: this website started in 1996 and I have done the
Daily Commentary since that time. I used to do more reports and
commentary here but it simply seemed more important from
around the early 2000s to present some of what I review every day
and let the readers figure out the relevant issues themselves. Of
course investments are covered but long term care, economics, life
insurance, arbitrations et al command the bulk of a planners
capabilities- though generally its nothing more than lip service,
Not so here.
There is a lot more to discuss but at this point I will give you a
look at one of the most important videos you will ever see-
and one that should change the industry. You will need a financial
Risk of Loss
of Loss 2
These are not to be
distributed in any manner whatsoever.
Does Rebalancing Really Pay Off??
Knock yourself out. Very extensive. But you note that they still
like standard deviation as risk. It is not.
9/17: ECB money
the ECB announced that it would take serious steps to combat its
low inflation, which recently dropped to 0.3%. Now, three months
later, the ECB
is set to take action, and will this month auction €174 bn of
financial institutions, followed by €167 bn in October. All
told, the ECB plans
to give out at least €400 bn in loans in the next three months.
The ECB hopes
the move will stimulate lending in the Eurozone and boost
the bank is also planning to ramp up its promised Asset-backed
stimulus package in the near future, and plans to buy nearly €1
tn of ABS. The
issue is that the European ABS market is still very quiet, with
meaning the ECB has little to buy in order to stimulate lending.
The bank hopes
that by buying ABS, it will incentivise banks to lend by taking
the risk of
loans off their balance sheets.
9/16: This will actually get worse.
as Merrill Lynch have started to offer internship programs to
college students. Additionally, colleges have started financial
planning programs where students work with the Certified
Financial Planner Board of Standard, Inc. to "provide students
with the education requirement for the group's financial planner
there's a problem. Only about one-third of students "who graduated
from a college program that prepares them for the CFP
certification actually choose to sit for the CFP exam" and
programs have noticed a recent decrease in enrollment. Only
approximately 50% of students get a passing grade, which is
definitely a contributing factor to why less and less are taking
EFM- Having written courses, it is possible to design whatever
passing rate you want. I think they just want to make in hard by,
probably, demanding theoretical knowledge, not real life.
That way it is either right or wrong and avoids intellectual
subjectivity. Further, I truly wonder on the instructor's insight
to the real world and the products coming to market daily are
truly addressed. .
The Big Book of
Great great material
Table of contents
Passwords and Logins
Data backup plans
Groups and Organizations
Life Insurance Policies
Health Insurance Policies
Car Insurance Policies
Extended Family Medical History
Long Term Health Care
Organ and Body Donation
Safes and Storage
Debts Owed to You
Students of finance and investment management heading for the
classroom this autumn will be taught the same mainstream theories as
Those theories failed to anticipate the 2008 financial crisis, or
earlier crashes, and probably will not spot the next one. How can
they when the underlying assumption is that markets are in a state
of equilibrium that can only be disturbed by unpredictable events
unconnected to market operations?
“No investment strategy based on mainstream finance theory can,
therefore, protect investors from market-wide crashes,”
The assumptions underlying mainstream finance
theory are “clearly false”, it says. Markets are not in general
equilibrium or populated by rational agents with perfect knowledge
of the future. Even supporters of the theory acknowledge the
unrealistic nature of the models and the need to add extra
components, such as taking account of money creation and the banking
In spite of this, the study reports a consensus that students
should still learn the prevailing theory, with the caveat that it
should be taught less dogmatically and more pragmatically.
The CFA study is encouraging in some respects, dispiriting in others.
It gives a thorough airing to the critiques of finance theory that
have surfaced post-crisis (although some are longer standing than
that). It also acknowledges the difficulties in moving away from
established theory and practice, not least because faith in the
efficiency of markets and their self-correcting mechanisms is the
With so much at stake, though, it is disappointing to realise that
investment professionals are to a surprising extent working in the
dark.(Who is an investment professional????? Inquiring minds would
like to know)
"That the reality of markets should be the primary object of study
is perhaps the key adjustment that needs to be made to both the
theory and the teaching of finance,”
EFM: The bulk of those doing investments at the fund level do include
CFAs. But I took two years of the courses in the mid 90s and was
trying to figure out why they were teaching pure theory in a dot com
bubble where every analyst was coming up with different valuation
numbers> Or nobody did anything except listen to a 30 year old
pretty boy on CNN say that business cycles were just a thing of the
past. While I tend to agree that it is next to impossible to determine
the scale of a downturn, in 2000 and 2006 a recession was readily
There will be a pretty big drop due to our fabricated economy, but a
consumers exposure to equities loss should not exceed about 10 to 15%.
But consumers are irrational and not very bright. Advisers are
extremely limited since few have much background.
9/14: Permanent life insurance- just 22 percent of Americans own one.
For the very wealthy they can make sense. Otherwise, why?????
From Poor Countries Have Become the World’s Peacekeepers
On balance, the troops contributed by developing countries are more
likely to be less well trained, under-supplied and ill equipped for
the missions. Delays in financial contributions only complicate the
challenges of modern peacekeeping.
So does the fractured nature of modern conflicts. Military experts,
like General Sir Rupert Smith, have noted the shift from “industrial
wars” of the past to today’s “war amongst the people.” Modern
conflicts involve combatants whose ends are not merely the control
of territory or the monopoly of politics. They wage war with their
own rules, without concern for the U.N.’s mission to referee.
9/14: Just an example
LTC: Are You Using the Right Plan?
$2,498 more monthly LTC benefit, $42,558 more death
an unlimited pool of LTC for the same premium!
Financial schemes against the elderly increasing. "And
trusted caregivers...are often the ones at fault, according to
legal and financial specialists. The over-65 segment is expected
to grow to 20 percent of the total United States population by
2050 from 13 percent today, according to the Census Bureau, and
financial abuse is expected to rise in tandem, draining hard-won
retirement money....Older adults are appealing — and vulnerable
— targets....They are also usually debt-free and own their
homes. As dementia and Alzheimer’s rates climb, the elderly may
also be increasingly incapable of protecting themselves from
in The New York Times.
Market Indicators: An Overview
Current evidence on the predictability of technical analysis largely
concentrates on price-based technical indicators such as moving
averages rules and trading range breakout rules. In contrast, the
predictability of widely used technical market indicators such as
advance/decline lines, volatility indices, and short-term trading
indices has drawn limited attention. Although some market indicators
have also become popular sentiment proxies in the behavioral finance
field to predict returns, the results generally rely on using just one
or a few indicators at a time. This approach raises the risk of data
snooping, since so many proxies are proposed. We review and examine
the profitability of a wide range of 93 market indicators. We give
these technical market indicators the benefit of the doubt, but even
then we find little evidence that they predict stock market returns.
This conclusion continuously holds even if we allow predictability to
be state dependent on business cycles or sentiment regimes
A survey on 692 fund managers shows that 87% of the fund managers
place some importance on technical analysis when making their
Using a wide range of 93 market indicators, we find no evidence that
they show predictability for future stock returns. This conclusion
consistently holds even if we allow predictability to be state
dependent on business cycles or sentiment regimes.
We review the predictability of a wide range of 93 technical market
indicators in predicting the S&P 500 returns. This adds to the
literature with evidence from widely used but less examined market
indicators, to more conclusively answer the question of whether
technical analysis is useful or not. Overall, we do not find the
market indicators generate profits that beat the buy and hold
strategy. This result does not change if we consider the possibility
of regime-switching predictability on business cycles or sentiment
cycles. Moreover, our results remain robust if we use a GARCH (1,1) or
robust regression method. With previous mixed findings on price-based
technical indicators, it is still not easy to provide a simple
positive or negative answer to the broad question of whether or not
technical analysis is useful. Our results, at least, make the answer
not inconclusive with evidence from the family of market indicators
Never have we heard a better description of Indexed Universal
Life (IUL) then in the comment section of an article describing
IUL looking like the El Camino (part sedan, part truck but it
does neither particularly well) of life insurance. IUL has often
been described as part downside protection and part upside
potential but like the El Camino neither one works really well.
Which is all the more surprising when in 2012, Fox Business had this to say about IUL:
“An emerging and fast-growing contract design — the indexed
universal life (IUL) policy — may come very close to being the
ideal contract for most consumers in today’s interest and
overall market environment.”
The newest type of life insurance product, introduced in 1997,
the market share for this product type has grown steadily since
2004 and is the fastest growing of all permanent life insurance
products. Indexed universal life (indexed UL) improved 1
percent in the fourth quarter, ending 2013 up 13 percent and
recording the greatest increase in absolute dollars compared to
other product lines. In 2013, indexed UL represented a record 35
percent of UL premium and 13 percent of total life insurance
premium. (Source: LIMRA). Does this takeover of market
share from other products, such as Whole Life and Current
Assumption Universal Life (Current Assumption UL), imply that
Indexed UL is inherently a “better” product? Is it really
the ideal contract?
Unfortunately, probably not. When a new product is
introduced, it has no history, no track record, so the
illustrations used in the sales process have few if any
restrictions. This can be seen in the 1980s when Current
Assumption UL was illustrated at 12%. As many consumers
have come to realize, the crediting rates on those policies have
declined to an average of 4% - 5% and many are underfunded and
in danger of lapsing without value if they do not pay
considerably higher premiums than originally illustrated.
When it was first introduced, Indexed UL was also commonly
illustrated at higher rates of return, as high as 12% in some
cases. Over time regulators have now introduced formulas
that must be used that restrict the rate of return for the
illustrations to something that is more reasonable, but is it
really realistic to be illustrating Indexed UL at 7% and
Current Assumption UL at 4%? Are the products really
that different and can Indexed UL produce returns 300 basis
points higher than Current Assumption UL?
