Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
re: Gold miners and market
Yes, indeed. The miners are depressed and have not responded to the increasing POG. I've seen this movie before and as long as gold continues to move higher and the sovereign debt problems continue to worsen, the gold miners are a very cheap way to play. I continue to buy these pullbacks. I would be more worried about fundamentals for an individual miner than the economic fundamentals which I think will continue to support much higher gold prices and in turn much higher prices for the mining shares. A lot of the miners are being shorted which will have to be covered once gold surpasses $1700.
U.S. deficit shrinks in first half of fiscal year : http://www.marketwatch.com/story/us-deficit-shrinks-in-first-half-of-fiscal-year-2012-04-11?link=MW_story_latest_news
Excerpt:
For the first six months of fiscal 2012, the deficit was $779 billion, the Treasury said in its monthly budget statement. That’s compared to $829 billion in the first half of 2011. The lower year-to-date figure is mostly due to increased receipts, though spending also declined.
For the full 2012 fiscal year, Treasury estimates that the deficit will be $1.3 trillion.
The sell side is ALWAYS optimistic
5 reasons investors shouldn't panic : http://money.cnn.com/galleries/2012/markets/1204/gallery.stocks-healthy-signals/index.html
From greater stability in Europe's financial system to attractive valuations, here are five reasons to keep calm.
1) Stocks are still (really) cheap
2) Americans are still spending
3) China is slowing, but still growing
4) Europe no longer a chokepoint
5) A correction is healthy
My comment: I especially liked this argument regarding #2:
Consumer spending rose considerably in February, according to the latest government data, and while higher prices for staples such as gasoline drove some of the increase, economists said that Americans are undeterred. Rather than cutting back, they are saving less to finance their spending.
re: Options
I used to trade a lot of options. I'd make a lot of money and give it all back. Then one day I bought some Eli Lilly (ELY) puts for 3/8 based a potentially negative court ruling that was pending regarding extending ELY's patents beyond the expiration date (ie when generics could be produced). The options dropped down to 1/8 and then the judged ruled against ELY, send the options to over $15. I sold and made $43K on the trade. I knew from experience that I would never be able to repeat that kind of success, so I stopped trading options entirely. What I learned was that options can be very profitable if there is some surprise event (9/11 comes to mind) and you are positioned correctly. I also learned that some of the small cap mining shares (this was in 2000, but still applies today) can be bought for less than most options and there is no expiration date. You just need to do due dilligence as always. If you look at some of the gains from small cap miners in the 1970's you get an idea of what is possible: http://www.resourceinvestor.com/2009/10/05/can-gold-and-silver-equities-expect-5000-returns-a
And I know there is some question about the magnitude of the gains shown, but even a 1000% gain is substantial. I've been able to do that several times, especially with warrants. The New Gold (NGD) 2017 C$15 warrants I bought in 2008 for $0.18 have been over $5.00. And I expect that some of the small miners will have very substantial gains as gold moves to new highs. I'm currently buying the Colossus 2016 C$8.50 warrants and shares of Sienna Gold (which has had extraordinary drill results to date). Pretium Resources and Aurelian Gold (from $0.30 to over $30.00 in a few months) are also recent examples of spectacular gains.
Gold up $21
Gold just popped from -$2 to +$14
Here's an interesting take on where we are:
Bob Janjuah: S&P At 800, Dow/Gold Ratio Will Hit 1 Before Next Real Bull Cycle : http://www.zerohedge.com/news/bob-janjuah-sp-800-dowgold-ratio-will-hit-1-next-real-bull-cycle
Bad news is good news and every investor and media pundit is now predicting more QE. It's just a matter of timing. The problem is that QE solves nothing. It merely insures that more QE will be needed once the current batch is exhausted. As Noland often points out, it is the nature of bubble dynamics. And QE's side affect is inflation in food and energy which negates any possible temporary benefit. Even so, the Fed knows only one remedy and that is QE in some form.
re: debt and bond rates (the Endgame)
I’m Worried : http://www.financialsense.com/contributors/david-kotok/i-am-worried
Excerpts:
During the same three decades, the US altered its fiscal policy, first under Ronald Reagan and almost continuously since. (The Clinton administration was the exception.) Rising deficit financing has been facilitated by falling nominal interest rates. That combination leads to level, or even falling, aggregate debt service. You can owe more and more and have smaller and smaller monthly payments. That is the magic of falling interest rates. Until they hit the zero boundary.
