In a rare moment of clarity (after roughly beer 23) last weekend it hit me how really down right criminal the behavior of some of the execs at AIG has been. Their massive exposure to Credit Default Swaps essentially bankrupted a company that had been built over hundred years of safe/responsible choices. In the 4th quarter of 2008AIG lost over 450k per minute!! It is really staggering when you think about.
On Saturday afternoon I was sitting at a table with some friends. I had given one of them a few bucks I had owed him from the last time we hung out. Roughly 1.7 seconds later a different friend then borrowed money from the person who I had just paid back. I jokingly said "I just should have given W the money".
My friend then laughed and said "I know right?".
In an instant the entire credit default swaps market became clear to me. There were 6 of us at this table, enjoying the NCAA tournament on a sunny Sad'day afternoon and I came up with the following scenario. Imagine if 4 of the 6 people, lets call them Holden, Granby, Palmer, and W had all needed to borrow money that day from my friend Matty Bayonne for whatever reason.
So Bayonne lends each person at the table 100k but he is a little worried about their ability to pay this money back b/c after all they are drinking at noon on Saturday and gambling on basketball. Bayonne wants protection in the event those 4 default (de fault the two sweetest words in the English language as Homer Simpson once said), so I offer him this protection for a fee of course, let's say 10%. So Bayonne has 400k out in loans and he pays me forty thousand and in the event any of them default I will then have to pay him the balance on their loan.
Bayonne now feels "insured", and feels it is guaranteed he is going to get the money he loaned out back no matter what happens. Problem is Bayonne is not too bright, and a little greedy, so he goes off and lends 100k to six more strangers in this bar, and again buys protection from me at 10%. So he has now lent 1 million dollars to people who have an affinity for the drink and he has no idea how they will pay it back, but he doesn't care. He feels safe b/c he has protection in the form of a credit default swap from me. After all he has now paid me 100k to guarantee this million dollars in loans. Ultimately a few of these people default, not a real surprise since Bayonne never even bothered to ask them if they had jobs. Holden and Granby are the only ones to pay him back so he comes looking to me for the other 800k. One major problem, I don't have 800k, never did. No one thought to ask me, or check to see if I could guarantee all these loans so I need a government bailout to pay him otherwise we both go bankrupt. And the best part of it all, I get to keep the 100k he paid me while the government writes the check to him for making loans he had no business making in the first place.
As ridiculous as this scenario sounds, this is exactly what AIG and many of the failed banks did, and it blows my mind. There is no way I would be allowed to write a million dollars in guarantees, after all I was there drinking at noon time too and don't have assets coming anywhere near that amount. Imagine this on a scale one million times the size, and one conclusion is maybe Joe Cassano ( one head of AIGFP) was also hitting the bottle early and often when he devised his credit default swaps. If you want to villanize someone/something, and lets face it we all do, villanize Cassano.
These banks wrote so many bad loans b/c they didn't "know" their borrowers any better than Matt "knew" the people in the bar. Many times they never verified their income, or if they even had a job. Sometimes they even went as far as to count unemployment as income, if they ever took the time to verify it at all. When the borrowers defaulted these banks went looking to AIG who had "insured" these loans and surprise surprise AIG didn't have the money or the assets to back their guarantees so they needed a bailout. The government allowed AIG to write credit default swaps without having the money or the assets to back them, and then left us(the taxpayers) holding the bag. And the real kick in the teeth, we raised taxes on Holden and Granby who were the only two people to pay back their loans in the first place!
AIG had no business doing what they did. I am as big a free market capitalist as there is, but what Cassano and AIG did was more akin to throwing dice at a craps table, hoping and praying he would never crap out, but with one significant difference. Cassano was playing with OPM (other peoples money) and we all know it's not gambling when its not your money. Cassano made hundreds of millions of dollars during the CDS run up days, and when he finally crapped out it cost him nothing. He kept all the money he made and was even kept on at AIG as a one million dollar per month consultant. AIG soon imploded, and had to receive billions and billions in bailout money. At its height one share of AIG stock was worth almost 73.00 dollars, as recently as this month it was worth less than 50 cents. I'm starting to think the AIGFP credit default swap group must also have been in the bar at noon most days.
Monday, March 23, 2009
Thursday, February 26, 2009
The real "inconvenient truth"
According to a 2005 study by the Employee Benefit Research Institute, public-sector employees earn 40 percent higher salaries and 60 percent greater benefits than private-sector employees. Is it any wonder why so many towns/municipalities across the country have such tremendous deficits? Again I need to ask the question, when did becoming a public servant become a road to massive wealth accumulation? I missed the memo...
