Your advisor is trying new hooks on your money

 

Your advisor is trying new marketing approaches

To make advisors sound more relevant to customers, these are the leading trends they say they follow. They advocate “holistic practices.” This means they want to give the impression of offering every financial need. They will use a BD “workstation” to leverage digital strategies for efficiencies. Your advisor will make it easier to transfer wealth as they target lower wealth groups. Advisors must automate the compliance and operations solutions. Advisors will boast of their enhanced services even if customers must tackle more technology and bureaucracy. Like most vendors, advisors have trouble integrating more data and new cyber security protocols. Advisors will embrace “open banking” wealth management. This may impress the wealthiest customers but may confuse the lower wealth groups. Advisors are seeing firms “embed” wealth management by trying to make products “frictionless.” Since most of us are not tricked by new marketing strategies, we only have to worry about high costs that reduce our returns. New marketing/products cost customers lower returns which reduces the compounding effect.

Compound high returns: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513

 

How can retirees make the really hard decisions?

In a recent Allianz poll, for instance, 61% of Americans said they were more afraid of running out of money than they were of death itself. 59% said they had no idea how they were going to pay for their health care costs in retirement. Unfortunately we do not teach how to invest for a comfortable retirement. Most people assume stock investing is like gambling at a casino or the lottery. They dump stocks when they become afraid and thus they miss the next market gains. We are not taught or learn how companies in the stock market make money and pay us for investing in them. Most of these firms make money selling us the goods they offer. Over periods longer than 5 years, stock investors gain about 11% per year. In 7-9 years, our money can double. Retirees are at a big disadvantage by thinking that the lower returns of fixed return non-stocks are SAFER. This may have been true in the past but not anymore. Retirees are afraid of their low retirement funds for good reason. They often tell their high-cost advisor that they “don’t want to lose money” on their investments. So they earn less than they need over time. Retirees don’t realize they will need more money later because most are living longer and consuming more health care supports. The only solution is more money when they need it. The only way for most of them to get more is to stay invested in a balanced and diversified portfolio like a Target-Date Fund. Current retirees missed the Tax-Free account option which may provide an extra 10-20% to future retirees.

https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

 

Save on vehicle/home/liability insurance.

Shop every two years for vehicle/homeowners’ cover and use the other insurance as leverage: save big on one by using the others as bargaining power. I do this every 2 years and have saved $thousands over the years. Of courses we are retired and don’t commute but you can take advantage of competition among insurers. Make sure your specific features are covered—some things are NOT covered. Check your credit report and score to make sure it is correct—many insurers use theses factors to rate you. Some discounts require more questions/answers. Some require using an electronic monitor in your car. Some may require modifications to your property. Your choice of pets may cost more. Your home location may raise your premium.

https://www.amazon.com/Get-What-You-Pay-financial/dp/1492384100/

 

How advisors/brokers learn to “read” their customers

If they are good, they listen to closely to find your hidden needs and their opportunities for sales. You tell them your relative is getting married and they know you will need a new fund account to pay for much of it. Same with your kids are having their first kid. College is affordable if you save tax-free from birth. Family reunions always cost more than people think. College graduates may free up more customer funds: opportunity. There are changes in their work situation. Advisors promise to move your money to another new structure. You disclose a relative uses a friend or relative as advisor. Advisors can promise a better deal: “just let me try. Customer says they can’t retire: new financial plan is suggested. Inflation takes its toll and advisor can help with new budget. Older customer fear leaving spouse in charge of money matters so an advisor can take over. Older parents may need transition to assisted living space so an advisor promises to help pick the right one at right price. Financial people succeed by finding ways to build customer trust. This is usually not about picking blockbuster stocks. However building trust is not a two-way conversation: most advisors/brokers think they know more than the customer so they tend to assume what the customer needs/thinks. This means customers need to find a new person.

https://www.amazon.com/Lies-Financial-Advisors-Told-alternatives/

 

 

 

?**********ACCOUNTABILITY**************?

