David McCormick, United States Senator and apparent enthusiast of Chester County municipal debt, has disclosed the purchase of somewhere between half a million and one million dollars in Pennsylvania school authority revenue bonds. The exact amount is unknown, because the STOCK Act requires disclosure but apparently not that much disclosure. We respect the hustle.
The bond matures in March 2027 at a coupon rate of 5%. It is, by every measurable standard, one of the most boring financial instruments a human being with access to a Senate floor can legally own. No options. No leverage. No narrative. Just Chester County, Pennsylvania, slowly paying back principal like a golden retriever returning a tennis ball.
This was flagged because the trade exceeded the $50,000 notability threshold. The threshold exists. The flagging happened. You are now informed. Democracy is working at roughly 5% annually.
The transaction occurred April 2nd. It was disclosed May 1st. Twenty-nine days. Not the fastest disclosure window in congressional history, not the slowest. Somewhere in the middle, like the bond itself, like all of us.
The chart, for what it's worth, is a straight line. It matures in 2027. There is no chart.
— Phil McCandlestick, Panic Sell Weekly
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