In our formative stages as a country public officials were civil servants in the true sense of the phrase---they were not paid. The main impetus to changing this was the fact that the general public felt this only allowed wealthy individuals to serve in government because the middle/lower class literally could not afford. They could not donate a large portion of their time to a job from which they would receive no compensation. The concern was that if only the wealthy could afford to serve in government then policies would be made to only serve the interest of one class/group of people. In an effort to make things more egalitarian an agreement was reached stipulating that public officials would receive a modest compensation so as to make these positions available to everyone; basically to provide for an equal opportunity and to avoid being elitist. Fast forward two hundred years and what you see is that public service is not what it was intended to be, nor what it should be. I have looked at the numbers of only one major Massachusetts public institution and the numbers are mind boggling, truly disturbing.
This is not a democrat/republican issue; it's a taxpayer one. And when you posit that mind frame on it and look at through that lens there is only one conclusion to draw. For example did you know that you and I, the taxpayers of Massachusetts, paid a janitor $48,650.00 last year, seriously a fifty thousand dollar janitor.
Building Maintenance - MHS Custodian $48,650.00
Now let me be clear that my intention is by no means to belittle or demean this person (which is why I left the name out), or their job. The larger point is that only at a government job could someone make $48,650.00/year as a custodian. At the bottom of this article there is a link where you can see for yourself that these numbers are accurate. To further illustrate this point ask yourself how many people who graduate college this year will get a job making that kind of money? Sadly this is not even the tip of the iceberg. Once you factor in the custodians benefits and state pension he/she must be in the neighborhood of a sixty five thousand dollar per year tax liability to us, the taxpayers of Massachusetts. If there is someone out there who thinks the tax payers should be paying a janitor almost 50k/year I would love to hear from you.
In fiscal year 2008 the Massachusetts Turnpike had a projected budget of $81,777,225.64 but the actual budget was $108,324,800.29, only an over run of $26.5 million dollars! The over run is largely due to the state troopers who are assigned to the Pike, and while I am sure it won't be popular to rail against police pay it must be done. Now I do not begrudge a police officer an honest days pay, but what happened to the days when men and women became police officers out of a sense of civic duty not a cash grab? After all the badge reads "to serve and protect"; to serve is the first half! To serve necessarily entails not living in the lap of luxury or being in the richest 1-2% of the entire country.
EARNED vs PROJECTED
State Police Lieutenant $240,809.52 $121,838.79
State Police Lieutenant $240,493.24 $0.00.
(You can not make this stuff up; this officer had a projected pay of $0.00 but made almost a quarter of a million dollars).
It strikes me as humorous, even ironic, the manner in which "the masses" and the Democrats rallied around the Obama cries of taxing the rich and those who make more than 250k/year or even 200k/year, but I guarantee those same people would not support the elimination of trooper details on the Mass. Pike. Did you know that last year that 9 state troopers on the Mass. Pike payroll made over $200,000.00? The highest one pulled in an astonishing $240,809.52!! That officers projected salary for fiscal year 2008 was $121,838.79. Now even if I accepted his projected salary as being agreeable, you can not convince that it is ok for him to nearly double his pay through overtime and details. In 2008 alone 96 state troopers on the Pike payroll made over $150,000.00. Many, if not all, of them almost doubling their pay through overtime/details. The tax liability to the people of Massachusetts once these officers retire is an undue burden and needs to be eliminated. This is waste and mismanagement; there is no other name for it. These officers artificially inflate their salary at a tremendous cost to us.
Further proof of the waste and cost over run is the pay of toll collectors. Here are just three examples (again the names are left out but the link below will verify the numbers)
EARNED vs PROJECTED
MHS Toll Collector $71,053.47 $53,022.70
MHS Sr Toll Collector $76,110.02 $58,749.02
MHS Sr Toll Collector $97,588.92 $58,749.02
Honestly I do not know which one is more ridiculous a fifty thousand dollar janitor or a toll collector making just under one hundred thousand dollars!!!
The real "inconvenient truth" is that public employees are grossly overpaid! One can not even make the argument that the cost of living in Boston is so high which is why they need to make more money b/c so many of them live in western and central MA and are rich when compared with the average salary of a private sector employee in that region. A toll collector making 70k/year living in the Springfield area is tantamount to making double that if they lived in Boston. We are affording these civil servants a life of luxury, there is no other way to put it and do not be fooled, it is all at our expense.