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" once

 

 

The Path to Dictatorship: 2010-2030

 

Parallels of this era in the past may hint at our future: democracy breaks apart legally

 

 

Jan 21 2010 Corpor­a­tions’ election-spending unlim­ited

Billionaires paid $881 million for votes in 2022 midterm elections

 

Nov 2020 Wealthy discredit election process

 

Nov 21 2020 Trump’s Plans for a Coup: criminal

 

Nov 21 2020: Trump plan: US Marshals seize voting machines

 

Jan 6 2021 Direct govt overthrow failed: guns & bombs ready

 

Trump engaged in a "criminal conspiracy" to stop Biden

 

“I don’t f—ing care that they have weapons”

 

Trump was “detached from reality”

 

Trump used mafia-style intimidation on the defenseless

 

Trump still terrorizing election woman

 

Parscale: “a sitting president asking for civil war.”

 

Trump: “Just say the election was corrupt and leave the rest to me” 

 

GOP fascism: “RINO hunt armed; no bagging limit” J6 comm threat

 

January 6, 2021 “A date which will live in infamy”

 

Trump’s Supremes END personal rights & state laws except for weapons WMDs

 

Fascism: GOP to stop women leaving state for abortion

 

It’s not a court. It’s a junta: Two Americas

 

Trump: President Biden is 'enemy of the state'

 

Christian Nationalist Party (CNP) replaces GOP

 

Nov 8 2022 Trump’s “national revolution” failed

 

Nov 15 2022 Trump announces for 2024 to avoid lawsuits

 

Dec 3 2022 Trump: cancel Constitution rules so ‘I win’

 

Mar 11 2023 Pence straddles his place in history

 

Mar 31 2023 Trump indicted misusing election money

 

Apr 7 2023 One GOP guy decided which drugs we can use

 

Apr 9 Illustrated Anne Frank book removed by Florida school

 

Apr 21 Trump: “I am your justice”

 

Jun 8 Trump indicted by the United States of America

Violation of the Espionage Act

Conspiracy to obstruct justice

Making false statements 

 

 

Jan 2025 Dictator pardons himself: his Supremes agree

 

 

How Govt wastes our money:

Jet on autopilot could have been rogue bomber: it took 90 min to scramble defense

“Fitch is essentially arguing that the U.S. political system is suffering from slow rot.” 

Why deficit? IRS grants penalty relief for corporations! 

 

 

 

SCAMS/SPINS:

Why our politicians scare us with their dramatic effects: deal was made months ago

Nikki Haley says Wouldn’t Have Women Executed for Getting Abortion: some GOP would

 

GOP still after cuts in our Social Security and Medicare and Vet health and benefits

Can we all use the “DELAY” strategy like Trump? he lost to Carroll but no pay; no jail

 

HI Gov allows more concealed carry despite Gov says gun violence is a public health crisis

Youths kill 2 PA kids and adult:

Woman kills mother over dispute about children playing

 

2 killed, 7 shot VA theater after H S graduation: shooters flee

More than half of the teachers surveyed think that armed teachers would make students less safe.

 

Child Labor Is on the Rise: taking the jobs of the next generation of Americans

Information on your child collected by Microsoft: targeting draws fine, no jail

Help at SS for individuals who have been victims of identity theft: easier reporting

 

Render unto Caesar: churches fail to make their clergy accountable to our laws on child abuses

Release of sealed records of priest accused of abusing children: church fears image damage

Thousands of children have been sexually abused by those “caring” for them: America’s sins

 

OK to make public charter schools Catholic religious school: OK constitution says NO!

 

Banned books on slavery, sexuality, personal crises, effects of historical cruelty on subcultures

FL teacher to ban 100 books including classics: lawsuit may not stop her or others

Bible banned from UT libraries school district after challenged by person showing ban is stupid

Ford recalling 125,000 SUVs and trucks that could catch fire

Self-driving car kills dog: autopilots can’t see all of us: self-drives must have flashing lights!

