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PERRIN LOVETT

~ Deo Vindice

PERRIN LOVETT

Tag Archives: finance

The Shirt Index

29 Sunday Sep 2019

Posted by perrinlovett in News and Notes

≈ Comments Off on The Shirt Index

Tags

economics, finance, inflation, JCPenney, sorcery

The WSJ has a story about what would have been, in any other age, the epitamy of economic insanity – financing sneakers and sweaters. Read that, it’s … great.

I looked for a sweater comparison, over time. The best I could (easily) come up with were men’s shirts at JCPenney.

2019:

Screenshot 2019-09-29 at 12.02.44 PM

1980:

Screenshot 2019-09-29 at 12.00.57 PM

(Regular price is still less expensive than the 2019 sale and less than 60% off the non-sale 2019 model – plus one got the disco-safari theme…)

1958:

Screenshot 2019-09-29 at 12.09.05 PM

(See where this is going?)

1928:

Screenshot 2019-09-29 at 12.10.15 PM

(That’s in cents, not dollars…)

Today, one can finance a new, regular-priced shirt for several payments, each equal to about the total cost of a 1980 shirt, which was still 15 times more expensive than the same thing fifty years earlier. “Inflation” ain’t the word anymore.

These are cheaply manufactured goods whose nominal production costs have fallen (in and of themselves) due to technology and offshoring, etc. Still, regular price to regular price, the modern equivalent is fifty times more expensive than the same thing 90 years before. Averaging the (easily) available IRS data on average incomes from 1920 and 1929, the 1928 American annual wage was about $2,200. Apples to sweaters, the average American, now, should be earning $110,000 per year. Yet, somehow the BLS reports that the true 2019 pay is only $47K, which itself seems a tad high. You’re 57% behind the price of shirts at JCP. Thank God there’s the Goodwill Store, right?

Sorcery is the gift that keeps on taking.

Refinancing

11 Wednesday Sep 2019

Posted by perrinlovett in News and Notes

≈ Comments Off on Refinancing

Tags

economics, finance, sorcery

Wouldn’t it be great if everyone could refinance their debts at negative rates? Like, maybe -100%. Or, is this just for the sorcerers themselves?

“The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term,” he said.

Who cares, right? We owe it to ourselves!

Some Recovery

14 Friday Jun 2019

Posted by perrinlovett in News and Notes

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Tags

economics, finance, recession

How could there have been a recovery when half the country still suffers?

The median family income, after accounting for inflation, was $59,039 in 2016, little different than it was in 2000 ($58,544). During the same time, medical, childcare and college costs have ballooned.

B-b-but the banks and Wall Street are doing better…

…the next economic slump, whenever it occurs, could be particularly damaging. “Many Americans are still digging out from the recession,” he said. “Even a modest downturn is going to cause further harm to Americans’ personal finances.”

We had a modest downturn and the effects help fuel this survey. The next one won’t be so modest. This is the end result of an entire economy based on fake money, fake debt, financialized sorcery. For many (most), the only thing real is the losses and the suffering.

Paul Craig Roberts Explains The Trump Appointment Process

04 Sunday Dec 2016

Posted by perrinlovett in Legal/Political Columns

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Tags

banksters, Donald Trump, finance, Goldman Sachs, government, Paul Craig Roberts

Last week I sounded off about Trump’s choices for Treasury and another economic position. I hedged my caution on Trump’s unique relationship with the big banks. I said:

Both Trump and Hillary were and are in DEEP with the banksters. Their relationships are, however, a little different.

… Trump is (or was) a borrower, a customer to the banks. …

Many who analyze these choices seriously may come to those same conclusions. They may say that Hillary, had she been elected, would have worked for her masters, whereas Trump will master them. He may view them as enemies and want them closer than his friends, where he can keep an eye on them. Knowing his unusual associations, this may be true. If so, it could be one of the greatest political power plays in American history. If not, then it could be one of the biggest blunders.