Upon retirement these public employees will receive lifetime guaranteed pensions, pensions that were originally designed to last from roughly age 65 to age 75. Now a days many are retiring in their early fifties and living into their 80's, collecting that pension for 30 years. However, if any public official mentions pension reform for state/municipal employees they incur the full wrath of police/teacher unions and others who essentially hold them hostage. Their sense of entitlement is disturbing; to serve is not to be entitled. In my opinion the pensions should be eliminated entirely, and public employees should have 401k's with a matching contribution like the rest of us; however, I am pragmatic and understand that is not going to happen so what does need to happen is some basic reform.
For starters the retirement age needs to be raised to 65-67 to be in line with Social Security. If a public official wishes to retire earlier that is fine but they need to be able to afford it on their own, and can not begin collecting the pension until that age. Also pension calculations would only include base salaries (NO OVERTIME), and it should cap around 60% of an employees final compensation. These recommendations are what an independent research firm suggested to the state of CA a year or so ago, and like I said I am pragmatic and although would prefer to see pensions eliminated entirely, I am wiling to use the suggestions as a jumping off point for reform.
With the economy in shambles and hundreds of thousands of people losing their jobs, why is it that government continues to grow? If the economy contracts shouldn't the government and its payroll? Many private companies are forcing employees to take pay freezes, and even pay cuts, yet somehow public officials continue to get raises and get paid a hundred thousand dollars to do a job in which they would be replaced by a bucket. In all seriousness what skill does a toll collector have that warrants that kind of pay? In the real world it is a minimum wage job. The skill set is that of a grammar school child---being able to make change. Those jobs need to be eliminated altogether. If the MTA imposed a mere 5% pay cut and only paid out peoples projected salaries(no overtime) that alone would save the tax payers over thirty million dollars.
However, as we all know , no government ever voluntarily reduces itself in size, so we need to force this reduction in size on the bloated bureaucracy. Sadly we had a chance to force this reduction in size on the government by repealing the state income tax but for some inexplicable reason we chose not to. The wool was pulled over our eyes, and we chose rather to outlaw grey hound racing. How does a populace choose to outlaw grey hound racing while condoning the egregious waste that is rampant in this state? The pay in the public sector is complete out of line with what it should be (due in large part to the unions).
By continuing to support the elected officials, and those unions, is as Ronald Reagan once said, "To sit back hoping that some day, some way, someone will make things right is to go on feeding the crocodile, hoping he will eat you last---but eat you he will". As long as we have fifty thousand dollar janitors and one hundred thousand dollar toll collectors, you can forget about a repeal of any tax, in fact you are all but guaranteeing higher taxes for us all and bankrupting municipalities.
Link to confirm the salaries cited above :
http://www.bostonherald.com/projects/mta2008
In our formative stages as a country public officials were civil servants in the true sense of the phrase---they were not paid. The main impetus to changing this was the fact that the general public felt this only allowed wealthy individuals to serve in government because the middle/lower class literally could not afford. They could not donate a large portion of their time to a job from which they would receive no compensation. The concern was that if only the wealthy could afford to serve in government then policies would be made to only serve the interest of one class/group of people. In an effort to make things more egalitarian an agreement was reached stipulating that public officials would receive a modest compensation so as to make these positions available to everyone; basically to provide for an equal opportunity and to avoid being elitist. Fast forward two hundred years and what you see is that public service is not what it was intended to be, nor what it should be. I have looked at the numbers of only one major Massachusetts public institution and the numbers are mind boggling, truly disturbing.
This is not a democrat/republican issue; it's a taxpayer one. And when you posit that mind frame on it and look at through that lens there is only one conclusion to draw. For example did you know that you and I, the taxpayers of Massachusetts, paid a janitor $48,650.00 last year, seriously a fifty thousand dollar janitor.
Building Maintenance - MHS Custodian $48,650.00
Now let me be clear that my intention is by no means to belittle or demean this person (which is why I left the name out), or their job. The larger point is that only at a government job could someone make $48,650.00/year as a custodian. At the bottom of this article there is a link where you can see for yourself that these numbers are accurate. To further illustrate this point ask yourself how many people who graduate college this year will get a job making that kind of money? Sadly this is not even the tip of the iceberg. Once you factor in the custodians benefits and state pension he/she must be in the neighborhood of a sixty five thousand dollar per year tax liability to us, the taxpayers of Massachusetts. If there is someone out there who thinks the tax payers should be paying a janitor almost 50k/year I would love to hear from you.
