These bonds are CUSIP 74514LE86. The bonds are Puerto Rico Commonwealth Series A maturing July 1, 2035. Take a deep breath. Those are 20 year bonds. The Commonwealth unloaded $3.5 billion of these with a hefty 8 percent coupon according to EMMA. But, as we all know, a bond is nothing more than a promise to make one or more future payments on specified dates. The quality of that promise is reflected in the yield to maturity, not the coupon yield.
Ms. Tubman was first proposed for U.S. currency in 1996 by J.S.G. Boggs. Featured in the PBS NOVA documentary “Secrets of Making Money,” Mr. Boggs showed several different designs that incorporated Ms. Tubman’s face on a note.
Operation Choke Point was illegal and, most likely, unconstitutional. But many of the targeted businesses were small and unable to file a lawsuit. While I usually oppose class-action cases, this program is crying out for a few good attorneys.
A market solution to the health insurance problem is pretty straightforward. Each household estimates the upper limit on what they can afford to lose. They then buy a pure insurance policy with that amount as the deductible. I
Are these 170 signatories really “leading economists?” Are they even economists?
But the real problem is that the Fed has not understood why banks are holding all those reserves. There are two reasons. First, there is incredible risk aversion caused by the random, frequent regulations and lawsuits emanating from the Obama administration. Second, there is the small matter of loan demand. Banks are holding reserves because they don’t see demand for loans whose return is worth the risk. The only way loan demand will increase is for the economy to ascend to a decent growth rate. Until that happens, the Fed should just give up.
Copyright law does not protect sightings. However, copyright law will protect your photo (or other depiction) of your sighting of Elvis.
But never fear – the Feds want their money back! Oh, wait, just kidding. The Feds want money back all right. About $800,000.
The average duration of unemployment in 2014 is still higher than it was in 2010. I’ve written a great deal over the years about the decrease in the labor force participation rate and its implications for the U.S. economy. But, frankly, this took me by surprise. Anyone who still thinks the U.S. economic “recovery” is real should check their privilege.
The Fed has spoken. The new target rate for the Federal Funds rate will gradually rise to between 0.25 and 0.50 percent. I wrote extensively about this yesterday. It will be interesting to see whether the folks at the Board of Governors can make this rate increase stick.