The Winds of Change
The Memo by Howard Marks
The Fed Funds Rate
Both political parties have formed an unholy alliance, an undeclared war on the future. From neither party do we hear anything about sacrificing to day for a better to morrow. In some ways our most formidable challenge may be our leader's baffling indifference to our fiscal matastasis. The good news is that we've muddled through and enjoyed a good measure of prosperity despite the existence of these issues. Little or nothing has been done about them.
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