Indexed UL is said to deliver higher returns than Current
Assumption UL with equity-linked participation rates. The
insurance company uses their general account yield to purchase
equity exposure from a third party, whereas the Current
Assumption UL crediting rate is based solely on that general
account yield. In addition, both products also have
expenses that the insurance company deducts from cash
values. Indexed UL therefore, is not that much different
from Current Assumption UL. Both products produce returns
that are linked to the insurance company’s general account. Both
products are subject to expenses deducted by the insurance
- Financial Regulation After the Crisis:How Did
We Get Here, and How Do We Get Out?
Gerard Caprio, Jr.
Following the crisis of 2007, regulatory authorities either are
or should be engaging in a fundamental reconsideration of
how they approach financial regulation and supervision.
This paper briefly summarizes the present international
consensus on regulation as embodied in the Basel
framework, looks at how we came to be in such a situation,
and proposes a re-start of the process that has been
organized by the Basel Committee on Bank Supervision. It
reviews the flaws of that framework and concludes that its
weaknesses are fundamental, in its neglect of the
endogeneity of risk to the regulatory structure, and of
the dynamic nature of finance, and thus of its regulation
as well. Neither a static rulebook, nor an ever
increasingly complex one, will ever provide financial
safety and soundness. Specific recommendations are made,
starting with an abandonment of risk weights and the
adoption of a simple leverage rule, supplemented by CoCo
s, and some simple rules. More radically, a different
approach is urged, one that focuses on the oversight and
accountability of regulators and greater transparency,
both of banks and of the regulatory process.
Tax Bracket Calculator for 2014
Humans prefer to think linearly, manufacturing a storyline, in
effect, with a beginning, middle and end. That’s why we are so
susceptible to the “narrative
fallacy.” We inherently prefer stories to data.
Contingencies and (perhaps random) consequences don’t correspond to
the way we like to see the world. We are — pretty much all the
time — either looking backward and creating a pattern to fit events
and constructing a story that explains what happened along
with what caused it to happen, fitting what we see or assume we
see into a preconceived narrative, or both.
Dealing effectively with probabilities and the markets requires
that we recognize the power of the random and contingent. No
matter how good a story we have concocted with respect to what we
expect to happen, no matter how careful our analysis, stuff happens
that can and often does mess up and with our hopes, dreams and
For many years, practitioners have struggled to find ways to
change the terms of an irrevocable trust. However, through
common law and through the decanting statutes that have been
enacted in many jurisdictions, it is now possible to modify an
irrevocable trust. Decanting is essentially a “do-over”.
8/21: $1.25/day to $1.50 per day
A Financial Times analysis
of World Bank data this year showed that almost 1bn people in
the developing world were at risk of slipping out of the ranks of
the nascent middle class, underlining the fragility of the global
march out of poverty of the past 30 years.
Kevin Watkins, executive director of the UK-based Overseas
Development Institute think-tank, said developing countries risked
social discord and instability if they failed to reflect the
aspirations of those who had risen out of poverty but remained
“The big public backlash we saw in Brazil was largely from people
who have escaped poverty and were being served by abysmal public
services but wanted to raise the bar,” he said. “These people are
maybe earning $4-$5 a day and they are not just asking can my child
get into a school but can they get a good education that will mean
something in the job market?”
The ADB report said its existing poverty line of $1.25 a day was
not enough to maintain minimum welfare in many parts of the region.
It said the number of poor in Asia would rise from 473m to 1.5bn as
of 2015 if this was raised to $1.50 a day and rapidly rising food
prices and vulnerability to shocks were taken into account.
That would push the poverty rate
in Asia, up from 12.7 per cent to 41.2 per cent
This commentary ignores the important difference in economic
performance between the US and the EU since 2009. In 2009 both the US
and eurozone experienced a rise in unemployment to about 10%. Since
late 2009 unemployment has fallen in the US to 6.1% in June 2014.
During this same period unemployment rose to 12% in the eurozone
in June 2013 and then declined to 11.5% in the euro area in June
2014. The gap in unemployment between the Eurozone and the US is
thus 5.4% in 2014. This is for the eurozone as a whole, rates of
unemployment are much higher in the eurozone periphery which is
necessary to force through internal devaluations.
will climb to 50% soon
In June 2013, the American Medical Association (AMA) House of
Delegates approved a resolution reclassifying obesity as “a disease
state.” This essentially means 1 out of every 3 Americans (78
million adults and 12 million children) suffer from a medical
condition that requires treatment and interventions. WC costs could
rise significantly as a result.
Obesity as Comorbidity
One effect of the AMA reclassification is more physicians may look
to treat obesity as part of the work injury, arguing that it’s
required for a more successful chance of recovery. These physicians
would cite obesity as a disease on WC medical bills and counsel
obese claimants on weight reduction prior to a major medical
procedure, such as surgery.
For example in 2009, the Indiana Workers’ Compensation Board
decided an injured worker was entitled to bariatric surgery as a
precursor to back surgery. The board also decided the claimant
should receive temporary total disability benefits while preparing
for, undergoing, and recovering from both procedures.
Other Comorbidities and Complications
Obese patients often have additional comorbidities, such as
diabetes and high blood pressure, which can slow the healing
process. For example, a minor ankle fracture experienced by an obese
worker with diabetes has the potential to become chronic, complex,
BMI, the Unreliable Indicator
Obesity has traditionally been assessed through an individual’s
body mass index (BMI), which takes a person’s weight and height into
consideration. A BMI of 25-29.9 is considered overweight and a BMI
of 30 or greater is considered obese. Using these parameters,
roughly 30% of Americans are estimated to be obese.
Hydration and Delirium
By Catherine D’Aniello, MSN, RN
Did you know that:
Delirium is different from dementia?
Dehydration is a cause of delirium?
Older adults can avoid delirium by
Delirium is a mental disturbance
characterized by new or worsening confusion, changes in
level of consciousness or hallucinations. Delirium is
different from the slow progression of dementia or
Alzheimer’s disease. It has a sudden onset from hours to
days and although delirium can be reversed, it is easier
to prevent than cure.
All “elderly” adults (people over 65 years
old) are at risk for delirium due to factors involving
their own internal weakness and environmental insults.
Some risk factors, such as advanced age or having
dementia, are fixed. Other risk factors such as pain,
malnutrition, dehydration, sensory loss, depression and
fever are modifiable with intervention. With each factor
present, delirium risk increases. Therefore, the key to
preventing delirium is reducing the number of modifiable
Infection and dehydration are common
modifiable delirium risk factors. Older adults usually
know when they have an infection, but do not recognize
when they are dehydrated.
Mental status changes begin with mild
dehydration and worsen with each stage, ending in
delirium. In moderate dehydration, short-term memory loss
Once an older person is thirsty, they are
already mildly dehydrated. Symptoms of severe dehydration
include dry mouth and lips, sunken eyes, increased mental
status changes and decreased urine output. This is a
medical emergency which results in delirium and if not
reversed, death ensues.
Failure to recognize signs of dehydration
predisposes older adults to becoming increasingly and
chronically dehydrated, which is a slippery slope towards
delirium. Closing this knowledge gap will reduce delirium
risk because inadequate fluid intake is relatively easy to
Why are older adults prone to
Generationally, older adults are not focused
on hydration. Many seniors purposely limit fluid intake
because they fear bladder accidents. Others with
compromised mobility may curb fluid intake to avoid extra
bathroom trips. Poor access to fluids or needing help to
drink may limit intake. Many drink water only when taking
medication. Living in over-heated indoor spaces dehydrates
even without sweating.
Older adults have decreased muscle mass and
increased fat; because 75 percent of body water is stored
in muscle, seniors have less capacity to store
water. Women have more body fat than men at any age,
so older women are at even higher risk of dehydration. Due
to decreased kidney function, older adults cannot conserve
fluids as well as younger people.
How do you know if you are drinking
An older adult, their home caregiver or
family member can take simple steps daily to check
hydration status. First, thirst should not be experienced
at any time. Second, urine should be colorless or straw
colored, and odorless. Being familiar with a urine color
chart is good practice for all ages and critical for older
adults to avoid dehydration. First morning urine should
not be dark, and urination should occur every two to four
hours during waking hours. Some medications and foods such
as asparagus give urine an odor, but normally urine should
Increase daily fluid intake,
At least half of your daily fluids should be
water. Water significantly reduces older adults’ risk of
becoming delirious. Milk, vegetable or fruit juice, and
soup are also healthy fluid choices. Carbonated and
caffeinated drinks should be limited due to their diuretic
effect. The body needs water to filter alcoholic beverages
from the body. Therefore, increased water consumption is
needed overall as well as to balance the dehydrating
effects of unhealthy drinks. Drinking healthy fluids is as
important as eating healthy foods.
Family members and home caregivers
Educate older adults on dehydration
Encourage/remind seniors to drink
Teach loved ones not to wait to feel
thirsty to drink
Teach loved ones to drink regularly
throughout the day
Make fluids easily accessible
Serve fluids at a temperature the
Encourage water with ALL meals
Boost the flavor of water by adding
drops of lemon/ lime juice
Limit fluid intake one to three hours
Offer popsicles, juice, gelatin, Italian
ice, sherbet and pudding
to those who dislike water.
