S&P 500 at lowest level since October, 2014

[XDCX]

As I type this post the Dow Jones is down 376 points and it appears the S&P 500 is headed toward a 22 month low.

It appears that tech stocks and financials are falling as are any stocks that have exposure to falling oil prices. Oil prices are falling due to concerns that global growth is slowing.

[57years]

I just cannot quit scratching my head over the politicians saying Social Security and Medicare are "entitlement" programs. I paid for mine, and you paid for yours...where do they get the idea they should "cut" our distribution because it costs the Government (note: not TAXPAYER) to much to give it out. If the Congress wrote a bad deal for the current payees and those who have paid in for many years, TOO BAD, write a new deal for those Millenniums now coming on board into their paying years. This is all such bull....

On another topic, I have to laugh every time I hear these talking heads FEAR DEFLATION.... The Dollar, Yen, Euro...has to inflate or the world economy will collapse. The real issue is that without inflation, the DEBT of all these nation states will have to be paid back to the lender in the same money, worth what it was when it was borrowed. Would it not be nice to have your dollar get the same goods tomorrow as today.

And as a last thought, Is a bet on the stock market today a better bet that the Panthers on last Saturday???

[XDCX]

Originally Posted by 57years

I just cannot quit scratching my head over the politicians saying Social Security and Medicare are "entitlement" programs. I paid for mine, and you paid for yours...where do they get the idea they should "cut" our distribution because it costs the Government (note: not TAXPAYER) to much to give it out. If the Congress wrote a bad deal for the current payees and those who have paid in for many years, TOO BAD, write a new deal for those Millenniums now coming on board into their paying years. This is all such bull....

While I understand your viewpoint I'm probably on the other side of this issue. There's no question that Social Security pays out more in benefits than it ever collected as payments for the vast majority of payees. The current system is not sustainable and I don't see why the next generation should be obligated to pay for the prior generation just because Congress was too weak to address the issue. (It's no different, in my opinion, than asking the healthy to pay for the sick via Obamacare.)

No one likes cuts or take-aways but I think it cowardly of the government not to address the issue and just keep "kicking the can down the road" until the system is too far gone to save. Look what's happening in Greece with their social programs - that's what happens to a government that buries itself so deep in debt that it can barely afford to make the interest payments.

Originally Posted by 57years

On another topic, I have to laugh every time I hear these talking heads FEAR DEFLATION.... The Dollar, Yen, Euro...has to inflate or the world economy will collapse. The real issue is that without inflation, the DEBT of all these nation states will have to be paid back to the lender in the same money, worth what it was when it was borrowed. Would it not be nice to have your dollar get the same goods tomorrow as today.

I agree on this point - I have never fully understood what the downside is to deflation from the standpoint of a consumer.

Originally Posted by 57years

And as a last thought, Is a bet on the stock market today a better bet that the Panthers on last Saturday???

Ouch....

I still think my Super Bowl bets were logical - how did I know that Cam Newton wasn't going to show up?

[57years]

While I understand your viewpoint I'm probably on the other side of this issue. There's no question that Social Security pays out more in benefits than it ever collected as payments for the vast majority of payees. The current system is not sustainable and I don't see why the next generation should be obligated to pay for the prior generation just because Congress was too weak to address the issue. (It's no different, in my opinion, than asking the healthy to pay for the sick via Obamacare.)

I think we are thinking more alike that you suspect...There is an important couple of words in my text, "if Congress wrote a bad deal for the current payees and those who have paid in for many years, TOO BAD, write a new deal for those Millenniums now coming on board for their paying years."

I should have been more specific that those Congressman wrote a BAD DEAL for the taxpayers, not for the payees. Change the law for the future payees, not those who AGREED TO THE DEAL THEY WERE OFFERED.

I guess Cam was out doing a "coke" commercial the night before....

[XDCX]

Originally Posted by 57years

I think we are thinking more alike that you suspect...There is an important couple of words in my text, "if Congress wrote a bad deal for the current payees and those who have paid in for many years, TOO BAD, write a new deal for those Millenniums now coming on board for their paying years."

I should have been more specific that those Congressman wrote a BAD DEAL for the taxpayers, not for the payees. Change the law for the future payees, not those who AGREED TO THE DEAL THEY WERE OFFERED.

I think we still have a different outlook but that's OK.

In my eyes Social Security as it exists today is not sustainable and no one should be exempt from any necessary cuts - both existing payees and future payees. I acknowledge that no one likes take-aways but sometimes that's what needs to be done.

As an example look at all of the white-collar workers at GM, Ford, Chrysler, IBM and Boeing who no longer have a pension they can contribute to. It's my understanding that all of the companies mentioned have locked their pensions so that future pay-outs will only reflect the amount the payee was entitled given their age/tenure at the time the pension was locked.

It's certainly not fair but companies have the ability to re-write the rules and I think the government does too.

That said, I wouldn't lose any sleep about seeing your Social Security payment cut - our elected officials don't have the guts to do that.

Originally Posted by 57years

I guess Cam was out doing a "coke" commercial the night before....

The primary reason I made my Super Bowl bet for the Panthers was because I watched the prior game where the Panthers slaughtered the Arizona Cardinals. Cam played such a fantastic game that I was certain he'd use those same talents to crush the Broncos. So much for that thought...

Cam's image has really taken a hit - it will be interesting to see how he plays next year. My bet is he'll shake off all of the criticism and be back to his old form. Time will tell....

