I haven't mentioned WOITH member and Iowa congressman (and possibly Martian) Steve King in a while, although I could do so virtually any day.
He and his Fox News friends are at it again, this time over the new Obama administration's stance that insurers cover contrceptives as preventative care. A controversial position, but not exactly for the flat-earth reasoning of King. Check out the clip from this week's The Colbert Report:
http://www.colbertnation.com/the-colbert-report-videos/393824/august-03-2011/women-s-health-nazi-plan
I especially enjoyed Colbert's remark that a woman's health is a private matter between..... her priest and her husband! Satire is funnier when it's not so far from the truth.
While I'm at it, let me take this time to officially elevate his Tea Party mistress, Minnesota congressperson Michele Bachmann, to WOITH status. Her stance to not raise the U.S. debt ceiling is effectively saying it's better to have an international economic crisis than it is for the U.S. to pay the bills it has already incurred.
It's going to be fun having her around Iowa to campaign for president, telling everyone she would do the opposite of what Obama does without ever actually saying what she would do.
Friday, August 5, 2011
Thursday, July 28, 2011
More RAGBRAI Thoughts
Just finished another day on the Register's Annual Great Bike Ride Across Iowa (RAGBRAI). Just 60 miles this year, although the heat and headwinds made it seem a lot worse.
I blogged about RAGBRAI last year, with an explanation and series of observations on the 2010 ride.
http://streffblog.blogspot.com/2010/07/thoughts-on-ragbrai-2010.html
*Lots of loosely-organized biking teams go on the ride, and their names are usually pretty clever. Some of my favorite team names include Team Wasted Potential, Team Crackanoon, and Team TenderLoins, the perfect double-entendre for an Iowa ride.
*People who live in houses and towns along the route seem to love to be hospitable to the bike riders. It's kind of weird, but bikers basically get rock star treatment, as if the effort of simply biking long distances is worthy of that kind of thing.
*This may be related to the last item, but RAGBRAI riders spend a lot of money, and spend it in a generous way. Obviously, they have to eat and drink a lot to refuel. But given the choice of buying something from a charitable organization or buying from a corporate organization, they will usually buy from the fund raising entity.
*Some riders think they're funny when they wear something unusual, but they aren't. Believe me, every accessory has probably been seen before, whether it be crazy socks or something stuck in a helmet. It basically identifies first-time riders, and it's mostly lame.
*Speaking of food and charities, last year I lamented on the lack of pie on the ride, something that used to be a staple of every church lawn on the route. This year I did find some pie, but it was company vendored pie, at $3 per slice. Still couldn't find the good old fashioned church-lady kind for a buck or two. Thus officially ends the era of the church-lady RAGBRAI pie.
RAGBRAI is still as much fun as you can have on a day-long bike ride.
I blogged about RAGBRAI last year, with an explanation and series of observations on the 2010 ride.
http://streffblog.blogspot.com/2010/07/thoughts-on-ragbrai-2010.html
*Lots of loosely-organized biking teams go on the ride, and their names are usually pretty clever. Some of my favorite team names include Team Wasted Potential, Team Crackanoon, and Team TenderLoins, the perfect double-entendre for an Iowa ride.
*People who live in houses and towns along the route seem to love to be hospitable to the bike riders. It's kind of weird, but bikers basically get rock star treatment, as if the effort of simply biking long distances is worthy of that kind of thing.
*This may be related to the last item, but RAGBRAI riders spend a lot of money, and spend it in a generous way. Obviously, they have to eat and drink a lot to refuel. But given the choice of buying something from a charitable organization or buying from a corporate organization, they will usually buy from the fund raising entity.
*Some riders think they're funny when they wear something unusual, but they aren't. Believe me, every accessory has probably been seen before, whether it be crazy socks or something stuck in a helmet. It basically identifies first-time riders, and it's mostly lame.
*Speaking of food and charities, last year I lamented on the lack of pie on the ride, something that used to be a staple of every church lawn on the route. This year I did find some pie, but it was company vendored pie, at $3 per slice. Still couldn't find the good old fashioned church-lady kind for a buck or two. Thus officially ends the era of the church-lady RAGBRAI pie.
RAGBRAI is still as much fun as you can have on a day-long bike ride.
Wednesday, July 20, 2011
The Wimpiest Generation
So there's a heatwave gripping the Midwest. Near 100 degrees all week with stifling humidity. Can't walk three steps without somebody complaining about the weather and asking, "Is it hot enough for you?" Constant media alerts about the heat index, and how dangerous it is to be outside too long.
