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Fed Holds Rates Steady - Will Deposit Rate Increases Continue?

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Fed Holds Rates Steady - Will Deposit Rate Increases Continue?

The Fed decided to hold off on a rate hike at its fifth FOMC meeting of the year. This was widely expected. Before the meeting, most believed the Fed would keep to its rate forecast with one more rate hike this year. A rate hike at the Fed’s December meeting is thought to be the most likely time. Today’s policy statement didn’t include anything to change these expectations. There had been concerns that the Fed may change its language to acknowledge weaker inflation which could reduce the chance of another rate hike in December. That change didn’t occur. The Fed appears to still consider the low inflation as only a short-term issue. So a December Fed rate hike still appears likely although the odds as indicated by the Fed funds futures did decline a bit from yesterday. According to the CME FedWatch Tool, the odds declined from 54.3% to 49.7%.

The Fed also decided to hold off on balance sheet normalization program. That’s the program in which Fed will start reducing their bond holdings. The Fed was expected to start this at its September meeting. This appears likely based on this sentence from today’s policy statement:

The Committee expects to begin implementing its balance sheet normalization program relatively soon, provided that the economy evolves broadly as anticipated.

All FOMC voting members voted in favor of the policy action. No one dissented.

There are three vacancies at the seven-member Board of Governors, which are the permanent voting members on the FOMC. One nomination has been made to fill one of those three spots. On July 10th, President Trump nominated Randal Quarles, a former Treasury official and private equity investor, to fill the position of Vice Chairman for Bank Supervision on the Federal Reserve Board of Governors. Quarles co-authored a 2016 WSJ op-ed which criticized the Fed for keeping rates too low for too long. So it appears he would be more of an inflation hawk.

Janet Yellen’s term as Fed Chair will be expire in early 2018, and there has long been speculation about whether President Trump will reappoint her for another term. Before the election, a new Fed Chair in 2018 looked like a sure thing if Trump became President. That’s far from a sure thing now. In an interview Tuesday with the Wall Street Journal, President Trump said:

I like her; I like her demeanor. I think she’s done a good job. [...] I’d like to see rates stay low. She’s historically been a low-interest-rate person.

President Trump also said his National Economic Council Director, Gary Cohn, is under consideration for the Fed Chair nomination. According to this Washington Post article, “Cohn's views on monetary policy are less well known than his views on banking regulation.”

Deposit Account Strategies

This is another reminder that Fed rate hikes will be gradual, at best. We have finally started to see deposit rates rise in the last few months, but the increases have been small. Several internet banks have been raising their savings account rates, but most of the increases are only 5 and 10 basis points. We may not see too many more increases until we see another Fed rate hike.

CD rates have also been rising, but in the last few months, most of the increases have been on shorter-term CDs with terms of 2-years and under. This is making long-term CDs less appealing. It still appears like we’ll see internet banks offering 2% 1-year CDs before we see them offering 3% 5-year CDs.

Even with the stagnant long-term CD rates, I’m still hesitant to give up on long-term CDs such as those with 5-year terms. We have been disappointed too many times in the past with the promise of rate hikes. As is always the case, if you decide on 5-year CDs, it’s always best to choose those with early withdrawal penalties of six months’ interest or less.

For more strategy discussion, please see my article from January, Deposit Account Strategies for 2017.

Future FOMC Meetings

The next three FOMC meetings are scheduled for September 19-20, October/November 31-1 and December 12-13. The September and December meetings will include the summary of economic projections and a press conference by Fed Chair Yellen.

