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American bank issues one-of-a-kind 100-year CD

Billionaire Warren Buffett has famously said of the stocks he buys, “our favorite holding period is forever.” But it’s safe to say he wasn’t thinking of a certificate of deposit that lasts a century. You read correctly: Walden Mutual Bank in Concord, N.H. has announced it will issue a 100-year Local Impact Certificate of Deposit (CD) with a minimum purchase of $1,000, maximum purchase of $150,000. Barring some medical science breakthrough, you’d never survive long enough to redeem it. Obviously. It seems odd that Walden has declared, “We plan to limit total sales.” After all, it’s hard to imagine a rush given how those who get in on the ground floor will be six feet underground when the CD matures. So why buy one?

By Lou Carlozo | 05.23.24

Billionaire Warren Buffett has famously said of the stocks he buys, “our favorite holding period is forever.” But it’s safe to say he wasn’t thinking of a certificate of deposit that lasts a century. You read correctly: Walden Mutual Bank in Concord, N.H. has announced it will issue a 100-year Local Impact Certificate of Deposit (CD) with a minimum purchase of $1,000, maximum purchase of $150,000. Barring some medical science breakthrough, you’d never survive long enough to redeem it. Obviously. It seems odd that Walden has declared, “We plan to limit total sales.” After all, it’s hard to imagine a rush given how those who get in on the ground floor will be six feet underground when the CD matures. So why buy one?

By Lou Carlozo | 05.23.24

Mortgage rate trends this week

Thirty-year fixed mortgage rates rates decreased, down from an average of 7.02% last week to 6.94%. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” says Sam Khater, chief economist at housing giant Freddie Mac. “Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.”

By Leslie Kennedy | 05.23.24

Thirty-year fixed mortgage rates rates decreased, down from an average of 7.02% last week to 6.94%. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” says Sam Khater, chief economist at housing giant Freddie Mac. “Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.”

By Leslie Kennedy | 05.23.24

Antonio Brown just filed for bankruptcy

Former NFL star wide receiver Antonio Brown just filed for bankruptcy and owes almost $3 million to at least eight creditors, according to a court filing. Brown appeared to break the news through his media company CTESPN Network’s X account earlier this week with a meme from The Office. "NFL legend Antonio Brown has filed for bankruptcy today," the post read. "He will be a first ballot Hall of Famer in 2027. He will be releasing new music this summer. He is also the founder of the most trusted source in all of sports. The generational run continues.” Brown later followed up with another post with a Cash App QR code and the caption, “I’m Broke Baby.”

By Serah Louis | 05.23.24

Former NFL star wide receiver Antonio Brown just filed for bankruptcy and owes almost $3 million to at least eight creditors, according to a court filing. Brown appeared to break the news through his media company CTESPN Network’s X account earlier this week with a meme from The Office. "NFL legend Antonio Brown has filed for bankruptcy today," the post read. "He will be a first ballot Hall of Famer in 2027. He will be releasing new music this summer. He is also the founder of the most trusted source in all of sports. The generational run continues.” Brown later followed up with another post with a Cash App QR code and the caption, “I’m Broke Baby.”

By Serah Louis | 05.23.24

DeSantis slammed for banning lab-grown meat

The lab-grown meat industry represents a groundbreaking shift in food technology. This innovative sector aims to produce meat directly from animal cells, without the need to raise and slaughter livestock. But Florida governor Ron DeSantis has taken a firm stance against it. In fact, you won’t be able to taste this new source of protein in the Sunshine State. On May 1, DeSantis signed a bill that prohibits the sale of lab-grown meat in Florida and followed up with a statement on his reasoning that reads like it’s been cooked in conspiracy theory rather than based in fact. “Florida is fighting back against the global elite’s plan to force the world to eat meat grown in a petri dish or bugs to achieve their authoritarian goals,” DeSantis said in a statement. “Our administration will continue to focus on investing in our local farmers and ranchers, and we will save our beef.” The ban has been met with criticism from experts, including Nobel Prize-winning economist Paul Krugman.

By Jing Pan | 05.23.24

The lab-grown meat industry represents a groundbreaking shift in food technology. This innovative sector aims to produce meat directly from animal cells, without the need to raise and slaughter livestock. But Florida governor Ron DeSantis has taken a firm stance against it. In fact, you won’t be able to taste this new source of protein in the Sunshine State. On May 1, DeSantis signed a bill that prohibits the sale of lab-grown meat in Florida and followed up with a statement on his reasoning that reads like it’s been cooked in conspiracy theory rather than based in fact. “Florida is fighting back against the global elite’s plan to force the world to eat meat grown in a petri dish or bugs to achieve their authoritarian goals,” DeSantis said in a statement. “Our administration will continue to focus on investing in our local farmers and ranchers, and we will save our beef.” The ban has been met with criticism from experts, including Nobel Prize-winning economist Paul Krugman.

By Jing Pan | 05.23.24

Biden admin. says it will sell 1M barrels of gas

The Biden administration is soliciting the sale of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve in what it calls a bid to lower costs for motorists ahead of the summer driving season. The sale will be distributed in increments of 100,000 barrels — which the Department of Energy says “will ensure a competitive bidding process” for both retailers and terminals. “By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer Granholm said in a statement.