 

 

FL taxpayers required to pay $8,648 for every wealthy family’s child to go to private school

Ron DeSantis signs Bible: Pence rides a hog: Trump watches competitors increase

GOP can overturn election: “It is probably the most undemocratic thing the TX Legislature has done”

Hate: States pass 550 anti-transgender bills: denial basic health care to vulnerable

 

Doug McKelvey former Morgan Stanley pleaded guilty stealing $1.5 million: 10 yrs prison 

Delaina Kucish caught text client documents to a co-worker ; lying: fine, defrocked

RIA advisors failed to win new customers so raising fees to keep profit at highest level

Chase doubles our transaction and fee amounts: blame a ‘bug’

SEC sues crypto giant Binance and its CEO

Phoenix Financial caught numerous debt collection, credit reporting violations: kept trying. 

 

Find an advisor NOT working for a wealthy Wall Street firm: pay less; keep more

Medical debt is the largest source of debt in collections: leading cause of bankruptcy

 

Jobs

More and more older adults are working—in large part because they want to.

US never had period of declining education attainment like this: 70% fail to finish degree

Intellect alone can’t account for disparities between rich and poor in our society.

 

jobs.interestingengineering.com/search/jobs

 

 

Who owns your account now?

Andrews FCU: 7.5 month cert at 5.75% APY $1,000 minimum opening deposit

best-interest-rates-cash-june-2023: savings accounts credit unions

Surviving spouses can take distributions over own lifetime: not the only option

 

What AI means: ultimate human transformation or ultimate human extinction

Media allows false claims about events now: causes future students misunderstand history

You probably don’t have to worry about paying for a parent’s health care costs

 

Colleges that are just not worth the cost

Franklin Templeton buys Putnam Investments: 401k market changing

BlackRock agrees to acquire private debt firm Kreos

 

Taxpayers missing $1.5 billion in refunds for 2019 returns must file by July 17

 

Miracles:

2 nurses on vacation revive unconscious plane passenger

5,000 new species in the Clarion-Clipperton Zone, a mineral-rich area of seafloor

Octopuses tweak the RNA in their brains to adjust to warmer and cooler waters

 

Arctic Ocean to become ice-free by 2030s: kayaking, sailing?

Climate Crisis Is on Track to Push One-Third of Humanity Out of Its Most Livable Environment

 

PAINTing with wound-healing ink can promote quick recovery

Joystick-controlled video capsule promises to replace traditional endoscopy

 

Every CA child to receive a free book monthly: Dolly’s Imagination Library.

 

New 621-mile range EV battery charges in six minutes : Pheonix cell

 

 

 

 

 

 

@

 

Our Universe is Mind-Blowing

Light is both a particle and a wave depending on how we look at the light.

I don’t think that there is any such thing as a position or a velocity of a particle.

Everything (galaxies to stones) in universe made of subatomic energy ‘vibrations’

A subatomic ‘particle’ is the smallest possible vibration (quantum) of a quantum field.

 

Mass–energy equivalence: E=mc^2.  At the smallest level; Everything is moving

Energy into matter: scientists converted light energy directly into matter in one step

In place of atomic lattice, light waves used to create an optical lattice with same geometry

Physics Nobel Prize: “entanglement” 2 particles share info instantly at a distance

Quantum mechanics violates local realism: two objects behave as single system at distance

 

“It may be that gravity and quantum mechanics are exactly the same thing,” Leonard Susskind

Gravity might induce the collapse of quantum vibrations into 1 quantum state—our world

Strange state of physics that allows energy to flow frictionlessly through a material. 

Bending light from extreme gravity reveals largest black hole so far

Curved SpaceTime: heavy masses and simultaneously quantum effects become visible

There is no TIME at this level because of force fields come and go in all directions. 

Universe expanding: events may not come together like they did before: created our time.

Our planetary system: rarest system: only 1% of all systems with same number of planets

 

Inside protons, neutrons, it is the fields of the virtual particles that creates its mass.

Gold made from neutron stars: collisions produce more neutrons:79 protons,118 neutrons

The proton is so complicated science still finds new energy entities/forces every year.