In fiscal year 2008 the Massachusetts Turnpike had a projected budget of $81,777,225.64 but the actual budget was $108,324,800.29, only an over run of $26.5 million dollars! The over run is largely due to the state troopers who are assigned to the Pike, and while I am sure it won't be popular to rail against police pay it must be done. Now I do not begrudge a police officer an honest days pay, but what happened to the days when men and women became police officers out of a sense of civic duty not a cash grab? After all the badge reads "to serve and protect"; to serve is the first half! To serve necessarily entails not living in the lap of luxury or being in the richest 1-2% of the entire country.
EARNED vs PROJECTED
State Police Lieutenant $240,809.52 $121,838.79
State Police Lieutenant $240,493.24 $0.00.
(You can not make this stuff up; this officer had a projected pay of $0.00 but made almost a quarter of a million dollars).
It strikes me as humorous, even ironic, the manner in which "the masses" and the Democrats rallied around the Obama cries of taxing the rich and those who make more than 250k/year or even 200k/year, but I guarantee those same people would not support the elimination of trooper details on the Mass. Pike. Did you know that last year that 9 state troopers on the Mass. Pike payroll made over $200,000.00? The highest one pulled in an astonishing $240,809.52!! That officers projected salary for fiscal year 2008 was $121,838.79. Now even if I accepted his projected salary as being agreeable, you can not convince that it is ok for him to nearly double his pay through overtime and details. In 2008 alone 96 state troopers on the Pike payroll made over $150,000.00. Many, if not all, of them almost doubling their pay through overtime/details. The tax liability to the people of Massachusetts once these officers retire is an undue burden and needs to be eliminated. This is waste and mismanagement; there is no other name for it. These officers artificially inflate their salary at a tremendous cost to us.
Further proof of the waste and cost over run is the pay of toll collectors. Here are just three examples (again the names are left out but the link below will verify the numbers)
EARNED vs PROJECTED
MHS Toll Collector $71,053.47 $53,022.70
MHS Sr Toll Collector $76,110.02 $58,749.02
MHS Sr Toll Collector $97,588.92 $58,749.02
Honestly I do not know which one is more ridiculous a fifty thousand dollar janitor or a toll collector making just under one hundred thousand dollars!!!
The real "inconvenient truth" is that public employees are grossly overpaid! One can not even make the argument that the cost of living in Boston is so high which is why they need to make more money b/c so many of them live in western and central MA and are rich when compared with the average salary of a private sector employee in that region. A toll collector making 70k/year living in the Springfield area is tantamount to making double that if they lived in Boston. We are affording these civil servants a life of luxury, there is no other way to put it and do not be fooled, it is all at our expense.
Upon retirement these public employees will receive lifetime guaranteed pensions, pensions that were originally designed to last from roughly age 65 to age 75. Now a days many are retiring in their early fifties and living into their 80's, collecting that pension for 30 years. However, if any public official mentions pension reform for state/municipal employees they incur the full wrath of police/teacher unions and others who essentially hold them hostage. Their sense of entitlement is disturbing; to serve is not to be entitled. In my opinion the pensions should be eliminated entirely, and public employees should have 401k's with a matching contribution like the rest of us; however, I am pragmatic and understand that is not going to happen so what does need to happen is some basic reform.
For starters the retirement age needs to be raised to 65-67 to be in line with Social Security. If a public official wishes to retire earlier that is fine but they need to be able to afford it on their own, and can not begin collecting the pension until that age. Also pension calculations would only include base salaries (NO OVERTIME), and it should cap around 60% of an employees final compensation. These recommendations are what an independent research firm suggested to the state of CA a year or so ago, and like I said I am pragmatic and although would prefer to see pensions eliminated entirely, I am wiling to use the suggestions as a jumping off point for reform.
With the economy in shambles and hundreds of thousands of people losing their jobs, why is it that government continues to grow? If the economy contracts shouldn't the government and its payroll? Many private companies are forcing employees to take pay freezes, and even pay cuts, yet somehow public officials continue to get raises and get paid a hundred thousand dollars to do a job in which they would be replaced by a bucket. In all seriousness what skill does a toll collector have that warrants that kind of pay? In the real world it is a minimum wage job. The skill set is that of a grammar school child---being able to make change. Those jobs need to be eliminated altogether. If the MTA imposed a mere 5% pay cut and only paid out peoples projected salaries(no overtime) that alone would save the tax payers over thirty million dollars.