Comments
Your Fired?
Your Fired?   |     |   Comment #1
President Trump saying he likes or respects an individual can be the kiss of death. If I were Yellen, I would have a job plan B come 2018.
Braden
Braden   |     |   Comment #2
Was not too many months ago Trump wanted higher rates for seniors and then said when it happened he would renegotiate the countries debt for lower interest rates.
Smokeboat
Smokeboat   |     |   Comment #3
One small step for frugal savers, not, one giant leap for wall street. you bet.
THE TRUTH RANGER
THE TRUTH RANGER   |     |   Comment #32
I AM IMPRESSED WITH FIRST CLASS THINKING ON THIS SCROLL THREAD,,,,,not a **** thing we can do about it but cut our expenses and clip coupons AND SHOP ON EBAY,,,,,why shop RODEO DRIVE,,,5TH AVENUE OR MICHIGAN AVE,,,THE MIRACLE MILE,,,,,WHEN YOU CAN GET ANY LUXURY ITEM ON EBAY FOR A STEAL,,,,,it's al mostly made in china and the fancy stores are their to make you feel good.......PLEASE NOTICE HOW THE PRESS IS NOT SAVAGING TRUMP ON HIS WALL STREET LOVIN WAYS,,,,,the press is wall street's mouth piece and PR FLACK......THE PRESS WANTS TO CRUCIFY HIM FOR HIS NATIONALISM AND SOCIAL POLICIES THAT ARE NOT RADICAL LEFT ROSE RED KOMMIE KNEE JERK BLEEDING HEART SYMPATHETIC...............but the MSM LOVES HIS WEALTH INVESTOR CLASS ATTITUDE AND THAT IS WHY HE IS NOT GOING ANYWHERE UNTIL 2020.........heigh yo silver,,,,,,,,,away!
#36 - This comment has been removed for violating our comment policy.
amigo
amigo   |     |   Comment #45
me not understand why certain types of people have a obsessive compulsive need to divulge personal intimate biographical and too often financial details of their lives to total strangers in on line public idea exchange formats like this open to anyone in the world,,,,,,,,i understand this new age syndrome is being studied at the world famous VIENNA INSTITUTE.....that good, kemosabe.
amigo
amigo   |     |   Comment #54
,,,,,,comments now sound like OLD SQUAWS wailing over bad harvest and gamey venison....that bad kemosabe
CHIEFCRAZYBEAR
CHIEFCRAZYBEAR   |     |   Comment #57
HEAR ME NOW,,,,,,word of Long Hair and his long knives GOOD WORD......WORD OF GREAT ORANGE FATHER ,,,,,,BROKEN WORD!!!,,,,Long Hair and his long knives ,,,long gone.... now angry in happy hunting ground.....if GREAT ORANGE FATHER NOT KEEP WORD to humble teepee dwellers and simple town people,,,,,the SPIRIT OF OLD GRAY MEDICINE WOMAN,,,,,,,,will rise from the grave and haunt him and his old chiefs and (not so) braves who send young bucks to die in war for YUUGE WAMPUM from street of gold,,,,,,,,on native island with stinky river.
GARRYOWEN4EVR
GARRYOWEN4EVR   |     |   Comment #70
GREAT ORANGE FATHER MUST protect his humble peoples of all tribes and types AGAINST THE SATANIC FORCES BOTH FOREIGN AND DOMESTIC,,,,that is the word of Long Hair's Spirit !
Smokeboat
Smokeboat   |     |   Comment #4
One small step for frugal savers, not, one giant leap for Wall Street, you bet.
Bozo
Bozo   |     |   Comment #5
I determined long ago, it's Murphy's Law. Just when you have a jumbo CD maturing, rates either flat-line or tank. Then, as soon as you grab the best-available rate for your renewal, all those "hot deals" pop up. Then, most assuredly, you are looking for an exit to your particular box canyon. Finding none, you raise the white flag. Well, it was a good run, 3.8% for the past seven years at USAA. That CD matured on July 24, 2017. I should be getting my cash-out check in a day or two. What I will do with it is anyone's guess.
Anonymous
Anonymous   |     |   Comment #6
stash it in a no penalty Ally 11 mo 1.50 cd and when the right offer comes up cash it out and move into the new offer.
Bozo
Bozo   |     |   Comment #7
At this stage of my life (70 years), I'm not particularly greedy. Anything close to stated inflation, with a reasonable term, piques my interest. I'm less concerned with a return "on" capital as a return "of" capital, at least in fixed income. I'll take my risk on the equity side. My fixed income should both be riskless, and be able to keep up with inflation, modest as it might be. A dollar tomorrow should be worth as much as a dollar today, that's my motto.
Lrdx
Lrdx   |     |   Comment #9
TIPS (not TIPS funds), I bonds?
TIPSy Turvy
TIPSy Turvy   |     |   Comment #15
Due to an extended period of deflation, CD's have performed better than TIPS. The fixed rate on iBonds has been hovering near zero for quite a while.

I've got both TIPS and iBonds and they haven't come close to yielding 2% over the last few years. So, CD's have been yielding more than iBonds.

