{"id":36363,"date":"2016-03-19T00:15:05","date_gmt":"2016-03-19T07:15:05","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=36363"},"modified":"2016-03-21T05:32:36","modified_gmt":"2016-03-21T12:32:36","slug":"black-coffee-the-luck-of-the-irish-edition","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id36363-black-coffee-the-luck-of-the-irish-edition.html","title":{"rendered":"Black Coffee: The ‘Luck of the Irish’ Edition"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe<\/em> …<\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

Let’s get right to it this week …<\/p>\n

Credits and Debits<\/strong><\/p>\n

Credit:<\/strong><\/span> On St. Patty’s Day, an armored truck spilled multiple bags of $20 bills<\/a> across a New Jersey highway, stopping traffic in its tracks as people congregated to collect the booty. No, there were no leprechauns spotted at the scene; after all, they prefer gold.<\/p>\n

Credit:<\/strong><\/span> The luck of the Irish seems to be gracing the financial markets too. Despite corporate earnings hitting an 11-month low<\/a>, this week the Dow managed to wipe out the last of its 2016 losses. I know. Yes, the venerable stock index is now positive for the year. No, really.<\/p>\n

Credit:<\/strong><\/span> Believe it or not, this is the Dow’s biggest quarterly comeback since 1933<\/a> — which has some people convinced happy days are here again. Sure they are.<\/p>\n

Debit:<\/strong><\/span> On the other hand, there is plenty of evidence to suggest that the only thing<\/a> keeping the current bull market in stocks going is corporate buybacks; they’re at their highest point since 2007. Contrast that with recent massive stock sell-offs by mutual and exchange-traded funds and something has to give. Eventually.<\/p>\n

Debit:<\/strong><\/span> In fact, CNBC’s Jim Cramer thinks the recent uptick in stocks suggests a massive rally may be coming<\/a> — or it may not. “Remember, we’re in both rolling bear market territory and rolling bull market territory,” he says. Uh … that kind of insightful analysis is why Mr. Cramer gets paid the big bucks. I think.<\/p>\n

Debit:<\/strong><\/span> Another CNBC cheerleader for Wall Street<\/del> reporter issued a suggestion of her own: “Before it’s too late, sell gold as fast as you can<\/a>.” Oy vey. Too late for what?<\/em> Looks like someone needs a lesson on the difference between “paper” gold and the real thing.<\/p>\n

Credit:<\/strong><\/span> Of course, CNBC’s recommendation to sell gold “before it’s too late” is why the world’s second-largest reinsurer, Munich Re, is now adding gold<\/a> to its portfolio. Okay, you got me: The real reason was for protection from idiotic negative interest rates imposed by the world’s central banks — but you can bet CNBC’s advice sealed the deal.<\/p>\n

Debit:<\/strong><\/span> Meanwhile, Fed credibility is sinking<\/a> faster than a submarine with a screen door. As David Stockman notes<\/a>: How can Janet Yellen say she’s worried about “upside risks” to global growth when there’s a depression underway in global energy, mining, shipbuilding, steel, aluminum and most other heavy industrial sectors? Good question, David.<\/p>\n

Debit:<\/strong><\/span> Did you see this? A decade after nationalizing its power companies, the People’s Socialist Paradise of VenezuelaTM<\/sup> is running out of electricity<\/a>. The electrical engineers insist Venezuela’s failing electric grid is due to years of government neglect, while President Maduro blames … El Nino. Uh huh.<\/p>\n

Credit:<\/strong><\/span> Psst. Comrade Maduro: Methinks somebody is peddling fiction<\/a> — and it’s not the guys wearing the pocket protectors<\/a>.<\/p>\n

Credit:<\/strong><\/span> I’m sure El Presidente<\/em> has a good explanation why El Nino hasn’t obliterated the hydroelectric generation capability of neighboring countries. It probably has something to do with those evil capitalists<\/a> (is there any other kind?) working behind the scenes to sabotage the People’s Revolution.TM<\/sup> Forward!TM<\/sup><\/p>\n

By the Numbers<\/strong><\/p>\n

St. Patrick’s Day may be over, but it’s never too late for a few fun facts on the popular holiday:<\/p>\n

39%<\/strong><\/span><\/span> Percentage of Americans who say they celebrate St. Patrick’s Day.<\/p>\n

83%<\/strong><\/span><\/span> Percentage of Americans who wear something green on March 17th.<\/p>\n

34,700,000<\/strong><\/span><\/span> Americans who claim to have at least some Irish ancestry.<\/p>\n

2<\/strong><\/span><\/span> States that have more than 20% of their population with Irish ancestry. (Massachusetts, New Hampshire)<\/p>\n

1<\/strong><\/span><\/span> States west of the Mississippi River that have more than 15% of their population with Irish ancestry. (Montana)<\/p>\n

1<\/strong><\/span><\/span> States with less than 5% of their population having Irish ancestry. (Hawaii)<\/p>\n

650,000<\/strong><\/span><\/span> The number of American babies who have been named Patrick since 1916.<\/p>\n

Source: History.com<\/a><\/em><\/p>\n

The Question of the Week<\/strong><\/p>\n

[poll id=\"105\"]<\/code><\/p>\n

Last Week’s Poll Result<\/strong><\/p>\n

Which of these estate planning documents do you have?<\/p>\n