Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Well I don't know why I came here tonight, I got the feeling that something ain't right, I'm so scared in case I fall off my chair, And I'm wondering how I'll get down the stairs, Clowns to the left of me, Jokers to the right, here I am, Stuck in the middle with .....
Yes I'm stuck in the middle with ..... And I'm wondering what it is I should do, It's so hard to keep this smile from my face, Losing control, yeah, I'm all over the place, Clowns to the left of me, jokers to the right, Here I am, stuck in the middle with .....
Trying to make some sense of it all, But I can see that it makes no sense at all, Is it cool to go to sleep on the floor, 'Cause I don't think that I can take anymore Clowns to the left of me, jokers to the right, Here I am, stuck in the middle with .....
As in "this place is a circus and the clowns are in charge".
Most of my life I actually thought that by and large the people of this country were a bit special. What a joke. And Musk thinks it's a great idea to export all of this to the rest of the universe as "insurance"?
Hi @hank There are so many song lyrics I am familiar with having pieces of words here and there that have fit previous and more so with the current "circus"; which will likely not be outdone while I'm still alive on this rock. Your Judy Collins enter is an excellent choice. Take care, Catch
As in "this place is a circus and the clowns are in charge".
Most of my life I actually thought that by and large the people of this country were a bit special. What a joke. And Musk thinks it's a great idea to export all of this to the rest of the universe as "insurance"?
Every major power thought they were special ... until they were not.
I think the country that has gotten the closest to 'right' is Switzerland. They have been neutral since 1525 and appear to work for the citizens.
The USA went off course with W. Wilson. But history tells us it was inevitable.
I think those of us that are about 55 to 60 and over will avoid the worst of what is to come. But many of those same people will fell the pain of regret for what could have been.
We were a bit special, at least at the beginning. Can you imagine the United States having been founded by people of the present calibre of leadership, integrity and intellect?
They can't even govern, much less bring a nation into being.
We were a bit special, at least at the beginning. Can you imagine the United States having been founded by people of the present calibre of leadership, integrity and intellect?
They can't even govern, much less bring a nation into being.
The USSR has absolutely nothing to do with my comments. You'll have to come up with a better source of propaganda than the "United Church of God". (Which "god" was that, again?)
@OldJoe The problem is A) this false moral equivalency between today's candidates and B) the hagiography of the founding fathers. They were human, too. If you pricked them, they bled.
Lewis- Not talking about morals, and I'm well aware of the coloration of hagiography. The founders, despite all of their political baggage and human shortcomings, nevertheless managed the successful foundation of a new nation. They managed that by utilizing a now-forgotten skill called "compromise".
The palpably observable fact is that our present political "leadership" is barely able to keep the existing government open for business, and completely incapable of any effective degree of compromise.
There is also no equivalency for both parties in the inability to compromise. Mitch McConnell said early in Obama's presidency that the number one goal of the party should be to "make Obama a one-term president." Since that statement, the Republican party has done everything it can to obstruct any possible legislation and block any sort of compromise between the two parties, no matter how many times Obama and Democrats attempted to reach across the aisle. The most recent example being their obstruction of a fairly conservative justice--Garland--Obama nominated for the Supreme Court. Now that it looks like Trump may lose, it's possible that particular obstruction may end as Garland is widely considered a gift to conservatives--a true compromise on Obama's part. But McConnell and the Tea Party's determination to block every possible piece of legislation runs like a thread throughout Obama's entire administration.
I was fortunate to have a rare seat at "Hamilton" about a year ago. The two political antagonists settled their long-standing dispute with a duel on the banks of the Hudson, where one of them died. And I've long known that our leaders are/were not saints. To a large extent the press played along with the masquerade (i.e. FDR, JFK) Still, the public obsession with past vulgarities (real and alleged) seems to have reached a new low.
The almost grotesque interest in obscene minutiae has been a hallmark of our media for a long time. It slowly traversed from print and film to cable news - and now to the Presidential debate level - over the past 20-30 years. The greater tragedy is that it obscures or obfuscates real dialogue about real issues facing mankind.
Yes OJ - I fully concur with your observation that we humans should not propagate throughout the entire galaxy. Why ruin a good thing?.
@OldJoe, I figured you might., but given the allusion above to "Stuck in the Middle with You," the song might need to be re-written: Thwarted to the left of me, Jokers to the Right....I'm sure someone with more time could think of better lyrics.
