Friday, November 16, 2012

Barney Frank’s legacy (and Chris Dodd’s)

Work hard, save your money, utilize credit responsibly – and you’ll wind up getting screwed by the government. Zero Hedge shows that the middle class is, once again, bearing the brunt of the continuing housing crisis. A tasty sample:
And before the indignant reactions surge that this is in some way an ethical condemnation of the poor (or the rich, although we are far less concerned with that accusation), it is not: people, regardless of social status, poor, middle-class, wealthy, will act according to their motivations first and foremost, which are primarily driven around greed, and the various other deadly sins. If given the option to upgrade one's standard of living, and told to not worry about much else, everyone would take advantage. Obviously, the hangover always comes, but that never stopped anyone from drinking the night before.

The problem arises when none other than the government, which is the worst, most corrupt, most conflicted arbiter and enforcer of human behavior, is put in the position of determining how to encourage mass social behavior for the future: this is central planning at its absolute worst [emphasis mine – P.]
Oh, by the way, while I’ve got your attention. Paco Enterprises is going to follow Denny’s lead and start charging an Obamacare tax for the privilege of reading this blog. Since my tax will be progressive – 0.01% of your adjusted income times the number of page views per year – I’ll need to see your tax returns. This is, of course, voluntary - just like federal income tax payments. So is the jail time for non-compliance (i.e., if you elect not to pay, then you’re volunteering to go to jail). And don’t think you can get around the tax by reading this blog in Switzerland.


Steve Burri said...

But, Paco, I only look at the pictures!

Michael Lonie said...

Are you planning to send Detective Paco around to ascertain if we are paying properly, or are you going to rely on Wronwright?

Paco said...

Steve: I'll need an affidavit, then.

Michael: Well, Wronwright is a tax lawyer in his non-fictional life, I believe.

Yojimbo said...

Wron has a non-fictional life? Who knew!

I'll read this blog in Brazil.

Come and get me!

I'm just here for the Olympics. Not having any trouble getting seats. Hey, when does the opening ceremony start anyway?

Mike said...

I was expecting the "Friend of Paco" exemption.
Fishersville Mike

Anonymous said...

Deborah. Leigh said...Do you reward addiction, er,loyalty? You're the second blog I read except on weekends when you are first. My other half has to come first. Besides. we go back to the clubhouse days.

Where is Wron anyway? I could use a tax guy. Does he work for Meade? Hey, just a thought...will you take payment in meade?

Seriously,what upsets me is that the people who defaulted on their mortgages and filed for bankruptcy are getting another chance! This while people with great credit and money are having a hard time!

rinardman said...

Ha! I've been unemployed over two years now. What's 0.01% of nothing?

Is the jail one of those "country club" detainment facilities?

Anonymous said...

What if we bootleg the blog off Pirate Bay?

-Deborah Leigh

RebeccaH said...

I'm going to conveniently forget to pay the tax, if you don't mind. Apparently that works for nearly everybody in Washington.

Merilyn said...

Um how about in Australia?

Jonah said...

Rinardman, I've been seeing articles about truck driver shortages the last few months (USA anyway) and personally have been getting run ragged from all the work so what the hell?

So many so called IT professionals are only so many truckers refusing the work in my humble opinion.

Apologies if I'm talking out my ass.

rinardman said...

Thanks, Jonah, but my lack of employment has been mainly by choice. I'm a lifelong bachelor, with everything paid for, and no real financial worries at this time, so I have the luxury of being a bum for awhile. I'm looking for the right part-time job, just to keep me out of trouble.

JorgXMcKie said...

rinardman, with your permission I'll add a bit of your story to what I tell my students.

I have lots of the [especially now] ask about getting and keeping jobs. I tell them learn a lot about anything you can. Learn how to be professional at whatever it is you can do [and regale them with stories of my career as a 40-year-old pizza delivery boy]. Learn how to do something others want done but either can't or don't want to do themselves.

And, of course, I always advise them to get "financially sound" [as you indicate you are] as quickly as possible, even when it's hard, because that gives you the ability to be selective in which jobs you take.

Maybe a few listen and take he advice. I can hope, anyway.

Anonymous said...

Deborah Leigh said....Rinardman, how do I grow up to be you...except the single part? (

rinardman said...

with your permission I'll add a bit of your story to what I tell my students.

You have it, of course, but I can't say where I'm at now is due entirely to my prudent planning, and not a lot of dumb luck. My best advice would be "pay as you go", and owe as little as possible. Staying single has worked out well for me financially, but has cost me in other ways.

And Deborah, all you have to do is be happy with where you are, and with what you have. I'm just trying to reach the time of my death with no regrets.

Bob Belvedere said...

I apply for a waiver [I was a union Recording Secretary once!].

Paco said...

R-man: I'm pretty sure J. Packington Paco told me that you are the treasurer for the Running Dogs of Capitalism Club, of which he has been a distinguished member for many years.

rinardman said...

Paco, a strictly...umm...voluntary position.

No large sums of money are involved. Hardly. Ever.