By Serah Louis | 05.22.24

The Biden administration is soliciting the sale of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve in what it calls a bid to lower costs for motorists ahead of the summer driving season. The sale will be distributed in increments of 100,000 barrels — which the Department of Energy says “will ensure a competitive bidding process” for both retailers and terminals. “By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer Granholm said in a statement.

By Serah Louis | 05.22.24

New York has more millionaires than any other city

Since the pandemic, news stories and economic pundits have suggested rich folk are leaving New York faster than you can say “Sun Belt” or “no state income tax.” Official data does show that the state has been losing a few thousand millionaires a year. But the Big Apple still boasts more millionaires than Cincinnati, Pittsburgh or St. Louis have people. While all those major-league cities have populations slightly higher than 300,000, New York is home to 349,500 millionaires — the most of any city in the world and up nearly 50% from a decade ago. That's according to the World’s Wealthiest Cities Report 2024 from Henley & Partners, an immigration consultancy for high-net-worth and ultra-high-net-worth individuals. This means roughly 1 in 24 New Yorkers are millionaires, an astonishing fact given a total population of 8.3 million as of 2023. The city now has more millionaires — defined in the report as those with liquid investable wealth in the seven digits or more — than Shanghai, Chicago and Toronto combined. It’s also home to 744 centi-millionaires (investable wealth of over $100 million) and 60 billionaires. Together New Yorkers hold wealth of more than $3 trillion, easily exceeding the GDP of France, Russia or Canada. Here’s how the Big Apple — or the Big Golden Apple, if you prefer — compares to major cities in America and worldwide.

By Lou Carlozo | 05.15.24

Since the pandemic, news stories and economic pundits have suggested rich folk are leaving New York faster than you can say “Sun Belt” or “no state income tax.” Official data does show that the state has been losing a few thousand millionaires a year. But the Big Apple still boasts more millionaires than Cincinnati, Pittsburgh or St. Louis have people. While all those major-league cities have populations slightly higher than 300,000, New York is home to 349,500 millionaires — the most of any city in the world and up nearly 50% from a decade ago. That's according to the World’s Wealthiest Cities Report 2024 from Henley & Partners, an immigration consultancy for high-net-worth and ultra-high-net-worth individuals. This means roughly 1 in 24 New Yorkers are millionaires, an astonishing fact given a total population of 8.3 million as of 2023. The city now has more millionaires — defined in the report as those with liquid investable wealth in the seven digits or more — than Shanghai, Chicago and Toronto combined. It’s also home to 744 centi-millionaires (investable wealth of over $100 million) and 60 billionaires. Together New Yorkers hold wealth of more than $3 trillion, easily exceeding the GDP of France, Russia or Canada. Here’s how the Big Apple — or the Big Golden Apple, if you prefer — compares to major cities in America and worldwide.

By Lou Carlozo | 05.15.24

What is the current US inflation rate?

The current annual inflation rate is 3.4%, compared to 3.5% last month. Inflation rose 0.3% month-over-month in April, after increasing 0.4% in March, according to the latest report from the U.S. Bureau of Labor Statistics released on May 15, 2024. Back in June 2022, inflation hit a 40-year high of 9.1%.

By Dina Al-Shibeeb | 05.15.24

The current annual inflation rate is 3.4%, compared to 3.5% last month. Inflation rose 0.3% month-over-month in April, after increasing 0.4% in March, according to the latest report from the U.S. Bureau of Labor Statistics released on May 15, 2024. Back in June 2022, inflation hit a 40-year high of 9.1%.

By Dina Al-Shibeeb | 05.15.24

$1 bills being scrubbed to make fake $100 bills

Maelyn Ramos, a cashier at Ohana Foods in Hilo, Hawaii, had an inkling something was wrong when a customer handed her a $100 bill for a $15 purchase. “I did our protocols and procedures which is to mark the bill with the marker and lift it up to see if it has the black line that all real money has,” Ramos told KHON2 News. “When she gave me the bill, it looked different from a regular $100.” When the customer told Ramos it was an old bill, she compared it to an old bill in the store’s tip jar, noting the genuine old bill had more of a yellowish tone. Ramos used a counterfeit bill detector pen to test the money — but the mark it left behind was yellow, indicating it was real currency. When Ramos lifted up the bill to the light just to be sure, she noticed a faded “1” marking in the top corner and faint lettering printed on the bill, and she took out a $1 bill to compare. “I realized this is real money, it was a one dollar bill they bleached or washed and printed $100 on top,” Ramos said. “My gut instinct was telling me something was wrong, and it's scary what people are doing now because a lot of people would have looked at it and said it’s real — which I was close to doing at that point — but something in me was like, it doesn’t look okay.”