With 2% CD's available for 3 year CD's and inflation down to 1.6%, neither TIPS or iBonds are worth the bother right now.
Bogie
Bogie   |     |   Comment #16
Deflation? When was that?
spraytanprez
spraytanprez   |     |   Comment #21
computers , tvs and recently gasoline. That's what the gov. must use for their ridiculous inflation #s.
Inflation Conspiracy Theorist
Inflation Conspiracy Theorist   |     |   Comment #24
They're hardly ridiculous. Every month the BLS describes in gory detail how it comes up with the inflation figures. It isn't just computers, tv's and gasoline. But, people are too lazy to review the components and the weightings. Or, just to plain mathematically challenged.
spraytanprez
spraytanprez   |     |   Comment #46
@comment23
My college economics professor loved using gov. #s in his debates with students. All I had was real world events. In 2010 a 30 yr mortgage was 4.50% to buy that $300,000.00 house. In 2017 that 30 year mortgage is 4% and the house bloomed to $425,000.00. I guess I'm not wired to believe gov. #s proving low inflation
Reality Programmer
Reality Programmer   |     |   Comment #23
I guess you didn't notice the decreasing loan rates that directly affect the cost of housing? Or, the collapse of oil prices. Take the blinders off!
DOA
DOA   |     |   Comment #8
My guess, NOT USAA. Their 7 year cd is only paying 1.06%.
deplorable 1
deplorable 1   |     |   Comment #12
Exactly Bozo when my 7 year 6% and 5 year 5.5% CD's matured during Obama's first term 5 year CD's were 2% and seven year was 3%. That's when I paid off my 5.875% mortgage instead of refinancing. Well I did a 18 month 0% no fee balance transfer first and then paid it off in full rather than lock in CD rates that low. What really stinks is that they haven't gotten any better yet. At least not with long term CD's anyway.
Bozo
Bozo   |     |   Comment #27
Deplorable, you will get no push-back from me for paying off debt. Mortgage debt, credit card debt, auto debt, it's not something to which one should aspire. Were it a choice between paying off (or paying down) a 5%+ mortgage, and buying a rather lame (and taxable) CD at 2.5%, well, you get my drift.
Wife Basher
Wife Basher   |     |   Comment #14
Give it to your wife. She'll know what to do with it!
TJ
TJ   |     |   Comment #17
mine too will expire next month from USAA, 3.8%, i'm gonna find the highest 5yr CD, i'm going to stay ladder Cd's, Can't do anything else about it
James Barnes
James Barnes   |     |   Comment #18
Is it better to stay with 5 yr CDs with EWP of under six months in case 5 yr rates rise significantly, or is it better to go with the highest rate 5 yr CDs regardless of the length of the EWP?
Ann
Ann   |     |   Comment #26
Personally I have a strong aversion to EWPs over 6 months... haven't decided yet exactly how strong as measured in potentially reduced interest rate though, ha.
James Barnes
James Barnes   |     |   Comment #29
I guess the answer depends on how quickly one thinks interest rates will rise. Right now it looks like they may rise very slowly. In that case, its probably better to go with the higher interest rate, even if the EWP is over six months.
me1004
me1004   |     |   Comment #10
Ken, I'm not sure your interpretation of the Fed's statement about when it will start the balance sheet normalization program is quite on the mark.

I saw other stories out there today pointing out that that language was changed from the June meeting, when they said -- not quite a quote, 'sometime this year.' Other people are taking that change in language to mean it is more imminent than later in the year, so September is still the expectation.

I guess time will tell.