I’m honestly hoping for the former while fearing the latter. …

The esteemed Paul Craig Roberts optimistically echoed the sentiment in a broader article on the overall scheme of the appointments. His is expert commentary about insiders as only a former insider can understand it.

Does Trump’s choice of Steve Mnuchin as Treasury Secretary mean that Goldman Sachs will again be in charge of US economic policy? Possibly, but we do not know. We will have to wait and see. Mnuchin left Goldman Sachs 14 years ago. He has been making movies in Hollywood and started his own investment firm. Many people have worked for Goldman Sachs and the New York Banks who have become devastating critics of the banks. Read Nomi Prins’ books and visit Pam Martens website, Wall Street on Parade (http://wallstreetonparade.com ). My sometimes coauthor Dave Kranzler is a former Wall Streeter.

Commentators are jumping to conclusions based on appointees past associations. Mnuchin was an early Trump supporter and chairman of Trump’s finance campaign. He has Wall Street and investment experience. He should be an easy confirmation. For a president-elect under attack, this is important.

Will Mnuchin support Trump’s goal of bringing middle-class jobs back to America? Is Trump himself sincere? We do not know.

What we do know is that Trump attacked the fake “free trade” agreements that have stripped America of middle-class jobs just as did Pat Buchanan and Ross Perot. We know that the Clintons made their fortune as agents of the One Percent, the only ones who have profited from the offshoring of American jobs. Trump’s fortune is not based on jobs offshoring.

Not every billionaire is an oligarch. Trump’s relation to the financial sector is one as a debtor. No doubt Trump and the banks have had unsatisfactory relationships. And Trump says he is a person who enjoys revenge.

goldman-screw

There is sound reason Roberts is regarded as the best commentator in America. Revenge against the financial sector. Now that would be making America great again.

PS: It has come to my attention that some few (likely very small and timid) folks find me “a little scary”. Me. The man of cigars and Christmas ties. A “little”?? I’ve got to step it up a notch, huh?

 

Muddling Through College

11 Monday Mar 2013

Posted by perrinlovett in Other Columns

≈ 3 Comments

Tags

academic, accounting, Athens, business, career, CEO, classics, college, corporations, deception, Donald Trump, education, failure, finance, GA, interests, law school, lay offs, lies, MSU, muddles, old people, people, philosophy, racket, real estate, scholarship, the American dream, The Time Given, Trammell Crow, truth, UGA, UVA, What Will They Learn, youth

Given the popularity of my postings on the law, generally and regarding specific topics, and given the inclination of so many people to ask me about becoming a lawyer and what it’s like, I thought I would write something about legal education in America.  It won’t be pretty but it will paint a good overall picture of the modern training lawyers undergo.  First, however, I thought I would write something about the undergraduate experience which precedes law school.  That’s what this article concerns.  It is mainly drawn from my experiences at the University of Georgia in the early – mid 1990’s.

As my personal collegiate experience is somewhat dated (ugh….), I have tried to incorporate a little news concerning more modern college education as well.  So, this piece is really about my personal muddling with an updated, universal background.  I hope it serves as a guide of sorts for those entering college or already there and struggling to decide what to make of the situation.  For those you who have already completed your formal education, I hope this resonates with you.  It’s up to us to enlighten the younger generations so that they may achieve their full potential.

College today is much the same as it was back then.  Modern students have a wealth of on-line information to assist them in picking the right school and program for them.  I wished we had had that.  I recently stumbled across a fantastic website that goes beyond the normal rankings and summary guides.  Check out this site: http://www.whatwilltheylearn.com/.  It’s an initiative from numerous alumni to assess what, if anything, colleges teach these days.  The results are eye-opening.  Of the 1000 or so schools surveyed only 21 got an “A” based on required core curriculum.  I’m proud to say my alma mater was among them.  Several famous and pricy schools did not fare so well.  Watch their video too.

cap

(Google Images.)

