An inheritance

I came across this column today (sorry it's a year old) and was impressed that this is precisely the sort of inheritance I feel I've been given and could be so lucky as to one day pass along.

Bankrupting America

This makes the point fairly clearly. Bonus points for the first to identify what has driven down income/household in the period mentioned. Clue - focus on the denominator, not the numerator.

Amnesia

Good to remember who was fighting for/against reform at Freddie/Fannie before the crisis. I'm surprised by the public's misperception of who drove the risky behavior. I'm not generally an apologist for Republicans, particularly the Bush administration, but Obama's rhetoric about the financial crisis and who was behind it has long ago passed disingenuous and is quickly approaching dishonest.

Human rights - where do they stop?

Add tourism to the list.

Healthcare just like the mail

Anyone thinking that a more government-run healthcare system would reduce the cost of healthcare might want to peruse this report on the current financial predicament of the postal service. Unintentional comedy galore if you can get past the idea that you're reading from an 80-page government report.

Quick, take a picture

The Cubs are at .500, but they're tied 4-4 in the 5th, so this may be your last chance to see them on bubble until 2011.

I don't know that I can be a Cubs fan. Cubs fans are not sore losers.

Land of the free or land of the entitled?

Insightful post by the rational optimist well worth a read. Here's a nice excerpt (How could it not be nice if it uses the word "recrudescence"? Look it up. I had to.):

America’s longtime sources of strength have been its spirit of individual enterprise and innovation, people motivated to work hard and try new things, confident in their ability to succeed and confound naysayers. This is propelled by America’s freedom and openness, as a meritocratic egalitarian society – egalitarian not in results but, rather, with every person standing on his or her own merits (not pedigree or privilege). Of course it’s imperfect, but these fundamental characteristics are in America’s DNA.

Now, however, a different strand has crept into our national DNA – the ethos of entitlement. It’s a recrudescence of the old world paradigm of entrenched privilege that America was founded to get away from. But in today’s USA, entrenched privilege is everywhere, exerted not by some elite oligarchy but by practically every segment of society.

Myths about China

Interesting article debunking five key myths about China. I learned something. I didn't realize the US manufacturing sector is larger than China's, for example.

Kettle, you're black

First, a disclaimer. I hate fees. I hate the fees that airlines have started charging - for food, baggage, etc., etc.

That said, I find it a riot that our Transportation Secretary and members of Congress are so outraged that they want to take matters into their hands.

Um, is there an organization on God's green earth that finds more ways to nickel and dime me more, day in and day out? How many different ways are there to pay the government? How many "fees" do I pay - in my paycheck, at the grocery store, at the pump, if I smoke, to get my driver's or business license, etc.?

How politically palatable would it be if instead of being charged in so many ways, each of us just got one big tax bill each month and had to send in a check for it by the 15th? Even better, what if you had to stand by a machine and watch the tax bill mount, like standing at the pump watching your gas go into the car? No one, no one, no one is more adept at slipping fees into everything we do than the government is.

Sheesh.

On a lighter note, Twilight Struggle rocks

I got to play a quick game of TS with Tom last night. I've only played it a few times since I rarely get to play two player games, especially ones that last a few hours. Man is it worth it though. If you're a cold war history buff, do yourself a favor and check this one out.

Does Government = Society?

I just watched a classic Milton Friedman clip from a talk in the 70s in which he was asked whether society has a responsibility to provide for the poor. This distinction between government and society (or lack thereof) seems to be a philosophical basis for one divide between conservatives and liberals, particularly when it comes to entitlement programs such as healthcare reform.

The clip brought into resolution that point of contention within me. I believe strongly that I, and each of us, has a heavy responsibility to provide for the less fortunate. There but for the grace of God go I. I am far less convinced that the right mechanism to do so is to outsource that responsibility to the government. Perhaps this makes me a bit conservative constitutionally. I guess that's what makes me a bleeding heart liberal that can't bring himself to vote Democrat very often, particularly in federal elections.

If you're interested, here's the clip (http://mjperry.blogspot.com/2010/04/milton-friedman-on-responsibility-to.html).

HT: Cafe Hayek

Signs of recovery

I know almost nothing about investing. Probably not a good thing for a Chicago MBA to say, but there it is. I have a pretty boring and straightforward philosophy - buy and hold a diversified portfolio. The trick to this, that I learned from my dad, who unlike me was indeed a great investor, is to ignore your portfolio as much as you can.

I have heeded that advice diligently for the last couple of years. I figured that if I looked closely at my 401k, at best I'd feel depressed and at worst I'd overreact and pull my money out, buying high and selling low.

Today I got my reminder that my monthly statement for my BCG 401k is now available online. I clicked through out of curiosity. This graph is my portfolio in this particular 401k. Note that this says NOTHING about my ability to invest since this is pretty much just an index. However, it says a lot about the current economic recovery. I was pretty floored by the steep decline, but corresponding incline.

I should be clear - part of the reason it has a healthy incline is that I invested capital at the beginning of the last two years (those are the only two points where cash was invested in this graph). At any rate, with a bit of my own stimulus, the fund is back on its longer term trajectory. And I didn't have to saddle my children and grandchildren with debt to make that stimulus work.

Mankiw on Squawkbox

16-5

Looks like another long summer for Cubs fans...

It's the first weekend in April

I'm sad to be traveling today and tomorrow instead of sitting in front of the TV enjoying "jammy church". Don't panic though - here are my top five picks from October:

Bednar - More Diligent and Concerned at Home

Each family prayer, each episode of family scripture study, and each family home evening is a brushstroke on the canvas of our souls. No one event may appear to be very impressive or memorable. But just as the yellow and gold and brown strokes of paint complement each other and produce an impressive masterpiece, so our consistency in doing seemingly small things can lead to significant spiritual results.

Monson - School Thy Feelings, O My Brother

“Anger doesn’t solve anything. It builds nothing, but it can destroy everything.”

“A man’s a fool who takes an insult that isn’t intended.”

Scott - To Acquire Spiritual Guidance

Spirituality yields two fruits. The first is inspiration to know what to do. The second is power, or the capacity to do it.

[S]trong emotions overcome the delicate promptings of the Holy Spirit.

Holland - Safety for the Soul

I want it absolutely clear when I stand before the judgment bar of God that I declared to the world, in the most straightforward language I could summon, that the Book of Mormon is true, that it came forth the way Joseph said it came forth and was given to bring happiness and hope to the faithful in the travail of the latter days.

Monson - What I Have I Done for Someone Today?

A few years ago I read an article written by Jack McConnell, MD. He grew up in the hills of southwest Virginia in the United States as one of seven children of a Methodist minister and a stay-at-home mother. Their circumstances were very humble. He recounted that during his childhood, every day as the family sat around the dinner table, his father would ask each one in turn, “And what did you do for someone today?” The children were determined to do a good turn every day so they could report to their father that they had helped someone. Dr. McConnell calls this exercise his father’s most valuable legacy, for that expectation and those words inspired him and his siblings to help others throughout their lives.

Enjoy your weekend of inspired thoughts and Sunday brunch.