[57years]

To carry the thought a little further, when school teachers, postal employees, and state workers were paid low wages because they were low profile jobs, and political appointments, etc., I had no problem with the state and feds arranging the best health care programs and pensions out there.

However, since the unions have organized the teachers, postal workers,and state workers; the pay scales have tipped to be equivalent to the private sector. NOW, they have bennies that are beyond the private sectors ability to compete, coupled with the fact that they get the first Felony FREE with little chance of being laid off or fired. How many times have each one of the dealers lost an employee to a "govm't job"?

There are a lot of places to "HIT" that are outside the Social Security System. Trying getting one of those done....

Our local school boards are elected by the public from a list of candidates who are former teachers and administrators. In this state, the school board can raise the property tax (within a cap) without a public vote. If any reformer tries to get elected...out come all the "It's for the children GANG"...and that's the end of that election campaign.

I collect not one damn dime of Social Security. I have not applied, maybe someday I will. In the meantime, I tried to keep my private health insurance, out of pocket, and Obama took care of that.

If I sound like I might climb a tower with a high powered gun, don't worry, there is a crowd on the ladder ahead of me....

[XDCX]

Originally Posted by 57years

To carry the thought a little further, when school teachers, postal employees, and state workers were paid low wages because they were low profile jobs, and political appointments, etc., I had no problem with the state and feds arranging the best health care programs and pensions out there.

However, since the unions have organized the teachers, postal workers,and state workers; the pay scales have tipped to be equivalent to the private sector. NOW, they have bennies that are beyond the private sectors ability to compete, coupled with the fact that they get the first Felony FREE with little chance of being laid off or fired. How many times have each one of the dealers lost an employee to a "govm't job"?

There are a lot of places to "HIT" that are outside the Social Security System. Trying getting one of those done....

Our local school boards are elected by the public from a list of candidates who are former teachers and administrators. In this state, the school board can raise the property tax (within a cap) without a public vote. If any reformer tries to get elected...out come all the "It's for the children GANG"...and that's the end of that election campaign.

I collect not one damn dime of Social Security. I have not applied, maybe someday I will. In the meantime, I tried to keep my private health insurance, out of pocket, and Obama took care of that.

If I sound like I might climb a tower with a high powered gun, don't worry, there is a crowd on the ladder ahead of me....

We are in complete agreement here.

While it used to be that the great benefits offset the low pay for most government jobs that's no longer the case since government wages currently either meet or exceed the level of private sector wages in my view.

Concerning school boards, it would be frightening to live in an area where property taxes could be raised without a public vote. In Arizona the local schools have to pass "overrides" in an election if they want more money. I've noticed that many of the "overrides" hit the ballot during election cycles that attract few voters (essentially a non-November election) so it's easier for the school districts to get their supporters to sway the election for a favorable outcome.

In Lake Havasu (one of my favorite areas) the local school board decided to re-hire the Superintendent after she retired so she could "double-dip" and earn a salary and her retirement. The spin was the district was saving money because they negotiated a slight pay decrease to her future contract.

[57years]

Originally Posted by XDCX

We are in complete agreement here.

While it used to be that the great benefits offset the low pay for most government jobs that's no longer the case since government wages currently either meet or exceed the level of private sector wages in my view.

Concerning school boards, it would be frightening to live in an area where property taxes could be raised without a public vote. In Arizona the local schools have to pass "overrides" in an election if they want more money. I've noticed that many of the "overrides" hit the ballot during election cycles that attract few voters (essentially a non-November election) so it's easier for the school districts to get their supporters to sway the election for a favorable outcome.

In Lake Havasu (one of my favorite areas) the local school board decided to re-hire the Superintendent after she retired so she could "double-dip" and earn a salary and her retirement. The spin was the district was saving money because they negotiated a slight pay decrease to her future contract.

Yes, and just what is the background of the members of the school board? Could they have been a majority of former teachers and administrators? Hummm....

[XDCX]

Originally Posted by 57years

Yes, and just what is the background of the members of the school board? Could they have been a majority of former teachers and administrators? Hummm....

I wouldn't be surprised if that was the case.

Lake Havasu has a population of just over 50,000 but it runs like a small town. The School Board President seems to think she runs the district and recently asked for an apology from a fellow School Board member because the member voted against extending an educational program by a current vendor.

[XDCX]

Originally Posted by XDCX

I thought of this post this morning when I read that Google was offering another 75% off sale on movies via GooglePlay.

The last time Google offered this promotion was right after Christmas and I rented the movie "The Wolf of Wall Street."

I had been watching a "Mecum Marathon" on TV a day or two earlier and I remember the announce crew referenced the movie when the auction was selling a Lamborghini Countach. I figured, "I like cars, Wall Street and I think Leonardo DiCaprio is a good actor so I should rent that movie."

Holy smokes - I'm no prude but this is definitely not a movie you want to recommend to your church group. It's supposed to be based on a true story and I think it accurately portrays a lot of the greed that's associated with Wall Street Stock Brokers.

I was wrong about the car - it was a Ferrari Testarossa, not a Lamborghini Countach...

I recorded an episode of "American Greed" on CNBC and watched it last night - the episode explored the real life version of The Wolf of Wall Street story.

While the true version wasn't as entertaining as the Hollywood version it definitely did a better job of illustrating all of the pain that had to be endured by those who were defrauded and how slow the U.S. justice system is.

In the end Jordon Belfort only had to spend 22 months in jail despite masterminding a $200 Million swindle.