Gimme a break. Would somebody please tell me what the big deal is? (Alert: I'm about to go off on an "I remember when....." rant.)
When I was really young, heat like this didn't stop us from going outside to play all afternoon - and not at the swimming pool, either. We had no real alternative, other than watching soap operas on one of the three TV stations from which we could choose, but we did it without complaining. And we didn't stop every five minutes to take a drink either.
When I was a teenager, it was the same deal, except instead of playing outside I was doing farmwork outside. Day after day after day. It seemed like the hottest days were reserved for baling hay or straw (a task equally as itchy as it was hot). And we're not talking about the labor-saving round bales they make today, either. I mean the rectangular ones that you had to lift and stack. Of course, since we operated a livestock farm, if we had nothing better to do we could always haul manure (a task equally as smelly as it was hot). Oh, and we didn't stop every five minutes to take a drink then, either.
Needless to say, when I became an adult with a wimpy office job, I didn't complain about the heat. Still don't.
But the current city-fied, under 30 generation, now they are a different story. This is the sedentary generation, a group raised on cable TV and video games. Anything above a climate-controlled 80 degrees is enough for them to start bitching, maybe even take the day off. The media coddling doesn't help, alerting us to take breaks, stay indoors, and of course, make sure our pets aren't outside. (Somewhere up there, my old dog Teddy is shaking his head.)
I get that each generation lives better than the one before it, and I don't expect people to be outdoors if they don't have to be. But please, please stop complaining about the heat. It makes you and the country look like a bunch of wimps
Gimme a break. Would somebody please tell me what the big deal is? (Alert: I'm about to go off on an "I remember when....." rant.)
When I was really young, heat like this didn't stop us from going outside to play all afternoon - and not at the swimming pool, either. We had no real alternative, other than watching soap operas on one of the three TV stations from which we could choose, but we did it without complaining. And we didn't stop every five minutes to take a drink either.
When I was a teenager, it was the same deal, except instead of playing outside I was doing farmwork outside. Day after day after day. It seemed like the hottest days were reserved for baling hay or straw (a task equally as itchy as it was hot). And we're not talking about the labor-saving round bales they make today, either. I mean the rectangular ones that you had to lift and stack. Of course, since we operated a livestock farm, if we had nothing better to do we could always haul manure (a task equally as smelly as it was hot). Oh, and we didn't stop every five minutes to take a drink then, either.
Needless to say, when I became an adult with a wimpy office job, I didn't complain about the heat. Still don't.
But the current city-fied, under 30 generation, now they are a different story. This is the sedentary generation, a group raised on cable TV and video games. Anything above a climate-controlled 80 degrees is enough for them to start bitching, maybe even take the day off. The media coddling doesn't help, alerting us to take breaks, stay indoors, and of course, make sure our pets aren't outside. (Somewhere up there, my old dog Teddy is shaking his head.)
I get that each generation lives better than the one before it, and I don't expect people to be outdoors if they don't have to be. But please, please stop complaining about the heat. It makes you and the country look like a bunch of wimps
Wednesday, July 13, 2011
Bobby's Pledge (Part II)
Based on a segment in last night's show, I can only conclude that Stephen Colbert must be reading my blog.
http://caucuses.desmoinesregister.com/2011/07/13/stephen-colbert-weighs-in-on-iowa-marriage-pledge/
http://caucuses.desmoinesregister.com/2011/07/13/stephen-colbert-weighs-in-on-iowa-marriage-pledge/
Friday, July 8, 2011
Bobby's Pledge
A quick update for you on WOITH member Bob Vander Plaats, who now calls himself the chief executive officer of something called the Family Leader.
Bobby's latest venture is to ask all presidential candidates to sign a pledge to affirm support of personal fidelity to his or her spouse, oppose any redefinition of marriage, and appoint “faithful constitutionalists” as judges, (as opposed to unfaithful constitutionalists, I presume). This so-called Marriage Pledge will be a requirement for future endorsement by the Family Leader. You know, because as the Family Leader goes, so goes America.
Michele Bachmann immediately signed the pledge, solidifying her position as an incredible social conservative suck-up in Tea Party clothing. (May be redundant to say that.) Or, she may also be compensating for something else, there's really no way of knowing.
It's important to point out that this pledge only covers FUTURE events. So if you cheated on your spouse in the past, it's OK to sign the pledge. Newt Gingrich must be sooooo relieved.