However, as we all know , no government ever voluntarily reduces itself in size, so we need to force this reduction in size on the bloated bureaucracy. Sadly we had a chance to force this reduction in size on the government by repealing the state income tax but for some inexplicable reason we chose not to. The wool was pulled over our eyes, and we chose rather to outlaw grey hound racing. How does a populace choose to outlaw grey hound racing while condoning the egregious waste that is rampant in this state? The pay in the public sector is complete out of line with what it should be (due in large part to the unions).
By continuing to support the elected officials, and those unions, is as Ronald Reagan once said, "To sit back hoping that some day, some way, someone will make things right is to go on feeding the crocodile, hoping he will eat you last---but eat you he will". As long as we have fifty thousand dollar janitors and one hundred thousand dollar toll collectors, you can forget about a repeal of any tax, in fact you are all but guaranteeing higher taxes for us all and bankrupting municipalities.
Link to confirm the salaries cited above :
http://www.bostonherald.com/projects/mta2008
Tuesday, February 3, 2009
The best minds are not in government
It was recently reported that the MBTA's payroll jumped by 14% last year and that 441 employees made over $100,000. This is the perfect illustration of the point that no government ever voluntarily reduces itself in size. How can it be possible that 441 employees made over 100k last year for a company that announced a $160 million deficit on Monday??? Can anyone honestly tell me with a straight face that there are 441 employees at the MBTA that would demand a fair market value of 100k/year in the private sector? Plus benefits and pension? Judging by my experiences on the MBTA I do not think there is one.
We are in the throes of dramatic recession; the stock market, for the first time I think, has a negative 10 year return; unemployment may be headed for double digits and trillions of dollars of wealth has been wiped out in the last 14 months, but yet somehow the MBTA grew 14%. Is there anyone who can explain this to me? How can we the people continue to support such graft, waste and mismanagement? Last November we had the chance to eliminate the state income tax but the government warned that if the state income tax was eliminated there would be massive cuts and cessation of local aid. I would submit that is exactly what is needed. Furthermore, the true cost to the tax payer is significantly higher than we think at first glance. Think about the inane and asinine pensions these state employees will be receiving upon retirement, all funded by yours truly. So the 441 people who "stole" over 100k last year (yes stole, they did not make/produce anything. I defy you to show me what they "made") really comes at a cost much greater than that. If you do not believe me simply ask any actuary but the true cost to you and I is otherworldly and unacceptable.
In December of 2008 in response to the financial crisis FedEx announced a 5% pay cut to its employees, no bonuses and no company match on its 401k in an effort to cut cost. To an average middle manager making 45k/year that is a savings of 2250.00 in salary, roughly 3000.00 in bonus and 3.5% on the 401k match saves another 1575.00. That makes a total savings of about 6825.00 for a run of the mill employee. One of the most well respected international companies is reducing its operating expenses by several thousand dollars per employee during this crisis while one of the most poorly run entities in the world increases its payroll by 14%. Is it any wonder that Ronald Reagan once said "The best minds are not in government. If any were, business would steal them."?
We are in the throes of dramatic recession; the stock market, for the first time I think, has a negative 10 year return; unemployment may be headed for double digits and trillions of dollars of wealth has been wiped out in the last 14 months, but yet somehow the MBTA grew 14%. Is there anyone who can explain this to me? How can we the people continue to support such graft, waste and mismanagement? Last November we had the chance to eliminate the state income tax but the government warned that if the state income tax was eliminated there would be massive cuts and cessation of local aid. I would submit that is exactly what is needed. Furthermore, the true cost to the tax payer is significantly higher than we think at first glance. Think about the inane and asinine pensions these state employees will be receiving upon retirement, all funded by yours truly. So the 441 people who "stole" over 100k last year (yes stole, they did not make/produce anything. I defy you to show me what they "made") really comes at a cost much greater than that. If you do not believe me simply ask any actuary but the true cost to you and I is otherworldly and unacceptable.