And regarding that, the Fed apparently does not expect the wind down to affect the markets, but I agree with some of the other writers out there today that of course it will. The only question is how much. I don't know if that amount of bonds will necessarily flood the market, but my suspicion is that it will not be a lot of effect, but nonetheless, it will push down bond prices some amount, and so bonds you are holding will be worth that much less. And every tick up in the Fed rate will put more pressure on bonds.
spraytanprz
spraytanprz   |     |   Comment #19
It doesn't matter what the fed says now as they are always changing their mind. This has been a long trend with them as they announce their plans, then 2 months later bad numbers come out and they go the other direction. I still say no more rate hikes this year and no unwinding this year. And I now hope that the basket of deplorables out there realize that presidents don't adjust the % rates.
deplorable 1
deplorable 1   |     |   Comment #11
The reason Trump is now changing his tune towards Yellen and higher interest rates is because now that he is no longer campaigning and is actually potus he realizes that raising interest rates too high too fast will also be raising the cost of servicing the debt Bush and Obama saddled us with. That being said Yellen will not be staying for another term and most likely will be replaced. During the campaign Trump rightfully pointed out that interest rates were too low and were intentionally kept that way by Obama and Yellen which was correct but now as president he certainly does not want to be adding to the 20 trillion dollar debt or causing a stock market crash so he is taking a slow and steady approach to raising rates. I personally would prefer to see rates rise much faster but not at the expense of a crashing stock market as I'm also a investor. I'm pulling for 2 more rate hikes this year but that will depend on the timing of the FED winding down it's balance sheet and the direction of inflation or what inflation the FED wants to admit to anyway. Until higher rates are available I'm going with bank bonuses, REIT's and monthly paying dividend stocks. We need a dedicated bank bonus thread on here to weed out all the bonuses that require direct deposit like the one Doctor of Credit has. It makes it real easy to find the best bank bonus deal in your local area.
???
???   |     |   Comment #13
Give to DOC what is DOCs
spraytanprz
spraytanprz   |     |   Comment #20
Mark my words,
1. Mexico .. will not pay for that wall ! (in fact if a wall even gets built it will be a small, few hundred miles, low cost see-thru token wall to placate the Trump fans
2. The swamp will not be drained (in fact ,it will grow larger).
3. There will be no border adjustment tax.
4. Healthcare will not be better and cheaper for most people.
5. Jobs will not be returning to the U.S. (companies continue to ramp up to Mexico)
6. We will not get tough with ChIna .
7. big infrastructure plans will never get built.
I could go on and on with his promises but you get the message.
% rates however will remain low for years to come, believe me, that I can tell you.
deplorable 1
deplorable 1   |     |   Comment #38
How about those "honest" Democrats spray?
Washington (CNN)Imran Awan, who has worked for several House Democrats, including Rep. Debbie Wasserman Schultz, was arrested Monday and charged with bank fraud as he tried to leave the country, legal documents show.................rotten to the core.
spraytanprez
spraytanprez   |     |   Comment #22
@The reason Trump is now changing his tune towards Yellen and higher interest rates is because now that he is no longer campaigning and is actually potus he realizes that raising interest rates too high too fast will also be raising the cost of servicing the debt Bush and Obama saddled us with.

Oh really, that and the fact he didn't realize how hard health insurance was tells me we elected a president that , well, is not too smart...
Futile Ranter
Futile Ranter   |     |   Comment #25
The problem isn't Trump. The problem is the people that voted for Trump (aka deplorables). When the end of the economic world as we know it was upon us, they momentarily came to their senses and voted for a Democratic House, Senate and President. Then when things started to stabilize a bit, they went back to voting on their values. That is, not in their economic best interests. The only good thing about it was that it took the smug, we've got demographics on our site, look off of the fall left's faces. Heck, even crying was involved. It should be painfully obvious that the Republicans are going to attempt to throw everybody except the 1% under the bus. And, that Trump is going to acquiesce to the slaughter of the lower classes. I'm a 10%er. So, it probably doesn't matter a hill of beans to me. But, at one time I was the working poor. And, government programs helped me get out of that mess.
A scholarship. A grant. Mathematics And, the software industry's insatiable need for talent.
Meanwhile, back at the ranch, both the Republicans and Democrats sent our manufacturing jobs to China. Now that's patriotism for you. Sure helped people like me. But, for my high school buddies it was like a bullet in the back of the head. And so, they voted for Trump. Like he's going to do anything for them. Except take away their health insurance.
Crazy Bernie
Crazy Bernie   |     |   Comment #28
The queen is dead boy! MAGA!
Bogie
Bogie   |     |   Comment #31
Some people are still in the state of denial and refuse the fact that President Trump is the lessor of two evils. Educated people made the right choice.
deplorable 1
deplorable 1   |     |   Comment #39
@Futile: My "values" are working hard, saving, and paying my own bills with no need for government assistance. I know that must seem rather "old school" now with everyone thinking that healthcare is a right and it's normal to live with your parents at 40. No I never collected welfare, lived in a HUD house or qualified for food stamps because I was much too busy working at various jobs that I hated so that I could actually pay my own bills. Now I'm deplorable for expecting other people to do the same instead of taxing me to pay for them. Why is it that liberals are always wanting to spend other peoples money?
Bozo
Bozo   |     |   Comment #41
Futile Ranter, an interesting, albeit depressing, post. Those of us who grew up in the Ozzie and Harriet era (i.e., kids who started out in the upper 25% and just gravitated to the upper 5%) find it hard to relate to Trump voters. My case: a typical suburban kid in Leawood, Kansas. Went to a stellar high school, then to Stanford. After a stint in the Navy, then to law school. It was a prototypical climb up the ladder.