 

“Empty space is a boiling, bubbling brew of virtual particles that pop in and out of existence in a time scale so short that you can’t even measure them.” Space expanding.

The electricity we use comes from the field around the wire not from electron itself.

Scientists build 'baby' wormhole as sci-fi moves closer to fact: inside quantum computer

starts-with-a-bang/universe-expansion-not-accelerating/

 

 

 

@

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

IAN

973.746.2014

http://www.theinsidersguides.com/

Alerts available at http://dankeppel.blogspot.com/

 

 

Tax-Refund Millionaires

Refunds are larger this year—$3,229

You can find out where your refund is at http://www.irs.gov/Refunds

What do you do with your tax refund?

Let Uncle Sam help you reach your goals.

Michele invested her refund every year and now has more than enough for retirement.

“This is the no-pain way to save.” She is a Tax-Refund Millionaire:

http://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X

This is why your advisor keeps raising your fees

Bank of America Merrill Lynch, which led the wirehouses with 26.6% profitability last year, should be able to top 30% pretax profit margins, executives of the brokerage firm said Tuesday. “We think over time, a 30% operating margin is an achievable operating margin in a normalized interest rate environment,” said Andrew Sieg, head of global wealth and retirement solutions at Bank of America Merrill Lynch. “We feel very good we can balance profitability, as well as ongoing investment in this business.”

You can keep their 30% profits on your money my moving to low-cost providers:http://www.amazon.com/Your-Tax-FREE-Low-Cost-Mutual-Funds/dp/1484080920

Do you still need your life insurance policy?

As you near retirement, consider whether paying for life insurance is a necessary expense. If you bought term to protect your family while you worked, you may be able to cancel when you “cancel out” of full-time work. If you own cash value (whole or universal) life, consider what to do with this asset. Is it needed? What can you do with the cash value? Is it taxable? Can you convert it to a stream of income? Will your family need it during retirement? Does the beneficiary need to be changed? Check the alternatives: http://www.amazon.com/Life-Insurance-Need-Save-right/dp/1480002178/

Wealthy say ideal retirement costs about $2 million

Each person’s situation is different according to a survey of about 500 millionaires. Some have paid their mortgage and plan to give $10,000 a year to charity. Most have saved and invested their own incomes. Few respondents inherited their wealth. Most were comfortable explaining their legacy plans to their kids. Since they have at least 20 years in retirement, they plan on doing all the things they dreamed of doing. Many will stay active and continue to work in the charities they support. They say the key is planning:http://www.amazon.com/Are-you-ready-retirement-worst/dp/1491002662

Let Uncle Sam help you reach your goals

You can make a deductible IRA contribution for 2013 up to April 15, 2014, if you have income and you are not over age 70.5. Your contribution can reduce your income, thus reducing your tax. You may also receive a tax credit which offsets any tax you owe, dollar for dollar. You may be able to take a deduction even if your spouse is an “active participant” in a company-sponsored retirement plan for 2013.

If your contribution is not deductible, you may be able to make a Roth IRA contribution. These contributions can grow tax-FREE and are never taxed. Even your heirs can keep them growing tax-FREE.

Your refund can be used to fund your $1 million retirement fund. This is the no pain way to save:http://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X

Chained CPI for our SS benefits no longer on the table

The White House said Thursday President Obama's soon-to-be-unveiled budget will not include his past offer to accept lowered cost-of-living increases in Social Security and other benefits. There are so many retirees who count on SS benefits paying for their basic needs that this is a welcome relief. The average benefit is about $13,000 a year—less than full-time, minimum-wage work.

Social Security lifts 20 million people out of poverty. Without it, the poverty rate of our seniors would be 45%; instead it is 10%. Social Security does all of this with administrative costs of less than a penny on the dollar. Maximize your benefits:

http://www.amazon.com/Maximize-Social-Security-Benefits-Retirement/dp/1495439224/

Wellness incentives increase

Corporate employers plan to spend an average of $594 per employee on wellness-based incentives within their health care programs this year, according to a new employer survey. The most popular wellness programs continue to be focused on lifestyle management, such as physical activity programs, weight management programs and stress management. Other popular health improvement options include disease/care management programs (e.g., managing chronic health conditions, like diabetes), lifestyle-management services (e.g., weight loss advice, gym membership discounts), health-risk management services (e.g., on-site flu shots) and environmental enhancements (e.g., bike racks, walking paths). Use your share!