In December of 2008 in response to the financial crisis FedEx announced a 5% pay cut to its employees, no bonuses and no company match on its 401k in an effort to cut cost. To an average middle manager making 45k/year that is a savings of 2250.00 in salary, roughly 3000.00 in bonus and 3.5% on the 401k match saves another 1575.00. That makes a total savings of about 6825.00 for a run of the mill employee. One of the most well respected international companies is reducing its operating expenses by several thousand dollars per employee during this crisis while one of the most poorly run entities in the world increases its payroll by 14%. Is it any wonder that Ronald Reagan once said "The best minds are not in government. If any were, business would steal them."?
Monday, January 26, 2009
Plane hypocrisy and pseudo capitalism
News broke this morning that Citi Group , despite all of its troubles, has decided to move forward on the purchase of a brand new $50,000,000.00 private jet. This is the same company who a few months ago was on the brink of collapse; the same company who in the last two years (Jan 2007-Jan 2009) has seen its stock price go from roughly $55/share to $3/share; the same company who has already squandered roughly $45,000,000,000.00 in government bailout money. Look at all those zeros, both in the dollar amounts and in leadership of the distressed bank. Certainly no one can question Vikram Pandit's intellect (he has PhD in Finance from Columbia), however we can and should question his judgment.
In the face of a global economic crisis the level of which we have not seen since The Great Depression could anyone make an argument for spending $50,000,000.00 on a private jet?? Especially by a company who is "on the dole"?? Why is that banks only rally around the cries of free enterprise and de-regulation in boom times, but are always the first ones in line with their hands out when things go bad? They throw around terms like "systemic risk" in order to gain entrance in to the federal reserve , line their pockets with cash from the government coffers and go on to spend like drunken sailors. And yet somehow no one holds them accountable. How is it possible that to date we have no accounting as to where 45,000,000,000.00 dollars of tax payers money has gone? Well I guess after today we may only need to know where 44,950,000,000.00 has gone.
Wall Street and corporations like Citi are the penulitamte in hyporcisy. They are pseudo-capitalists if you will. It is as if the mission statement of the company is "privatize gains, socialize losses"; and I for one am sick of it.
They are that friend/person we all know, who happily lives off unemployment and uses that money to go on vacation or buy a new car. If Mr. Pandit thought the acquistion of such a lavish mode of transportation was necessary for the continued success of Citi (I almost got through that without laughing), then maybe he should have picked up the tab himself. After all during the boom times Pandit has made hundreds of millions of dollars, the only problem is that would fly in the face of the aforementioned mission statement. It appears we have turned a famous phrase on its head, today it is "ask not what you can do for your country but what your country can do for you. ". And so we continue, feeding the crocodile......
In the face of a global economic crisis the level of which we have not seen since The Great Depression could anyone make an argument for spending $50,000,000.00 on a private jet?? Especially by a company who is "on the dole"?? Why is that banks only rally around the cries of free enterprise and de-regulation in boom times, but are always the first ones in line with their hands out when things go bad? They throw around terms like "systemic risk" in order to gain entrance in to the federal reserve , line their pockets with cash from the government coffers and go on to spend like drunken sailors. And yet somehow no one holds them accountable. How is it possible that to date we have no accounting as to where 45,000,000,000.00 dollars of tax payers money has gone? Well I guess after today we may only need to know where 44,950,000,000.00 has gone.
Wall Street and corporations like Citi are the penulitamte in hyporcisy. They are pseudo-capitalists if you will. It is as if the mission statement of the company is "privatize gains, socialize losses"; and I for one am sick of it.
They are that friend/person we all know, who happily lives off unemployment and uses that money to go on vacation or buy a new car. If Mr. Pandit thought the acquistion of such a lavish mode of transportation was necessary for the continued success of Citi (I almost got through that without laughing), then maybe he should have picked up the tab himself. After all during the boom times Pandit has made hundreds of millions of dollars, the only problem is that would fly in the face of the aforementioned mission statement. It appears we have turned a famous phrase on its head, today it is "ask not what you can do for your country but what your country can do for you. ". And so we continue, feeding the crocodile......
Tuesday, January 20, 2009
I believe.....ramblings from inauguration day
As a student of history I fully appreciate and understand how monumental the inauguration of Barak Obama is, I do however feel that America is about to receive a big dose of socialism European style. So I felt today was as good a day as any to take inventory of, and "formalize" my own beliefs:
-I believe that no one should get a free ride. There is nothing more un-American than a free ride.
-I believe in a progressive tax, it is the only way this country will work; but I don’t think we should ever say the rich need to pay their fair share. If anyone needs to pay more it is the bottom 50% not the top 50%.
