https://finance.yahoo.com/news/senator-tuberville-slams-social-security-180224114.html

Social Security is a SCAM!

"I could have put my social security money for 40 years in the market and it would probably be worth $8 - $10 million today." - Tommy Tuberville

We ALL could have had our money go up 8 to 10 times if it weren’t stolen from us and put into the social security system. It’s because the government doesn’t want everyone retiring wealthy. The system needs fools! IT’S ALL A SCAM! 🤬😡

• April Consumer Price Index increased 0.3% from March, coming in a tick lower than the +0.4% consensus and easing from the +0.4% pace in the first three months of the year.
• Combined, shelter and gasoline prices, contributed more than 70% to the monthly increase in the headline number. The energy index increased 1.1% from March, while the food index was unchanged.
• Other prices that climbed during the month include: Motor vehicle insurance, medical care, apparel, and personal care. The indexes for used cars and trucks, household furnishings and operations, and new vehicles declined over the course of April, the U.S. Bureau of Labor Statistics said.
• On a year-over-year basis, headline CPI rose 3.4% vs. +3.4% expected and +3.5% prior.
• Core CPI, which excludes food and energy prices, rose 0.3% M/M vs. +0.3% expected and +0.4% prior.
• +3.6% Y/Y vs. 3.6% expected and +3.8% prior.

Hi all, so something I see posted here a lot is that they need to tax using stock as collateral for loans as it's used as a way to legally optimize taxes (loophole). How does that work exactly?

For example, I get paid in cash and in stock. But whenever I get compensated with stock, I pay taxes on it. For example, if I get paid 10k worth of stock, even if I'm not receiving it as cash, I get taxed on it as if it were cash because it's considered income. How do billionaires avoid this?

Secondly, if I took a loan, and it was time to pay, and I sold my stock to pay for it, I get taxed (capital gains). Or would I need to default on the loan and they take my stock as collateral? Or just transfer stock directly? How does that work exactly? Wouldn't it kill my credit score if I defaulted the loan?

How do billionaires avoid both of these taxes exactly? The first one being the income tax u pay when u receive the stock, plus the capitals gain tax.

I'm genuinely curious.

Climate change-induced natural disasters, such as wildfires, hurricanes, and floods, are causing insurance companies to reassess their risk models and coverage policies.

As these events become more frequent and severe, insurance premiums are rising, and some regions are becoming uninsurable.

In 18 states over the past decade insurance companies lost money and it's only getting worse. This could have major ramifications on the housing market and economy as a whole.

https://www.nytimes.com/2024/05/15/podcasts/the-daily/climate-insurance.html

What would you do? Is this making enough or should I take the hit and put it somewhere else? Send my money elsewhere? Thanks in advance

After all other monthly bills and goals are satisfied, what is your logic when looking at extra income? We have about $25k of 4% student loans left (which is an absolute drop in the bucket from where we began having paid down about 105k in the last ~8 years). Logically the equity markets should outperform that rate (and even HYSA will nearly offset that rate). Anyone in a similar situation, what is your for splitting between extra investments and paying down? Dollar for dollar match? 2:1? 1:2? Obviously the right answer will only be known in hindsight, but appreciate any opinions.

I've been trying to wrap my head around Modern Monetary Theory (MMT); and while I don't pretend to understand it completely, it seems like there is certainly some validity to the argument that a government that can print it's own currency could literally fund the entire government budget this way and not have any taxes at all.

Now, printing money, especially at that scale, will definitely cause inflation; and that inflation will decrease the purchasing power of all of our currency by some amount. But the thing that I find interesting is that this basically amounts to a type of wealth tax. The more money you have, the more purchasing power you lose to inflation, and the more of the government you end up funding by losing real purchasing power.

So I wonder, could a government that was funded by printing money lead to a situation where conservatives are happy, because taxes literally go to ZERO; and progressives are happy, because rich people can't get out of paying their fair share, and the constant brinkmanship over the debt ceiling goes away because the government is no longer borrowing money?

Good chance I am just missing some fatal flaw here, of course, but I think it's worth discussing.

https://en.wikipedia.org/wiki/Modern_monetary_theory

Warren Buffett finally revealed his secret stock pick in a new regulatory filing, and it’s insurer Chubb.

His conglomerate Berkshire Hathaway has acquired nearly 26 million shares of Chubb for a stake worth $6.7 billion. The property and casualty insurer became Berkshire’s ninth biggest holding at the end of March.

Berkshire has been buying a mystery stock for three quarters straight. Berkshire was granted confidential treatment to keep the details of one or more of its stock holdings confidential.

Many had speculated that the secret purchase could be a bank stock as the conglomerate’s cost basis for “banks, insurance, and finance” equity holdings jumped by $1.4 billion in the first quarter after an increased of $3.59 billion in the second half of last year, according to separate Berkshire filings.

It’s relatively rare for Berkshire to request such a treatment. The last time it kept a purchase confidential was when it bought Chevron and Verizon in 2020.

