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.

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.

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.

I'm so out of touch with this. Is there going to be a court case to see if this is an illegal takings?

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.

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.

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.

Thanks. I am in my "shrug job".

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.

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.

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.

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."

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.

If you are still enjoying what you do then you should keep on doing it. Our focus should be on our own life, liberty and pursuit of happiness. IMO.

Things are definitely not that bad for me yet. Maybe it's not quite time to shrug. I feel kind of like Dagny.