Increased awareness of dehydration as a
cause of confusion and delirium should begin when older
adults are “young-old” (65-74 years) in order to form
healthy drinking habits carrying them into “middle-old”
(75-84 years) and “old-old” (85 years and above). Family
should report poor eating or drinking to the primary care
provider so interventions can be initiated to prevent
dehydration and its consequences. Educate your older
family members and their caregivers on the importance of
hydration and ways to facilitate good fluid intake.
Why not reduce your or an older loved one’s
chance of developing delirium by eliminating the
dehydration risk factor?
Catherine D’Aniello holds a BSN from
University of Connecticut and MSN from University of
Hartford. She has 30 years of geriatric experience and
is currently a Resident Care Coordinator at a skilled
someone asked Kahneman why it is so difficult for people
generally to compute and deal with probabilities,
Kahneman offers an interesting answer. He did not point
to innumeracy. Instead, he said, “to compute probabilities you
need to keep several possibilities in your mind at once. It’s
difficult for most people. Typically, we have a single story with a
theme. People have a sense of propensity, that the system is more
likely to do one thing than the other, but it’s quite different from
the probabilities where you have to think of two possibilities and
weigh their relative chances of happening.”
This analysis may well explain much of why models — which simplify,
often greatly, of necessity — can be so inadequate, especially
with respect to markets, where there are infinite
possibilities. It may also explain, at least in part, why
it is so difficult for us to deal
with our cognitive and behavioral biases. Finally, and
perhaps most practically for the purposes of this blog’s usual
readers, it helps to explain why success in the markets is so hard
We prefer to think linearly, manufacturing a storyline, in effect,
with a beginning, middle and end. That’s why we are so
susceptible to the “narrative
fallacy.” We inherently prefer stories to data.
Contingencies and (perhaps random) consequences don’t correspond to
the way we like to see the world. We are — pretty much all the
time — either looking backward and creating a pattern to fit events
and constructing a story that explains what happened along
with what caused it to happen, fitting what we see or assume we
see into a preconceived narrative, or both.
What Caregivers Should Know
By Glenn Kantor and Peter Sessions
If you are entitled to disability
benefits through an employer-provided or private plan, you may be
surprised to find that your plan has provisions that allow the
insurer to deduct from your benefits other types of income you
receive or are eligible to receive for your disability. These
deductions are called “offsets,” and are permissible under state
and federal law. Common offsets include Social Security disability
benefits, workers’ compensation benefits, and benefits from state
disability programs like those in California, New York, New
Jersey, Rhode Island, and Hawaii. Insurers can also deduct
from your benefit any amounts you receive from working part-time
(usually called “partial disability” or “residual disability”
benefits), as well as retirement or pension benefits (including
disability pension benefits).
The rationale behind offsets is this: If you were allowed to keep
the full amount of all of the various disability benefits to which
you might be entitled, it would be possible for you to earn more
money on disability than you would by working. Disability
benefit programs, both public and private, are designed to avoid
In cases where people are receiving benefits from enough different
sources that their disability income exceeds the benefit amount in
their policy, most policies have a minimum monthly benefit that is
payable regardless of the total offset amount. Each policy
calculates this benefit differently. Some policies have a
set amount, such as $100; some set the amount as a percentage of
your regular benefit; and some have a combination of the
two. Some policies, however, do not have a minimum monthly
benefit at all— insurers are not required to include one in their
You can determine whether your plan contains offsets by looking at
the part of the plan that explains how your benefit amount is
calculated. Most plans have language indicating that the
insurer is allowed to deduct “other benefits” or “other income
benefits.” The policy will then have a separate section
shortly thereafter explaining what types of benefits constitute
“other benefits,” and how the insurer can offset them from your
regular benefit. This language can vary significantly from policy
to policy, so it is always extremely important to read and
understand your policy to ensure your insurer is applying the
offset provisions accurately.
You may wonder what kinds of offsets are allowed under the law and
if there are any restrictions on how insurers can apply
them. For the most part, offset provisions are not heavily
regulated. For example, the Employment Retirement Income
Security Act, or ERISA, is the federal law which governs employee
benefits, including disability benefits. However, ERISA is
primarily concerned with explaining what employers and insurance
companies must do if they offer benefits to employees. It
does not tell employers and insurers what kinds of benefits they
have to offer, or how those benefits should be calculated.
You may also wonder if there is anything you can do to change the
offset provisions that are in your policy. Unfortunately, if
you are receiving a disability benefit through your employer, the
terms of your disability benefit plan have already been negotiated
between your employer and the insurance company, and you can do
nothing to change those terms. If you are receiving benefits
through a private policy of insurance, you can try to negotiate
with your insurer to remove offset provisions, but they are
unlikely to be receptive to your requests.
There are, however, some rules that govern how insurers may apply
policy offsets. Here are some examples:
Workers’ compensation benefits are designed to compensate injured
workers for replacement of wages, loss of use, and medical
treatment, among other things. If you receive workers’
compensation benefits, the insurer may attempt to offset all of
your workers’ compensation benefits, even if they are not
attributed specifically to lost wages. There is a strong argument
that insurance companies should not be allowed to do this.
Under this argument, it would be permissible for an insurer to
offset your “temporary total disability” benefits, because these
benefits are typically based on your prior salary. After you
have become “permanent and stationary,” the insurer would not be
allowed to offset the full amount of your “permanent total
disability” benefits, because these benefits include compensation
for multiple injuries, not just your lost wages.
California has recently enacted an insurance regulation that
supports this argument. It allows group disability insurers to
offset temporary total disability benefits, but prohibits them
from offsetting permanent total disability benefits. (10
California Code of Regulations Section 2232.45.4)
As always, read your policy carefully because it may contain
language that limits the insurer from offsetting your entire
workers’ compensation benefit. For example, some policies
only allow offsets for benefits based on “loss of time,” while
others are more broadly worded. This can be a confusing
issue, so you should consult with your workers’ compensation
attorney to ensure that your benefits are properly attributed to
avoid being offset.
An insurer can also offset your benefit by money you receive in a
lawsuit against a party who caused your disability. The legal term
for this situation is called “subrogation,” and involves the “make
whole” doctrine. The make whole doctrine is a legal rule that
says that if you are entitled to benefits from different sources
for your injury – for example, from both the person who caused
your injury and the insurer – the insurer can only collect its
offset, that is, enforce its “subrogation rights,” if you have
been “made whole” for your injury, or, in other words, you have
been fully compensated for your injury. If your claim is
governed by ERISA, conflicting legal decisions govern whether the
make whole doctrine applies to your claim. In some states
(such as California) the courts will apply the doctrine, but in
others, they will not. If you are in this situation, you
should consult with an attorney who specializes in ERISA law to
determine whether the make whole doctrine applies to your claim so
you can determine if the insurer has the right to offset your
benefits, and if so, by how much.
Social Security disability benefits typically increase over time
to compensate for the effect of inflation on fixed incomes.
This increase is called a “COLA,” or cost-of-living
adjustment. Some states, such as California, have laws that
prevent insurance companies from reducing your benefit if your
Social Security disability benefit goes up. (California
Insurance Code Section 10127.1) Even if no law prohibits an
insurer from reducing your benefit, insurance policies will often
contain a provision stating that the insurer will not do so.
If you are receiving family Social Security benefits, or
“dependent benefits,” in addition to your individual Social
Security benefit, be aware that these benefits may also be
offset. Most policies limit offsets only to those benefits
you are entitled to receive personally for your disability, but
there is no law prohibiting insurers from offsetting dependent
Social Security benefits as well. Again, every policy is
different, so read yours to see whether your insurer has the right
to apply this kind of offset.
Regardless of what specific offsets might apply in your particular
case, you may be surprised to learn that your policy probably
gives your insurer the right to estimate those offsets before you
even begin to receive them. Insurers assume that if you are
eligible for benefits from them, then you are probably eligible
for benefits from other sources, such as Social Security, as well,
and will estimate and apply an offset for those benefits as soon
as possible. Sometimes your insurer will give you a
choice. An insurer might ask you if you want it to estimate
the other benefits and apply the offset now, or whether you want
to wait until you receive the other benefits, and then pay the
Some states, however, prohibit certain kinds of estimates.
For example, in California, group disability insurers are not
allowed to estimate retirement benefits (10 California Code of
Regulations Section 2232.45.2), or workers’ compensation temporary
total disability benefits (10 California Code of Regulations
Section 2232.45.3), and therefore may not offset those kinds of
benefits until you actually receive them.
In sum, offsets are an important part of a disability benefit
plan, as they directly affect, and often substantially reduce,
your benefit amount. However, they can also be very
confusing. If you are concerned that your benefit has been
miscalculated because your insurer has not correctly applied the
policy’s offset provisions, you should request a detailed
calculation in writing from your insurer. If your benefits
are governed by ERISA, as most disability benefits are, you have
the right to appeal the insurer’s calculation, and if that appeal
is denied, you have the right to bring a lawsuit in federal
court. To maximize your chances of succeeding, you should
contact an attorney who specializes in ERISA law before going
through the ERISA appeal process. ERISA imposes strict
evidentiary limits, so if you do not present your best evidence
and arguments during the appeals process, you may be prevented
from doing so later when you get to court. As a result, it
is important to get legal advice as early in the process as
Social Security survivor benefits have some unique rules which
can be especially hard to remember. Survivor benefits can seem
similar to other parts of the Social Security system, but they
actually have some significantly different features and
regulations. Following is a summary of those unique features and
and how survivor benefits differ from the more common Social
The formal title of the Social Security program, Old Age,
Survivor and Disability Insurance (OASDI) provides an immediate
clue that the Survivor program is distinct from the “old age”
portion of the system to which most of us are usually referring
when we say Social Security. The Disability portion of the program
has its own trust fund and is totally separate program. The Old
Age and Survivor programs, however, have a hybrid relationship,
sharing the same trust fund while operating under some
significantly different rules.