What happens when the music stops and the chairs are full? Are we reaching that point in the United States? It appears we have done so in Europe, certainly in Greece, the eldest of the declining great powers. We are also getting there in Japan and the UK. All four confront similar financial straits: zero-bound interest rates coupled with expanding national government debt.
Is this a healthy situation? How long can it persist? What happens next? When interest rates eventually rise, what will be the result of this blend of monetary/fiscal policy as its unwinding turns malignant?
Reasons not to listen to the pundits
The following excerpts from the article indicate a total lack of understanding of the real danger in bonds. Namely, that the soaring national debt will force rates higher regardless of (and in fact due to) a slowing US economy. It's like a football player running as fast as he can toward the opposing team's goal.
Take this jobs report and shove it! Bonds rally. : http://money.cnn.com/2012/04/09/markets/thebuzz/index.htm?iid=HP_LN
Excerpts:
"Most of the things that you would think would be bad for the Treasury market seem to be weighing disproportionately on stocks instead," said Robert Tipp, chief investment strategist for Prudential Fixed Income in Newark, N.J. "The only scenario that's damaging for Treasuries these days would be unbridled optimism for the economy."
With that in mind, Tipp said he thinks that a 2% yield on the 10-year is fair value. He added that the continued debate over the deficit in Washington may also keep a lid on how high yields go. It's even possible that rates could head back toward the all-time lows of around 1.7% from last September.
Again, it's a bit of twisted argument. But if lawmakers wind up stalling further, refusing to put the good of the country ahead of politics as usual, inaction in Washington could hurt the nation's economy severely.
And this quote of the day:
"The Fed is not going to unwind its balance sheet anytime soon," Barbi said.
Gold up, stocks down (including the miners)
I added 4500 Colossus 2016 C$8.50 warrants today at $1.60.
re: QE
Japan is expected to announce some economic stimulus soon to pressure the yen lower. And Europe will have to do something about the high interest rates on Portugese, Spanish, and Italian sovereign debt (ie more LTROs ?). But I don't expect the Fed to act before June or July. They will, however, continue to proclaim that they will be accomodative to support the economy if it falters. I also think that the megabanks are speculating big time as evidenced by JPM's Iksil. All we need is another LTCM or a Bear Stearns event to send chills through the markets.
I have a core position in GG, but I mostly buy the small cap miners (ie the exploration companies). I have recently bought 70K shares of Sienna Gold (v.SGP/SNNGF) at $0.35 based on their very good drill results. I'm also looking to buy more warrants of some of the higher priced miners.
Record Gold Buying and the Financial Cataclysm Ahead : http://outlookafghanistan.net/topics.php?post_id=3890
IT'S TOO LATE
My Comment: With Europe on the verge of financial collapse, China's economy set for a hard landing, and the US economy being held up by liquidity, I see no way for any improvement in the national debt. In fact, I fully expect the deficits to continue at the $1.3Trillion level for at least 2-3 more years and for the national debt to reach $20Trillion by 2015. Then watch for a bond market revulsion of any additional Treasury bond auctions as rates begin to rise and impact the deficits even more. Just how can the usual remedies of higher taxes and reduced spending not tip the economy into a (severe) recession ?
Fed's Bullard warns on U.S. budget deficitt : http://www.reuters.com/article/2012/04/05/us-usa-fed-bullard-debt-idUSBRE8340NZ20120405
(Reuters) - A top Federal Reserve official warned on Thursday that the United States could face the same crisis of confidence from investors as European countries if it does not rein in government overspending.
"It is a wake-up call for the United States," St. Louis Federal Reserve President James Bullard said. "It can happen here."
And in related news:
Federal deficit so far: $777 billion : http://money.cnn.com/2012/04/06/news/economy/mid-year-budget/index.htm?iid=HP_LN
Excerpts:
NEW YORK (CNNMoney) -- The federal government racked up an almost $780 billion deficit in the first six months of the fiscal year, according to new data from the Congressional Budget Office.
While that's quite a large number, it's actually $53 billion less than the same period last year, when the deficit totaled $829 billion.
