think he was spying FOR THE RUSSIANS (and maybe the DNC) to help get old easily manipulated Hillary “Re-set Button” Clinton elected! The entire premise of the Muh Russian conspiracy makes absolutely no sense. Why on earth would the Russians want POTUS Trump in the White House???

Bear markets don't announce themselves.  They just happen.  They begin with a sell-off when that most folks dismiss as a brief correction.  As they deepen, the question then becomes how far down will it go.  From my many decades of experience, it's been obvious that most investors are so shocked by what's going on that they do nothing.  Or, at the point of greatest pain (the bottom), they sell.  Very few have the fortitude to view the situation unemotionally and move their money to where the best opportunities are.  During bear markets, the best opportunities are in stocks, since the sell-off has reduced values to much more attractive levels.  But it's the rare investor who has the courage to buy in.  Most are paralyzed by fear.  


Because of the special status of most municipal bonds granted under Section 103 of the Internal Revenue Code, which provides that the interest on such bonds is exempt from gross income, investors usually accept lower interest payments than on other types of borrowing (assuming comparable risk). This makes the issuance of bonds an attractive source of financing to many municipal entities, as the borrowing rate available to them in the municipal, or public finance, market is frequently lower than what is available through other borrowing channels.
The NASDAQ 100 is surging today following the Democrats retaking the House. The reason for the rally? Just days ago, President Trump threatened to file anti-trust cases against the big tech companies and claim they were monopolies. Investors believe that the Democrats will neutralize that threat in the near-term. As tech surges higher, investors should be ready to pull the trigger on the short side when price hits $178.00. This is a major technical resistance and all technical chart…
Homes for Sale in Bear, DE have a median listing price of $280,000 and a price per square foot of $133. There are 141 active homes for sale in Bear, Delaware, which spend an average of 66 days on the market. Some of the hottest neighborhoods near Bear, DE are The Legends, Brookside Park, Rutledge, Frenchtown Woods, Brennan Estates. You may also be interested in homes for sale in popular zip codes like 19701, 19709, or in neighboring cities, such as Newark, Wilmington, New Castle, Middletown, Elkton.
Dr. D: You have to understand what exchanges are and are not. An exchange is a central point where owners post collateral and thereby join and trade on the exchange. The exchange backs the trades with their solvency and reputation, but it’s not a barter system, and it’s not free: the exchange has to make money too. Look at the Comex, which reaches back to the early history of commodities exchange which was founded to match buyers of say, wheat, like General Mills, with producers, the farmers. But why not just have the farmer drive to the local silo and sell there? Two reasons: one, unlike manufacturing, harvests are lumpy. To have everyone buy or sell at one time of the year would cripple the demand for money in that season. This may be why market crashes happen historically at harvest when the demand for money (i.e. Deflation) was highest. Secondly, however, suppose the weather turned bad: all farmers would be ruined simultaneously. Read More

RATE AND REVIEW this podcast on Facebook.https://www.facebook.com/PeterSchiff/reviews/Trump Suffers Huge Double BlowYesterday, two key people - one the President's former campaign manager Paul Manafort was convicted of multiple counts of serious financial crimes, and later that day, Michael Cohen, the President's personal attorney, copped a ple ...…

Indeed, in today's fraught environment it can be well and truly said that the chartmonkeys have become deaf, dumb and blind to everything happening on Planet Earth external to the gaming tables where they slosh around in their cups. After all, to use the latest evidence, what could be more indicative of a political system fixing to implode than this weekend's utterly phony and disgustingly undeserved deification of the late Senator John McCain? Read More

"Naturally, the smooth termination of the gold-exchange standard, the restoration of the gold standard, and supplemental and interim measures that might be called for, in particular with a view to organizing international credit on this new basis, will have to be deliberately agreed upon between countries, in particular those on which there devolves special responsibility by virtue of their economic and financial capabilities." - General Charles de Gaulle
Likewise, the entrepreneur needs low-entropy “channels” to turn the idea in his mind into a product or service. George defines these predictable carriers as “The rule of law, the maintenance of order, the defense of property rights, the reliability and restraint of regulation, the transparency of accounts, the stability of money, and a level of taxation commensurate with a predictable role of government.”
I would contest a little bit, Erik, the idea that we have not been monetizing the debt. The Fed, of course, has been monetized. It’s buying federal securities with credit that did not exist before the Fed tapped the relevant numbers on its computer keypad. The Fed has come to own substantial portions both of mortgage-backed securities and of Treasuries securities outstandings.
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