OLD AGE VS. SURVIVOR BENEFITS
The differences between the spousal benefits of the Old Age
program and survivor benefits are the heart of the issue. Spousal
benefits are benefits based on a living spouse’s (or ex-spouse’s)
work history. Survivor benefits are benefits based on a deceased
spouse’s (or ex-spouse’s) work history.
Here are the primary differences between Survivor and Spousal
1) Survivor Benefits are much higher, as much as twice as high.
Maximum survivor benefits are 100% of the deceased worker’s last
Social Security benefit. Maximum spousal benefits are only 50% of
the worker’s SS benefit.
2) The worker’s benefit used to calculate benefits could be
different in each case. Survivor benefits are based on the
deceased’s Full Retirement Age (FRA) benefit plus any delayed
retirement credits the worker may have accrued by waiting as late
as 70 before filing for their benefits. Spousal benefits are based
only on the worker’s FRA benefit and are not enhanced by any
delayed retirement credits for the worker.
3) File before the Full Retirement Age (FRA) and either benefit
will be reduced, although not in the same way. At the earliest
allowable age for spousal benefits of 62 one will only get 35% of
the worker’s benefit. A widow claiming survivor benefits at the
earliest possible age of 60 (two years younger, another
difference) will get 71.5% of the deceased worker’s benefit.
4) The window for a Full Retirement Age at 66 is slightly
different. For spousal benefits FRA is formally 66 for people born
between 1943 and 1954. For survivor benefits FRA is 66 for people
born between 1945 and 1956. If you are born in 1944 or 1955 you
will have a different FRA for each benefit.
5) The minimum length of marriage required in order to qualify
for either benefit differs, 12 months for spousal benefits but
only nine months for survivor benefits. There are different
exceptions to each of these.
6) If one is divorced and collecting benefits on the work record
of the ex-spouse, remarrying may affect benefits differently.
Remarriage will completely nullify any spousal benefits based on
the ex-spouse, no matter the age at which the person remarried.
If the ex-spouse has died however, and the survivor remarries
after the age of 60, they can keep the survivor benefit even
though they are now remarried. This sets up an interesting
situation where the remarried person will ultimately have the
option of choosing between three benefit options: a survivor
benefit on the ex-spouse, a retirement benefit on their own work
record or a spousal benefit based on their current spouse.
It may also present some important planning opportunities. For
instance, if a woman collecting survivor benefits on her
ex-husband is 59 and planning to remarry, she might want to delay
the wedding bells until her 60th birthday in order to keep
receiving the survivor benefit based on her decrease ex-husband.
Finally, the benefit calculations for the two benefits are
independent of each other. For instance, filing for one benefit
before FRA will not affect the filing for the other benefit. For
instance, a person can apply for survivor benefits before FRA
thereby reducing their survivor benefits. This early survivor
filing will not affect their application for their own old age
retirement benefits. They would still be eligible to collect their
full benefit at 66 or even accrue Delayed Retirement Credits by
waiting until age 70.
- Model Risk of Risk Models
Danielsson, Jon (London School of Economics)
James, Kevin (London School of Economics)
Valenzuela, Marcela (University of Chile)
Zer, Ilknur (Board of Governors of the Federal Reserve
This paper evaluates the model risk of models used for
forecasting systemic and market risk. Model risk, which is
the potential for different models to provide inconsistent
outcomes, is shown to be increasing with and caused by
market uncertainty. During calm periods, the underlying
risk forecast models produce similar risk readings, hence,
model risk is typically negligible. However, the
disagreement between the various candidate models
increases significantly during market distress, with a no
obvious way to identify which method is the best. Finally,
we discuss the main problems in risk forecasting for macro
prudential purposes and propose an evaluation criteria for
8/19: Consumer confidence has deteriorated in the past month.
The University of Michigan's consumer confidence index fell to a
nine-month low of 79.2 in August from 81.8 in July.
EFM- this is not the definitive statistic for formal planning
but it always bears viewing
are cheaper: And you can eat them too
It will cost an average middle-income family nearly a
quarter-million dollars to raise a child in 2013 to adulthood.
Food, housing, childcare, education and other expenses will total
$245,340 by the time the child turns 18, the Department of
in a new report. That is a 1.8 percent increase over the year
before. In 2013 alone, the cost of caring for a child ranges
from $12,800 to $14,970.
Research recently conducted
its own study of the subject, and was able to quantify some of
the cost of investing gradually. Using the Standard & Poor’s
500-stock index and its predecessors, Bernstein examined the rolling
one-year returns of the stock market through 12-month periods from
the beginning of 1926 to the end of 2013 — a total of more than
1,000 such periods. It compared lump-sum investments made at the
beginning of each period with stock purchases made through
“dollar-cost averaging” — regular monthly investments in the
S.&P. 500 for 12 months. Money on the sidelines stayed in
The firm found that
the average one-year return was 12.2 percent for immediate
investments into the stock index, 8.1 percent for the
dollar-cost-averaging portfolios and 3.6 percent for the cash
holdings. The penalty for investing gradually, in other words, was
4.1 percentage points. On the other hand, that gradual approach was
4.5 points better than just holding cash.
but still wrong
There is no doubt that if you had been
able to time the market perfectly, deliberately avoiding big
declines and investing only at market bottoms, you would have been
even better off. “We’d all like to do that,” Mr. Bosse of Vanguard
said. “But no one can. We don’t think it’s worth even attempting to
go down that road.”
EM- the ability to
hit the very top or the very bottom is illusory. By the same token,
it is possible to ride optimism and to avoid all but 10% to 15% of
any slide. As to finding the bottom- you need to wait a bit anyway
after the (supposed) bottom is hit because you do not know it is the
bottom. It could go lower or rebound just a tad and then drop
further. Well, the government comes out with independent statistics
about 1.5 years after the bottom and indicates the formal bottom/end
of recession was reached on xyz date and the economy improved
thereafter. Use this and you will get at least 90% of the
The CAPE ratio, a stock-price measure stood at
around 23 a year ago, far above its 20th-century average of 15.21.
(CAPE stands for cyclically adjusted price-earnings.) Now it is
above 25, a level that has been surpassed since 1881 in only three
previous periods: the years clustered around 1929, 1999 and 2007.
Major market drops followed those peaks.
It works like
this: Using inflation-adjusted figures, we divide stock prices by
corporate earnings averaged over the preceding 10 years. Our ratio
differs from a conventional price-to-earnings ratio in that it uses
10 years, rather than one year, in the denominator. It does so to
help minimize effects of business-cycle fluctuations, and it’s
helpful in comparing valuations over long horizons.
Leveraging Filial Support Laws Under
the State Partnership Programs to Encourage Long-Term Care
The American College
The American College
The American College
Widener Law Review, Vol. 20, No. 165, 2014, 20 Widener L. Rev.
As thousands of the United States’ baby-boomers
retire each day, people live longer, families disperse, and the
population ages. Financing long-term care needs has become an
increasingly important focal point in both civilian and government
budget discussions. In order to reduce reliance on government
provided long-term care funding programs such as Medicaid, states
can leverage the often unenforced filial responsibility laws and
State Long-Term Care Partnership Programs. Through the enforcement
of existing filial responsibility laws, states can provide the
proverbial “stick” to incentivize people to purchase long-term
care insurance by increasing their personal liability for their
family members’ long-term care expenditures. Furthermore, by
offering liability protections from filial responsibility laws
under the state’s long-term care insurance partnership program,
states will be able to offer a “carrot” to encourage participation
in the long-term care insurance market. Ultimately, by leveraging
these two existing legal structures, states can incentivize the
purchase of long-term care insurance and reduce reliance on
government provided long-term care financing programs.
Why Seniors Don’t Eat: It’s Complicated.
8/17: Can a
‘Fiduciary-Only’ Advisor Take Commissions? by Bob Clark
More than half of older adults who visit emergency departments
are either malnourished or at risk for malnutrition, but not
because of lack of access to health care, critical illness or
dementia. Despite clear signs of malnutrition or risk of
malnutrition, more than three-quarters had never previously been
diagnosed with malnutrition, according to the results of a study
published online in Annals of Emergency Medicine (“Malnutrition
Among Cognitively Intact, Non-Critically Ill Older Adults in the
“We were surprised by the levels of malnutrition or risk of it
among cognitively intact seniors visiting the ER, and even more
surprised that most malnourished patients had never been told they
were malnourished,” said lead study author Timothy Platts-Mills,
MD, of the University of North Carolina Department of Emergency
Medicine in Chapel Hill, N.C. “Depression and dental problems
appear to be important contributors, as is difficulty buying
groceries. Given that seniors visit ERs more than 20 million times
a year in the U.S., emergency physicians have an opportunity to
screen and intervene in ways that may be very helpful without
being very costly.”
Of patients age 65 and older, 16 percent were malnourished and 60
percent were either malnourished or at risk for malnutrition. Of
the malnourished patients, 77 percent denied have been previously
diagnosed with malnutrition. Malnutrition was highest among
patients with symptoms of depression (52 percent), those residing
in assisted living (50 percent), those with difficulty eating (38
percent) and those reporting difficulty buying groceries (33
percent). Difficulty eating was mostly attributed to denture
problems, dental pain or difficulty swallowing.