-I believe the most terrifying words in the English language are “ I’m from the government and I’m here to help” and I also believe liberalism is the disease, common sense is the cure.
-I believe that all men are created equal and that everyone should be "judged by the content of their character not the color of their skin”. To that end affirmative action is wrong.
-I believe the government is horribly inefficient, and bloated. The less we ask them to do the better.
-I believe no government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we'll ever see on this Earth.
-I believe it means more if you earn it and that charity works better than government hand outs.
-I believe a lot of civil servants have lost their way, and went from being underpaid to overpaid in the last 10 years. Their sense of entitlement irks me. When I was growing up, I knew a lot of kids whose parents were cops and teachers and none of them lived in a big house, drove expensive cars, and belonged to country clubs…let alone all three! Maybe we need to go back to when they were actual civil servants, when they did not get paid, then lets see how many empty suits run for office. Additionally that would solve all budgetary problems.
-I believe that individual liberties must be protected, and the cost of living in a free society means you don’t get to impose your morality on me, especially in hotly contested issues (this is directed at you pro lifers).
-I believe that literacy is a right and parenting is the most important job on Earth. No one is perfect, but once you have a kid realize your life is not yours anymore. Your sole reason for being is to love, protect and raise that kid right. Stop asking others to do it for you.
-I believe indifference is the greatest sin.
-I believe money isn’t everything but will freely admit life is easier with it than it is without it.
-I believe that a government big enough to give you all you want is big enough to take all you have. And certainly do NOT believe in a government that protects us from ourselves.
-I believe the tolls on the Mass. Pike are illegal. Moreover, I believe we should never ever pay anyone to do a job in which they can be replaced by a bucket.
-I believe laughter truly is the best medicine. We should all love/laugh hard and often. The world would be a better place.
-I believe friends and family are the most valuable commodity on Earth.
-I believe the side that is right will eventually win; good will triumph over evil.
-I believe that all glory is fleeting.
-I believe most people wonder if their life made a difference; I don’t think the men and women of the United States Armed Forces ever have to ask that question.
-More than anything I believe in America.
-I believe that no one should get a free ride. There is nothing more un-American than a free ride.
-I believe in a progressive tax, it is the only way this country will work; but I don’t think we should ever say the rich need to pay their fair share. If anyone needs to pay more it is the bottom 50% not the top 50%.
-I believe the most terrifying words in the English language are “ I’m from the government and I’m here to help” and I also believe liberalism is the disease, common sense is the cure.
-I believe that all men are created equal and that everyone should be "judged by the content of their character not the color of their skin”. To that end affirmative action is wrong.
-I believe the government is horribly inefficient, and bloated. The less we ask them to do the better.
-I believe no government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we'll ever see on this Earth.
-I believe it means more if you earn it and that charity works better than government hand outs.
-I believe a lot of civil servants have lost their way, and went from being underpaid to overpaid in the last 10 years. Their sense of entitlement irks me. When I was growing up, I knew a lot of kids whose parents were cops and teachers and none of them lived in a big house, drove expensive cars, and belonged to country clubs…let alone all three! Maybe we need to go back to when they were actual civil servants, when they did not get paid, then lets see how many empty suits run for office. Additionally that would solve all budgetary problems.
-I believe that individual liberties must be protected, and the cost of living in a free society means you don’t get to impose your morality on me, especially in hotly contested issues (this is directed at you pro lifers).
-I believe that literacy is a right and parenting is the most important job on Earth. No one is perfect, but once you have a kid realize your life is not yours anymore. Your sole reason for being is to love, protect and raise that kid right. Stop asking others to do it for you.
-I believe indifference is the greatest sin.
-I believe money isn’t everything but will freely admit life is easier with it than it is without it.
-I believe that a government big enough to give you all you want is big enough to take all you have. And certainly do NOT believe in a government that protects us from ourselves.
-I believe the tolls on the Mass. Pike are illegal. Moreover, I believe we should never ever pay anyone to do a job in which they can be replaced by a bucket.
-I believe laughter truly is the best medicine. We should all love/laugh hard and often. The world would be a better place.
-I believe friends and family are the most valuable commodity on Earth.
-I believe the side that is right will eventually win; good will triumph over evil.
-I believe that all glory is fleeting.
-I believe most people wonder if their life made a difference; I don’t think the men and women of the United States Armed Forces ever have to ask that question.
-More than anything I believe in America.
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