Back to yours truly.  I started college in 1993 immediately after graduating from high school.  I applied to and was accepted to three colleges (I think it was three, I’m lazy).  I got accepted to Mississippi State University (in my original home town) and the University of Georgia, where many of my relatives attended.  I think the other school was UVA; I attended classes for a week as a high schooler and was most impressed. 

MSU offered me a scholarship, I think it was a full ride.  My dad had been a professor there and apparently they needed someone from Georgia.  I probably should have accepted but, given my poor choices in college, I would have likely lost the scholarship anyway.  In the end, I went to UGA.  The Georgia HOPE scholarship was recently enacted at the time.  My high school grades were excellent and so I would have qualified.  Unfortunately, my parents made something like 50 cents over the family income maximum.  The next year they raised the maximum but by then my grades were so dismal it didn’t matter.  I must say I had a great time in Athens.  The city is overrun with bars and hot girls and there is always something to do.  Oddly, none of that matters looking back.

I have since analyzed why I did as poorly as I did in the early half of my college career.  I used to blame the school and several professors in whose classes I did poorly.  I have come to the conclusion though that any failings (pun intended) were my fault only.  I had considered that perhaps I was not ready for college.  Then again, I’m not sure what I would have done instead at that time.  I wanted to continue my formal education, I just went about it all wrong.  I was not true to myself.

I have devoted a whole chapter in The Time Given (not long now….) to being true to yourself.  My understanding of the concept comes from my own self-betrayals.  In high school and for the first few years I was at UGA I was under the delusion of the great “American dream.”  George Carlin once said, “it’s a dream because you have to be asleep to believe it.”  I know what he meant.  The dream went something like this:  You go to college to get a valuable degree.  The degree gets you a ticket to work for a big corporation for 30 or 40 years.  By working hard for your employer you get rich and enjoy a comfy retirement.  You can vacation in Destin, Florida and such.

I tried to take the dream to its extreme conclusion.  I just knew I had to major in business in order to get that golden job ticket.  I started out as a general business major and then switched to a speciality in real estate.  UGA’s real estate program is excellent and I did learn some things in my concentration classes which came in handy at Trammel Crow and in my brief real estate sales career.  I also found some of my advanced economics classes fascinating – but only from an academic standpoint.  The rest of the core business classes bored the ever-loving hell out of me.  My grades reflected this.  I recall mornings when I remembered I had to drop classes I had not attended all semester – on the last day possible.  Still figures into some of my nightmares.  I recall passing finance my reading the booklet for my fancy calculator the night before the final exam.  I wasted a semester in a business MIS class that covered things like floppy disks and the new-fangled internet, whatever that was.  That all says something – I’m not sure what…

The “hard” problem I found with an undergraduate business degree was that you studied based on scenarios only a CEO would encounter.  Then you get into the job market and discover only entry-level jobs are available.  It’s kind of depressing.  I really lucked out with Trammell Crow and it took me months of interviewing for scores of other positions to find.  Another problem is that once you’re on the job, they retrain you completely.  I’d say only 10% of what I managed to learn ended up being useful on the job.

If you want to enter business, I think it’s best to get an MBA. It also helps to study something you have connections to (the family business, etc.). Otherwise, you’re wasting your time.  I wasted a lot of the stuff.

The “soft” problem I had was that I didn’t really want to be a business major.  I look like a businessman but I have the heart of a history professor or a latter-day dragon slayer, neither of which benefit from a class in marketing.  This was made clear to me during my senior year.  For whatever reason I finished most of the required classes and had an abundance of electives to take.  Out of curiosity I wound up in a number of classics (ancient Greece and Rome) and philosophy classes. 

Suddenly, I was immersed in subjects that spoke to me about eternal issues I could relate to everyday American life.  I also got “A” after “A” and it wasn’t hard to do.  I liked the programs.  I identified with the programs.  I dig ancient wisdom and logical discourse more than ROI statements and accounting baselines.

