• Krugminator2's Avatar
    12-14-2019, 07:52 AM
    So you are a troll. Neat. Very productive use of life. Anyways. Scoreboard.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-13-2019, 09:07 PM
    Yes. No property rights. No civilization. Property rights are the starting point of everything. No country has EVER, not one, come close to being successful that didn't have strong property rights. In fact, there is not one instance of any place in world history not being an impoverished hell that didn't have strong property rights. Do you want to know what causes poverty? Nothing. Nothing causes poverty. It was the natural state of the world for thousands of years. People lived short brutal lives before capitalism. Then when classical liberalism came to be in Western Europe and the US, poverty was alleviated to the point that it really doesn't exist in a meaningful sense today. Obesity is a far bigger problem among the "poor" in the US than starvation. If this chart, doesn't fundamentally change your mind, nothing will. There is no further point in engaging because you are an unreasonable person. This one chart will be my response going forward to any of your posts.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-13-2019, 06:18 PM
    Stealing is wrong. It is coercion. It is violence. People can repel force with force. Self-ownership is the foundation of all liberty. It is an axiom. You own your own life. You own the product of your labor and what you trade for. I would not be for slavery at any point. People cannot be property because that violates their self-ownership. The legitimate reason for the state to exist is to protect property rights. Ultimately the test if something is a good idea is if it works. My view of the world works. The United States, Hong Kong, Singapore, Western Europe work quite well. Your view where people are entitled to live off of others and people can't own property and capital is seen as evil doesn't work. Ever. Zimbabwe, Venezuela, Cuba, USSR,etc. You seem to want people to live as impoverished savages. Property rights are good morality, good in economic theory, good in practice. You could sum up civilization in two words. Property rights. They are the number one predictor of prosperity. No need to take my word. The world's foremost economist on developing countries concluded as much. https://www.reuters.com/article/us-global-landrights-desoto/property-rights-for-worlds-poor-could-unlock-trillions-in-dead-capital-economist-idUSKCN10C1C1
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-13-2019, 05:03 PM
    I support universal health care and safety net. Those are not rights though. I support those on utilitarian grounds. Freedom is the absence of coercion. Not getting food or water or housing is not being forcibly deprived. Nobody is keeping those things from people. You don't have the right to someone else's property. Given that you don't understand coercion, don't have opinions. Listen more. Write less.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-13-2019, 01:32 PM
    People have right to live independent of ability to produce profits. I have never heard even one person in my life argue otherwise. People can deny the government and call themselves sovereign citizens or whatever. They are crackpots. Government is a monopoly on force that is necessary to protect rights. I am dumber for having read the last paragraph.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-13-2019, 01:24 PM
    Free enterprise and capitalism are the same. But it really doesn't matter. Capital in bank account and a portfolio of stocks are always in use. Banks take deposits and lend money. It is how they make money. And that lending is how most people get houses. A portfolio of stocks affects a stock's price and determines how much capital can be raised if needed or how much it would cost to take the company private. Why wouldn't people with capital benefit the most? They took all the risk. They get all the downside if the bet doesn't work. The guy screwing a lugnut has no skin in the game. Your assumption seems to be making a capital allocation decision is somehow inferior to physical labor. The reality is very few people can make correct capital allocation decisions, which is why it pays so well. Warren Buffett should make a zillion times the average worker. There is one of him. And a zillion guys who can do physical labor.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-13-2019, 07:28 AM
    1. One person initiating force on another person to inflict harm. In a free enterprise system all transactions are voluntary. Any other system requires force and the denial of self-ownership. 2. No. 3. Yes. Hope that helps.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-13-2019, 07:26 AM
    Free enterprise and capitalism are the same thing. Vocabulary.com tells me so. https://www.vocabulary.com/dictionary/free%20enterprise No idea what your point is in the few paragraphs. No idea what hoarded capital is. It isn't something that exists in the modern day. I guess someone with a bunch of money buried in cans? Most people buy assets which or put money in a bank, both of which drive economic growth. How does purchasing power come about? Money is worth the goods and services you can buy with it. Production and innovation are primarily a result of capital reinvestment.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-12-2019, 09:38 PM