That said, as a life-long Republican, I cannot understand the Trump voter. Well, I suppose I can, but Trump supporters would not appreciate my opinions. It's very tribal. The last straw (for me) was Trump at the Scout Jamboree. I almost mailed back my Eagle Scout medal. Then, I thought, I earned it when Scouting was worthy. I'll keep it.
spraytanprez
spraytanprez   |     |   Comment #48
Everyone,
Close your eyes and imagine if everything that came out of Trump's mouth as well as his actions in the last year had instead come out of Obamas' mouth .
Dems, independents, real republicans and the basket of deplorables would call for Obama to step down and never run for office again.
How is the orange clown getting away with this now.
I say the U.S is in such bad shape ( not enough living wage jobs, no way for most to move up and the high cost of goods - yes, runaway inflation for the necessities of life) that the people are willing to believe in any promises he makes.
deplorable 1
deplorable 1   |     |   Comment #51
Everything that came out of Obama's mouth was a lie. Sure it was a nice politically correct sounding lie said with a smile but a lie is still a lie just the same. Trump doesn't run his comments through a focus group or committee(obviously! lol) he just says whatever he is feeling at the time and let the chips fall where they may. Now if I were president I would be much more careful with my words and keep my personal opinions a little more guarded but still I do agree with much of what he says. Oh and if you actually believe promises made by politicians I have some swamp land to sell you. Are you enjoying that $2,500 a year Obama promised you would be saving on healthcare? Or maybe those shovel ready jobs and infrastructure projects? They all do it but somehow it is worse when Trump does it right?
me1004
me1004   |     |   Comment #30
deplorable 1, you seem to have only gotten maybe half the news of what Trump has been saying and doing, campaign and post-campaign. He said BOTH things about the Fed rate in the campaign, as he does about most things, hot and cold, constantly changing and flipping his position.

But in the end, he has shown zero understanding or knowledge about much of anything, most especially that government does NOT function like a dictatorship as a corporations does under its CEO.

Trump isn't showing any concern about the deficit -- and to so singularly blame Obama when he inherited a collapsed economy from Bush that of course resulted in deficits is simply partisan; Trump has inherited a solid economy from Obama.

In fact, if Trump were concerned about the deficit, then why is his major interest and priority that he wants what he describes as a HUGE tax cut? That will only skyrocket the deficit and dramatically overheat the economy and crash it again. (He is furious that Congress is hung up in the health care debate and won't move on to his tax cut.) How does a huge elimination of income cut your deficit?! And this when unemployment is already at the level considered to be full employment.

If you want to pay your bills, you don't eliminate your income with HUGE tax cuts.
Charlie Brown
Charlie Brown   |     |   Comment #33
Please don't introduce facts into the conversation. The Trumpsters don't quite get the concept of reality (other than in TV shows).

This is nothing new. Bedtime-For-Bonzo Reagan had similar problems with embracing reality (http://inthesetimes.com/article/3242/the_enduring_lies_of_ronald_reagan).

Even though it's been proven that Voodo economics doesn't work, people keep voting for the clowns espousing it's supposed virtues.

It reminds me of the old Charlie Brown bit where Lucy keeps pulling away the football when Charlie tries to kick it. Yup, the deplorables are really the adorables (Charlie Brown & Co).
deplorable 1
deplorable 1   |     |   Comment #40
Fact: Obama doubled the debt to 20 trillion
Fact: Obama doubled the welfare rolls
Fact: Healthcare costs have only gone up since Obamacare
Fact: Obama kept interest rates @ 0% for 8 years straight
Fact: Obama blamed Bush for the economy for 8 years straight
Fact: Trump is now president and Hillary lost the election
Fact: Liberal Democrats are sore losers and will never give Trump a break
Chew on those facts.
Kaight
Kaight   |     |   Comment #34
In order to defeat Trump in 2020 what the Democrats need to do is finagle a way to get a special counsel appointed. He needs power and budget to hire a large number of Hillary supporters, to be designated "investigators", who will be paid with the money of people who voted for Trump last time. These investigators will pry into all of Trump's business and personal dealings for the last twenty years or more, uncover any dirt they can find real or imaginary, and then illegally and strategically LEAK that information to the Democrat-controlled mainstream media when the time is right in a manner designed to derail Trump's 2020 campaign.