It's also worth noting that Bobby is asking for a pledge of allegiance to him and his organization, not to God. So, we now can officially confirm it - he thinks he's God.
Bobby's latest venture is to ask all presidential candidates to sign a pledge to affirm support of personal fidelity to his or her spouse, oppose any redefinition of marriage, and appoint “faithful constitutionalists” as judges, (as opposed to unfaithful constitutionalists, I presume). This so-called Marriage Pledge will be a requirement for future endorsement by the Family Leader. You know, because as the Family Leader goes, so goes America.
Michele Bachmann immediately signed the pledge, solidifying her position as an incredible social conservative suck-up in Tea Party clothing. (May be redundant to say that.) Or, she may also be compensating for something else, there's really no way of knowing.
It's important to point out that this pledge only covers FUTURE events. So if you cheated on your spouse in the past, it's OK to sign the pledge. Newt Gingrich must be sooooo relieved.
It's also worth noting that Bobby is asking for a pledge of allegiance to him and his organization, not to God. So, we now can officially confirm it - he thinks he's God.
Thursday, June 30, 2011
How To Avoid Becoming Greece-y
This week there were riots in the streets of Greece, where people were protesting government austerity measures to keep the country from going bankrupt. Let's examine this.
These austerity measures had to be approved for Greece to get the last $17 billion of a $156 billion debt crisis relief package that was granted last year by its European neighbors - some of whom aren't in the best fiscal shape, either.
Most of the protesters were younger, in part because they may not be able to have the cushy life of their parents. To wit:
*There was a hike in the retirement age to 65 from as low as 61. (61! And this in a country where shorter workdays and 6 weeks of vacation annually are the norm.)
*There will be a 33% increase in gas, cigarette, and alcohol taxes
*There will be far fewer goverment jobs, and government health spending will decrease
To the poor people of Greece I say, Boo Freaking Hoo. You brought this on yourself, kicking the can down the road for decades. You knew your government-funded lifestyle was unsaustainable, you just didn't have the guts to do anything about it. Or maybe no one was showing up for work to vote on changing things.
The thing of it is, America may not be so far behind. We've been kicking the can down the road for years, too, not fixing our own fiscally unsustainable social programs.
So let's learn from Greece's mistakes. They are in for a big-time recession now. But if we implemented some of their other austerity measures, it could help avoid that. For example, beyond reforming their version of social security, they are cutting education spending by closing or merging schools. We can and should do that, notably here in Iowa, where some entire school districts have under 100 high schoolers.
Let's do something now, to keep Uncle Sam from becoming Greece-y.
These austerity measures had to be approved for Greece to get the last $17 billion of a $156 billion debt crisis relief package that was granted last year by its European neighbors - some of whom aren't in the best fiscal shape, either.
Most of the protesters were younger, in part because they may not be able to have the cushy life of their parents. To wit:
*There was a hike in the retirement age to 65 from as low as 61. (61! And this in a country where shorter workdays and 6 weeks of vacation annually are the norm.)
*There will be a 33% increase in gas, cigarette, and alcohol taxes
*There will be far fewer goverment jobs, and government health spending will decrease
To the poor people of Greece I say, Boo Freaking Hoo. You brought this on yourself, kicking the can down the road for decades. You knew your government-funded lifestyle was unsaustainable, you just didn't have the guts to do anything about it. Or maybe no one was showing up for work to vote on changing things.
The thing of it is, America may not be so far behind. We've been kicking the can down the road for years, too, not fixing our own fiscally unsustainable social programs.
So let's learn from Greece's mistakes. They are in for a big-time recession now. But if we implemented some of their other austerity measures, it could help avoid that. For example, beyond reforming their version of social security, they are cutting education spending by closing or merging schools. We can and should do that, notably here in Iowa, where some entire school districts have under 100 high schoolers.
Let's do something now, to keep Uncle Sam from becoming Greece-y.
Friday, June 24, 2011
Insurance = Bad Investment
From time-to-time, I get asked about the biggest or most common investing mistakes. Somewhere at the top of my list is this - insurance is a bad investment.
Don't get me wrong, insurance is absolutely necessary for asset protection. But many people go well beyond that, drinking the insurance agent Kool-Aid that it should also be used as an investment. Of course, the insurance agent makes a much larger commission then, but pay no attention to the man behind the curtain!
