NEW YORK BONDS
Joe Cherner: “Since you are writing about interest rates, why not write about New York tax exempt 10-year notes yielding 100 basis points more than U.S. treasuries. Throughout history it’s been the other way around. Is New York really headed for bankruptcy?”
☞ Unlikely – so as between the two, I’d buy the New York bonds. A 4% tax-free return is nothing to sniff at these days, especially for a high-bracket New York taxpayer. (But is there a potential trap here that, while NY bonds may be the better buy, both leave you exposed to the risk of inflation?)
Here is the President at this year’s White House Correspondents Dinner in case, like me, you missed it. Very funny.
And here is Seth Myers, who followed. Also very funny. (Note the President’s relaxed smile at the Bin Laden joke a little more than two minutes in. You’d never know what he had planned for the next day.) But – and I never thought I’d say this – Myers almost made me feel bad for Donald Trump.
Quote of the Day
On the day of the 1983 economic summit, James A. Baker 3rd, then chief of staff, realized Mr. Reagan had not read his briefing book. When Mr. Baker asked why, Mr. Reagan responded, 'Well, Jim, The Sound of Music was on last night.'~Professor Herbert S. Parmet reviewing President Reagan: The Role of a Lifetime
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