Donald Trump and the meaning of small
Donald Trump got started in business in 1968 with a loan of $1 million from his father. He also inherited a big share of his father's $200 million net worth. While answering questions, Trump describe the loan as a "small loan." Adjusted for inflation, that loan would be about $6.8 million today.
H. Ross Perot borrowed $1,000 from his mother to start Electronic Data Systems in 1962. On the most recent Forbes 400 list of the wealthiest Americans, Trump is at 121st with an estimated net worth of $4.5 billion. Perot is at 129th with an estimated net worth of $4.1 billion.
If $1 million in 1968 was a small loan, how would you label a loan one one-thousandth that size in 1962?
BTW, neither of these men are qualified to be our nation's Chief Executive.
* * *
It wasn't just missing the team's charter flight to Miami that cost Houston Texan's quarterback Ryan Mallett his job. That was just the final straw. While his impressive physical skills will almost certainly get another NFL team to take a shot on him, given the dearth of quarterbacks that can play in the league, one has to wonder if he'll ever acquire the maturity required to be successful at it.
* * *
This is a bit lengthy, but well worth a read.
What do you think? I hope he booted the GF from his home at the same time.
* * *
Right as Leah Rehmini fesses up to Tom Cruise being one of the reasons she left the Church of Scientology, a Dutch court has revoked the tax-exempt status of Scientology in the Netherlands. The "church" calls the revocation of their tax-exempt status religious discrimination.
The issue revolves around their selling of courses and therapy were intended to generate profits. Wow, there's a news flash.
They should retitle L. Ron Hubbard's masterpiece as Nickel and Dimeanetics.
* * *
The news that ESPN laid off 300 employees is well-known. What's not in the public eye is the reasons behind the cutbacks. According to Business Insider, the network made two major strategic errors in planning and the combination is making it a necessity to try to trim costs.
Back in 2012 when the network negotiated a new per-subscriber fee of $6 from the cable providers, the providers at the time were guaranteeing ESPN 90% of their subscriber base. To get the higher fee, ESPN agreed to allow the networks to lower that percentage to 80%. This allowed the cable companies to start providing packages that did not include ESPN. This has caused their subscriber base to shrink, rather than continue to grow.
Combine that with the fact that ESPN clearly overpaid to purchase the rights to broadcast some sports (MLB, Monday Night Football and the NBA), and it's a prescription for failure.
Maybe they can right the ship.
* * *
Employees of REI, a retailer of outdoor equipment and clothing will all be doing something other than working on Black Friday this year. The company has decided it will not only not open on the biggest shopping day of the year, but it is giving all of its more than 11,000 employees the day off with pay.
What a refreshing change of pace. I also saw a notice that DSW, a big retailer of shoes has chosen to not open on Thanksgiving and to not open any of its stores before 7:00 a.m. local time on Black Friday.
This is a trend other retailers should jump on, rather than worrying on getting a jump on their competition.
* * *
As Jeb Bush continues to flounder in the polls among the candidates for the Republican nomination for the 2016 presidential race, he's released his plan to reform Social Security and Medicare on his website.
Under current law, the "full retirement age" increases to 67 in 2022. Bush proposes adding one month to that age each year thereafter. This would increase the full retirement age to 68 in 2034 and 69 in 2046. Given the forward progression in life expectancy this isn't a horrible idea. People would be able to continue to choose earlier retirement, but with a lower level of benefit payments.
He also wants to decrease benefits to wealthier recipients. I've been an advocate of means-testing benefits for ages. Charles Koch is 80. His brother David Koch is 75. Neither of them need Social Security benefits for any reason.
He also proposes a couple of intriguing changes. Eliminate the limit on what a recipient can earn from working after they begin drawing benefits, and further reduce benefits for early retirees. Then, for those who work beyond age 67, he proposes ending the 6.2% tax these workers pay into the Social Security system. It's an interesting notion.
Part of the problem with the Social Security system is that when it was created, there were 16 workers paying in for every one retiree receiving a check. That ratio is now around two workers to one retiree and it continues to narrow. This might make that worse, but it will also provide a strong incentive to retirees to keep earning and paying regular income tax.
* * *
There are reports that Kobe Bryant went on a tear at a preseason scrimmage at practice this past Sunday after some trash-talking by some of his younger teammates. He dropped four straight three-pointers and turned the score of the game around in an instant.
Maybe this is a sign that the "Black Mamba" is close to being 100% fit to play. Even as he enters his 20th NBA season, his physical gifts are apparently not completely gone. His competitive spirit and ability to elevate the level of the teammates on the floor with them may prove to be a big surprise for some NBA teams this season.
Go Lakers!!
* * *
The 20 year old Arizona State University student who posted this tweet was fired from her position as an intern at a company in Chandler, AZ.