A primary example of unnecessary insurance is a variable annuity. (I could also pick on universal / cash value life insurance, maybe another day.) Variable annuities are insurance contracts that claim to offer a ‘guarantee’ that investors will earn something like 5% or more annually, regardless of market performance. In theory, even if the market value of the account drops, you will still be ‘earning’ 5%. Sounds great, right? With a closer look, most people won’t think so.
First off, the ‘guaranteed’ return is actually based on a hypothetical (not actual) account balance. This hypothetical balance is the minimum basis for a small annual amount that may be accessed prior to death. But to take full advantage of this ‘guarantee’ you have to keep your money tied up for a very long time – in many cases for 10+ years – and you lose the ‘guarantee’ altogether if you make excess withdrawals prior to then.
During this entire period, you are paying dearly for that ‘guaranteed’ return. The additional charges can be 1%-2% or more every year on top of the annual fee, regardless of whether you ever use the benefit. That’s in addition to the 1%-1.5% per year charge for administrative fees. And that’s in addition to the management fees of 1%-2% paid to the people running the actual investment sub-accounts. All in all, you could be facing annual fees of 3%-5% per year or more! That’s a real reduction in invested funds, as compared to the hypothetical ‘guaranteed’ return.
Finally, there is a low probability of needing the ‘guarantee’ in a variable annuity. Insurance companies know history, and historically, these products benefit the insurer. If a person desires a guaranteed lifetime income stream, this can be done far more efficiently and inexpensively through a basic fixed annuity.
So why are variable annuities sold? Because insurance companies make huge profits on these products, and in turn pay high commissions to the brokers who sell them. And while they are very complicated products – many people who market them don’t even know how they work – they are easy to sell to unsuspecting investors. Insurers and their salesmen know that in the current economic environment, people are scared, making them easy prey to purchase anything that looks like a guarantee.
Don’t let pricey gimmicks distract you. The expense of a variable annuity will produce a significant drag on performance each and every year. Your funds will be much better off in a low-cost, properly managed investment account. It may not be flashy, but it works, while allowing you to maintain control and flexibility over your money.
Don't get me wrong, insurance is absolutely necessary for asset protection. But many people go well beyond that, drinking the insurance agent Kool-Aid that it should also be used as an investment. Of course, the insurance agent makes a much larger commission then, but pay no attention to the man behind the curtain!
A primary example of unnecessary insurance is a variable annuity. (I could also pick on universal / cash value life insurance, maybe another day.) Variable annuities are insurance contracts that claim to offer a ‘guarantee’ that investors will earn something like 5% or more annually, regardless of market performance. In theory, even if the market value of the account drops, you will still be ‘earning’ 5%. Sounds great, right? With a closer look, most people won’t think so.
First off, the ‘guaranteed’ return is actually based on a hypothetical (not actual) account balance. This hypothetical balance is the minimum basis for a small annual amount that may be accessed prior to death. But to take full advantage of this ‘guarantee’ you have to keep your money tied up for a very long time – in many cases for 10+ years – and you lose the ‘guarantee’ altogether if you make excess withdrawals prior to then.
During this entire period, you are paying dearly for that ‘guaranteed’ return. The additional charges can be 1%-2% or more every year on top of the annual fee, regardless of whether you ever use the benefit. That’s in addition to the 1%-1.5% per year charge for administrative fees. And that’s in addition to the management fees of 1%-2% paid to the people running the actual investment sub-accounts. All in all, you could be facing annual fees of 3%-5% per year or more! That’s a real reduction in invested funds, as compared to the hypothetical ‘guaranteed’ return.
Finally, there is a low probability of needing the ‘guarantee’ in a variable annuity. Insurance companies know history, and historically, these products benefit the insurer. If a person desires a guaranteed lifetime income stream, this can be done far more efficiently and inexpensively through a basic fixed annuity.
So why are variable annuities sold? Because insurance companies make huge profits on these products, and in turn pay high commissions to the brokers who sell them. And while they are very complicated products – many people who market them don’t even know how they work – they are easy to sell to unsuspecting investors. Insurers and their salesmen know that in the current economic environment, people are scared, making them easy prey to purchase anything that looks like a guarantee.
Don’t let pricey gimmicks distract you. The expense of a variable annuity will produce a significant drag on performance each and every year. Your funds will be much better off in a low-cost, properly managed investment account. It may not be flashy, but it works, while allowing you to maintain control and flexibility over your money.
Subscribe to:
Posts (Atom)