Lights out in Greece
Iran halts oil shipments to Greece : http://www.marketwatch.com/story/iran-halts-oil-shipments-to-greece-2012-04-06
Excerpt:
The Mehr news agency said that, due to unpaid bills, Iran stopped deliveries to Greek refiners Hellenic Petroleum and Motor Oil. Greece has long been the European Union country relying the most on Iranian oil--sometimes for as much as a third of its supplies.
Futures down
My comment: But then bad news is good news for the stock market (it just has to get bad enough to prompt more stimulus...who cares what the economy is doing as long as the liquidity keeps flowing)
Disappointing March jobs report sends futures lower : http://www.reuters.com/article/2012/04/06/us-markets-stocks-idUSBRE83105P20120406
Excerpts:
S&P 500 futures fell 16.20 points to 1374. Nasdaq 100 futures dropped 1.1 percent, or 31.25 points, to 2722.75 in thin trading. Dow futures dropped 137 points, or 1.1 percent, to 12,841.
The weak payrolls report could renew hopes for more monetary stimulus from the Federal Reserve. This week's release of minutes from its March meeting suggested less of an appetite for more stimulus despite committee members expressing worries about the sluggish pace of U.S. growth.
re: Japan's fiscal quagmire: http://www.zerohedge.com/news/japanese-party-ending
Excerpts:
As we discussed here just two weeks ago, there is a growing concern that Japanese officials will decide to turn the currency war amplifier volume to 11 and devalue the JPY. With carry trades unwinding rapidly, JPY continues to strengthen (much to their chagrin) but now we are seeing very aggressive positioning in 5Y JGB breakevens (or inflation bets) which implicitly belie devaluation expectations. The key being that, breakevens spiking implies a market expectation that the BoJ will finally be forced to stimulate inflation, as Andy Xie recently pointed out, but going the hyper-inflate path and crushing the JPY. This instead of the alternative, for an economy which is now no longer in a trade surplus, which is a collapse in bonds which has its own very nasty endgame (where, as a jarring reminder, if bond yields rise to 2 percent, the interest expense would surpass the total expected tax revenue of 42.3 trillion yen).
I'm with you. I think even if the miners drop more from here, they will perform very well once the end game is in sight. Japan is considering QE and Europe needs more QE to prevent Spain, Portugal, and Italy from collapsing (Spain is lost cause with no way out). On it's current course, Japan's debt/GDP is expect to grow to 250% by 2015 and if rates rise to 2%, interest payments will consume all of the government revenues.
Here's an interesting article: http://www.financialsense.com/print/contributors/bruce-krasting/bernanke-i-am-slowing-down-the-ship
This is an election year and the Fed is determine to prop up the economy/markets even if it were not an election year. So, barring a major breakdown in Europe (which becomes more probable by the day) or some unforeseen catastrophe, I don't expect much of a pullback in stocks. In fact a catastrophe would be welcomed by the markets as the Fed would be compelled to implement more QE. The cliff is still in front of us. We're just approaching it more slowly due to all of the liquidity.
The Fed would have difficulty implementing QE while oil and gas prices are so high. As to whether QE is on hold due to improving economy, I doubt it. The only thing that has boosted the economy to date is QE, either from Europe or the US and Japan is poised to do the same. The US will implement QE once the economy (I mean the markets) begins to deteriorate. Let's see what 1Q earnings look like. And watch Europe as Spanish rates on 10-yr bond rose to 5.6% yesterday (Spain is going down).
My comment: The banks need to be taken down before they totally destroy the whole damn economy. The greed is rampant and I don't think anything has changed since they were bailed out. Greg Smith's recent disclosures about Gold man Sachs makes this abundantly clear.
The Wall Street multibillion-dollar scandal no one is talking about
http://finance.fortune.cnn.com/2012/03/23/the-wall-street-multibillion-scandal-no-one-is-talking-about/
Excerpts:
Consider what went on here. Banks took a rate that they artificially set themselves, and then went out and convinced municipalities and pension funds and others to bet against them on the rate. LIBOR rates were supposed to be set by bank treasurers reflecting what it cost them to borrow from other banks. But reportedly a number of bank treasurers consulted traders when deciding what rate to report to the organization in London that collected and posted the rates. (LIBOR stands for the London InterBank Offered Rate) What's more, traders at a number of banks were given access to the systems that bank officials used to enter the rate so they could overwrite the rates with ones that would better suit them. When the rate went the way Wall Street traders programed it to do, the banks cashed in millions.