In this study, nearly all (95 percent) of patients had a primary
care physician, nearly all (94 percent) lived in a private
residence and nearly all (96 percent) had some type of health
insurance. More than one-third (35 percent) had a college
Malnutrition is defined as lacking “adequate calories, protein or
other nutrients needed for tissue maintenance and repair.”
“For patients who report difficulty buying groceries,
Supplemental Nutrition Program, Meals on Wheels, Congregate Meals
Programs or community-based food charities can be helpful,
although other factors may also need to be addressed,” said Dr.
Platts-Mills. “The growing role of the emergency department as
community health resource makes it an essential place for
identifying and addressing unmet needs of older adults.
Implementation of oral nutritional supplementation is inexpensive
and may reduce overall costs by accelerating recovery from illness
and reducing readmissions.”
is a doctrine, fostered by a delusional, illogical minority,
and promoted by main stream media, which holds forth the
proposition that it is entirely possible
to pick up a piece of shit by the clean end."
8/17: Eurozone going nowhere and getting worse
Very bad omen
My reply- this is a 20+ year fight with Clark. California DOES have
a legal obligation for fee insurance advise but none of those
supposed :fiduciary organizations (CFP Board, NAPFA, FPA, CPA
society et al) has demanded their reps to adhere. Even told CFPs to
keep lying about their lack of legality but just keep quiet about
it. NAPFA indicated they had a singular exemption from the law.
(http://efmoody.com/cdi.html) Clark's statement, " In my view, like
the other areas of personal finance, insurance consumers need a
professional who is legally obligated to act in their best interest
when making decisions about their coverage" is correct but fails to
note that about 35 states have mandatory laws for fee insurance
advice. Some of the laws are just plain 'crap' with no knowledge
base needed to do fee advice. No matter, you have to be legal to be
a fiduciary. There was only ONE fully licensed and legal CFP fee
financial planner in CA for over 10 years. That is a joke. Do not
have other statistics but you could probably count the number of
legal reps on two hands in each state.
If you charge for advice, you cannot take a commission. If you are
in a state with no fee insurance regulations, you can offer fee
advice with, I believe, impunity since you are breaking no laws.
Overall however, if you are dumb as a rock in this area and have not
attained at least the minimum amount of classes as an agent, you, as
I see the current commentary, may act as a fee fiduciary by just
saying you will do the best for the client (and apparently believing
it). However, even if you did match licensing "knowledge", it still
would be a lie because insurance licensing education is for far
behind real life necessity as to be prehistoric.
Further, you have to know indexed life and annuities, guaranteed
income, long term care (very involved) life settlements, etc - where
98% of insurance agents are unqualified/clueless. That’s going to be
hard to accomplish but is the responsibility of the fiduciary.
Lastly, if you did do competent work AND charged a fee, now what do
you do? Turn the product implementation over to some commissionable
schmuck where you are clearly unsure if your work will be carried
out properly. Now the client pays a fee AND a commission!!! In order
to do the best for the client, you have to take the lesser value of
the two (and if it was term, you’d lose money since it takes
more time to go through a competent process for a client by fee than
a commission would pay).
This conversation about fiduciary has a long ways to go.
the highest-earning 1% of Americans soared 31% from 2009 through
2012, after adjusting for inflation. For everyone
else, incomes inched up an average of 0.4%.
at the liberal Economic Policy Institute say households in the top fifth
of income saw median retirement savings increase from $45,539 in
1989 to $160,000 in 2010 in
dollars. But, for households in the
median retirement savings were down from $8,433 in 1989 to
$8,000 in 2010, adjusted for inflation. [$8,000 will
provide next to nothing in retirement for the next 30
years. Sad. These folks must stay in the work force for
ever and die with their boots on.]
The calculations did not include households without
households where annual income is less than $25,000, nine in 10
saved less than $10,000, up slightly from 2009. For households
with six-figure incomes, 42% saved at least $250,000,[$250,000
will provide income of about between $7,500 per year at a 3%
withdrawal rate and $10,000 at a 4% withdrawal rate.] up from
34% five years earlier.
The days of
retirees being able to count on set monthly payments from
pensions continue to fade among non-government workers. Only 13%
of private-sector workers now participate in "defined benefit"
plans, compared with a third of such workers in 1985. They've
been eclipsed by "defined contribution" plans, often 401(k)s, in
which employers match a portion of employee contributions.
ESTIMATED COST OF
LONG TERM CARE
HOW DO LONG TERM
CARE RIDERS WORK?
a long-term care rider is added to a policy, the death benefit
can be spent on long term care.
for long term care draw down the death benefit dollar for
long-term care benefits are received income tax free.
remaining death benefit is also received income tax-free.
- No matter what happens, the full benefit will
be distributed to the owner or beneficiaries.
Annual Premium: $250,000 NLG Policy with a $5,000/Month LTC
Women with Urge Incontinence Have an Increased Risk
By Jennifer B. Buckley
Older women with urge incontinence may be more
likely to fall and fracture a bone compared to women who are not
urge incontinent, according to a new study. Although slip and falls
are common health concerns for older women, their risk of falling
increases if they also have urge incontinence.
The study conducted by researchers at the University of California,
San Francisco discovered, women who feel a strong need to urinate
and have urine leakage before getting to the bathroom, increase
their risk of falling by 26% and their risk of fracturing a bone by
34%. Researchers studied more than 6,000 women aged 72 and older,
with frequent urinary incontinence. The study was published in the
July issue of the Journal of the American Geriatrics Society.
Urge incontinence is a common condition for older women occurring in
up to 40% of women over the age of 60. Falls are also a frequent
problem in the elderly population. In fact, falls affect one out of
three people ages 65 and older each year, according to the U.S.
Centers for Disease Control. They rate as the most widely seen cause
of injuries and hospital admissions for trauma. In addition, falling
and fracturing a bone can change someone’s life forever. About half
of older adults who are hospitalized with a hip fracture, are unable
to live independently again.
A person with urge incontinence may feel an overwhelming compulsion
to empty their bladder, if it contains urine. This increases the
likelihood of someone rushing and then tripping on her way to the
bathroom. It can be an especially dangerous situation during the
night, if there aren’t any lights illuminating the way. A person
can’t avoid tripping over something they can’t see. In fact, six out
of ten fatal falls happen to older people in the safety of their
The findings suggest that identification and treatment of urge
incontinence may actively prevent the risk of falls and fractures.
Often times, women neglect to speak with physicians about the
problem of incontinence and therefore, may not seek treatment,
because they are too embarrassed. Some invasive, new treatments for
urinary incontinence include: biofeedback, FemSoft Inserts,
Neocontrol, tension-free transvaginal tape(TVT) and the prescription
Perhaps the conclusion of this recent study will prompt women,
neglecting to communicate with their doctors about their
incontinence, to speak up and in turn, receive one of the many
treatment options available. Based on the study, women with
incontinence may have more to fear then public embarrassment; they
could potentially fracture a bone, putting them in an even more
Home care planning: 4 things LTC planners should know about the new
regs Very Important
Financial planners will have to read and know this. they will not be
able to depend on an insurance agent.
(But I do not know where an FP would really have much of a background
on LTC in the first place)
8/14: LTC: States' Medicaid programs pay the nursing home bills for
about 60 percent of U.S. nursing home residents.
8/14: 6 sigma outflow
"HY [high yield] flowmageddon," said Goldman Sachs' Charles
Himmelberg in a research note we saw via @lebullmarche. "This is the
largest HY outflow on record - a 6-sigma event when flows are scaled
by mutual fund assets under management!"
is another way of saying standard deviation. And the greater the
number of standard deviations, the more unlikely the event.
A 6-sigma event is extremely rare.
If you want to put a number to it, think 1 in 500 million.
According to Business
Insider quant reporter Andy Kiersz, it's like
flipping a coin 29 times in a row and getting heads each time.
US debt clock
Fascinating and very, very disturbing
8/14: Can't spend what you don't have
The latest evidence is a study by the U.S. Conference of
that highlights stark disparities between the jobs lost
during the recession and jobs gained since. The
types of jobs lost paid nearly $62,000 per year, on average. The
jobs gained during the past six years pay only about $47,000
That 23% shortfall
adds up to
about $93 billion in lost wages per year — money not being spent
because it vanished from the economy.
This is a pernicious problem
that can’t be easily fixed by policy prescriptions or Federal
Reserve maneuvers. The Fed has said repeatedly it sees “slack” in
the economy, and the income shortfall could be a prime example of
what the Fed means by slack. Yet even if the Fed continues to hold
interest rates at super-low levels, it’s not clear that would help
boost pay or living standards for ordinary people.
Workers who lose jobs in one
sector don’t necessarily go to work in another. It’s not as if there
are a lot of former assembly-line workers now manning the registers
in stores or waiting tables. Many workers who lose decent-paying
jobs basically wait for those jobs to return, drawing unemployment
insurance as long as they can and then pulling out of the labor
force. This could help explain why the labor-force participation
rate — the portion of adult Americans either working or looking for
work — has hit the lowest levels since the 1970s.
8/14: What is a plan
5th U.S. Circuit Court of Appeals noted that a “pension plan” as
defined by ERISA is “any plan, fund, or program . . . maintained
by an employer . . . to the extent that by its express terms or as
a result of surrounding circumstances such plan, fund, or program
(i) provides retirement income to employees, or (ii) results in a
deferral of income by employees for periods extending to the
termination of covered employment or beyond, regardless of the
method of calculating the contributions made to the plan, the
method of calculating the benefits under the plan or the method of
distributing benefits from the plan…”
8/14: Wrap fees
SEC’s Office of Compliance Inspections and Examinations (“OCIE”)
has recently been focusing on wrap fee programs sponsored by
Registered Investment Advisers. In their most recent request
letter, the OCIE requests information on how advisers determine
the suitability of wrap fee programs, how advisers ensure best
execution for their clients, and whether advisers are allowed to
“trade away” from their usual trading desk. SEC examiners
also request that advisers specify which types of fees are covered
in their wrap fee programs.