By Serah Louis | 05.14.24

Maelyn Ramos, a cashier at Ohana Foods in Hilo, Hawaii, had an inkling something was wrong when a customer handed her a $100 bill for a $15 purchase. “I did our protocols and procedures which is to mark the bill with the marker and lift it up to see if it has the black line that all real money has,” Ramos told KHON2 News. “When she gave me the bill, it looked different from a regular $100.” When the customer told Ramos it was an old bill, she compared it to an old bill in the store’s tip jar, noting the genuine old bill had more of a yellowish tone. Ramos used a counterfeit bill detector pen to test the money — but the mark it left behind was yellow, indicating it was real currency. When Ramos lifted up the bill to the light just to be sure, she noticed a faded “1” marking in the top corner and faint lettering printed on the bill, and she took out a $1 bill to compare. “I realized this is real money, it was a one dollar bill they bleached or washed and printed $100 on top,” Ramos said. “My gut instinct was telling me something was wrong, and it's scary what people are doing now because a lot of people would have looked at it and said it’s real — which I was close to doing at that point — but something in me was like, it doesn’t look okay.”

By Serah Louis | 05.14.24

Druckenmiller gives Biden an F grade on economics

Billionaire investor Stanley Druckenmiller has delivered a scathing review of President Joe Biden’s economic policies. “If I was a professor, I’d give him an F,” the former hedge fund manager said on CNBC’s “Squawk Box” on May 7. In an ardent dismissal of so-called Bidenomics, Druckenmiller slammed the government’s spending habits — and the Federal Reserve for being “the great enabler” of fiscal policies that have fed into inflation. “Since my last interview here in October, there does seem to be a lot more recognition ... of the fiscal situation facing us,” he said. “Everybody seems to get it but [Treasury Secretary Janet] Yellen, who just keeps spending and spending. I think it’s dumb politically because it’s causing inflation, and it doesn’t take a genius to figure out that the average American is getting hurt by the inflation.”

By Bethan Moorcraft | 05.13.24

Billionaire investor Stanley Druckenmiller has delivered a scathing review of President Joe Biden’s economic policies. “If I was a professor, I’d give him an F,” the former hedge fund manager said on CNBC’s “Squawk Box” on May 7. In an ardent dismissal of so-called Bidenomics, Druckenmiller slammed the government’s spending habits — and the Federal Reserve for being “the great enabler” of fiscal policies that have fed into inflation. “Since my last interview here in October, there does seem to be a lot more recognition ... of the fiscal situation facing us,” he said. “Everybody seems to get it but [Treasury Secretary Janet] Yellen, who just keeps spending and spending. I think it’s dumb politically because it’s causing inflation, and it doesn’t take a genius to figure out that the average American is getting hurt by the inflation.”

By Bethan Moorcraft | 05.13.24

Buffett is holding $182B in cash — here's why

In the world of investing, few have achieved a track record as remarkable as Warren Buffett. From 1964 to 2023, he steered Berkshire Hathaway (BRK.B) to a staggering total return of 4,384,748%, far surpassing the S&P 500's already impressive gain of 31,223% during the same timeframe. Despite his knack for making savvy investments, the Oracle of Omaha doesn’t always go all in on the markets. In fact, Berkshire’s latest quarterly report reveals that as of the end of Q1 2024, Buffett's company was holding more than $182 billion in cash. Don't miss Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today, no matter what the US Fed does or says These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how In Berkshire’s latest annual shareholders meeting, Buffett addressed the question of why the company is maintaining such a substantial cash position. “I don't think anybody sitting at this table has any idea of how to use it effectively, and therefore we don't use it,” he stated, emphasizing that “we only swing at pitches we like.” Some view Buffett’s massive cash position as a sign that he is bearish on the stock market. And Buffett has voiced concerns about future complexities, noting, “As the world gets more sophisticated, complicated and intertwined, more can go wrong.” He added that the company aims to be prepared to “act when that happens.” If you share that cautious outlook, here are a few ways to diversify your investments beyond the stock market.

By Jing Pan | 05.11.24

In the world of investing, few have achieved a track record as remarkable as Warren Buffett. From 1964 to 2023, he steered Berkshire Hathaway (BRK.B) to a staggering total return of 4,384,748%, far surpassing the S&P 500's already impressive gain of 31,223% during the same timeframe. Despite his knack for making savvy investments, the Oracle of Omaha doesn’t always go all in on the markets. In fact, Berkshire’s latest quarterly report reveals that as of the end of Q1 2024, Buffett's company was holding more than $182 billion in cash. Don't miss Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today, no matter what the US Fed does or says These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how In Berkshire’s latest annual shareholders meeting, Buffett addressed the question of why the company is maintaining such a substantial cash position. “I don't think anybody sitting at this table has any idea of how to use it effectively, and therefore we don't use it,” he stated, emphasizing that “we only swing at pitches we like.” Some view Buffett’s massive cash position as a sign that he is bearish on the stock market. And Buffett has voiced concerns about future complexities, noting, “As the world gets more sophisticated, complicated and intertwined, more can go wrong.” He added that the company aims to be prepared to “act when that happens.” If you share that cautious outlook, here are a few ways to diversify your investments beyond the stock market.

By Jing Pan | 05.11.24