If only the Democrats could figure a way to accomplish all that. Oh . . . wait . . !
Nothing
Nothing   |     |   Comment #35
In order to defeat Trump what is needed is have more Republicans step up to the plate and do right...the voters will do what is right, then when a different Republican candidate runs in 2020 b/c Trump will elect not to run again given his track record, frustration with the gov't processes, etc. Oh, and the little Russian escapade.
Bogie
Bogie   |     |   Comment #37
The best way to defeat ANY presidential candidate is to come up with a platform that takes the electorate into consideration and propose a direction for our country on what's beneficial for them, not what's in the best interest of ANY political party.
Bozo
Bozo   |     |   Comment #42
Bogie, regrettably, voting these days is tribal. Folks do not vote with their self-interest in mind. Indeed, one wonders if voters even know what is in their self-interest. I chalk this up to the dumbing-down of the American electorate. Folks don't watch the evening news. Folks don't read newspapers. Folks assume it's all "fake news". So, they vote as their tribe votes.

The absolute funniest irony of the day was all those folks lining up for free dental care in West Virginia. Mind you, these folks voted for Trump.
Kaight
Kaight   |     |   Comment #43
Bozo:  You might eventually become aware that the dividing line in America today is not between Republican and Democrat, or between liberal and conservative, or even between urban and rural. The dividing line today is between progressivism and Americanism. When you figure this out your understanding of what is happening in our country will be immeasurably increased.

Also be aware people always vote with their self interest foremost in their thinking.  However, many of us do not define our self interest solely on basis of personal economic well being.  Tens of millions of American patriots, for example, actually still revere the American Constitution, regardless how shocking that might be to many living in the northeast or on the west coast.
Bozo
Bozo   |     |   Comment #44
Kaight, scratching my head at what you said. You posit that folks vote in their self-interest, while ignoring personal economic well-being. That's right up there with "well, I have a tooth ache, but in the interest of the greater good and the Constitution, I will tough it out". If given a choice between a tooth ache and Medicaid expansion, I suspect most would vote for Medicaid (and dental coverage).

Tooth aches tend to focus voters' minds.