The real, clear damage is in the contracts that banks set up with municipalities and others to bet on their own manipulated rates. Baltimore was sold as much as $300 million in LIBOR contracts. The city is the lead plaintiff in the class action against the banks. The suits say the LIBOR market is as large as $90 trillion. Though some have put the market of things the rates affects as much as $350 trillion in loans and derivatives. The suit says on average over the period it was manipulated the banks artificially held the LIBOR rate down by 0.87%. Go with the smaller figure and by back of the envelope math, you get that the banks could have made as much as $750 billion on their scheme, but it probably wasn't that much since banks were probably asked to long and short on the rate.
Million dollar plus cars: http://money.cnn.com/video/pf/2012/03/20/pf-w-barrett-jackson-ceo.cnnmoney/?iid=HP_MP_River
Is this for the house of cards ?
Yes, indeed
And I think the only hope is for more people to realize just what's been happening and to do something about. I read Doug Noland's report every week at Prudentbear.com and this past week he showed is frustration and fear of what's been happening and where it all leads. Here's an excerpt:
And I’ll take some poetic license here. Mr. Smith laments “ripping eyeballs out” of “muppet” clients – the decline of “the firm’s moral fiber.” I believe a crucial facet of what’s unfolding is that employees throughout Wall Street, and global finance more generally, are working diligently to extract as much “money” as quickly as possible before the whole thing blows up. It’s as reprehensible as it is perfectly rational in light of today’s monetary and policymaking environment. In a backdrop where politicians spend as much as they want and central bankers “print” as much as they want – where prudence, fairness and reasonableness have been completely abandoned - of course those working amidst this monetary profligacy will feel perfectly compelled to take as much as they can get. Read monetary history.
Regrettably, most no longer think in terms of a long-term career judiciously serving the interests of their client-base. Instead, it’s dog-eat-dog – everyone working first and foremost for their immediate self-enrichment. Isn’t that the way Capitalism is suppose to function? It's just a broken incentive structure – powered by the confluence of ultra-easy “money” slushing about the system today and extraordinary uncertainties darkly clouding the outlook for tomorrow. This ensures a destabilizing short-sighted fixation by Wall Street associates, traders, speculators, investors, business executives and society generally. Greed may or may not be good, but it is certainly an upshot of unsound money.
And, I’ll assume, the closer individuals are to the belly of the beast the more jaded they must become. Mr. Smith’s expertise is in derivatives – “to trade any illiquid, opaque product…” If there is one area where I most fear obfuscation and the deleterious effects of monetary inflation, policy intervention and market degradation, it’s in this creature referred to as the “global derivatives market.” This demonstrated - and at times rather corrupt - monster has nonetheless been nurtured and promoted to the epicenter of contemporary global markets. It’s no coincidence that this realm has remained largely impervious to tighter regulatory oversight – even after 2008.
Mr. Smith protested selling products that were wrong for his clients. Whether it’s a derivative salesman, politician, or central banker, obfuscation has become commonplace at this disorienting phase of uncontrolled monetary inflation. After all, how can sound analysis and serving one’s clients remain the devoted focus when the current monetary backdrop incentivizes something quite different? How does one go about modeling future cash flows and valuing assets when there is every indication that the current monetary backdrop is both unstable and unsustainable?
Indeed, the market backdrop has regressed to little more than a “money” game. Speculative dynamics rule, and those that play (or associate with those that play) the game the best attain unimaginable financial wealth. How can one reasonably do analysis these days when so much depends on the extent to which global central bankers proceed further down the path of unlimited “money” creation? Do you want to bet that the Fed (and ECB, BOE, BOJ, PBOC, etc.) is largely through its crisis-induced money creation operations? Or is the Fed’s balance sheet on its way to $10 TN? These provide two altogether different scenarios to contemplate. Clearly, with central bankers propping up markets with Trillions of liquidity injections, one can toss traditional analysis (and market participant behavior) out the backdoor.
