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What has Obama been up to?
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I know it comes from the other political party, and their tune would be different if they were in power, but I still like the message. If it gets really bad, I guess I will have to move back to Texas...
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I have not had the chance to watch this video, but I liked where it was going after the 1st couple of minutes.
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Urban Survival...
March finished goods dropping 1.2% means an annualized rate of deflation of 15.4%.
Pop Quiz Time!
Name one large country whose government has just bet several trillion dollars of future taxpayer generated revenue (and ask what a 15.4% collapse in revenues will do to financial stability/viability of said country): ____________
See how inflation is now the only option?
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Tax time underscores that most of my countrymen have personalities that might best be described as "Good-natured chiselers" who believe that since they are 'good people' they should pull extra deductions.
The problem is, of course, that it's something akin to breaking the law in other areas; if you want a life of looking over your shoulder, have at it. But no matter how much I believe that the country should be funded with a consumption tax which would actually reward savers and tax consumption which in turn increases capital formation, the law is the law and promises of compassion, or not, I've made the personal decision (as always) to report every dime and not stretch deductions. While there's a chance that such chiseling might work out, I've read enough history to figure that I've only got so much time on this earth and fighting the beast will come along soon enough, so no point in kicking its tail. It's an uneasy truce at best, but I feed the beast paper with zeroes on it and I get peace and quiet; a reasonable exchange.
Besides: Remember what happened to Al Capone in the end? Tax evasion. Government has unlimited resources; I don't. It's just that simple. So until things change via the ballot box (or via the barricades and mobs with pitchforks) I'll just send in the balance due for 2008 and my Q1 '09.
Pappy used to say: "It isn't fun to pay, but at least you've got something to report."
Slim comfort, that, but like another old saying goes: "He who fights and runs away lives to fight another day." Besides: It's only paper.
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Terms of Indenture
A fair number of folks wrote in response to my note yesterday on how certain banks (such as Chase) are changing terms via super-fine print highly legalese unilateral notices with obscure opt-out provisions. Here's a typical reader response:
"I got that letter from Chase. Additionally they reduced my credit limit by 5,000 without telling me. But wait there is more, they also did not decline the charges I made that put me over my "new" limit. Because I was now unknowingly over limit, they refused my written opt out letter. I called them to point out the lunacy and they agreed to fix it. Of course they did not, my next bill had the new high rate I did not want to accept. The joke is on them of course. I will soon join the ranks of the unemployed and am opting out. I don't even know if I will bother to go bankrupt, but I doubt I will make enough money to bother with again. Bogs life here I come!"
On a side note, Bank of America lowered my Credit Line also from $12,800 to $5,000. I use this card ~10 times a year to keep it active, and have 720+ credit score. Additionally, they increased the fees associated with ATMs, balance transfers, and international usage. The increase is approximately 30% (3% charge to a 4% charge). All without my consent.
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