Part of the request letter focuses heavily on the adviser’s
review process of the wrap fee program and wrap fee accounts,
therefore it is important that the adviser regularly analyze the
suitability of wrap fee programs for their clients. Before
placing a client in a wrap fee program, advisers will need to
conduct an initial review and document the factors that they
considered in making their determination to place a client into
a wrap fee program. Advisers should proactively monitor
client accounts for high cash balances, low levels of trading,
and other factors relevant in determining the continuing
suitability of the wrap fee program. Examiners expect to
see that client accounts in wrap fee programs have high levels
of trading in order to justify their higher fees. The SEC
typically focuses on whether or not advisers have inactive
client accounts with low levels of trading misplaced in wrap fee
programs. Examiners will want to see that firms are
striving to serve client’s best interests rather than their
Caring for the Paralyzed
By Jennifer Bradley, Staff Writer
In 2009, the Centers for Disease Control and Prevention
(CDC) reported that 1 in 50 Americans is living with some
degree of paralysis. Paralysis can be either complete or
partial, occurring on one or both sides of the body. It also
can affect just one area, or be a widespread issue.
Paraplegia is when paralysis affects the lower half of a
loved one’s body, and quadriplegia is paralysis of both arms
Much of the time, paralysis is caused by strokes or a
spinal cord injury. Other causes could be nerve or
autoimmune diseases or Bell’s palsy. The care a person needs
will vary depending on the cause and nature of the
paralysis; but whether from an accident or illness,
caregivers can learn ways to make life easier.
Shock and disbelief are probably the most common reactions
immediately following the diagnosis of paralyzation.
Adjustment takes time and a caregiver can expect a loved one
to go through a variety of stages including: grieving,
taking control, talking about the disability, taking care of
self, and looking ahead.
A caregiver can find a lot of support for themselves and a
loved one from local medical and/or counseling
professionals, as well as support groups. The Web sites of
the Christopher and Dana Reeve Foundation and the American
Paralysis Association contain a wealth of information.
One major concern post-diagnosis is paying for the mounting
costs of paralysis. The University of Alabama’s National
Spinal Cord Injury Statistical Center and the CDC have
estimated these costs and say that the first year of any
type of paralysis will cost the most (up to $900,000 at the
most severe level) and in subsequent years, less, but still
total nearly $200,000 per year.
This same group reports that 12 days is the normal stay of
initial hospitalization, followed by an average of 37 days
in a rehabilitation unit. Nearly 90 percent of all spinal
cord injured loved ones are discharged to their private
homes, and about six percent to nursing homes.
While all of this can be overwhelming and terrifying to
both caregiver and loved one, there is support available
through grants and other funding. The paralysis foundations
and associations offer a place for caregivers to locate and
pursue these opportunities.
In a study done by the CDC and Reeve Foundation, it was
found that the annual household income of most people in the
paralysis group was less than $30,000, and for 25 percent,
it was $10,000. The diagnosis of paralysis often leads to
job loss. If the spouse is the main caregiver (as is often
the case), he or she may also face job loss and loss of
health care insurance. And while it’s been proven that
technology is helping people with paralysis live longer, the
cost will be extended as well.
The Reeve Foundation explains that being uninsured or
underinsured does not mean there are no ways to get health
coverage. Hospitals which accept federal funds on any level
must provide specified amounts of free or reduced-fee care
to patients. The hospital’s financial department can provide
qualification information to caregivers.
Loved ones living with paralysis may experience a host of
secondary conditions to varying degrees, depending on the
location of the paralysis and its severity.
Some of these include blood clots, pneumonia, low blood
pressure, pressure sores, spasticity, pain, bladder or bowel
infections, and autonomic dysreflexia (AD), an emergency
that must be treated immediately.
For general body health, a good rule of thumb for
caregivers to know is to change a loved one’s position every
two hours. Pressure sores, if not found and left untreated,
can lead to a serious complications. They develop when an
area of the skin is under a prolonged period of pressure. It
can be helped if the pressure is relieved regularly (thus,
the changing position guideline).
Choosing a rehabilitation facility is a very important
decision and one that significantly will impact the progress
of a loved one with paralysis. A caregiver should look for
accreditation by the Rehabilitation Accreditation Commission
(CARF) for spinal cord injury, which indicates that the
facility meets a minimum standard level of care. Always ask
if the facility has previous experience with the specific
diagnosis and level of paralysis a loved one is facing.
The importance of regular exercise for someone with
paralysis cannot be understated. Scientific studies predict
that most recovery will come within six months of injury,
and is complete within two years. Christopher Reeve proved
that these medical expectations could be beaten, and did,
having significant improvement five to seven years after his
accident. Many believe that this was because of the exercise
routine he began the year he became paralyzed. Though his
regimen was targeted toward his needs, and each loved one
that is paralyzed will not have the same outcomes,
professionals all agree that exercise is a good thing for
all those suffering with any form of paralysis.
Depression is very common in a newly paralyzed person, and
there are warning signs a caregiver can watch for that will
red flag this as an issue. They may include: oversleeping,
change in weight, loss of interest and negative thoughts.
Changes in mood can be gradual, so it may be harder for a
caregiver to see a noticeable difference. Many times, other
people will notice it first. A caregiver must be open to the
observations of those who care for a loved one, but may not
be a primary caregiver.
In a paralyzed individual, the onset of depression is two
or three times greater than in someone without the
condition. Though it’s very treatable when addressed, extra
care must be given regarding prescription drugs. The side
effects of some of the anti-depressants can be stronger for
those living with paralysis. Weight loss or gain is a common
concern, especially for those in a wheelchair or dealing
with pressure sores.
To help combat the emotional downside of paralysis, there
are things a caregiver can do. First, be candid about
talking with your loved one about your feelings as well as
theirs. Putting a person’s mind at ease is a huge hurdle to
overcome at the beginning of such personal caregiving.
It also helps to maintain active conversations about family,
friends, activities, plans, etc. A loved one should keep an
interest in the world around them, whether it is through
personal relationships or world and local news. Having a
sense of what is going on around them while they are in the
first stages of paralysis and treatment will help maintain
optimism and interest and reduce the feelings of loss and
A caregiver can encourage visitors to do the same—talk
openly about the obvious “elephant in the room,” but also
about their lives, mutual interests, friends and community
happenings. Laughter is healthy, as is taking a loved one’s
mind off of themselves and the difficulty surrounding their
For many decades, it was thought spinal cord injuries were
incurable. Today, advances are being made in research to
restore sensation to nerves and muscles damaged by
accidents, stokes and chronic diseases. The question is not
whether major breakthroughs in treatment will occur, but
rather how quickly they will be realized. For caregivers
caring for those living with paralysis and their families,
the future is one of hope of recovery.
I agree- just plain slow
The Federal Reserve’s vice-chairman has pointed to weak labour
force participation and a soft US housing recovery as two reasons
for disappointing global growth, saying this could be a long-term
Fischer’s comments reflected continuing concern about the
economy that has fuelled debate over whether the Fed should move
sooner than expected to raise interest rates, despite solid job
growth and strong gross domestic product expansion in the US.
“This pattern of disappointment and downward revision [in growth]
sets up the first, and the basic, challenge on the list of issues
policy makers face in moving ahead: restoring growth, if that is
possible,” Mr Fischer said on Monday in a speech in Stockholm. “It
is also possible that the underperformance reflects a more
structural longer-term shift in the global economy, with less growth
in underlying supply factors.”
Outside the US, the recoveries of advanced economies had been “well
below average”, while performance in emerging markets, especially in
Asia, is sharply down. The challenge for policy makers was
separating the “cyclical from the structural, the temporary from the
permanent,” Mr Fischer said.
“The difficulty in disentangling demand and supply factors makes
the job of the monetary policy maker especially hard since it
complicates the assessment of the amount of slack, or underutilised
productive capacity, in the economy,”
there are 372 board-registered
financial-planning programs offered at 227 different colleges
and universities. But many are not finishing the courses
and are foregoing the business altogether.
- Window dressing in mutual funds
Gay, Gerald D.
We provide a rationale for window dressing where investors
respond to conflicting signals of managerial ability
inferred from a fund's performance and disclosed
portfolio holdings. We contend that window dressers take
a risky bet on their performance during a reporting
delay period, which affects investors' interpretation of
the conflicting signals and hence their capital
allocations. Conditional on good (bad) performance,
window dressers benefit from higher (lower) investor
flows as compared to non-window dressers. Window
dressers also have poor past performance, possess little
skill, and incur high portfolio turnover and trade
costs, characteristics which in turn result in worse
future performance. --
The indirect effect of monetary
incentives on deception
Janna Ter Meer (University of Cologne)
This paper investigates whether
working under competitive or cooperative incentives affects
deception in a subsequent, unrelated task. I use a
laboratory study with two stages. First, participants work
under a piece rate, tournament or team incentive in a real
effort task. The second part consists of a sender-receiver
game where the sender can gain financially at the expense of
the receiver by sending a deceptive message. I find that
senders who worked under tournament incentives are less
honest than those who worked under a piece rate. I find no
increase in honesty for those who performed under team
incentives relative to the piece rate. Interestingly, this
only holds when participants are not informed about their
relative performance during the work task. When such
feedback is provided I find that relative performance
affects honesty across all incentive conditions. In
particular, honesty decreases as relative performance
differences become small.