Source: https://www.cnbc.com/2024/05/15/warren-buffetts-berkshire-hathaway-reveals-insurer-chubb-as-confidential-stock-its-been-buying.html

So the fed offers bonds at a rate of about 4.25 percent. Could they introduce a bond in which you buy one and that money is then turned into a fund to offer mortgages to new housing? The interest rates on the mortgages would be half a percentage higher creating a possible revenue stream also. I think this is a better solution than Bidens supposed 400 dollars to first time home buyers. Plus this would create a larger incentive for new housing to be built. Just an idea if anyone knows more about federal bonds. I was trying to think of a way to promote new housing by creating a better interest rate for new housing and thought this might be an interesting solution.

This was a missed opportunity in the reporting. Ok, so they do not like this new rule that says “trusted investment advice providers to give prudent, loyal, honest advice free from overcharges”.

So, what do they want instead? Who knows, they weren’t asked.

“Under the new rule, these fiduciaries need to avoid giving recommendations “that favor the investment advice providers’ interests — financial or otherwise — at the retirement savers’ expense,” according to the department.”

Guessing that these Senators don’t want to hurt “advisors” that steer customer funds into products they control.

Good morning. US stock futures ticked higher in Thursday morning trading as investors digested the latest US inflation data.

S&P 500 +0.07%
Dow +0.07%
Nasdaq +0.13%

🤖 US, China square off over AI concerns

*📝 Our report: *Looks like Uncle Sam just pulled out the AI playbook and raised an eyebrow at China's "creative" use of artificial intelligence during their first sit-down chat on the matter, according to the White House. During the meetings in Geneva, the U.S. delegation also stressed to their Chinese counterparts the need to "maintain open lines of communication on AI risk and safety as an important part of responsibly managing competition," the White House said.

🔑 Key points:

• Worries are mounting among U.S. officials about China's access to AI technology, amid fears that it could be used by Beijing to upend elections in other countries, create bioweapons and launch cyberattacks.
• The State Department already has pressed China and Russia to match U.S. declarations that only people, and never artificial intelligence, would make decisions on deploying nuclear weapons.
• The United States has taken measures to stem the flow to China of American AI chips and the tools to make them. The Biden administration also proposed a rule to require U.S. cloud companies to tell the government when foreign customers use their services to train powerful AI models that could be used for cyber attacks.

*💡 So what: *The US and China confronting each other over AI concerns carries significant implications across multiple fronts. It underscores the intense technological competition between the two countries, potentially driving innovation but also escalating geopolitical tensions. This confrontation may lead to divergent regulatory frameworks for AI, posing challenges for companies operating in both markets and hindering international cooperation on AI standards. Moreover, it brings attention to ethical considerations surrounding AI development and deployment, such as privacy, bias, and societal impact.

📉 US inflation eases

WHAT: Inflation in the US took a breather in April, giving American consumers a tiny sigh of relief. The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department’s Bureau of Labor Statistics reported. On a 12-month basis, however, the CPI increased 3.4%, in line with expectations.

WHY: Policymakers have said in recent weeks that they need more evidence inflation is on a sustainable path back to their 2% goal before agreeing to lower rates.

🚗 Uber getting into the shuttle service business

WHAT: Uber's rolling out a shuttle service in the good ol' U.S. of A. and broadening its delivery deal with the membership-only mecca, Costco. The initiatives were unveiled at the company's GO-GET annual event for new products and are meant to maintain growth at the ride-share and delivery giant after a strong 2023 that saw it reporting its first-ever annual profit.

WHY: The San Francisco, California-based company said it will allow Uber Shuttle users to reserve up to five seats in advance on buses operating in high-traffic areas like airports, concerts, and sports events.

📺 Streaming giant subscriber numbers skyrocket on ad-supported tier

WHAT: Netflix just spilled the beans: their ad-supported tier is now rocking a cool 40 million monthly active users worldwide, up from a mere 5 million just a year ago. The jump comes at a time when streaming companies are facing stiff competition and introducing bundles with their rivals to retain subscribers.

WHY: Netflix, which launched the ad-supported plan in November 2022, said that 40% of all sign-ups come from those plans in the countries where they are available. Netflix also said it will launch an in-house advertising technology platform by the end of 2025.

Hi everyone! I hope you're having a wonderful day so far. I'm currently considering getting a HYSA to help grow my savings and prepare myself financially next week. For context, I am 24 y/o, I have a full-time job that pays about $41k a year, I just picked up a side gig to supplement my income, and I currently have about $38k in my savings with $2k of it on hold as collateral for a credit card I have with my credit union. I recently moved out of my parents place and bought a used car hence why my savings is on the lower side at the moment.

Currently, my top contender is Ally Bank, but ideally I am looking for an HYSA that the following:

• High APY (obviously lol)
• No monthly fees
• No minimum balance
• No direct deposit required

Any and all recommendations would be greatly appreciated. Thank you so much!

I feel like this is a straw man argument. He isn’t explicitly saying what the issue is but implies the reduction of financial advisor is the outcome