Posts Tagged ‘Social Security Could Face Default’

Rep. Bachus: “Social Security Could Face Default Within Two Years”

Rep. Bachus: "Social Security Could Face Default Within Two Years"

IOU Courtesy of Mish

Inquiring minds are reading the details of an interview in the Tuscaloosa News with Congressman Spencer Bachus. Please consider Bachus discusses Social Security, health care.

“Social Security could face default within two years,” U.S. Rep. Spencer Bachus predicted here Tuesday. “The situation is much worse than people realize, especially because of the problems brought on by the recession, near depression. What this recession has done to Social Security is pretty alarming."

“We’ve known for 15 years that we were going to have to make adjustment to Social Security, but we still through that was seven or eight years down the road,” he said. “But if things don’t improve very quickly, we’re going to be dealing with that problem before we know it.”

“We could raise the retirement age, or in the worst case, cut back on some benefits,” he said. “But that is something we are just now beginning to get a handle on.”

By the way, and as noted in Federal Tax Revenues Suffer Biggest Drop Since Great Depression, there is no Social Security fund and there is no trust either.

All that exists of Social Security is a bunch of IOUs and unpaid promises that most believe cannot possibly be met.

Health Care Debate Rages On

Bachus also commented on health care and will not vote for the package in it’s current form. “I cannot vote for a bill that has the government intruding into the private sector, subsidizing health care and eventually putting the insurance companies out of business,” he said.

Bachus believes privately-administered health “co-ops,” and elimination of fraud and waste in Medicaid and Medicare is the way to go.

The creation of health care “co-ops,” or non-profit health cooperatives run by members, is an idea that has gained momentum as Democrats and President Barack Obama seems to have moved away from the idea of a “government option,” which would be a government-run alternative to private health care now offered by for-profit insurance companies.

Who Is In Favor Of The Bill?

Inquiring minds are asking who is backing the health care bill? For the answer, simply watch TV commercials as noted in Drugmakers Ramp Advertising Campaign For Health Care Reform.

The pharmaceutical manufacturers would not be spending $120 million in advertising if


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ValueWalk

Warren Buffett - How to Calculate Intrinsic Value

By The Acquirer's Multiple. Originally published at ValueWalk.

One of our favorite investors here at The Acquirer’s Multiple is Warren Buffett.

Lat week I provided and excerpt from Buffett’s ‘Owner’s Manual’ – In June 1996, Berkshire’s Chairman, Warren E. Buffett, issued a booklet entitled “An Owner’s Manual” to Berkshire’s Class A and Class B shareholders. The purpose of the manual was to explain Berkshire’s broad economic principles of operation.

]]> Get The Full Warren Buffett Series in PDF

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Zero Hedge

Fukushima Aborts Latest Robot Mission Inside Reactor; Radiation At "Unimaginable" Levels

Courtesy of ZeroHedge. View original post here.

Two years after sacrificing one robot, TEPCO officials have aborted their latest robot mission inside the Fukushima reactor after the 'scorpion' became unresponsive as it investigated the previously discovered hole where the core is believed to have melted.

...

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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Managers at a $1 trillion asset manager say investors are dangerously underplaying 3 things (Business Insider)

2016 was not a great year for forecasting. 

The UK's decision to leave the European Union, and President Donald Trump's win despite what the polls showed, humbled many people who were sure that the opposite outcomes would happen.

China Suspends All Coal Imports From North Korea (NY Times)

...



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Digital Currencies

How to Use, Trade, Store and Invest in Bitcoin Digital Assets - Step by Step, Part 1

By Reggie Middleton

(Originally published on Zero Hedge)

I will teach novices and experts alike how to fit Bitcoin into an investment portfolio safely and with the optimum risk-adjusted potential - along with step-by-step guides, instructions and tutorials.

This first part of the series starts with the basics, obtaining and managing your bitcoin.

What is Bitcoin?

First off, we need to know what Bitcoin is since most media pundits and even experienced financial types truly do not know. Bitcoin (capital "B") is a protocol driven network (very similar to that other popular protocol-based network, the Internet). This network is a blank tapestry upon which smart and creative actors can paint a cornucopia of applications (just like applicat...



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Kimble Charting Solutions

Fear Indicator; Hitting highest levels in history, says Joe Friday

Courtesy of Chris Kimble.

Markets have been on a steady rise and the same can be said for Inverse Fear ETF (XIV). Below looks at Inverse Fear ETF (XIV) since the lows in 2011.

CLICK ON CHART TO ENLARGE

What a difference a year can make! One year ago this week, XIV was testing rising channel support, as relative momentum was hitting levels last seen at the 2011 lows.

...



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Members' Corner

Save Your Relationship?

Courtesy of Nattering Naybob.

Once again it's "in the Toilet Thursday" or "Thursday's in the Loo".

Our last episode How to Poop At Work? answered the question, what to do when your at a big fancy pants meeting, when out of nowhere, you need to download a brown load?

This week's installment, Save Your Relationship, demonstrates that people will do just about anything to save their relationshits...

...

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Mapping The Market

NSA May Be Withholding Intel from President Trump

By Jean Luc

These GOP guys were so worried about Hillary's email server and now we find out that we had something close to a Russian mole in the White House. In the meantime, Trump keeps on using his unsecured phone, had high level conversation in his resort in front of dinner guests! It's getting so bad that rumors are now circulating that the NSA is not sharing information with the WH:

NSA May Be Withholding Intel from President Trump

By 

….Our spies have had enough of these shady Russian connections—and they are starting to push back….In light of this, and out of worries about the White House’s ability to keep secrets, some of our spy agencies have begun withholding intelligence fro...



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OpTrader

Swing trading portfolio - week of February 13th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Chart School

Weekly Market Recap Feb 12, 2017

Courtesy of Blain.

The week that was…

The quite long in the tooth rally continues as we had 3 days of minor loses to begin the week; ending with 2 days of moderate gains.  We are in a bit of a quiet zone as most S&P 500 companies have now reported earnings, the Federal Reserve is not a “worry” for about a month and a half, and the major economic news of the month hit the prior week.  So the gnashing of teeth (or not) about government policy seems to be the main driver right now- late in the week it was announced some major new tax initiatives would be coming down the pike soon which the market liked.

President Donald Trump said Thursday that an announcement concerning taxes is on tap for the coming weeks, which his press secretary later said would involve an outline of a comprehensive tax plan. “...



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Promotions

Phil's Stock World's Las Vegas Conference!

Learn option strategies and how to be the house and not the gambler. That's especially apropos since we'll be in Vegas....

Join us for the Phil's Stock World's Conference in Las Vegas!

Date:  Sunday, Feb 12, 2017 and Monday Feb 13, 2017            

Beginning Time:  9:30 to 10:00 am Sunday morning

Location: Caesars Palace in Las Vegas

Notes

Caesars has offered us rooms for $189 on Saturday night and $129 for Sunday night but rooms are limited at that price.

So, if you are planning on being in Vegas (Highly Recommended!), please sign up as soon as possible by sending...



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Biotech

The Medicines Company: Insider Buying

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

I'm seeing huge insider buying in the biotech company The Medicines Company (MDCO). The price has already moved up around 7%, but these buys are significant, in the millions of dollars range. ~ Ilene

 

 

 

Insider transaction table and buying vs. selling graphic above from insidercow.com.

Chart below from Yahoo.com

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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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FeedTheBull - Top Stock market and Finance Sites



About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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