    I personally like the word capitalism just like the word speculation. But they basically are used as slur words. I saw a thing with Frank Luntz a few weeks back where he says economic freedom and free enterprise poll significantly better and should replace the word capitalism. Everything you said though is spot. Capital is just a component of free enterprise. It is unconsummed savings used to increase production and thus make consumers better off.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-12-2019, 07:10 PM
    I said 90%. A small percentage of the population has issues that can't be overcome. And there are some people who have medical bills that are devastating. To close opportunity gaps, I support having a school system and universal health care system to Singapore. You seem to think have parents who aren't fuck ups is some sort of advantage that needs to be "corrected". You can't correct that. Some parents will always be better than others. You seem to want to create an impossible equality. That lack of access to capital argument might be popular with few far left humanities professors but history shows it to be incorrect. A disproportionate share of small businesses are founded by immigrants with little to no start up capital. I live around a lot of Indian and Asian immigrants. You think they just a lot of money from inheritance and decided to move the US to open a dry cleaners. I was talking to a cigar store owner from India and asked him why he came to the US. And he was telling what a hell India is and how much opportunity there is here in comparison. There are tons of businesses that either have low/no start up costs or the starting capital can be attained through a loan. Getting a loan for a laundromat is not difficult. You want to know how much a Chik-Fil-A franchise costs? $10k. So nothing basically. It does require a lot of sweat equity. America can always do better in providing opportunity. Phasing out failing government schools in favor of a voucher system would be the biggest driver in providing more opportunity. But even now, the opportunity is still huge for anyone with slightly below average intelligence and above in the US.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-12-2019, 02:59 PM
    Coming from wealth is only a predictor of early life success. And to the extent it affects your life, it is more likely that wealthy parents are likely to be good parents and pass attitudes onto children that are useful for future success. On average a child of a doctor will be more successful than children of welfare moms because of parenting and environment not because the kids are getting money to earn interest on. Physically fit adults are more likely to have had physically fit parents not because of genetics and luck but because of attitudes passed on. Living below your means and a high savings rate are the best long term predictors of financial success. From shirt sleeves to shirt sleeves is a saying for a reason. Millionaire Next Door profiled people with net worth's over a million dollars in the 90s and refuted your entire world view. Even at the high end. the majority of people on the Forbes list earned their money without inheritance. One simple thought experiment makes it pretty easy to refute the inheritance argument. The country is 250 years old. If having money is the biggest predictor of making money, why are there no people on the Forbes list living off the interest of wealthy descendants from the 1700s? Every single person can become financially independent. If you live a frugal life and invest with a long enough runway you will have plenty of money. So why doesn't everyone become financially comfortable? In 90% of cases it is a lack of discipline and bad decision making. There is a thread right now about investing in silver in the Economic section of the site. That's just a bad decision. That isn't an opportunity gap or being born into wealth gap.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-11-2019, 02:42 PM
    Number of people who starved to death in 2019 due to capitalism in 2019: 0 Quite a remarkable feat. Out of hundreds of millions of people in countries like the United States and Western Europe zero people died because they couldn't produce something marketable. The people you are describing do not exist.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-11-2019, 07:18 AM
    Markets tend to reward virtue. Altruism is a vice. By taking care of themselves the corporate raider takes care of society at large.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-10-2019, 07:35 PM
    Corporate raiders are investors though. They are value investors. They are buying something for less than intrinsic worth and looking to unlock that value. The ability to liquidate a company is ultimately what tethers stock prices to reality. Most people don't realize Warren Buffett was a corporate raider. Sanborn Maps was one of his early companies he got on the board of and forced changes. Bershire Hathaway (the textile company) was an example of corporate raiding which he didn't break up and it turned out to be his number 1 worst investment ever. (The textile business went bust.) https://www.fool.com/investing/2016/10/05/warren-buffetts-worst-investment-of-all-time-will.aspx The Father of Value Investing and Warren Buffett's teacher, Benjamin Graham, basically popularized the idea of corporate raider. https://www.businessinsider.com/benjamin-graham-was-the-first-shareholder-activist-2016-6
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-08-2019, 09:32 PM
    Current inflation rate: 1.6% Would seem your statement is laughably untrue.
