What prompted you to shrug?

Posted by $ jbrenner 11 years, 11 months ago to The Gulch: General
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I have not officially shrugged, but I think I'm ready to do so, at only 47 years old. I have sold off two startups. One was an alternate to the EPT pregnancy kit. The second was a biofuels to chemicals company.

I am a professor at Florida Tech in chemical and biomedical engineering, and have founded a nanotechnology minor program. I enjoy my work thoroughly. Florida Tech is a private, non-tenure-granting institution, and is probably as close to the Patrick Henry University as one will get nowadays.

Nonetheless, after completing my taxes yesterday, I realized that I have not gained on retirement since 2000, at which time my wife and I were in our mid 30's and almost millionaires.

If I didn't like my current position so much, it would definitely be time to shrug.

In my mind, there is no country out there, including America, that embodies Galtish values. I think my tipping point was when the Obama administration "offered" them $225 for $100000 of GM bonds back in 2009 during the Cash for Clunkers union bailout at bondholder expense.


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  • Posted by $ Susanne 11 years, 11 months ago
    Its really simple. If you no longer love what you do, or the conditions that doing what you love to do are impossible to uphold, or you have to sell out to do it, then you need to do something else. At that point, it's not only morally right to shrug, it becomes a matter of personal survival. Otherwise, you will never be able to look in a mirror, point a finger at your own face, and say "What you do... is good."
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    • Posted by $ 11 years, 11 months ago
      I enjoy what I do and am reasonably compensated for it. I could earn much more in industry. Perhaps I am already in my "shrug job". My biggest concern is that I am getting no closer to retirement.
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      • Posted by $ Susanne 11 years, 11 months ago
        I'm lucky - I have 2 occupations I love, one with a company I've been with for some 3 decades that just put me in another division, in a totally (to me) new field (and sending me to school as well - pretty cool benefit!) and my own business whith is taking off. Whats amazing is the opportunity given in the "old" job may dovetail into *my* business... which is totally sustainable both in a shrug situ and an a grid down one.

        For me - Retirement is somewhat of a misnomer, because it is the opportunity to put more time into *my* business,... the traditional "sit on ones laurels and collect free money" retirement model scares me - if I'm not producing, not contributing, not challenging (and being challenged) then, well, to me, that's the end, mate, and you may as well grab the shovel and start digging.

        Even tho his field was totally different than either of mine, one of the pivotal books I ever read (other than AS) was "the Romance of Commerce" written by H.G. Selfridge - his love for his field and his ability to produce comes through in his writing, and is inspirational to say the least.

        Those who do what they love, and love what they do, have a live-giving sense of fulfillment that you can't match anywhere... and makes the difference between a prodcer mindset and a moocher mindset.
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        • Posted by $ 11 years, 11 months ago
          I made a comment including the word retirement earlier. I never planning on fully retiring, but there will be a time when my body will not be able to do nearly as much as it can now. I plan on supporting myself through my earlier and current work, and I am not planning on taking Social Insecurity or Mediscare/Obam(no)care.
          I already have some health problems, and I have lost a lot of income during my prime earning years because of the policies of both Republicans and Democrats.
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  • Posted by LionelHutz 11 years, 11 months ago
    There have been several events that clued me in that something was rotten. Roughly in order:

    a) Gulf War I was achieved without any tax hikes.
    b) Analysis of Social Security continually showed the program would go bankrupt, but the masses of Americans clearly would not accept its disbanding.
    c) The Congress and the public at large viewed President Clinton's scandals as unworthy to merit their attention until semen entered the picture. Clinton's second election.
    d) My company opening a gym and offering its use to employees for a fee. How much was the fee? That depends on how much money one made. When I replied "This is Marxism", I got mostly blank stares. One person commented that it seemed fair because that's the way Planned Parenthood operates.
    e) Digitization and harmonization of drivers licenses among states. Setting up of traffic cameras everywhere that could decode a car's license plate. Discovery that vehicles could be tracked via OnStar or via toll transponders that in many areas became manadatory.
    f) The move to drive as many financial transactions as possible away from cash and checks, in favor of debit/credit cards. The erecting of FINCEN which made banks file federal paperwork every time significantly large cash withdrawals were made.
    g) Supposed at-the-moment drafting of the 300+ page US Patriot Act within a month after the Sept 11 attacks, and subsequent passage with just one representative voting against it.
    h) Echelon, TIA, PRISM
    i) Obama's second election.