It occurred to me a little late in the game to change majors and stick it out.  I probably should have done that.  At the time though, the same stubbornness that got me into my plight held me there.  I made excuses like “I’m almost done.  I need to settle, get out, and get that dream job.”  Ha!  The job I got was great.  I foresaw myself rising in the ranks and becoming a developer, another Donald Trump.  I was good at it.  I thought I could even open my own business and build skyscrapers.  Then, they called me one day and thanked me profusely for my hard work.  I smelled a raise.  Then they said the division was closing and I was no longer needed.  More depression followed.  This is the real American dream – you lie to yourself, waste time and money, and end up getting laid off after giving 150%.  Well, it was the dream.  I think most people have to settle for permanent unemployment or food stamps these days.

After a year of flopping around I headed to law school.  It was my attempt to right my ship.  It almost worked.  I know now that while I love the concept and theory of law, present and historical, these are not good reasons to go to law school.  I’ll have more on this in my coming column on the legal education racket.

I should have gotten a Ph.D. in political theory or history.  Then I would have been primed for a happier career in higher education, pondering the big ideas and helping young people seek questions and answers.  I’m currently trying to re-route myself that way.  This blog is a grand outlet for my academic pursuits.  I’m delighted by the support I have received so far.  I plan to press forward regardless of what kind, if any, formal institution I end up in.  I don’t mean an “institution” where I weave baskets…

Counting the four years I was locked up in high school, it’s been about 24 years getting around to being honest about my ambitions.  I have been extremely lucky in the alternative.  I’ve had the opportunity most people don’t get in the business and legal fields to interact with academics, statesmen, titans and ticks of all stripes.  I have also been able to strike a few blows for freedom over the years.  Everything happens for a reason and I have accepted my long way home.

I hope you, dear readers, find and accept yours too.  Please let me know if there is anything I can do to help you.  I genuinely like helping people.  It’s really why I’m here.

Politics

27 Wednesday Feb 2013

Posted by perrinlovett in Uncategorized

≈ 8 Comments

Tags

academic, Alex P. Keating, America, Amerika, anarchist, budget, bullshit, Congress, conservative, Constitution, coroporations, D.C., debt, Debt Clock, democracy, Democrats, Dennis Kucinich, drones, due process, Emperor Palpatine, entertainment, evil, faction, Family Ties (TV show), Federal Reserve, finance, Founder's Almanac, George Washington, government, Greek, H.L. Mencken, Heritage Foundation, history, illegal, insurance, interest, libertarian, libertarians, Liberty, lies, media, Medicaid, Medicare, military-industrial complex, Minority Report, money, Obama, ObamaCare, office, P.J. O'Rourke, parasites, Parliament of Whores, political parties, political theory, politician, politics, poly, ponzi scheme, Presidency, Rand Paul, Republican, Ron Paul, Ronald Reagan, Rush Limbaugh, Social Security, special interests, States, stupidity, tariffs, taxes, television, terrorists, the children, The People, three branches, ticks, War, Washinton, welfare

“Politics” comes from ancient Greek roots.  “Poly,” of course, means “many” and “Ticks” are little blood-sucking parasites.  Thus, “politics” means: many little blood-sucking parasites.  I really wish I could attribute that definition to my own genius but I feel overly honest today.

palpatine

(Emperor Palpatine, the ultimate politician. Source: Google Images.)

Wikipedia says “politics” is  “the art or science of influencing people on a civic, or individual level…”  See: http://en.wikipedia.org/wiki/Politics. 

I have studied politics (formally and informally) since around 1980.  In those days, everyone in the South tended to be Democrats, party-wise.  My parents were proud Democrats at the time and were horrified when Ronald Reagan won the Presidency.  I watched on.  As the years progressed, I decided I was a “conservative” and, therefore, a Republican, much like Reagan. 

I watched Family Ties back then and might have been influenced by the antics of Alex P. Keating.  Then came the Rush Limbaugh era; I listened everyday after high school while working as a runner for a local law firm.  I knew Rush was right.  Well, something in my subconscious had doubts.  In college I drifted into libertarian thought and have remained there ever since.  As the years pass I become closer and closer to a full-blown anarchist. 