Older drivers see lower premiums

Today's drivers aged 70 and older are less likely to be involved in crashes than previous generations — and less likely to be killed or seriously hurt if they do crash. Time to shop for a reduced premium? Are you driving less? Do you have fewer vehicles? Have you stopped using vehicle for commuting? Have you obtained a vehicle with updated safety equipment? All these reasons could mean cutting your premium in HALF. Shop and Save: http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634/

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

We are paying for 164,253 of our active-duty armed personnel to be in 150 countries around the world. We have about 50,000 in Japan and 50,000 in Germany.

Are we preparing for WWII again? There are 1,208,083^[1] armed personnel in the United States. Our taxes pay for about HALF of the WORLD’s military expenditures every year.

IRS warns of scams this year

Characteristics of these scams can include:

•    Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves.

•    Scammers may be able to recite the last four digits of a victim’s Social Security Number.

•    Scammers “spoof” or imitate the IRS toll-free number on caller ID to make it appear that it’s the IRS calling.

•    Scammers sometimes send bogus IRS emails to some victims to support their bogus calls.

•    Victims hear background noise of other calls being conducted to mimic a call site.

After threatening victims with jail time or a driver’s license revocation, scammers hang up and others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim. Read more:

http://www.accountingtoday.com/news/IRS-Warns-Dirty-Dozen-Tax-Scams-2014-69650-1.html

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alert

How much of your retirement is going to the middleman?

How much of your retirement money is going to the middleman? 

A recent AARP study reported that 70 percent of mutual fund investors were not even aware that they were paying any fees at all. If you are paying more than 0.1% in costs, you could be giving up 50% of your total nest egg by age 66. http://www.pbs.org/wgbh/pages/frontline/retirement-gamble/

Use Warren Buffett’s Secret to cut your advisor out of the loop and gain 50% more!

Warren Buffett’s Investment Secret

+Contribute $9 a day, $250 a month. 

+ Accumulate $55,000, $200,000, $1,000,000 over time. 

+Use a special IRS account for Tax-FREE income. 

+Use only low-cost high-return mutual funds. 

+Set it and Forget it.

 Warren Buffett's Investing Secret is compounding high earnings over time. Set up this account in 1 hour. Make contributions automatic so you can’t fail.  

http://www.amazon.com/Warren-Buffetts-Investment-Secret-Steeple/dp/1484189809/

Tax-FREE income in retirement gives you an extra 30% to spend.

You heard that the wealthy pay less than 15% of their income. See how they avoid taxes:

http://www.assetlawyer.com/  Is that fair? Are you paying federal and state and Social Security and Medicare and unemployment and disability for over 30% total? Will taxes go up to pay for two wars, two tax cuts and two bank bailouts?

Start your tax-FREE retirement account now.  “Set it and Forget it.”  http://www.barnesandnoble.com/w/tax-free-retirement-law-steeple/1113460121

How does your bank rate in customer service?

JDPower asks people how they like their bank. Compare your bank to the best:

http://www.jdpower.com/content/press-release/K8ZBMfE/2013-u-s-retail-banking-satisfaction-study.htm

AR health care plan by GOP solves divided America problem

Rejecting the Medicaid expansion in the federal health care law could have unexpected consequences for states where Republican lawmakers remain steadfastly opposed to what they scorn as "Obamacare." It could mean exposing businesses to Internal Revenue Service penalties and leaving low-income citizens unable to afford coverage even as legal immigrants get financial aid for their premiums. For the poorest people, it could virtually guarantee they remain uninsured and dependent on the emergency room at local hospitals that already face federal cutbacks. Blue states will provide care for poor. The Republican-controlled Legislature endorsed a plan by Democratic Gov. Mike Beebe to accept additional Medicaid money under the federal law, but use the new dollars to buy private insurance for eligible residents. One of the main arguments for the private option was that it would help businesses avoid tax penalties. All Americans can be covered.