Credit Bubbles and attendant monetary inflations invariably risk a loss of trust – trust in “Wall Street” and the financial system; trust in politicians and the political process; trust in central bankers and monetary management; trust in institutions and “money” more generally. These dynamics are increasingly on full display, here at home and abroad. And it’s not Goldman’s culture and moral fiber that I worry about.
GOLD STANDARD: NO WAY
Professor Bernanke rails against gold standard: http://economy.money.cnn.com/2012/03/20/professor-bernanke-rails-on-gold-standard-6/?iid=Lead
My comment: Would anyone expect any less from the professor ? How could the Fed print if there were a gold standard ? And adding zeros to the currency is a lot easier than "going to South Africa and digging up tons of gold to move to a basement at the NY Federal Reserve".
Excerpt:
"To have a gold standard, you have to go to South Africa or someplace and dig up tons of gold and move it to New York and put it in the basement of the Federal Reserve Bank of New York and that's a lot of effort and work," he said.
re: VIX and other matters
Two reasons stocks may be at the top: http://finance.fortune.cnn.com/2012/03/19/wall-street-complexity/?iid=HP_LN
Excerpts:
CAPE hit a 35-year low in March of 2009 at 13.4x. This also coincided with a low in other stock market valuation metrics and the bottoming of the market. Stocks were, simply, and obviously, cheap. As for now, it is neither simple, nor obvious.
As of late, we've been flagging and harping on another simple indicator of the equity markets peaking, which is the VIX.
re: Commodities in a stock market downturn
That's the 64K question.
Many think commodities will move lower with the market as in 2008. Of course, you need to separate the PMs from other commodities and you need to know what would cause the downturn (ie deleveraging, a slow economy, etc). I focus on the PMs and I think the PMs could initially fall with the markets, but that they would rebound quickly and substantially while the market continues to move lower. The real driving force behind the markets right now is the sovereign debt and the CBs response to that debt. I don't see the debt coming under control without economic growth and I don't expect that for a long time. I expect the CBs will continue to try to prevent an economic calamity by printing, but that printing will at some point hit the bond markets and force interest rates higher (rates are artificially low due to CB interventions). Higher rates combined with higher gas prices due to the printing will lead to a weaker economy and a low stock market. The one thing to keep in mind is what happens to all of the sovereign debt in that scenario...it balloons much higher. And I expect the PMs to follow the debt higher. That's what I'm expecting. The timing all depends on how much the CBs are allowed to print before the bond markets rebel and demand higher rates (those higher rates mean a slow economy and higher deficits due to both lower tax revenues and increased interest on the debt)
Yep, if the markets can at least have a natural correction (that's an oxymoron in this market) then it should drive the PM shares lower as well, creating an even better buying opportunity. I have orders in below the market on some favorite PM shares and I have been buying some on the way down.
Obama's budget would add $6.4 trillion to debt - CBO
http://money.cnn.com/2012/03/16/news/economy/obama-budget/index.htm?iid=Lead
My comment: I think we will hit $20Trillion by 2015. Heck we'll hit the debt ceiling of $16.4 this year ! And id we continue the pattern of adding $1.5Trillion per year we get to $20Trillion by the end of 2014. Of course, these estimates do not include rising interest rates which most surely occur as the debt continues to rise, making the deficits even higher. It's a debt spiral and austerity (ie raising taxes and cutting spending) will only make the deficits worse as the economy sinks into a recession (we would be in a recession now were itnot for the Fed's liquidity).
Excerpt:
The president's budget would add $6.4 trillion in deficits between 2013 and 2022, the CBO said.
Under the so-called alternative fiscal scenario, where Congress simply extends a number of favored policies, cumulative deficits would reach nearly $11 trillion.
Did Bradley get Bernanke's approval ?
My Credit Union has ATMs in stores as well. They also have joint agreements with other Credit Unions so I can have my transactions processed at a Credit Union other than my own. They have Credit Cards and they do not have the fees that banks have. In fact they do everything possible to minimize the fees such as overdraft by processing the smallest checks first.
The way things have become in a world pf growing globalization big banks are better placed to fill the great needs for banking services. I notice that, e.g. Citibank, one need for meeting the cash demand for the travelers is being achieved by their installation of ATMs in most towns in the U.S. in 7-11 stores... avoiding to open costly branches.
Retail sales up despite higher gas prices ?