    5 replies | 1104 view(s)
  • Krugminator2's Avatar
    12-08-2019, 10:50 AM
    Krugminator2 replied to a thread MyPillow in Open Discussion
    I tend to think that is true. That said, I bought a Casper mattress a few years ago because constant advertisement caused me to research and am very happy with it.
    20 replies | 317 view(s)
  • Krugminator2's Avatar
    12-08-2019, 09:37 AM
    The SEC is a minefield. They have five of the top 10 or so teams. It makes no sense to penalize teams because of where they are located. I would eliminate these conference championship games because they often add a loss to already tough schedules. ESPN's computer rankings have Oklahoma number 9, despite winning the Big 12. Oregon as PAC-12 champ is 7th. http://www.espn.com/college-football/statistics/teamratings The Sagarin Rankings have Oklahoma 5 and Oregon 8. http://sagarin.com/sports/cfsend.htm
    11 replies | 158 view(s)
  • Krugminator2's Avatar
    12-07-2019, 11:19 PM
    Top 3 teams are probably pretty close. Whoever plays Oklahoma will have an advantage.
    360 replies | 7478 view(s)
  • Krugminator2's Avatar
    12-07-2019, 04:51 PM
    Not really. Obviously they give some consideration. They don't put Appalachian State in the mix. But they vastly underestimate play against quality opponents. Utah is maybe a top 15 team. They are roughly as good as Iowa. Had they beaten Oregon and Georgia lost they likely would have made the playoffs. Baylor is a top 20 team not a team they had a playoff chance. Alabama, on the other hand had small losses to LSU and Auburn. Alabama might be the 4th best team but they are 11 CFB rankings. ESPN's computer rankings have them better than LSU, even though they lost to LSU and have two losses. Minnesota was in the top 10 for a long time. Minnesota had one score wins against South Dakota State, Fresno State, Georgia Southern and Purdue. They are the 6th best Big Ten team but got overrated because they hadn't lost until late. They should have oddsmakers make the rankings. The winner of Memphis and Cincinnati is going to the Cotton Bowl. Cincinnati would be an even match up against Michigan State (6-6) or South Carolina (4-8).
    360 replies | 7478 view(s)
  • Krugminator2's Avatar
    12-07-2019, 03:12 PM
    College football needs to revamp rankings to put more weight on strength of schedule. The idea that Utah or Baylor or Minnesota should have ever been talked about as playoff teams or even top 10 teams is ridiculous. They have 1 win vs top 25 opponents. At the same time 3 loss teams like Auburn and Michigan are better than all three with stronger wins but are penalized for playing super tough schedules. The ESPN computer rankings are a much closer reflection of reality. http://www.espn.com/college-football/statistics/teamratings
    360 replies | 7478 view(s)
  • Krugminator2's Avatar
    12-07-2019, 09:40 AM
    Burrow will win. But OSU has the best player in college football Chase Young and Fields and Dobbins will be top 10 in voting. Bama and Clemson are the programs but OSU is a very close 3rd. Won a championship in 2014 and in contention every year.
    360 replies | 7478 view(s)
  • Krugminator2's Avatar
    12-06-2019, 11:38 PM
    LSU obviously has a case for number one based on resume. But OSU has three guys who will finish high in Heisman voting. OSU is one of the best college ever assembled. Doesn't mean they will win. But LSU doesn't much defense. Hard for a fair minded person to say they are better.