Seriously, Trump voters often ignore their own self-interests. Whether this is due to pure folly or mere ignorance, I have no clue. I suspect it's due to tribal loyalty.
Bozo
Bozo   |     |   Comment #47
Tribal loyalty is visceral. It's in our genes. We trust those in the "family". Folks not in the 'family" are to be distrusted. We see this in Sunni/Shiite conflicts today. Black folks are of another tribe, as are Muslims. To southerners, "Yankees" are still another tribe, while, to others, southerners are still folks we should have allowed to secede from the Union.
spraytanprez
spraytanprez   |     |   Comment #49
When I go places and there are older men talking among themselves or to younger folks, its always about how hard they worked: I started working at 9 years of age and never stopped until I retired they say. I worked at a factory as an apprentice, right out of high school , I worked overtime and moved up in the ranks, bought a house, a car and sent my kids thru school they say. Now I'm retired with a pension and social security and government healthcare and $600,000.00 in the bank.
Folks, this is a different world we live in today, its not the 1950's its 2017 and unless you choose the correct career path you could be in a world of hurt.
I wonder if those older men ( and I'm one of them) were 9 years old today, and answered honestly , could have the same outcome .
deplorable 1
deplorable 1   |     |   Comment #50
Honestly spray it really all comes down to a work ethic and determination to succeed. This is something that that seems to be missing with the younger generation of today. They have grown up in this new liberal society where they expect either their parents or the government to provide for them. It's not like things were all wonderful for us growing up. Wages were low, inflation was high, there were recessions, jobs have been being shipped overseas for decades now(including mine), homes were overpriced. My point is that every generation has it's challenges to overcome. What defines each generation is how they adapt and overcome those challenges. This generation has chosen to live with their parents forever while running up huge college debt and then complaining that there are no jobs available with their liberal arts degrees. Now our generation is supposed to feel sorry for these bums and give them free healthcare, college tuition, a welfare check, bridge card, cell phone and the endless list goes on all while the country is 20 trillion in debt. You know what I got from my parents? A handshake and "good luck" when I went into the Navy at 17. This generation cries like a baby if their presidential candidate loses a election because some of their freebies might get taken away...............pretty pathetic IMO.
spraytanprez
spraytanprez   |     |   Comment #56
You cannot take jobs out of this county for the past 40 years and expect people to have the same opportunities after high school as they did in the 50's. Not all people are wired for engineers, healthcare and high tech jobs.( jobs that require book smarts) An average person who was willing to work then could work his way up. That's not true today.
Adorable Deplorabel
Adorable Deplorabel   |     |   Comment #67
Good grief, I actually have to agree with deplorable 1. I must be losing my grip. Except for the "bums" comment (he started channeling Nixon there). Yes, the progressives are pathetic (the crying videos are hysterical). But, whining about how "they're stealing our jobs" is also pretty sad. Albeit true. Immigrants come to this country with squat. Work their butts off. Save their money. Start a business. And, employ Americans. The problem with Americans is that do indeed expect a handout. That is, a job. And, the same people that complain about welfare have collected it one way or another. Heck, in my opinion anyone that's ever worked for any government entity has been on welfare. And, that includes the military. The biggest blood sucker of them all. We need to privatize the military. If you truly believe in free enterprise, you know that would save us a bundle.
spraytanprez
spraytanprez   |     |   Comment #71
Do you honesty think if those retired today had to start today from zero , with salaries not keeping up with inflation, fewer pensions and the possibility of no medicare they could amass what they have today. They call todays kids lazy as if they want to live at home with parents. In the past,you could make it on a high school diploma or a liberal arts degree and move up. Not today so much. And those Immigrants, its getting much tougher for them to make it with high rents and cost of goods.
Bogie
Bogie   |     |   Comment #53
Spraytanprez, I believe most of our generation started working at a very, very young age and continued right up until retirement. And I also truly believe getting a good education and choosing the right career path today is more important than ever before.
deplorable 1
deplorable 1   |     |   Comment #62
Oh and by the way spray I grew up in the 80's not the 50's with no college degree(and no college debt!). I'm so sick of this idea that you NEED a college degree to succeed in life and your parents are supposed to pay for your school. If you are not afraid to work hard, save and learn how to invest you can still be successful even today. Although higher interest rates sure helped me out. I know many people with college degrees who look like they are doing well on the outside(big house, New cars, nice suit, expensive watch ect.) but they are in big debt with no savings while I'm the millionaire next door with my jeans and t-shirt(stealth mode) no need to advertise IMO.
Bogie
Bogie   |     |   Comment #52
Bozo, if you think people voted for Trump due to tribal loyalty, you are right, you don't have a clue. My vote for President Trump was certainly NOT out of tribal loyalty. Like I have been saying, Trump was the lessor of two evils when it came down to choosing our current President of the U.S.
Bozo
Bozo   |     |   Comment #58
Bogie, you can break your back bending over backwards overthinking the election. Tribal loyalty accounts for 40% on the right, and 40% on the left. The middle 20% is up for grabs. Does that "middle 20%" pay attention, or just "go with the flow"?
Bogie
Bogie   |     |   Comment #64
Bozo, just what is the source of your percenages? Or are you just making your own numbers up? I am neither right nor left and certainly don't "go with the flow" middle. I decide for myself, and not of the herd mentality. Independent I am, but not part of the Independent Party.

