Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
US Banking System Outlook Downgraded to ‘Negative’
March 14, 2023
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Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
What SVB Bank Collapse Means for Your Wallet
The lighting-fast collapse of Silicon Valley Bank—the second-biggest bank failure in U.S. history—is fueling questions among everyday savers and retail investors about possible impacts on their finances, even if they didn’t have any deposits at the failed bank. Last week’s meltdown of Silicon Valley Bank (SVB) and days later the collapse of Signature Bank (the…
As Fed Rates Rise, Save at a Credit Union
In the past year, the Federal Reserve has employed several interest rate hikes in an effort to stabilize the U.S. economy. Depending on your situation and financial institution, your debt may have gotten more expensive or your savings might have grown. As rates continue to change, it’s worth exploring whether you’re still getting the best…
Beware Debt-Settlement Schemes and Scam Artists
The ads are compelling. “If you have at least $10,000 of credit card debt, you are eligible to have half of it forgiven!” “Debt-settlement solutions!” I see these ads nailed to telephone poles, plastered all over the internet and broadcast over radio and television. Even though I know what’s going on, they grab my attention…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 13)
March 13, 2023
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Benchmark U.S. crude oil for April delivery fell $1.88 to $74.80 a barrel Monday. Brent crude for May delivery fell $2.01 to $80.77 a barrel. Wholesale gasoline for April delivery fell 6 cents to $2.59 a gallon. April heating oil fell 1 cent to $2.76 a gallon. April natural gas rose 18 cents to $2.61…
Reader Discovers It’s Difficult to Pay the Balance to the Penny
Dear Cheapskate: This is petty perhaps, but how does one ever completely pay off a credit card account? We paid off a credit card recently (Hallelujah!) by sending a check for the exact amount of the balance due taken from the monthly statement. The following month we received a bill for $1.91—all of it a…
Morgan Stanley Warns Investors to Sell Stock Rebounds That May Follow Government Intervention in SVB Collapse
March 13, 2023
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Morgan Stanley’s top investment officer is advising investors to sell any rebounds in stock prices that may follow regulatory support measures after the collapse of Silicon Valley Bank (SVB) last week. “We suggest selling any bounces on a government intervention to quell the immediate liquidity crisis at SVB and other institutions until we make new…
Travel Expenses and Working in Down Time
Conferences, worksite visits, and other travel may be claimed as a travel deduction. The Internal Revenue Service allows “ordinary and necessary” expenses regarding travel. They also take into account how far you travel from your tax home. But what is a tax home, and what is meant by ordinary expenses? Here are the facts about…
Biden Speaks on Banking System, Economy After SVB Failure
March 13, 2023
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President Joe Biden delivers remarks on maintaining a resilient banking system and protecting our historic economic recovery. …
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