ELIZABETH WARREN

 Elizabeth Warren made news this week. That was her goal, apparently, because what she said made no sense:

1.    She said Elon Musk did not pay his fair share of taxes. Musk paid about half a billion and seriously disputes her claim. Facts don't matter.

2.    Grocery stores are responsible for the increase in prices on food. That is akin to blaming the thermometer for the temperature.

She has a net worth of about $9 million. Did that come from her Senatorial salary?

I don't know why the press pays attention to her.

BEWILDERED

When Jimmy Carter was President of the United States, you could buy a very nice new car for $5,500. That was up from $3,500 in 1972, four years before he won the election.

Going into 2022, the price of an average new car is about $45,000. Let’s make this simple for those of us who are thinking in terms of multiples--$4,500 to $45,000…10 times.

Meanwhile back in 1977-1981, the highest taxes for my clients who were high income, like physicians, was 70%. Interest rates hit 21% or more, inflation was even more than it is today, Americans were held hostage in Iraq, farmers were going broke (Willie Nelson started Farm Aid in 1985) and Jimmy Carter was bewildered. No idea what to do to make things better. 

That has, until now, earned him the title of worst American president.

An opinion on this stuff is like belly buttons, everyone has one, but think of the world to come—an average car will cost 10 times as much, say $450,000? Interest rates are low, so the inflation damage hurts retirees, those on fixed income and people with cash investments disproportionately. Instead of $10,000 an acre, Nebraska farm land will sell for $100,000 per acre. Our good friend Butch Shadbolt said that he never bought a piece of land that would “pencil out,” you had to believe in inflation.

Make your own conclusions about residential real estate and the stock market, not going there.

The real kicker is that with all the similarities to the late 1970’s and early 1980’s, the current president and his administration are bewildered. No clue what to do about 2 million illegal immigrants into South Texas. Maybe call them “undocumented” and that will help? No idea what to do about lawlessness in San Francisco (the DA will not prosecute for looting and shop lifting, so people grab a TV and run), Portland, Chicago, Baltimore…and so on.

My guess is that Jimmy Carter’s title of worst president is in jeopardy.

BARTLETT, NEBRASKA

My dad, Wally, would scoot his chair back and light up either a cigarette or a cigar, depending, to officially call an end to supper. It was after milking, so maybe 7:30 or 8:00. Time for a story.

He enjoyed telling stories that amused him which would, in turn, amuse me as the youngest member of the family. One of my favorites, first heard perhaps 70 years ago, was about a trip that ended safely at home on the farm, but had a stop in Bartlett, Nebraska, a small village of about 100+ residents on the edge of the Sandhills. Cattle country.

Wally and a couple of friends had been to the cattle sale barn in Burwell. They were on the hunt for steers to fill out their lots, had done well and were on their way home in the evening when they decided to stop at the bar in Bartlett to grab a few beers and maybe a cigar or two.

Bartlett was off the highway and as I remember did not have a paved main street. They headed west, the bar proved to be on the south side of the street, and without really considering alternatives, Wally turned across the street in the middle of the block and diagonally parked in front of the bar. Upon getting out of the car, they were greeted by an old pickup with a flashing red light and out of it got a Santa Claus-shaped lawman wearing a cowboy hat, bib overalls with a star pinned to the bib. He seemed upset.

“What you boys doin’?”

“We just stopped to get some beer and cigars.”

“You know you made an illegal turn to park?”

“Well, I didn’t think there was any harm and it was the quickest way.”

“Sure, the quickest way, but illegal. Where the hell you think you are, OUT IN THE COUNTRY?”

Every time he told that story, he would repeat the punch line, “…Out in the country?” in grand amusement.

Somehow, he escaped a ticket, but gained a favorite story. If you have a chance, visit Bartlett and see if they have paved main street and whether it really isn’t “Out in the country”.