She's apologized and deleted her social media accounts. 20 years old and this will follow her for the rest of her life.
When will people learn to think before they hit send?
H. Ross Perot borrowed $1,000 from his mother to start Electronic Data Systems in 1962. On the most recent Forbes 400 list of the wealthiest Americans, Trump is at 121st with an estimated net worth of $4.5 billion. Perot is at 129th with an estimated net worth of $4.1 billion.
If $1 million in 1968 was a small loan, how would you label a loan one one-thousandth that size in 1962?
BTW, neither of these men are qualified to be our nation's Chief Executive.
* * *
It wasn't just missing the team's charter flight to Miami that cost Houston Texan's quarterback Ryan Mallett his job. That was just the final straw. While his impressive physical skills will almost certainly get another NFL team to take a shot on him, given the dearth of quarterbacks that can play in the league, one has to wonder if he'll ever acquire the maturity required to be successful at it.
* * *
This is a bit lengthy, but well worth a read.
What do you think? I hope he booted the GF from his home at the same time.
* * *
Right as Leah Rehmini fesses up to Tom Cruise being one of the reasons she left the Church of Scientology, a Dutch court has revoked the tax-exempt status of Scientology in the Netherlands. The "church" calls the revocation of their tax-exempt status religious discrimination.
The issue revolves around their selling of courses and therapy were intended to generate profits. Wow, there's a news flash.
They should retitle L. Ron Hubbard's masterpiece as Nickel and Dimeanetics.
* * *
The news that ESPN laid off 300 employees is well-known. What's not in the public eye is the reasons behind the cutbacks. According to Business Insider, the network made two major strategic errors in planning and the combination is making it a necessity to try to trim costs.
Back in 2012 when the network negotiated a new per-subscriber fee of $6 from the cable providers, the providers at the time were guaranteeing ESPN 90% of their subscriber base. To get the higher fee, ESPN agreed to allow the networks to lower that percentage to 80%. This allowed the cable companies to start providing packages that did not include ESPN. This has caused their subscriber base to shrink, rather than continue to grow.
Combine that with the fact that ESPN clearly overpaid to purchase the rights to broadcast some sports (MLB, Monday Night Football and the NBA), and it's a prescription for failure.
Maybe they can right the ship.
* * *
Employees of REI, a retailer of outdoor equipment and clothing will all be doing something other than working on Black Friday this year. The company has decided it will not only not open on the biggest shopping day of the year, but it is giving all of its more than 11,000 employees the day off with pay.
What a refreshing change of pace. I also saw a notice that DSW, a big retailer of shoes has chosen to not open on Thanksgiving and to not open any of its stores before 7:00 a.m. local time on Black Friday.
This is a trend other retailers should jump on, rather than worrying on getting a jump on their competition.
* * *
As Jeb Bush continues to flounder in the polls among the candidates for the Republican nomination for the 2016 presidential race, he's released his plan to reform Social Security and Medicare on his website.
Under current law, the "full retirement age" increases to 67 in 2022. Bush proposes adding one month to that age each year thereafter. This would increase the full retirement age to 68 in 2034 and 69 in 2046. Given the forward progression in life expectancy this isn't a horrible idea. People would be able to continue to choose earlier retirement, but with a lower level of benefit payments.
He also wants to decrease benefits to wealthier recipients. I've been an advocate of means-testing benefits for ages. Charles Koch is 80. His brother David Koch is 75. Neither of them need Social Security benefits for any reason.
He also proposes a couple of intriguing changes. Eliminate the limit on what a recipient can earn from working after they begin drawing benefits, and further reduce benefits for early retirees. Then, for those who work beyond age 67, he proposes ending the 6.2% tax these workers pay into the Social Security system. It's an interesting notion.
Part of the problem with the Social Security system is that when it was created, there were 16 workers paying in for every one retiree receiving a check. That ratio is now around two workers to one retiree and it continues to narrow. This might make that worse, but it will also provide a strong incentive to retirees to keep earning and paying regular income tax.
* * *
There are reports that Kobe Bryant went on a tear at a preseason scrimmage at practice this past Sunday after some trash-talking by some of his younger teammates. He dropped four straight three-pointers and turned the score of the game around in an instant.
Maybe this is a sign that the "Black Mamba" is close to being 100% fit to play. Even as he enters his 20th NBA season, his physical gifts are apparently not completely gone. His competitive spirit and ability to elevate the level of the teammates on the floor with them may prove to be a big surprise for some NBA teams this season.
Go Lakers!!
* * *
The 20 year old Arizona State University student who posted this tweet was fired from her position as an intern at a company in Chandler, AZ.
She's apologized and deleted her social media accounts. 20 years old and this will follow her for the rest of her life.
When will people learn to think before they hit send?
posted by me at 4:43 PM
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