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Barring New Yorkers from Global Entry Violates the US Constitution
It has been 25 years since I graduated from law school and almost as long since I have practiced law. I am no longer so certain why I went to law school, but I am damn certain that I remember Constitutional law. This will clearly come... Read →
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Chasing Savings Rates in a Falling Rate Environment is A Losing Strategy
I often speak to bank executives who are pursuing capital with the goal of bringing in large deposit volumes and who are setting their rate strategies. These folks will tell me that they are trying to avoid “fast cash”. In... Read →
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February 2020 Update – Five Ways to Improve Your Online Savings Rate in 2020
January 2020 ended with more than enough headlines to scare anyone into cash. Between Coronavirus spreading in China and the possibility that it may be a generation before the U.S. has a president not named Trump, there is a lot to be... Read →
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Should You Really Be Buying 1-Year CDs Right Now?
I was at the gym yesterday and a friend who manages money for wealthy New Yorkers asked me if his clients (a married couple) should be putting $500,000 into a 1-year CD here and now at 2.00%. He believes that with the stock market at an... Read →
Image Courtesy: United
United Airlines Still Has An Excellent Loyalty Program for International Travel
United was once the best airline in the sky. Whether it is your favorite airline today or not, it still has an outstanding loyalty program, and if your focus is international travel, it may be the program where you want to build your... Read →
Image David Faber Image, Courtesy CNBC
Putin, North Korea, David Faber, Jim Stewart and Your Savings and Brokerage Accounts
There are very few things or people that get my attention on CNBC. I usually find myself switching over to Bloomberg when Joe Kernen or Jim Cramer start rambling. I guess neither were around on Christmas Eve morning because I ended up... Read →
Image Courtesy: EsMadrid.com
Financial Advice from a 50-Year Old Who Last Saw a Market Like This in 1999
As I turn 50, I feel it is appropriate to look back and give some advice to a 30-year old me who was encountering a crazy bullish stock market like the current one in 1999. Twenty years ago, I had just turned 30. I was a newly-minted... Read →
Image Courtesy: LA Times
Fed Leaves Fed Funds Target Rate Unchanged at 1.50% to 1.75%, Plans to Take 2020 Off
The Federal Reserve voted unanimously today to leave the Fed Funds rate unchanged at 1.50% to 1.75%. This move was widely expected after Chairman Jerome Powell and other Fed governors signaled that they were comfortable with where... Read →
Image Delicate Arch, Courtesy NPS.org
December 2019 Savings and CD Account Update – Cash Is Safe
I began BestCashCow’s November newsletter by saying that it was hard to get excited about cash. It is still hard to get excited about cash with the Fed Funds target remaining at a range of 1.50% to 1.75%. But, in the last month,... Read →
Image Courtesy: American Airlines
Bask Bank, American Airlines AAdvantage Miles, Silliness?
Editor's Note: This article was originally written in December 2019 when Bask Bank had a soft launch of its new American AAdvantage product. In January 2020 after Bask Bank released the full details of the product, the author realized... Read →
Image Courtesy: CNN
TD Ameritrade Acquisition By Charles Schwab Causes Concern for Active Customers
Sophisticated stock traders have gravitated towards TD Ameritrade over the years. For over a decade, TD Ameritrade has had the best trading platform in the online trading business, and with the Sink or Swim acquisition they also have a... Read →
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Be Careful With Savings Products from Credit Karma, Wealthfront, Betterment and SoFi
The last few months have seen the emergence of non-bank savings products that purport to be FDIC-insured often to amounts higher than the FDIC limits that online banks are able to offer ($250,000 for individuals, $500,000 for... Read →
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Mystery Solved – Trump’s Unplanned Walter Reed Visit Was Not Caused By a Medical Condition
The media and Twitter have been abuzz since Donald Trump made an unplanned visit to Walter Reed Medical Center in Bethesda yesterday morning. Respected media observers, including CNN’s Sanjay Gupta, have highlighted how unusual it... Read →
November 2019 Update – Getting Harder and Harder to Get Excited About Cash
The Federal Reserve lowered the Fed Funds target to 1.50% to 1.75% on October 31, marking its third rate cut this year and causing many of the most recognized online banks to lower their savings’ offers below 2%. The paradox is... Read →
Image Courtesy: Washington Post