During this time, while I descended from a believer in minimal government to a dreamer about no government, reality took a turn for the worse.  The whole of my dear country seems to have gone the other way!  Whereas we had a big government when I was a child, now we have a GIGANTIC monstrosity of a government that seems to grow geometrically ever second.

Hence my disconnect from the world of practical politics.  It is patently obvious that there is no discernible difference between the two major parties in America – they both lead to bigger and more controlling governance.  Over the years I supported several politicians in various ways – both Republicans and Libertarians (I have Democrat friends too).  My support usually faded away with my short, rambling attention span.  I have never been a member of any party. I am proud of that; I hate political parties.

Deer Ticks (file/credit: Getty Images)

(Politicians soliciting contributions.  Google Images.)

In his Farewell Address to the nation, President George Washington devoted nearly two pages to warning the people about party politics.  He began: “Let me now take a more comprehensive view, and warn you in the most solemn manner against the baneful effects of the Spirit of Party, generally.”  Thereupon he listed the many dangers of “faction” at the expense of Public Liberty.  He closed with a thought on excessive party politics: “A fire not to be quenched; it demands a uniform vigilance to prevent its bursting into a flame, lest instead of warming it should consume.”  See: The Founder’s Almanac, pp. 309 – 310, The Heritage Foundation, Washington 2002.  Given Washington’s fame and standing you would think more people would have listened; they did not and American “democracy” became an all-consuming conflagration.

H.L. Mencken wrote in the Minority Report (1956): “Under democracy one party always devotes its chief energies to trying to prove that the other party is unfit to rule – both commonly succeed, and are right.”  Mencken defined “democracy” as “the theory that the common people know what they want, and deserve to get it good and hard.”  Every election since has proved him right on both counts.

The most excited I ever got about any election(s) was in 2008 and 2012 supporting Ron Paul.  I knew then Dr. Paul was an anomaly in American politics.  My fellow citizens chose a different path and now Dr. Paul is retired.  With him, at the end of 2012, went Rep. Dennis Kucinich.  Washington is now devoid of any statesmen whatsoever and the only small impediments to Total Government are gone.  I would like to believe Dr. Paul’s son, the other Dr. Paul, will follow in his father’s hallowed footsteps; I don’t think it will happen.

I have decided to waste no more time following the stupidity (which worsens daily) of field level politics.  My personal academic concentration is now centered on political theory or philosophy and the history thereof.  A good friend of mine says that America is finished, like a $500 car in need of $5000 worth of repairs.  For our generation I fear he may be on to something.  Still, I hold some hope for the future.

My fledgling professional academic career is and will be focused on educating younger persons about the mistakes of faith in politics and government, the evils resulting from such faith, and alternatives to the status quo.

Perhaps the most honest book ever written about American politics is Parliament of Whores by P.J. O’Rourke (1991).  The title says it all.  Inside the reader will discover, among many other witty things, a whole section of chapters entitled, The Three Branches of Government: Money, Television and Bullshit.  Perfect.

Government and politics in general, particularly in America, really do center on O’Rourke’s three “branches.”

Money in politics is not necessarily the root of all evil, but it certainly is the tool of all evil in politics.  It takes a lot of money to get elected to national or state office in the first place.  Savy politicians set up campaign funds legally designed to break or sidestep any campaign finance laws in the way.  Then the ticks turn around and suck blood from any source to fill their funds.  Sometimes they contribute a little of their own money but most of it comes from “donors.”  People all over give a little here and there to help some bozo get elected; once elected the bozo ignores the little people.  The big bucks come from the special interest groups, they get the politician’s attention post-election.

Money flows into Washington, D.C. and the several State capitals by the dump truck load.  Giant corporations and the super rich constantly brib ..er.. give to elected officials in all kinds of ways.  Sometimes they support a pet project of the tick’s (charity, etc.), sometimes they provide booze and hookers, they give kickbacks and favors, and sometimes they just give plain old cash in brown- paper grocery bags.  The amount of money flowing into the Capital is astounding, but it pales in comparison to the money flowing out.