That was what was being reported by our local business reporter and a stock broker. These guys are either stupid or trying to mislead. Higher gas prices were a large part of the higher retail sales.
Global liquidity peak spells trouble for late 2012: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9136903/Global-liquidity-peak-spells-trouble-for-late-2012.html
Excerpt:
Meanwhile velocity has plunged, with the M2 gauge dropping below 1.6 last week for the first time since records began in 1959 (as shown in the chart from the Federal Reserve Bank of St Louis below).
Nick Bullman from the consultancy CheckRisks said that should give pause for thought. “It’s terrifying that markets are rising given what’s going on in the real world,” he said.
Rightly or wrongly, the US Federal Reserve does not intend to do anything about this. Time is running out for Ben Bernanke before the US election season closes the political window on fresh stimulus, yet he gave no hint of largesse in his latest testimony to Congress. He fretted about inflation instead, causing gold to crash over $100 (£64) an ounce within hours.
It's not just the economy that's between a rock and a hard place. So is the Fed. With gas prices this high they'd be hard pressed to add any liquidity. So, are the high prices due to supply and demand ? Perhaps the demand side will keep gas prices suppressed, but the supply side is a real problem going forward. As for the Republicans winning due to high gas prices, the way they are running right now, it would take a lot more than that to beat Obama. It's just not a very impressive lineup and whoever wins the Republican nomination will be very weakened by the results to date. I have no preference for either the Democrats or the Republicans. Neither are up to the job.
U.S. current account deficit for 4Q widened to $124.1Billion
http://money.cnn.com/2012/03/14/markets/stocks/index.htm?iid=HP_LN
Excerpt:
Economy: The U.S. current account deficit for the fourth quarter widened to $124.1 billion, the Commerce Department said. The deficit was expected to stand at $113.8 billion, according to a survey of analysts by Briefing.com.
10 yr yield at 2.23%
With rates rising and gasoline prices increasing even with such a modest recovery, it does not bode well. We need Bernanke to talk more about deflation to damp down inflationary expectations.
Why would anyone do business with GS ?
My comment: Today's comments by a resigning GS executive is not new news. It is common knowledge that GS rips it's customers off at every possible opportunity. Meanwhile they get bailed out by taxpayers and claim they are doing God's work (such hubris). So, why does GS even have any customers ? The big banks are feeling the disdain of customers as it was reported that 110,000 customers changed from big banks to credit unions last year. They too will not be in business unless they change (which I think is not possible). Of course, all of this gives Wall Street a very bad image and it is being supported by the Fed which is also losing respect.
Goldman exec quits, calling firm 'toxic': http://money.cnn.com/2012/03/14/markets/goldman_sachs/index.htm?iid=Lead
Excerpt:
"It astounds me how little senior management doesn't get a basic truth: If clients don't trust you they will eventually stop doing business with you," he wrote. "It doesn't matter how smart you are."
CBO projects 2012 Budget Deficit of $1.17Trillion
My comment: Just wait till next month's projections
CBO Hikes 2012 Budget Deficit Forecast By $97 Billion In One Month, Sees $1.17 Trillion In Funding Shortfall: http://www.zerohedge.com/news/cbo-hikes-2012-budget-deficit-forecast-97-billion-one-month-sees-117-trillion-funding-shortfall
Excerpt:
What a difference a month makes: back on February 7, the CBO released its first forecast for the 2012 budget deficit. The number then? $1.08 trillion. Just over a month later, the CBO has released its amended budget deficit. The bottom line this time around: an increase of just under $100 billion, or $1.171 trillion.
Ready for Retirement ?
Retirement scare: 60% of workers have less than $25,000 saved: http://money.cnn.com/2012/03/13/retirement/workers-confidence/index.htm?iid=HP_LN
Excerpts:
Many respondents said that saving for retirement has taken a backseat to more immediate financial concerns. About 42% of survey respondents said a lack of job security is the biggest issue they are facing, with only 28% of workers saying they feel very confident they will have a paying job for as long as they need it. Meanwhile, a whopping 62% -- nearly two-thirds -- of workers said their debt is a problem.
As a result, many workers barely have any savings, with about 60% of workers reporting total savings and investments of under $25,000 (excluding the value of their home and benefit plans). About 30% of these respondents said they have less than $1,000 in savings.
It's only money
and the Fed can make a lot more of it