Here are some stark contrasts between those at the front of the line and the majority filling the back rows of financial hopelessness and despair:
Front-row investors have diversified global portfolios and have set-up charitable foundations. Back-row investors have a collection of part-time jobs and work on Christmas Day. Front–row investors have qualified financial planners, estate attorneys, and accountants to guide them to a happy and healthy retirement. Back-row investors deal with aggressive debt collectors, pay-day loan companies, and triple-digit short- term interest rates. Front-row investors read books, travel, and discuss the problems of the poor. Back-row investors far too often turn to drugs and alcohol as an escape from a brutal reality. Front-row investors join gyms and have personal trainers. Back-row investors take care of their elderly, sick relatives and hope to God someone will do the same for them. Front-row investors have life coaches and birthday parties for their dogs. Back-row investors sometimes follow demagogues because they are terrified about the future and feel no one is looking out for their best interests. Front-row investors enjoy almost 100% of the gains from such things as globalization and short-term shareholder value maximization. Back-row investors are downsized, take pay cuts, and have their jobs outsourced. Front-row investors often send their children to expensive private universities and protest charter schools. Back-row investors enter lotteries to secure a place in a charter program but often have to send their kids to the same inner city public schools that are the subject of movies, due to the violence and mayhem that take place there. Front-row investors see their wealth increase and incomes expand. Back-row investors see only stagnation in all aspects of their finances.
I was fortunate to have a rare seat at "Hamilton" about a year ago. The two political antagonists settled their long-standing dispute with a duel on the banks of the Hudson, where one of them died. And I've long known that our leaders are/were not saints. To a large extent the press played along with the masquerade (i.e. FDR, JFK) Still, the public obsession with past vulgarities (real and alleged) seems to have reached a new low.
The almost grotesque interest in obscene minutiae has been a hallmark of our media for a long time. It slowly traversed from print and film to cable news - and now to the Presidential debate level - over the past 20-30 years. The greater tragedy is that it obscures or obfuscates real dialogue about real issues facing mankind.
Yes OJ - I fully concur with your observation that we humans should not propagate throughout the entire galaxy. Why ruin a good thing?.
It is 'back to the future'. Yellow Journalism was the flavor of the day in the 'good old' days before concentration in of news into radio/tv. Then personal dirt was the headlines. Now with everyone being a 'journalist' and competition for ratings we are back to the dirt.
Also, there are two other points. It is easier to throw dirt then it is to talk about issues. It is also easier to report dirt then it is to dig into the issues and hold candidates to their word when they get into office. Finally, the news and Hollywood opinion makers are out of the closet with their support for the democrats.
@Old_Joe said Most of my life I actually thought that by and large the people of this country were a bit special @DanHardy said Every major power thought they were special ... until they were not. Here is an essay ( opinion) from five years ago that offers some reflection on "American Exceptionalism" VOICE The Myth of American Exceptionalism The idea that the United States is uniquely virtuous may be comforting to Americans. Too bad it's not true. BY STEPHEN M. WALT OCTOBER 11, 2011 About Stephen M. Walt Stephen M. Walt is the Robert and Renée Belfer professor of international relations at Harvard University. Over the last two centuries, prominent Americans have described the United States as an "empire of liberty," a "shining city on a hill," the "last best hope of Earth," the "leader of the free world," and the "indispensable nation." These enduring tropes explain why all presidential candidates feel compelled to offer ritualistic paeans to America’s greatness and why President Barack Obama landed in hot water — most recently, from Mitt Romney — for saying that while he believed in "American exceptionalism," it was no different from "British exceptionalism," "Greek exceptionalism," or any other country’s brand of patriotic chest-thumping.
Most statements of "American exceptionalism" presume that America’s values, political system, and history are unique and worthy of universal admiration. They also imply that the United States is both destined and entitled to play a distinct and positive role on the world stage. The only thing wrong with this self-congratulatory portrait of America’s global role is that it is mostly a myth Myth 1 There Is Something Exceptional About American Exceptionalism. Myth 2 The United States Behaves Better Than Other Nations Do. Myth 3 America’s Success Is Due to Its Special Genius. Myth 4 The United States Is Responsible for Most of the Good in the World. Myth 5 God Is on Our Side. http://foreignpolicy.com/2011/10/11/the-myth-of-american-exceptionalism/
From @heezsafe 's post: "Simply put, front-row investors run the world, Substitute politicians and the politically connected ,please.