Perhaps this is the compromise GOP states need to bring care to uninsured.

Shopping for auto insurance every other year?

Michael went shopping because AARP magazine offered a $20 gas card. He found an extra $511 for his vacation by asking for a free quote. He called Travelers and found he could pay less than he was paying. And he got a $20 gas card just for asking. He spent 15 minutes for that $511 and a week’s gas. Over ten years, he will earn $5110. He is putting his savings in an account for vacations so he is ready in August. Michael said he used our Guide to decide on what he needed—no extras. He declined health insurance since he has his own. See if you save:  http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

Erie good place to start your survey for vehicle insurance

Erie Insurance received top honors on the J.D. Power and Associates' 2013 Insurance Shopping Study, which evaluates the experience of customers buying a new car insurance policy. USAA for service people was also tops but you need to have military service. http://www.jdpower.com/consumer-ratings/insurance/ratings/909201527/2013-Insurance+Shopping+Study/index.htm

ObamaCare simplifies health insurance form

Regulators have simplified forms to apply for insurance under the president's new health care law. You won't have to lay bare your medical history but you will have to detail your finances. An earlier version of the forms had provoked widespread griping that they were as bad as tax forms and might overwhelm uninsured people, causing them to give up in frustration. You can also have someone else fill them in. Most people will use the online version for ease. You must qualify financially to obtain the subsidy that allows most uninsureds to get care. The applications will start becoming familiar to us on Oct. 1, when new insurance markets open for enrollment in every state. They are not for people already signed up in their employer's plan, only the uninsured. healthcare.gov/ READ:

http://money.cnn.com/2013/05/01/news/economy/obamacare-application/index.html

OH will help uninsured sign up with trained enrollers, “health navigators”

Ohio Gov. John Kasich has signed a bill requiring training and certification for a new group of professionals who will guide consumers through new insurance markets. http://www.familiesusa.org/resources/tools-for-advocates/preparing-navigators-tool-kit/

ObamaCare helps small business pay for coverage for workers too

http://www.benefitspro.com/2013/04/23/qa-to-help-small-businesses-considering-subsidies

AL homeowners’ new coverage

Obtaining comprehensive, high quality homeowners, wind and flood coverage for coastal properties has troubled those on the Alabama shoreline for some time. Frontline Homeowners Insurance, a coastal-focused insurer, is now introducing coverage to Alabama residents. The Frontline Homeowners Insurance website (http://www.flhi.com) features a wealth of tips for homeowners to reduce the potential of claims on topics ranging from home safety precautions to preventing water damage.

When should you start collecting Social Security benefits?

You can ask all your questions before age 62. http://www.socialsecurity.gov/estimator/

Make an appointment at your local office. It is FREE. You can determine, “What will you get” “When should you start collecting” and “How do you know if you are getting as much as possible.” Can your spouse collect even if they are still working and you aren’t? Find your office: https://secure.ssa.gov/apps6z/FOLO/Controller

Why do we do these things to ourselves?

5 year old shoots 2 year old with loaded rifle he was given as “gift” in KY. The rifle is a Crickett “designed for children” and sold under the slogan “My First Rifle,” according to the company's website. It is a smaller weapon designed for children and comes with a shoulder stock in “child-like colors” including pink and swirls. What a waste!

http://www.latimes.com/news/nation/nationnow/la-na-nn-kentucky-boy-accidental-fatal-shooting-sister-20130501,0,2768797.story

Were your 401k plan-matching-funds eliminated?

The number of firms offering workers a matching contribution in their corporate 401(k) retirement plans fell by about 5% in 2010 and another 2% in 2011, according to a survey released by American Investment Planners LLC. About 42% of the nation’s companies that offer a 401(k) plan also matched a portion of their employees’ contributions in 2011, the survey found. About 6% of the corporate retirement savings plans that existed in 2009 were terminated in 2010 or 2011, according to the survey.

