So I'm in the locker room with retired teacher talking about the foot of snow they got up in Minnesota and how the people who originally settled up there must've shown up in the summertime because there's nobody who would go to Minnesota in the wintertime and want to live there. I mentioned same thing about California. I've been to California several times for the Rose Bowl and it's a very, very beautiful place. But when you start paying attention to the traffic jams, the cost of living, the taxes and other nonsense around there, you quickly realize it's a nice place to visit but not a great place to live, unless of course you're a multi-millionaire or in the government (same thing?).
My friend then explained to me that the the people in California are trying to create a Utopia and then blurted out "that's why I love Obama because at least he's trying".
So in response to that I smiled and said "let me ask you something.... suppose five years ago you hired me to manage your investments and every year not only did I lose money, but I convinced you to borrow more money against your credit cards, your home equity, etc. and put it in the trading account, promising you that this year we would turn it all around. Now after five years not only have I not turned it around, but you are now so deep in debt that based on your current level of income there's no way you're ever going to be able to pay that debt back and you will eventually face bankruptcy. Would you still keep me as your investment advisor?"
He replied to me of course not. He would have likely not let it go on that long. To which I replied..."but what if I told you that I really cared about your money and at least I was trying?"
He paused for a moment, smiled shook his head and said "have a nice weekend!"
We've had five years of "a bold new plan to jumpstart the economy" and after five years we now have 90 million able-bodied people that have left the workforce, we have 48 million people on food stamps and we've now accumulated so much that if we taxed every working American 100%, we still couldn't pay it all off, and; the President just handed us a budget telling us we need to borrow more so that he continues doing what he's been doing for five years.
It's amazing to me how people won't put up with poor performance in their everyday lives, demand their money back for poor service are shoddy products and yet they don't understand that our tax dollars like our investment dollars should not be managed so incompetently that it risks not only ruining the lives of our children and grandchildren who are going to have to someday inherit that debt, but has now reached a crisis point where we ourselves may no longer be able to enjoy the kind of growth and prosperity that we got used to back when we had a little more common sense........