LIBOR’s Endgame in the U.S. Requires Urgent Preparation


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EPISODE #655
Recap of HUD Secretary Nomination Hearing for Marcia Fudge

Last Thursday HUD Secretary Designate & Nominee Marcia Fudge, currently a member of Congress,  appeared before Senate Committee on Banking, Housing, and Urban Development for her nomination hearing. The following are a few notable excerpts from her opening remarks followed by select questions from committee members and her responses.

Other Stories:

  • The end of the LIBOR requires ‘urgent preparation’

  • Half of today’s households are at risk in retirement

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2 comments

Guy Schwartz February 8, 2021 at 12:10 pm

If my kids are healthy and somewhat normal, I don’t feel I have to leave them anything.
If anything is left over for them it will be by accident.
I have seem large inheritances ruin people.

Reply
James E. Veale, CPA, MBT February 13, 2021 at 9:01 pm

This is one of the strangest industries I have been associated with. While almost everyone in it will say they have read “The Millionaire Next Door” or, at least, have heard of it, most ignore it when discussing the finances of seniors. There are many baby boomers who enjoy hundreds of thousands of dollars, inherited through the hard work to dedicated parents.

A close friend worked on the home of the friends of his parent. When they had to leave the home for assisted living, they sold it to him for pennies on the dollar. He immediately went from a life of pinching pennies to enjoying a new life when he sold that home for much more than it was worth when he bought it. He moved to another state where housing costs were minimal. His father drove a Sherman tank in Europe in World War II but he and his four siblings inherited a tidy sum and yet his father had no college education. His dad worked at a fuel refinery in California and gave his children what he never had. It was these kinds of parents that allowed the CPA firms I worked to succeed and prosper despite having celebrities and well known business people as clients.

It is not only the children of 1 percenters who inherit substantial amounts of money but even the children of plumbers, carpenters, masons, oil and gas operational managers, and many, many others. It seems many times we are wearing gray colored glasses when we discuss seniors and their financial affairs.

Reply

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