M52 C92 D02 D03
8/11: US banks warn on ‘excessive’ risk-taking
8/11: The answer is Yes
An influential group of Wall Street banks has warned the US
Treasury that low volatility in many markets is creating a
feedback loop that exacerbates “excessive risk-taking” by
A member of the Treasury Borrowing Advisory
Committee – a group of banks and investors selected to help
advise on markets and the economy – made the warning in a presentation this week.
The caution from the TBAC comes as volatility in the markets
has drifted to historic lows due to central bank policies that
suppress sharp market movements and dissuade investors from
The concern now is that large investors may have grown too
complacent following years of one-way markets that encourage
them to take on ever greater amounts of risk to hit their return
Sales of riskier investments – such as the junk bonds sold by
low-rated companies – have subsequently soared thanks to demand
from yield-hungry investors.
“Against [an] environment of low vol[atility] and low returns,
the only way to achieve the same return targets is to take on
Assets invested into hedge funds, which typically undertake
riskier strategies, have ballooned to $2.8tn in the second
quarter of this year, up from about $1.75tn just before the
financial crisis, TBAC said. Meanwhile conservative investors
such as pension funds are still trying to reach an average
return target of a little less than 8 per cent, at a time when
yields on benchmark US Treasuries are at 2.45 per cent.
Because banks and investors incorporate
volatility into their internal risk
management models, there is a chance that suppressed
markets are creating a feedback loop that amplifies further
risk-taking, TBAC noted.
The “value-at-risk” models used by most large Wall Street banks
and investors typically incorporate volatility data to try to
calculate how much a trading portfolio might be expected to lose
in a given day with a given probability.
With volatility drifting lower and lower in recent years, these
models are spitting out extremely small chances of investors
sustaining large losses, allowing Wall Street to assume
additional risk without violating its own internal risk
EFM- volatility is NOT risk, ipso facto. It is a form of risk
only. You determine risk by the risk of loss- which is how much
you can lose by a major decline. It is true that a VAR can
anticipate a daily loss within, perhaps, a reasonable range, but
that is all. After that, the VAR may prove highly debatable to
Do leaders affect ethical
Roberto A. Weber
We study whether leaders influence the
unethical conduct of followers. To avoid selection issues
present in natural environments, we use a laboratory
experiment in which we form groups and assign leadership
roles at random. We study an environment in which groups
compete, with dishonest behavior enhancing group earnings to
the detriment of social welfare. We vary, by treatment, two
instruments through which leaders can influence follower
conduct—prominent statements to the group and the allocation
of monetary incentives. In general, the presence of active
group leaders gives rise to significantly more dishonest
behavior. Moreover, appointing leaders who are likely to
have acted dishonestly in a preliminary stage of the
experiment yields groups with significantly more unethical
conduct. The analysis of leaders’ strategies reveals that
leaders’ statements have a stronger effect on follower
behavior than the ability to distribute financial rewards,
and that leaders’ propensity to act dishonestly correlates
with their use of statements or incentives as a means for
encouraging dishonest follower conduct.
to Know About the Taxpayer Advocate Service
1. The Taxpayer Advocate Service (TAS) is an
independent organization within the IRS and is your voice at
2. We help taxpayers whose problems are causing
financial difficulty. This includes businesses as well as
3. You may be eligible for our help if you’ve tried to
resolve your tax problem through normal IRS channels and
have gotten nowhere, or you believe an IRS procedure just
isn't working as it should.
IRS has adopted a Taxpayer
of Rights that includes 10 fundamental rights that every
taxpayer has when interacting with the IRS:
Taxpayer Bill of
- The Right to Be Informed.
- The Right to Quality Service.
- The Right to Pay No More than the Correct
Amount of Tax.
- The Right to Challenge the IRS’s Position and
- The Right to Appeal an IRS Decision in an
- The Right to Finality.
- The Right to Privacy.
- The Right to Confidentiality.
- The Right to Retain Representation.
- The Right to a Fair and Just Tax System.
Our TAS Tax Toolkit at TaxpayerAdvocate.irs.gov
can help you understand these rights and what they mean
you. The toolkit also has examples that show how the
Taxpayer Bill of Rights can apply in specific situations.
5. If you qualify for our help, you’ll be assigned to one
advocate who will be with you at every turn. And our service is
6. We have at least one local taxpayer advocate office in
every state, the District of Columbia, and Puerto Rico. You
can call your advocate, whose number is in your local directory,
in Pub. 1546, Taxpayer Advocate Service -- Your Voice at the IRS,
and on our website at
irs.gov/advocate. You can also call us toll-free at
7. The TAS Tax Toolkit at TaxpayerAdvocate.irs.gov
has basic tax information, details about tax credits (for
individuals and businesses), and much more.
8. TAS also handles large-scale or systemic problems that
affect many taxpayers. If you know of one of these broad issues,
please report it to us at www.irs.gov/sams.
9. You can get updates at
10. TAS is here to help you, because when you’re dealing
with a tax problem, the worst thing you can do is to do nothing at
8/10: 401k confusement:
investment strategies. Managed accounts provide
investment management services for 401(k) plan participants, but
often use wildly different strategies. The Government Accountability
Office conducted case studies of eight managed account providers
that represent over 95 percent of assets under management in 2013,
and all of them used different investment options, asset allocations
and rebalancing intervals for the same hypothetical participant.
"Some participants cannot be assured that they are receiving
impartial managed account services or are able to rely on
accountable investment professionals taking on appropriate fiduciary
responsibilities," GAO found.
personalization. Some managed accounts customize the
investments for individuals more than others. Two of the eight
providers studied allocated investments based on information
obtained from the plan's record keeper including age, gender,
income, account balance and savings rate. But the majority of the
providers used more personal information including risk tolerance
and spousal assets to select asset allocations. However, fewer than
a third of participants provided this personal information, which
means that many 401(k) participants may not be getting the full
value of the service they are paying for. "Participants who are
defaulted into managed accounts that offer a highly personalized
service run the risk of paying for services they are not using if
they are disengaged from their retirement investments," according to
the GAO report. "Participants who never supply additional
personalized information to managed account providers may be
allocated similarly over time to those participants in target-date
31 percent of people said they have zero money saved for
retirement. That included 19 percent of people between the ages of
55 and 64, or those closest to retirement age.
What's going on here? A lot of people said they rarely thought
about retirement, at least not until it was too late. About 41
percent of people ages 18 to 29 said they never thought about
retirement planning, a number that understandably declined to 20
percent for people above the age of 60.
But researchers said the dismal saving rates weren't fully
explained by lack of caring. They also cited a combination of
low resources and poor awareness:
many people, particularly those working part time or earning low
wages, the biggest obstacle to a steady retirement savings plan
is access. About
three-fourths of private sector workers with full-time
jobs have access to a retirement plan,
that number drops to 37 percent for part-time workers, according
to the Bureau of Labor Statistics.
“Demographic transition, frequently considered a long-term problem,
is upon us now and will significantly lower economic growth,” said
Elena Duggar, a Moody’s vice-president and one of the authors of the
Moody’s said the global working-age population would grow only half
as fast between 2015 and 2030 as during the previous 15 years. It
said all countries except a handful in Africa would see their
working-age populations either decline or grow more slowly over that
The “unprecedented pace” of population ageing would slow annual
global economic growth by 0.4 per cent over the next five years and
by 0.9 per cent between 2020 and 2025, it forecast.
The OECD, a Paris-based club of countries that
promotes sustainable growth, warned
about the issue last month when it predicted population ageing
would help to slow global annual economic growth from an average 3.6
per cent in this decade to about 2.4 per cent between 2050 and 2060.
Some societies in Asia are forecast to age particularly rapidly.
China will have six working-age adults per elderly person in 2020,
but 4.2 in 2030 and 2.6 by 2050, Moody’s said. Hong Kong and Korea
will have 3.8 and 4.6 working-age adults per elderly person in 2020,
but 2.3 and 2.7, respectively, by 2030, and just 1.5 apiece by 2050.
It is normal for a hospice to release a small portion of patients
before death — about 15 percent has been typical, often because
a patient’s health unexpectedly improves.
But researchers found that at some hospices, and particularly at
new, for-profit companies, the rate of patients leaving hospice care
alive is double that level or more.
The number of “hospice survivors” was especially high in two
states: in Mississippi, where 41 percent of hospice patients
were discharged alive, and Alabama, where 35 percent were.
While judging life expectancy is inexact, the rising rates of live
discharge in the U.S. in recent years has raised concerns that the
rapidly changing industry has become rife with one of two types of
First, some hospices appear to be forsaking patients when their
care becomes expensive. Hospices bill by the day, so added tests and
treatments can cut into their profits. Researchers found, for
example, that 1 of 4 patients who leave hospice alive are
hospitalized within 30 days.
Some hospices “abandon their end stage residents to the nearest
hospital ER and have the legal representative sign the [hospice]
revocation papers — all to save money and avoid intensive continuous
care at the end of life,” W. T. Geary Jr., medical director at the
Alabama Department of Public Health, said in an e-mail.
In what researchers described as a particularly alarming pattern,
more than 12,000 patients in 2010 were released alive from
hospice, entered a hospital and within two days of leaving the
hospital were re-enrolled in hospice. Those are the kind of abrupt
transitions that can be disruptive and confusing for the dying, and
which hospice care is supposed to transcend.