Start your own tax-FREE retirement fund. Unlike a 401k, you pay no taxes on the growth AND withdrawals—that gives you an extra 30% later. Earn 10-12% on your contributions now. http://www.amazon.com/The-New-American-Retirement-System/dp/1461030072

SCAMS           “Deficits don’t matter” GOP grandfather, Dick Cheney, 2002

Congress doesn’t really want to cut deficit—just our Social Security and Medicare

Lawmakers from both parties have devoted nearly half a billion dollars in taxpayer money to build more Abrams tanks. But the Army doesn’t want them.

Yet in the case of the Abrams tank, there's a bipartisan push to spend an extra $436 million on a weapon the experts explicitly say is not needed.

Deficit pays big agriculture corporations for “projected revenue”

The worst drought in 50 years led to record payouts from a taxpayer-subsidized insurance program created to protect farms from weather-related disasters. But the high costs were mostly a result of policies that guarantee farmers a portion of their projected revenue, rather than coverage that pays them for theirdamaged crops, according to a study released Wednesday. Taxpayers pay about 62 percent of the insurance premiums. The policies are sold by 15 private insurance companies, which receive about $1.3 billion annually in total from the government. The government also backs the companies against losses.

Sounds like “Welfare for the rich.”

Congress found money for airplanes to fly!

And the wealthy want their planes to be on time! Notice how quickly they found money for FAA controllers but not your cancer clinics.

Cancer clinics have been forced to delay chemotherapy treatment for their patients. Some clinics may actually have to close their doors altogether if the sequester cuts are not reversed. As several cancer doctors told the Hill, they suspect they may not have been at the top at Congress’ list because reduced access to chemotherapy doesn’t personally inconvenience lawmakers in the same way that airport delays do.

Bank failure is still possible--we have no protection

“Too-big-to-fail” legislation unveiled yesterday in Washington is needed to rein in the biggest U.S. banks because the Dodd-Frank Act has failed to guard taxpayers against future bailouts, the bill’s sponsors said. The four largest banks -- JPMorgan Chase & Co. (JPM), Bank of America Corp., Citigroup Inc. and Wells Fargo & Co -- “are nearly $2 trillion larger than they were” before getting U.S. aid to help them weather the 2008 credit crisis, Senator Sherrod Brown said in a news conference. “If big banks want to continue risky practices, they should do so with their own assets,” said Brown, an Ohio Democrat. “Our bill will ensure a level playing field for all financial institutions by ending the subsidy for Wall Street megabanks and requiring banks to have adequate capital.”

Regulators ignore risks and OK hedge fund ads

U.S. Securities and Exchange Commission chairman Mary Jo White is pushing to adopt a rule allowing hedge funds to advertise in a move consumer advocates say could fail to protect unsophisticated investors, 

Supremes should have let recount continue, as per Constitution

Retired Supreme Court Justice Sandra Day O'Connor, whose decision to vote with the majority in the 5-4 Bush v. Gore decision ended the 2000 presidential election recount, said Friday she's not sure the court should have heard the case. The ruling overturned a previous decision by the Florida Supreme Court that ordered a recount of state ballots. Constitution says disputes go to Congress to be resolved. Supremes violated Art. II and 12^th Amendment:  http://www.archives.gov/federal-register/electoral-college/provisions.html

Gov says tax evaders still playing deception game

One of the GAO report’s findings is that many taxpayers, in an effort to avoid onerous penalties and back taxes, are not joining the IRS’ offshore voluntary disclosure programs, instead filing amended returns or simply disclosing offshore accounts in current returns, without acknowledging past years’ nondisclosure. The report shows offshore noncompliance may total “several tens of billions of dollars.”

Who owns your account now?

Genworth to drop AARP LTC product line

AARP has been working with Genworth to develop a new long-term care program.

Although the Genworth suspension of AARP-branded LTCI sales ends the exclusive branding arrangement Genworth has had with AARP, AARP is not actively seeking another LTCI provider, but would be open to talking to other insurers, AARP said.

IAN

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