This year, like last year, the federal government will spend something like 3.5 Trillion dollars per its official “budget.”  I just put “budget” between quotation marks because Congress hasn’t put forth an actual budget, as required by the Constitution, in years.  Alarmingly, the vast majority of federal spending is on UnConstitutional programs.  The government spends a huge percentage of that money out of debt.  Fully a third of the budget is borrowed these days.  Check out the U.S. Debt Clock for a good fright: http://www.usdebtclock.org/.  In fact, I believe the borrowed sum exceeds the amount paid by individual taxpayers.  Corporations also pay for a larger portion of the budget than do the individual taxpayers.  However, as with any business expense, corporations pass their taxes along to customers via higher prices for their goods and services.  So the People ultimately pay those taxes as well.  Aaaaand, guess who guarantees the huge debts run up by the ticks?  Yes, taxpayers again.  So, Ma and Pa America have to pay for all the illegal, unnecessary spending of the government, even when they receive no representation for their money.

Like I said, most government programs are not grounded in the Constitution and are therefore illegal.  Of the $3.5 trillion spent, Medicare and Medicaid get about $800 billion.  They are not in the Constitution.  Social Security, the third rail of tick-dom, gets a similar amount.  Not in the Constitution.  Our never-ending, foreign, undeclared wars of aggression get a slightly smaller amount.  Being undeclared and indefensible, they to are also illegal.  The total of interest on the national debt, federal pension costs, and various welfare programs get a similar amount of funding.  Like undeclared warfare, specific welfare is also illegal.  As none of the programs are needed there is no need for all the federal employees vested in those pensions.  If the government didn’t spend so damn much money there would be no debt and, thus, no interest.  The “legitimate” functions of the federal government are mostly unnecessary anymore, and those that are should really only cost us a few hundred billion dollars per year at most.  That could easily be covered by tariffs and import fees – as the government was supposed to be funded and was funded for years without trouble.

I could go on and on with the money stuff but we still have television and bullshit….

Television is really representative of all major media, both news and entertainment, in this nation.  Whether you get your news on TV, from the radio, or from a print medium, it’s all the same.  The government puts out a line of crap and the media runs with it.  Very seldom in America are we treated to any critical reporting anymore.  Remember those special interests?  They own the media nearly completely.  Towing the line is part of the overall scheme.

This scheme extends into non-news entertainment.  Reality shows, pro sports, pop music and other trivial pursuits are the modern bread and circuses of Amerika.  While you drunkenly watch 300-pound men decked out in pink play with a ball, the government is stealing you blind and destroying your country.  The ticks laugh at you too.

Bullshit.  It’s a crude term but it accurately describes everything I’ve been writing about.  It’s also all you ever get from the government.  Mostly everything you hear, see, or read from the government or its pet media are outright lies.  Very little the ticks do is honest or important so they have to concoct wild stories to get you to go along – provided you even pay attention, most people do not.  For instance, when Washington goes to war the ticks always say it’s over something noble like “keeping the world safe for democracy” or “fighting the ‘terrorists’.”  Saying they want to keep profits high for the military-industrial complex (a special interest) doesn’t sound as good.  When President Obama announced ObamaCare, he didn’t say he wanted windfall profits for the insurance and finance companies of America (special interests).  He said it was all to help the children, or the less fortunate, or you and me.  Bullshit!

And when the government and the ticks tell the truth, it’s truly frightening.  The Whitehouse says it will use drones to kill Americans without Due Process.  You better believe they will!  When Congress authorizes an illegal ponzi scheme like Social Security or an illegal monopoly like the Federal Reserve (the biggest special interest of all), they do so openly and with impunity. 

My point is … well, I’ve already made it – I do not like modern, practical politics and for good reason. 

The next time you come into contact with a tick, instead of giving it money and voting it into office, get out the tweezers and the alcohol.  I’m Perrin Lovett and I approve this message.

Perrin Lovett

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