The other problem driving up the numbers of people leaving hospices
alive is the practice of hospices enrolling patients who aren’t
The federal government in recent years has sought to recover more
than $1 billion from hospices that, according to attorneys,
illegally billed Medicare for patients who weren’t near death.
The new research supports the idea that many of the patients
released alive from hospice are far from death: More than one-third
of patients who were released alive from hospices did not re-enroll
in a hospice and were still alive six months after being released.
2000 and 2012, the overall rate of live discharges increased
from 13.2 percent of hospice discharges to
18.1 percent in 2012.
8/7: Is there a correlation?????
8/6: LTC- Most
people will never be in a nursing home (less than 15% of
people who need LTC are in a nursing home)
8/5: Liar liar:
Both men and women lied to women
more often than men. In one experiment in the study, 24% of men
said they lied to a female participant, but only 3% of men
admitted to lying to a male participant in the exercise. Women
lied to men 11% of them but lied to other women 17% of the time.
8/4: Marquette Law School article "review" (Elder
A Critique of Professional and Consumer Mediocrity)
I reviewed your
paper with Marquette on the fraud that takes place
involving elderly people. I have my 80 year old mother
living with my wife and I (kids are grown) and I see all
kinds of stuff that comes addressed to her through the
mail. She asked me about them and I explain what they are
trying to do, some of the mail "looks" legit and to a
unknowing person they might even think it is a government
or legal document that they "have" to pay. We talk about
how many older people probably send in the money not
My mother has also attended the "free" lunches you
describe in your paper. Her investments are with someone
we know and trust so she is safe there, but she went with
a friend to this lunch invitation and they are as real as
Thank you for
your efforts in assisting the elderly in understanding the
fraud that is out in this world.
8/4: Home ownership
U.S. home prices increased 9.3 percent in the 12 months through
May, according to the S&P/Case-Shiller 20-city index released
as recently as five years ago, an armada of
tankers sailed every month from Africa
to the US coast, delivering oil worth billions of US dollars.
Not any more. The American shale
revolution, which was supposed to liberate the US from Middle
Eastern oil, has instead brought freedom from an unexpected
location: Africa. US oil imports from the African continent have
this year plunged to a 40-year low.
The trend is unlikely to be reversed anytime soon. Indeed, if
anything, African producers should expect even less demand from the
US over the next few years, says Jason Bordoff, director of the
Center on Global Energy Policy at Columbia University.
“African oil exports to the US may not go exactly to zero but they
will drop close to zero [and stay at that level] for a while,” says
Mr Bordoff, who until last year was a senior oil official at the
The collapse in the oil trade means the US is the only major region
that today trades less with sub-Saharan Africa than before the
global financial crisis in 2007-8.
China, the EU and Japan have all increased the import-export
volumes compared with eight years ago
The trough in returns on bonds and
other fixed-income instruments has been particularly devastating
to the carriers. Forty percent to 60% of the money insurers
accumulate to cover future claims comes from investment returns,
Roubini and Jason Cummins video- Keeping Up with change
single most important indicator for evaluating the state of
the U.S. labor market is the share of working age population (ages
25 to 54) with a job. Here we can clearly see not only that have
we not fully recovered from the ravages of the Great Recession but
also that we haven’t even recovered from the first recession of
the early 2000s. As of last month, the share of the U.S. working
age population with a job was just under 77 percent, a full 3
percentage points below its pre-recession level in December 2007.
This means that there are 3.7 million working-age people who’d
have a job if we were at employment-rate levels prior to the Great
Recession. Being below the 2007 level is enough of an issue, but
we are also below the level in 2000. We’re about 5 percentage
points below the share of working age people with a job more
than 14 years ago. 8
8/3: Long term care
40.2 million: Number
of Americans age 65 or older in
2010.88.5 million: Projected number
of Americans age 65 or
older in 2050.67%: Percentage
of Americans age 65 or older who
will need some form of long-term care in their lifetimes.6.3
million: Projected number
of Americans age 85 or
older in 2015. 17.9 million: Projected number
of Americans age 85 or
older in 2050.Usage
15 million: Number
of people in the U.S. using nursing
facilities, alternative residential care, or home-care services
for long-term care needs, 2000. 27 million: Projected number
of people in the U.S. using
nursing facilities, alternative residential care, or home-care
services for long-term care needs by the year 2050.29.5%: Percentage
of nursing home residents who
were under age 75 in 2011.27.5%: Percentage
of nursing home residents who
were between the ages of 75 and 84 in 2011. 35.3%: Percentage
of nursing home residents who
were between the ages of 85 and 95 in 2011. 7.6%: Percentage
of nursing home residents who
were over age 95 in 2011.
of nursing home care residents
who were female, 2011-2012. 72%: Percentage
of residential care community
residents who were female, 2011-2012. 14%: Percentage
of people age 71 or older who
suffered from Alzheimer's disease or other types of dementia,
2007. 49%: Percentage
of nursing home residents who
suffered from Alzheimer's or other types of dementia,
2011-2012.4.5 years: Average length of time
someone lives after
being diagnosed with dementia.
of adults age 65 or older who
suffered from depression, 2008. 49%: Percentage
of nursing home residents who
suffered from depression, 2011-2012. 2.8 years: Average length
of nursing home stay. 5
months: Average length
of nursing home stay for
patients who eventually died in the nursing home.
4.35%: Increase in cost
of private room in nursing
home between 2013 and 2014, nationally. $58,765: Median annual cost
for nursing home care,
private room, Louisiana, 2014. $164,250: Median annual cost
for nursing home care,
private room, Manhattan, 2014. $42,000: Median annual cost
facility, nationally, 2014. $19: Average hourly rate
for home health aides,
nationally, 2014. 1.59%: Increase in hourly rate
for home health
aides between 2013 and 2014.34%: Percentage
of seniors who had incomes that
were less than 200% of the poverty threshold in 2013 ($20,916 for
individuals and $26,388 for couples). Unpaid Caregivers
of long-term care provided by
unpaid caregivers at home. 67%: Approximate percentage
of unpaid caregivers
who are female.14%: Percentage
of unpaid caregivers who are age
65 or older. 20%: Percentage
of unpaid caregivers who provide
more than 40 hours of care per week. 10%: Percentage
of unpaid caregivers who go from
full-time to part-time work because of their caregiving
of people who plan to have a
loved one provide care but haven't asked. State and
$143 billion: Amount
of long-term care services and
supports financed by Medicaid, 2011. 40%: Percentage
of all long-term care costs
financed by Medicaid. $117,240: Maximum amount
of assets that a healthy
spouse can retain for the other spouse to be eligible for
long-term care benefits provided by Medicaid. (Actual amounts vary
by state.)100 days: Amount
of care in a skilled nursing facility
covered in full or in part by Medicare following a qualifying
of people who apply for long-term
care insurance between the ages of 45 and 54. 54%: Percentage
of people who apply for long-term
care insurance between the ages of 55 and 64. 57: Average age
of long-term care insurance
applicants. 92.3%: Percentage
of long-term care policies with
an elimination period of 90-100 days. 63.7%: Percentage
of new long-term care claims that
were opened by people over age 80, 2012. $2,466: Average annual cost
for long-term care
insurance for a 55-year-old couple, 2012; daily benefit of $150
with 3% inflation option and three-year benefit period. $3,381: Average
for long-term care insurance for a 60-year-old
couple, 2012; daily benefit of $150 with 3% inflation option and
three-year benefit period.$6.6 billion: Amount
of long-term care claims paid in
2011. 45.9%: Average premium increase requested
approval by John Hancock for 8,600 long-term care policies in
force in Connecticut, 2014. 1%: Estimated lapse rates
for long-term care
insurance policies.102: Number
of companies selling long-term care
insurance policies in 2002.12: Estimated number
of companies selling
long-term care insurance policies at the end of 2009.
by John D. Craig, J.D., CPA
General framework of methodology
Implementing the AAS requires a six-step procedure:
had used late in this decade but it keeps going up and up.
- The advisor will work directly with the client to determine all
parameters of his or her expected spending needs during
- The advisor will obtain a complete analysis of all sources and
types of the client's income. Each of these items will constitute
a different column in the model. All items will be entered after
tax, so it is necessary to have a full understanding of the
client's income tax position.
- Fundamental returns and inflation will be applied. A
conservative year of death will be included. The model will then
compute the base-case annual available spend – the amount that can
be spent each year, with the value of the investment portfolio
decreasing to zero in the year of death.
- Negative and worst-case
scenarios will be entered into the model. The scenarios
chosen will be keyed to the specific situation of the client.
- The AAS model can be set to automatically adjust for market
value changes and recompute the base-case AAS. Cash and portfolio
quantities can be updated monthly. The advisor must determine if
and when the base case or negative assumptions should be revised.
- The advisor will review the AAS scenarios with the client and
evaluate the client's spending and investment plan on a periodic
basis. Changes will be made as necessary and appropriate.
8/3: I agree and vehemently disagree
Per Bob Veres: (New software
for Financial advisers ) ....frees you up to spend more time in
client-facing activities: giving advice on life transitions, holding your clients’ hands during
the next market downturn (and the one after that),
coaching clients as they create more satisfying lives and careers
that require them to navigate difficult financial obstacles.
“financial” is a lot more than investments and superficial
help- you have to advise on insurance, annuities, long term
care, life settlements et al. He has never wanted to address
those issues. He simply cannot and does not.
of his material is very good- but he has been an enabler to
many “financial” entities who act illegally and with limited
know I have destroyed bridges along the way, but I still
refuse to accept the massive losses and destroyed lives of
the simplistic buy and hold entities.
I am also available for Bar Mitzvahs