If Congress ever raises taxes on the 1 percent, nearly 10 percent of members will face the hike. CQ Roll Call THE SOURCE FOR NEWS ON CAPITOL HILL SINCE 1955 Wealth of Congress: How the Rich Got Richer (Video) That’s one simplistic way of comprehending how much better the economic standing of the nation’s lawmakers is compared to the financial positions of their constituents.
Capitol Hill has always been disproportionately populated by the well-to-do, from the landed gentry who dominated early Congresses through the industrialists who held sway at the start of the 20 th century to the corporate lawyers and executives who dominated a few decades ago. http://media.cq.com/50Richest/ This year's Wealth of Congress Index, derived from forms covering the 2014 calendar year, shows it took a minimum net worth of $7.28 million to crack the exclusive 50 richest club. The full list, with breakdowns of members' assets and liabilities, is below. http://media.cq.com/50Richest/ http://www.rollcall.com/home
@Old_Joe said Most of my life I actually thought that by and large the people of this country were a bit special @DanHardy said Every major power thought they were special ... until they were not. Here is an essay ( opinion) from five years ago that offers some reflection on "American Exceptionalism" VOICE The Myth of American Exceptionalism
Good info - especially about the deaths during war.
The future is what scares me. The 20 Trillion of debt and the future obligations like Obamacare are things that have been pushed aside in the presidential election. They will be kicked down the road until it explodes with massive inflation. I don't see a way around it nor do I think there is a way to protect yourself against it.
What future obligations for ACA? What are you talking about? No one's kicking it down the road so far as I can see from reading.
As for debt, what matters is percentage of GDP, not total, and there are legitimate arguments about that percentage, and of course about taxation and spending. But we've been through that already here. It's not like a household with credit cards or mortgages, or a business issuing bonds. It's money we largely owe ourselves.
As for inflation, if you feel certain about that massive explosion, does that mean you're going to be buying TIPS? 5y, 10y, and 30y.
U.S net worth--household assets minus liabilities--is in excess of $88 trillion. From CBO and ZeroHedge: "In 2013, families in the top 10 percent of the wealth distribution held 76 percent of all family wealth, families in the 51st to the 90th percentiles held 23 percent, and those in the bottom half of the distribution held 1 percent. Average wealth was about $4 million for families in the top 10 percent of the wealth distribution, $316,000 for families in the 51st to 90th percentiles, and $36,000 for families in the 26th to 50th percentiles. On average, families at or below the 25th percentile were $13,000 in debt." Somehow I think there's room at the top for an increase in taxes on ASSETS. Such assets aren't part of the debt to GDP numbers and the $20 trillion in debt routinely bandied about by fiscal conservatives. I just wonder why net worth and assets aren't ever part of the equation in these discussions about the national debt and taxes.
The ACA subsidizes health care in a number of ways - premium tax credits for participants below 400% of the poverty level, cost sharing subsidies for participants below 250% of the poverty level, Medicaid expansion to 133% of poverty level (100% paid for by fed until 2020, then 90% of cost borne by fed gov), except for the 19 states that rejected it.
Not quite future obligations in the same sense that Medicare is, because people have not paid into ACA (as they have to Medicare) in exchange for an expectation of future benefits. But future obligations in the sense that as the law stands now, these subsidies will be made, and people are making plans now based on that.
On the flip side, there are also revenue enhancements in the ACA including the individual shared responsibility payments by people electing not to participate, the 0.9% income tax surtax for high income earners (over $200K/$250K), and the 2.3% excise tax on medical devices commencing in 2018.
Also on the flip side are implicit cost savings from reduced use of emergency rooms (indirectly subsidized by both private and public sources) and long term improvement of public health. I went to hear Alan Simpson years ago - he asserted at that time that we already had universal health care, because anyone could go to ERs. He also said that this was the most expensive way possible to deliver that care.
Regarding TIPS - perhaps DH would buy them but for the fact that he doesn't want to increase the national debt
Comments
Stealers Wheel band............edited to shorten
Well I don't know why I came here tonight,
I got the feeling that something ain't right,
I'm so scared in case I fall off my chair,
And I'm wondering how I'll get down the stairs,
Clowns to the left of me,
Jokers to the right, here I am,
Stuck in the middle with .....
Yes I'm stuck in the middle with .....
