Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of general interest. Earnings season is pretty much over so we will have slow news days for a month or two.
MFA Financial, Inc. Announces Dividend of $0.35 per Share
Office Properties Income Trust Closes Private Exchange Relating to 2025 Debt Maturities
Corebridge Financial Research Finds Retirement Expectations of Women Don’t Always Meet Realities
Hudson Pacific Completes Sale of Palo Alto Office Property
OFS Credit Company Announces Financial Results for the Fourth Fiscal Quarter 2024
Regions Financial Corporation Announces Extension of Common Stock Repurchase Program
Dynex Capital, Inc. Declares Common and Preferred Stock Dividends
MetLife and General Atlantic Announce the Formation of Chariot Re
Terreno Realty Corporation Sells Property in Newark, NJ for $29.8 Million
AM Best Affirms Credit Ratings of American Financial Group, Inc. and Its Key Operating Subsidiaries
Well this is certainly news to bond holders…..”Yellen ‘sorry’ more progress wasn’t made on deficit”
So one of the main proponents of the 2 trillion dollar IRA….is sorry.
Uh, the treasury secretary didn’t blow a mile wide hole in the budget starting in 2018.
Out of the G7, we collect about the 5 or 6th highest percent of GDP in federal taxes. If the US was at even #3, the US budget would be in surplus.
Your numbers are well supported by the facts. Neither party will constrain spending which is a totally equal opportunity scenario and they are both at fault. One of the two believes in cutting taxes at the same time.
Sadly this is not just a problem at the federal level. Many cities and states cannot control themselves either no matter which political party is in charge for however long. At this stage I think it is human nature at play. People want more but do not want to pay more. How does one go about fixing something like that unless it is hard coded into law with consequences for those in charge with reasonable exceptions for short term problems.
I hear you, fc
Good case in point – I live just down the road from Oakland and it is like watching a train wreck in slow motion.
Massive deficit spending, year after year. They had planned to fill this year’s spending hole by selling off a sports stadium (the coliseum) – but they have no plan of how to plug the hole next year.
Of course, they picked the buyer not for its financial ability, but because it promised to do some ESG stuff.
Unfortunately, Oakland is in ever-worsening trouble because the payments for the stadium haven’t shown up on time (meaning they can’t close their spending problem before the end of the year), and I haven’t seen anything recently about how that will be addressed.
In typical politician-fashion, they are now talking about closing libraries and fire stations, further reducing police spending (even with a horrible public safety problem), but have tabled any discussion of consolidating schools (even though student enrollment has been dropping for a lot of years), won’t talk about cutting city staffing (other than fire and police), or look for other practical solutions to reduce spending.
It just goes on and on – and nobody seems to want to fix the problem.
Of course, there will be some new politicians on the job now who can blame their predecessors – and still not fix the problems…
Private, Oakland’s problem is EASY to fix! Just declare Chapter 9 bankruptcy like Vallejo, Stockton and San Bernardino did. Some states allow it and some states do not. I think California wins with the most BK cities in the last 20 years. Might as well go ahead and BK Oakland to put them as the clear number 1. Quite the state motto: “We are NUMBER 1 in bankrupt cities!”
Current Federal law does not allow states to go BK, but Puerto Rico might have opened that door. Although PR is not a state, Congress passed a special law (PROMESA) that let them go BK. Seven years and with no end in sight, the electric company (PREPA) is still in BK. Impressive! Long story short, the U Penn BK Professor, David Skeel, that was head of the board chartered with fixing the mess has written extensively that all cities/states should be allowed to go BK.
We should be 7th.
You cant spend 2,000,000,000,000 on pork and pretend you care about deficit reduction…..Especially when you call that tech Inflation Reduction Act
If you read her comments it’s’ mind boggling. Now she laments the 15 trillion added to the deficit under her watch. WHY did she change her tune? Summer 2022 she’s on record stating the #1 threat to our banking system was ……….global warming.
MILEI: ARGENTINA ENDS DEFICIT FOR THE FIRST TIME IN 123 YEARS
“The deficit was the root of all our evils—without it, there’s no debt, no emission, no inflation.
Today, we have a sustained fiscal surplus, free of default, for the first time in 123 years.
This historic achievement came from the greatest adjustment in history and reducing monetary emission to zero.
A year ago, a degenerate printed 13% of GDP to win an election, fueling inflation.
Today, monetary emission is a thing of the past.”
If the US doesn’t run a deficit, where is the Chinese surplus going to be invested? That was kind of tongue-in-cheek. The two economies are locked into a weird dance.
Tex, there is so much that is a disconnect to government spending. When there are surplus monies during good times they find ways to spend it instead of saving. Yes, Stockton and San Bernardino were allowed to go BK ” Except” for their obligations to the state pension retirement fund.
When the GFC hit and money from investments and mismanagement was lost by this fund they didn’t reduce payouts. Instead the fund demanded the state make up for the money lost by investments at the time. Yes the economy recovered and a lot of what the fund was invested in recovered value but still nothing has changed.
At some point it’s not if but when America will be faced with the same reality that Argentina and Greece faced.