You don't appear to accept the fact that many people do still think for themselves!
deplorable 1
deplorable 1   |     |   Comment #60
Same here Bogie Every time I vote it is for the lesser of the 2 evils. I don't like politicians period but we do have to vote for someone and I prefer the person who will be taxing me the least. That person is rarely a Democrat but it does happen occasionally at the local level.
spraytanprez
spraytanprez   |     |   Comment #55
Bozo, Every election is different , causing people to vote different ways. Obama promised a lot and didn't deliver. Hillary promised more of the same and the people in the rustbelt said no way, our life has been hell for the past 8 years with no jobs. It was an easy win for Obama after Bush, who was in way over his head and should never have been president( his father said as much). It could have been an easier win for Trump if he didn't act like a child. Hope and change and make America great again are all lies. But Trump's lie is new and different so he wins this time.
Bozo
Bozo   |     |   Comment #59
Spraytanprez, what irritates me, among many things, is the idiocy of the American electorate. Folks don't read newspapers. Heck, folks don't even watch the evening news anymore. Current events? Not even a topic on your smartphone, which should be called a dumbphone. On one end of the spectrum, we are bombarded with allegations of "fake news". On the other end of the spectrum, eye rolls and insider jokes. Meanwhile, thieves keep breaking into our mailbox, and the USPS shrugs its shoulders. Welcome to America 2.0.
Kaight
Kaight   |     |   Comment #61
Bozo: Your lack of awareness is astonishing. The mainstream American media is today not at all what once it was. Today's American MM is a wholly-controlled instrumentality of the DNC, though there are those now who argue it is the other way around. I dunno on that one. But in any event, your unbridled reverence for the MM is most amusing and is, I'm certain, bringing smiles to the faces of other posters here in addition to myself.

Your mailbox dilemma is another matter entirely and actually relates to Ken's website and mission IMO.  I have been most fortunate so far in avoiding your situation.  Regardless I route ALL of my financial mail to my PO box in another state where I am not known and am not in the telephone book.  I'm confident that for yourself, and for many of Ken's other readers as well, myself included, some of those financial statements coming in by mail contain personal data you do NOT want falling into the hands of armed thieves who can sense your net worth and who know your home address.
deplorable 1
deplorable 1   |     |   Comment #63
I like Bozo but I don't understand how he doesn't seem to see the blatant political bias in the media. When Obama was in office the press would literally kiss his feet on a daily basis and treated him like royalty with kit gloves. Now contrast that with Trump where every story is designed specifically to make him look as bad as humanly possible. Meanwhile if there is other news like Democrat scandals for instance like the Debbie Wasserman Schultz embezzlement scandal it gets ignored completely. The liberal bias in the news is like a brick wall to the truth.
Crooked H
Crooked H   |     |   Comment #65
people around here don't seem so much interested in the contents of my mailbox as they do blowing it to smithereens ...heard a loud bang one night .. went out to look and all that was left of my mailbox was a bunch of twisted metal... :(
spraytanprez
spraytanprez   |     |   Comment #69
Main stream media is to the left, but what about all the people that watch only fox, which has a huge viewership. All day long trying to defend Trump's words and actions: John Mccain is not a war hero and I know more about war than the generals - believe me . And deplorable says he doesn't run his comments thru a focus group, ,come on man. I am beginning to think I made a mistake voting for him. I don't know now if he is the lesser of two evils. He keeps getting more crazy in the head. Bozo is correct about that boy scout speech and now we should all be roughed up when put into a police car, while we may be innocent at that point.
Bozo, my dislike for Hillary may have clouded my judgment and caused me to make a big mistake. In the future, Trump's craziness could also cause negative % rates.
Forrest Gump
Forrest Gump   |     |   Comment #68
The idiocy of the American electorate is what makes this country great! Actually, I call it the Forrest Gump electorate. Stupid is as stupid does.
spraytanprez
spraytanprez   |     |   Comment #72
I worked in an office filled with right wingers, they worshipped fox news, had it on all day long on their work computers. They didn't bother thinking on their own , just echoing what they heard there. 90% of the population is stupid including me. I just hope I'm less stupid than most.
Mr. Wikipedia
Mr. Wikipedia   |     |   Comment #66
Americanism is an ideology or belief in devotion, loyalty, or allegiance to the United States of America or to its flag, traditions, customs, culture, symbols, institutions, or form of government.
Kaight
Kaight   |     |   Comment #73
Great post, Mr. Wikipedia!  In addition, Americanism is about the American Constitution. American patriots wholeheartedly embrace the Constitution which, when adhered to, makes our country the greatest on earth.

Also noteworthy is why progressives are uncomfortable with the American Constitution, refer to it as a "living" document, and seek to circumvent it. This is because our Constitution imposes large and strict limitations on government, favoring instead freedom and liberty for individual citizens. Progressives believe solutions to problems are found with more government. Thus, they do not favor limitations on government imposed by the Constitution.

Finally, a basic tenet of Americanism is that our rights and liberties flow directly from, and are attributable to, Almighty God. Progressives, on the other hand, view government, not God, as the principal guarantor of our well being.