And I'm wondering what it is I should do,
It's so hard to keep this smile from my face,
Losing control, yeah, I'm all over the place,
Clowns to the left of me, jokers to the right,
Here I am, stuck in the middle with .....
Trying to make some sense of it all,
But I can see that it makes no sense at all,
Is it cool to go to sleep on the floor,
'Cause I don't think that I can take anymore
Clowns to the left of me, jokers to the right,
Here I am, stuck in the middle with .....
More like dumpster fire, part 2 of 3.
Isn't it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air..
Where are the clowns?
Isn't it bliss?
Don't you approve?
One who keeps tearing around,
One who can't move...
Where are the clowns?
Send in the clowns.
Don't you love farce?
My fault I fear.
I thought that you want
What I want.
Sorry my dear.
But where are the clowns?
There ought to be clowns.
Quick, send in the clowns!
Don't bother ... They're here.
(Thanks to Slick for the last line.)
As in "this place is a circus and the clowns are in charge".
Most of my life I actually thought that by and large the people of this country were a bit special. What a joke. And Musk thinks it's a great idea to export all of this to the rest of the universe as "insurance"?
There are so many song lyrics I am familiar with having pieces of words here and there that have fit previous and more so with the current "circus"; which will likely not be outdone while I'm still alive on this rock.
Your Judy Collins enter is an excellent choice.
Take care,
Catch
I think the country that has gotten the closest to 'right' is Switzerland. They have been neutral since 1525 and appear to work for the citizens.
The USA went off course with W. Wilson. But history tells us it was inevitable.
I think those of us that are about 55 to 60 and over will avoid the worst of what is to come. But many of those same people will fell the pain of regret for what could have been.
They can't even govern, much less bring a nation into being.
https://www.ucg.org/the-good-news/the-life-cycles-of-empires-lessons-for-america-today
The problem is A) this false moral equivalency between today's candidates and B) the hagiography of the founding fathers. They were human, too. If you pricked them, they bled.
The palpably observable fact is that our present political "leadership" is barely able to keep the existing government open for business, and completely incapable of any effective degree of compromise.
The almost grotesque interest in obscene minutiae has been a hallmark of our media for a long time. It slowly traversed from print and film to cable news - and now to the Presidential debate level - over the past 20-30 years. The greater tragedy is that it obscures or obfuscates real dialogue about real issues facing mankind.
Yes OJ - I fully concur with your observation that we humans should not propagate throughout the entire galaxy. Why ruin a good thing?.
http://tonyisola.com/2016/10/too-many-americans-invest-from-the-back-row/ What one sees and hears in these "conversations" depends a great deal on where one is sitting in the auditorium, no?
https://medium.com/@Chris_arnade/trump-politics-and-option-pricing-or-why-trump-voters-are-not-idiots-1e364a4ed940#.8l032ibor
http://people.uncw.edu/kozloffm/glubb.pdf
https://www.amazon.co.uk/Fate-Empires-Search-Survival/dp/B00P7WZIV2
" Can you imagine the United States having been founded by people of the present calibre of leadership, integrity and intellect?"
Also, there are two other points. It is easier to throw dirt then it is to talk about issues. It is also easier to report dirt then it is to dig into the issues and hold candidates to their word when they get into office. Finally, the news and Hollywood opinion makers are out of the closet with their support for the democrats.
I suppose you have a point there.
http://www.salon.com/2016/10/13/fox-business-host-lou-dobbs-tweets-phone-number-and-address-of-donald-trump-sexual-assault-accuser/
Dobbs? Who knew he was a wingnut pig? (Turns out his info was wrong anyway, double wow.) I used to watch him. Good God.
@DanHardy said
Every major power thought they were special ... until they were not.
Here is an essay ( opinion) from five years ago that offers some reflection on "American Exceptionalism"
VOICE
The Myth of American Exceptionalism
The idea that the United States is uniquely virtuous may be comforting to Americans. Too bad it's not true.
BY STEPHEN M. WALT OCTOBER 11, 2011
About Stephen M. Walt
Stephen M. Walt is the Robert and Renée Belfer professor of international relations at Harvard University.
Over the last two centuries, prominent Americans have described the United States as an "empire of liberty," a "shining city on a hill," the "last best hope of Earth," the "leader of the free world," and the "indispensable nation." These enduring tropes explain why all presidential candidates feel compelled to offer ritualistic paeans to America’s greatness and why President Barack Obama landed in hot water — most recently, from Mitt Romney — for saying that while he believed in "American exceptionalism," it was no different from "British exceptionalism," "Greek exceptionalism," or any other country’s brand of patriotic chest-thumping.
