Now that so many including the Fed are interested in racial justice, similar breakdowns of who holds municipal bonds would be interesting. Of a piece with the effort to restore the state and local tax deduction, the effort to bail largely blue states and cities out of their debts to largely blue high income taxpayers is just a little bit inconsistent with tax the rich and tax their wealth rhetoric.ĭaniel Bergstresser and Randolph Cohen presented a paper a while ago at a Brookings conference, measuring that 42% of municipal bond value was held by the top 0.5% of the income distribution. #MUNI BOND DEFAULTS 2020 FREE#Municipal bond defaults would primarily affect individual investors, and especially individuals who buy tax exempt municipal debt because they are looking for tax free income. The remaining municipal bonds are directly owned by individuals, or in mutual funds and exchange traded funds largely owned by individuals. Similar amounts of general obligation municipal debt reside on the balance sheets of the insurance companies, where municipal bonds are 7 percent of assets. This implies only about $130 billion of total exposure to all general obligation municipal debt by the banking sector, compared to well above $1 trillion of tier one bank capital. as of this spring, around 12 percent of municipal bonds were owned by banks. And we are not in a systemic financial crisis. Municipal bonds are illiquid and tax-exempt and thus well targeted at very wealthy high-income individuals who face high tax rates, and whose saving is thus beyond IRA, 401(k) and other tax-free investment possibilities. Whether that argument has any merit in other cases, as Josh points out it does not hold for municipal bonds in the current financial environment. The big question hanging over Washington: If we are going to help state and local governments weather the storm of their current expenses, does that mean federal taxpayers bail out the bondholders who lent state and local governments all this money?Īs in the Greek crisis, bond investors and their allies like to clam "contagion," that any losses will spark a financial crisis. Now covid comes along, people are fleeing cities, and they don't have tax revenue to fund ongoing expenses. They borrowed further by not funding their pensions. Skokie, Illinois-based Covenant in August 2021 agreed to pay $33 million to acquire the distressed community, if no higher bids emerged through a stalking horse process.Ĭovenant adds Hillside Village to its existing portfolio of 18 communities in nine states." Municipal bond investors have to share the burden in state bailouts" writes my colleague Josh Rauh, and he is exactly right.īackground: State and local governments borrowed a lot of money and blew it. Bankruptcy Court of New Hampshire approved the sale of Hillside Village Keene to Covenant Living.įaced with Covid-related pressure, Hillside Village Keene - a 222-unit life plan community - was unable to meet its obligations related to long-term tax-exempt bond debt and filed for Chapter 11 bankruptcy protection. Such consolidation is already coming to pass among providers with muni bond debt. Mitra and other senior living leaders have predicted that as financial distress comes to a head, industry consolidation will occur, with properties moving into the control of more stable owners and operators. Indeed, more “spectacular failures” are almost certain to occur in the sector, Shankh Mitra, CEO of Welltower (NYSE: WELL), said on the real estate investment trust’s most recent quarterly earnings call. While some senior living providers have expressed confidence that they can raise monthly rates to largely compensate for higher labor costs, operators that are less stable could flounder.
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If the extraction process didn’t preserve file execution permissions, then you might want to use chmod +X sktop and see if that allows you to execute it directly. They’ll still render in the same manner as pages generally would in traditional Firefox, though you may wish to set further configuration settings before doing so. You can now use the browser as normal, and visit any pages you’d like to. Once again, this will depend almost completely on the age of the package that you have installed. sktop, which should bring up a browser window with a page featuring an icon of an onion or something similar. You can now easily start the browser with the command. The choice is yours, but in any case enter it with cd tor-browser and push the enter key. Others prefer to decompress that directory straight into ~ to create a single tor-browser directory. You won’t know how close tar is to the finish line until it’s done and returned you to the command prompt. Unfortunately, this command provides no output at all. Once you’re there, simply decompress the files by using tar -xvJf tor-browser-linu圆4-6.5a6-hardened_, and it will automatically recreate the entire installation directory structure. #Tor windows expert bundle portableThis is a portable package, so you won’t have to worry about the exact installation location as long as it’s an area on your partition where you have a volume.Īssume for the sake of discussion you created a directory at ~/Tor, then you could issue the command mv tor-browser-linu圆4-6.5a6-hardened_ to enter this new directory. You could make one right underneath your home directory by typing cd ~ and then typing mkdir Tor or whatever else you wished to name it. More than likely tor-browser-linu圆4-6.5a6-hardened_ is in your ~/Downloads directory, so you’ll want to make a directory for it. A few users take security to another level by periodically removing their Tor directory and reinstalling it in the hopes that further traces of their browsing activity will be gone. #Tor windows expert bundle updateTor Bundle binaries don’t update themselves, so you’ll want to go through this same procedure when it’s time to upgrade. You’ll need to manually replace these archives occasionally if you want updates. Most of the repositories that claim to be official actually just offer some out of date version of the software. Remember that there’s no official Canonical-backed PPA, which allows you to automatically update the Tor Browser Bundle in any particular version of Ubuntu. Be sure too that you’ve properly malware scanned the package you downloaded before attempting installation. #Tor windows expert bundle archiveWhile the tor-browser-linu圆4-6.5a6-hardened_ file name is used here as an example, be sure to replace it with the archive you’ve actually acquired. #Tor windows expert bundle installOne fortunate aspect is that since Ubuntu usually installs Firefox by default, pretty much all of your dependencies are already settled when you get ready to install it. This is one of those situations where your mileage may vary. The closest thing to an official repository you’ll usually find is one maintained by Arch Linux at, which has the packages in a slightly different format. Remember that the newest browser versions are more than often the most secure. Naturally, the version numbers are always appreciating with new revisions, but you may wish to acquire a slightly older version for compatibility reasons. You will first have to acquire a package with a name like tor-browser-linu圆4-6.5a6-hardened_, which might instead feature a linux32 label if you’re working from a 32-bit distribution of Linux. Installing the Tor Browser Bundle in the Ubuntu Terminal Ironically, this means verifying the package is more difficult than going through the actual process of installation. You won’t be installing it through the usual apt-get install command, because the Tor project prefers to avoid repository structures completely. After this, you can run the Tor browser easily. Generally, all that’s involved in the installation process is extracting the files to ensure that they’re in a recreated directory structure. While it’s not quite as incredibly locked down as the sand boxed version, the hardened Tor client is still remarkably secure, especially when compared to a standard browser. Any of the official spins like Kubuntu, Xubuntu and Lubuntu follow the same process. These steps are identical regardless of which version of Ubuntu you might be using. Installing the hardened version of Tor in the Ubuntu terminal is actually much faster and easier than installing the sand boxed version and it requires far fewer steps. |
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