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Thursday, December 4, 2014

Bubba on High Finance


I was watching the National News tonight (as I always do) and heard about the government and AIG. Genny was walking by and made a comment about being in distress and said I wonder if they will buy me out. I said baby, I agree with what you are saying but this one is different. In those other cases you have heard about lately the government purchased what they knew was bad paper (defaulted loans) but in this case the government purchased 80% of AIG, so technically the government has a chance of eventually breaking even or making some money. That is a better deal for the taxpayer.
She said oh……and I was proud of having given my sweet britches some worldly knowledge on high finance, (you women need a man for that) and then my memory kicked in. Damn thing don’t usually work when I want it to.
Way back I think in the late 80’s or 90’s the IRS proved back taxes due to the sum of several million dollars by the owner of the Mustang Ranch in Nevada. I read all about this in the Reader’s Digest and as ya’ll know they are a step or two above the National Enquirer. For you folks that don’t know the Mustang Ranch did not raise horses. They were a legal (by the laws of NV) house of prostitution.
So anyway the government sized this business for back taxes (if you owe 2 million in taxes how much did you really make) and took over the operation while going thru the court system for collection of the tax debt. Long story short the government ran a very profitable business in the hole. No pun intended….. well maybe so. They ended up selling the Ranch in an auction and lost money on the collection.
Now Ole Bubba has years of experience studying overhead claimed on a many a different pricing proposals to provide services to the government. While not experienced at running a whore house I can imagine their overhead would be a lot less as it is not a resource one can wear out or overly use.
So now the government owning anything scares me more then all that bad paper. What’s the answer no bail out’s period. Suck it up and move on.
Comments?
Art Nalley
Redneck Heritage Network
@2008

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