    I could go on. These are just the highlights that pop into my head given five minutes of thought.
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    • Posted by $ 11 years, 11 months ago
      Several years ago I wrote a speech on all the things wrong with the Bush and Obama administrations. Entire books could be written on the subject. Obama's administration is AS's Thompson administration.
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  • Posted by hrymzk 11 years, 11 months ago
    In the real world, you have to find the best Shrug you can.
    Find another state with an equal educational establishment. One of the other seven states that doesn't have a state income tax. One that
    doesn't have Fla's corporate income tax..
    Take up a new endeavor. Investing. Where the capital gains tax is much less than income tax.
    Harry M
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    • Posted by $ 11 years, 11 months ago
      At Florida Tech, I have no state income tax, and I am at a PRIVATE, NON-TENURE-GRANTING university. If I were to start my own university, it would be much like the one I am at. I really have a dream job for a "shrug job". Other than the fact that I could easily start very profitable businesses in a Galtish world, I certainly have a lot less to complain about than most people. Moreover, I have done very well on my investments, particularly AOL in the 90's.
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  • Posted by CircuitGuy 11 years, 11 months ago
    " I think my tipping point was when the Obama administration "offered" them $225 for $100000 of GM bonds back in 2009 during the Cash for Clunkers union bailout at bondholder expense."
    I'm not knowledgeable about the details of the bailout. Would bondholders have received more in a standard BK? I know bondholders are pretty high up on the list of people to get paid, but I don't know what GM's situation was.
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    • Posted by $ 11 years, 11 months ago
      Indeed bondholders are supposed to get the first proceeds from bankruptcy proceedings. Instead union employee and retiree benefits packages received priority, and my parents received a letter threatening them pre-emptively if they did not choose to accept the $225 offer for $100000.
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      • Posted by CircuitGuy 11 years, 11 months ago
        I'm so out of touch with this. Is there going to be a court case to see if this is an illegal takings?
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        • Posted by $ 11 years, 11 months ago
          There certainly could have been, but my parents decided that $100 K was a small enough percentage of their 3 million dollars that a lawsuit probably wasn't worth it, especially given that the government would have unlimited resources to go against them.
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          • Posted by CircuitGuy 11 years, 11 months ago
            I wonder if there could be a class action law suit. I understand how the gov't could bail them out and give the bondholders what they would have gotten in BK. If the gov't's handing out money, they can hand it to whomever they like, but it seems illegal to nullify a legal contract after the fact-- it seems like a takings.
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            • Posted by $ 11 years, 11 months ago
              Undoubtedly, it is illegal, impeachable in fact. However, after my two experiences as a juror in which lawyers ran roughshod over doctors in two medical malpractice suits, I am convinced that the courts are as bad as in the Hank Rearden case.
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  • Posted by $ WillH 11 years, 11 months ago
    I found AS at a time when I was a junior executive at a household moving corporation. The finding of the novel combined with these factors at the time:

    1. The company had “unofficially” adopted a compulsory charity donation system for all salaried people in which the amount paid increased the more you made. They even called it a “fair share” donation.
    2. My wife was practicing infidelity with members of her own sex with the attitude that she was being brave in living out “who she really was” regardless of the fact we had a child.
    3. I realized that society as a whole was beginning to agree with her.
    4. I was bringing home less money than hourly people who, on paper, made less than me due to taxes.

    I left that life and wife. I live now in a different state, am married again, make a third of what I did, and paid less than 2% in annual taxes.
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