Most statements of "American exceptionalism" presume that America’s values, political system, and history are unique and worthy of universal admiration. They also imply that the United States is both destined and entitled to play a distinct and positive role on the world stage.
The only thing wrong with this self-congratulatory portrait of America’s global role is that it is mostly a myth
Myth 1
There Is Something Exceptional About American Exceptionalism.
Myth 2
The United States Behaves Better Than Other Nations Do.
Myth 3
America’s Success Is Due to Its Special Genius.
Myth 4
The United States Is Responsible for Most of the Good in the World.
Myth 5
God Is on Our Side.
http://foreignpolicy.com/2011/10/11/the-myth-of-american-exceptionalism/
From @heezsafe 's post:
"Simply put,
front-row investorsrun the world,Substitute politicians and the politically connected ,please.
If Congress ever raises taxes on the 1 percent, nearly 10 percent of members will face the hike. CQ Roll Call
THE SOURCE FOR NEWS ON CAPITOL HILL SINCE 1955
Wealth of Congress: How the Rich Got Richer (Video)
That’s one simplistic way of comprehending how much better the economic standing of the nation’s lawmakers is compared to the financial positions of their constituents.
Capitol Hill has always been disproportionately populated by the well-to-do, from the landed gentry who dominated early Congresses through the industrialists who held sway at the start of the 20 th century to the corporate lawyers and executives who dominated a few decades ago.
http://media.cq.com/50Richest/
This year's Wealth of Congress Index, derived from forms covering the 2014 calendar year, shows it took a minimum net worth of $7.28 million to crack the exclusive 50 richest club. The full list, with breakdowns of members' assets and liabilities, is below.
http://media.cq.com/50Richest/
http://www.rollcall.com/home
lots of people's wheels are coming off these days, helas
whatever will the unhappy do after November?
The future is what scares me. The 20 Trillion of debt and the future obligations like Obamacare are things that have been pushed aside in the presidential election. They will be kicked down the road until it explodes with massive inflation. I don't see a way around it nor do I think there is a way to protect yourself against it.
As for debt, what matters is percentage of GDP, not total, and there are legitimate arguments about that percentage, and of course about taxation and spending.
But we've been through that already here. It's not like a household with credit cards or mortgages, or a business issuing bonds. It's money we largely owe ourselves.
As for inflation, if you feel certain about that massive explosion, does that mean you're going to be buying TIPS? 5y, 10y, and 30y.
U.S net worth--household assets minus liabilities--is in excess of $88 trillion.
From CBO and ZeroHedge:
"In 2013, families in the top 10 percent of the wealth distribution held 76 percent of all family wealth, families in the 51st to the 90th percentiles held 23 percent, and those in the bottom half of the distribution held 1 percent.
Average wealth was about $4 million for families in the top 10 percent of the wealth distribution, $316,000 for families in the 51st to 90th percentiles, and $36,000 for families in the 26th to 50th percentiles. On average, families at or below the 25th percentile were $13,000 in debt."
Somehow I think there's room at the top for an increase in taxes on ASSETS. Such assets aren't part of the debt to GDP numbers and the $20 trillion in debt routinely bandied about by fiscal conservatives. I just wonder why net worth and assets aren't ever part of the equation in these discussions about the national debt and taxes.
Not quite future obligations in the same sense that Medicare is, because people have not paid into ACA (as they have to Medicare) in exchange for an expectation of future benefits. But future obligations in the sense that as the law stands now, these subsidies will be made, and people are making plans now based on that.
On the flip side, there are also revenue enhancements in the ACA including the individual shared responsibility payments by people electing not to participate, the 0.9% income tax surtax for high income earners (over $200K/$250K), and the 2.3% excise tax on medical devices commencing in 2018.
Also on the flip side are implicit cost savings from reduced use of emergency rooms (indirectly subsidized by both private and public sources) and long term improvement of public health. I went to hear Alan Simpson years ago - he asserted at that time that we already had universal health care, because anyone could go to ERs. He also said that this was the most expensive way possible to deliver that care.
Regarding TIPS - perhaps DH would buy them but for the fact that he doesn't want to increase the national debt