In what is known as "synthetic identity fraud," thieves are now creating false identities from whole cloth, and using them to dupe lenders and credit card companies out of their money. The Justice Department says this fast growing danger is one of the hardest forms of identity crime to fight. That's probably because no actual identity is being stolen, so there's no immediate victim to raise a red flag on fraudulent activity. The victims in this case end up being the lenders who cannot get their money back after sending it to a completely fictitious person. Peter Rudegeair and AnnaMaria … [Read more...]
Can America’s F-35 beat Russia’s Su-57 Without Firing a Shot?
The debate of which fifth generation fighter jet would win in a head to head battle, the F-35 or the Su-57, could be decided without a single shot fired. Business Insider is reporting that there are multiple experts stating that Russia’s fifth generation fighter jet program is in desperate need of funding. The Trump administration’s loosening of export restrictions on the F-35 have put a major strain on Russia’s fifth generation fighter program by offering countries a better alternative. Alex Lockie reports that the final blow could come from a boardroom in India. Russia recently grabbed a … [Read more...]
New England About to be Slammed by Nor’Easter Number 2: Are You Prepared?
"Hundreds of thousands of homes and businesses from Virginia to New England remained without power Monday, several days after a major nor’easter struck the East Coast, and with another storm bearing down,” reports the AP. The sun finally cam out yesterday as the damage to homes continued to be assessed. In Quincy, Massachusetts, “Three days after a vicious nor’easter pounded coastal neighborhoods here with heavy flooding and near-hurricane winds, wreckage lay scattered in the mud-coated streets leading to the Houghs Neck peninsula,” explains the Boston Globe. Now residents … [Read more...]
A Difficult Phrase to Say: “Enough Already, I’m Retiring”: Part II
I had a great conversation with a client yesterday who told me he has finally decided to retire. He could have retired years ago but continued working because working is what he knew how to do. He said it’s scary thinking about retirement not only from a financial point of view but from a personal point of view it’s just as hard. Retirement and the thought of retirement can be filled with doubt and uncertainty. In other words, answering the question “What am I going to do?” can be a challenge. I have found in speaking with clients who are in or nearing retirement that this is a common … [Read more...]
This State is Number One
I have a number of clients who live in Iowa and are glad they do, especially when reports like this one from U.S. News and World Report come out. Why would anyone stick around in a high tax blue state if they don't have to? This is not some statistical aberration. Folks want to live where their money is going to be treated with some decency and respect. Jeff Charis-Carlson writes about what makes Iowa so great: Iowa may be better known for its corn, caucuses and creative writing programs, but the Hawkeye state also leads the nation in efforts to bring ultra-fast internet access to every … [Read more...]
Nor’easter Riley’s Deadly Hurricane Force Winds
On a cloudless day, when you look across Buzzards Bay from my parents' front deck in Mattapoisett, Massachusetts, you can see Woods Hole, a cut in the land separating Cape Cod from the Elizabeth Islands. The “Hole” as it’s commonly referred to by boaters can be a weekend rite of passage, literally, as you are met with strong currents, a narrow channel keeping you off the rocks, and often, too close for comfort to fellow boaters. The reward is Vineyard Sound, your gateway to Martha’s Vineyard, Nantucket and the Atlantic Ocean beyond. In the winter, the boating traffic is mostly gone, but the … [Read more...]
Put Schools and Communities in Charge of Their Own Safety
Writing in the Wall Street Journal, Jason Riley writes that the worst thing that could happen as a result of the Parkland shooting is a dominating federal mandate that treats all schools and communities as the same. Towns and cities should develop the security measures necessary for them, and schools should have the ultimate say on whether or not a student with bad behavior may attend. He writes: There are more than 14,000 public school districts across the U.S., and attitudes toward guns in schools vary widely. According to the Pew Research Center, only 16% of adults in the Northeast report … [Read more...]
New Fiduciary Rules Force Annuity Sales Plunge
It turns out, when brokers are forced to look out for your interests instead of their own, they end up selling you fewer annuities. I've been a critic of annuities for years (decades?). Loaded with fees and backed by guarantees that are only as good as the banks behind them, annuities are hawked like a snake-oil retirement solution to unsuspecting investors. I wrote back in 2014 that: The issue is that annuities are sold with a full-court press on those that don’t invest for a living. They’re promised rates of return that sound good on paper but will be wiped out if the insurer goes … [Read more...]
Could this Be the Vanguard GNMA Winning Edge?
Update: 7.1.2020: From Wellington: "Effective at the close of business on June 30, 2020, Michael F. Garrett has retired from Wellington Management Company LLP and no longer serves as a portfolio manager for Vanguard GNMA Fund. Brian Conroy and Joseph F. Marvan remain as the portfolio managers of the Fund." Originally posted June 7, 2017. Do you know Michael F. Garrett? There’s no reason that you should, but to me, the Senior Managing Director at Wellington Management Company LLP in Boston, Massachusetts might be one of the most important names in the fixed-income world today. He’s the … [Read more...]
What Gun Business Owners are Telling Me
When I spoke about the current gun debate with some gun shop owners this week, they pointed out that their customers come from both sides of the political aisle. To them, their customers are pro-gun, whether Democrat or Republican. To them, self-defense is their right. It is not a left or right issue. But the hard-left media makes it sound like every Democrat is against guns. It’s just not true. Also, as one of my business-owner friends pointed out, clouding the issue are the two major retailers that have announced they will stop selling assault rifles. The claim is duplicitous at … [Read more...]
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