    360 replies | 7478 view(s)
  • Krugminator2's Avatar
    12-06-2019, 11:15 AM
    I could name dozen regulations off the top of my head that exist only so government can impose a burden on people with little benefit.. The only regulations that make sense are where you don't have clear property rights where someone can't easily be sued if they impose a cost. Environmental regulations are an example. No one owns the air. If someone pollutes chemicals it can be hard to prove someone is harmed on the individual level even if you know in aggregate people die. You probably need some minimal regulation in banking because people abuse leverage and have a taxpayer backstop with the Federal Reserve and deposit insurance. Those are the only examples I can think of. Regulating taxis would answer your first question. Cities restrict licenses which makes them worth hundred of thousands in big cities. They serve no purpose other than to limit competition. It costs $600k to get a license in Boston. Who is helped by that other than the monopolists who lobbied for it? Uber demonstrates you can get a cheaper, non-piss smelling ride without government. https://en.wikipedia.org/wiki/Taxi_medallion Drug laws whether for legal or illegal drugs. Tufts university estimates it costs $2.6 billion to get a drug through the FDA regulatory process. https://www.policymed.com/2014/12/a-tough-road-cost-to-develop-one-new-drug-is-26-billion-approval-rate-for-drugs-entering-clinical-de.html This causes huge costs which limits access to drugs and it also keeps good drugs off the market for longer than necessary. If a cholesterol drug saves 2000 lives a year but takes five more years to approve because of regulation, that means the government just killed 10,000 people. https://www.forbes.com/forbes/2011/0214/opinions-steve-forbes-fact-comment-fda-may-kill-millions.html#6ac5629a1bbc
    18 replies | 2962 view(s)
  • Krugminator2's Avatar
    12-05-2019, 01:18 PM
    So you think a lot of people are furious about doubling their money? A lot of mergers are a disaster and destroy value. Many create value. Charles Koch has built Koch Industries on successful mergers. He has created hundreds of billions of value to society as a result. But it wasn't a pump and dump. The stock rose and stayed high. The service he provided was a better allocation of resources for the owners of Cabela's and presumably society because trade is win-win.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-05-2019, 12:48 PM
    Right. That is why guys like Singer and corporate raiders or shareholder activists are so important. They provide a voice that otherwise doesn't exist with spread out shareholders and impose a discipline on business. Gekko very astute. See last point. I don't know anything about this situation. But often companies don't get bought out because that means redundant employees (namely management) get fired. You don't need two CEOs, two CFOs, etc. Boards are often just management cronies. People like to protect their jobs even if it is bad for the company.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-05-2019, 07:47 AM
    Have never heard of him until now but he looks like a pretty smart guy and someone who should be celebrated. Would make sense if previously expressed interest in buying Cabela's and had some reason for not doing. Not sure how Singer was necessary to make the process move along but maybe. If things buying his major competition is the right thing, then good for him. I didn't want to combine multiple posts like this post. More a general statement of the sentiment of this thread. That said, I would take slum lord as a compliment. I lived an apartment for a long time run by a slum lord. Paint completely peeled off the bathroom wall, ratty carpet, refrigerator that didn't work, linoleum that peeled up. Super cheap rent. $400/mo in a higher cost area. Was great for me at that point in my life. Slum lords and corporate raiders are heroes as Walter Block might say. https://www.psychologytoday.com/us/blog/defending-the-undefendable/201009/defending-the-slumlord
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-04-2019, 09:45 PM
    Wasn't tough. A quick Google search shows that there has only been one hedge fund bailout in history and that wasn't even a real bailout because investors in it lost basically everything. I don't even know how a hedge fund would get a subsidy. Very weird the hatred finance gets. I remember Ron Paul commending Mitt Romney's background. I guess this really is Pat Buchanan/Dotard Forums now.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-04-2019, 09:25 PM
    Number of bailouts taken by hedge fund managers in the last twenty years: Zero Amount of money Paul Singer has made from government bailouts: $0
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-04-2019, 09:21 PM
    Vulture capitalism isn't something that exists. It's a Bernie Sanders word. And Singer was involved in a mutually beneficial transaction. Bass Pro Shop made an offer for the company. The board of directors of Cabela's accepted.
    248 replies | 3600 view(s)
  • Krugminator2's Avatar
    12-04-2019, 09:12 PM
    Sorry. I thought this was libertarian forum. Perhaps I mistakenly believed property rights and voluntary transactions were a core part of that.
    248 replies | 3600 view(s)
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