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Ben Stein's Diary
House Broken
Amid the gloom, German short-haired pointer rescuers come to the rescue. From our last issue.
(Page 3 of 3)
Sunday
Yea! Big day! A lovely family from
Redlands brought over my new dog. They are German short-haired
pointer rescuers and they came over with a beautiful eight-year-old
girl with almost all white fur and lots of adorable liver-colored
spots. She could not be sweeter. She is a bit fat and I have a hard
time lifting her up, but I love her like mad. She follows me
wherever I go and I just love her to pieces. Her name is Julie and
I love her. So, that’s good news.
Wednesday
I am still seething about the
economy, but I am just tickled pink (as my mother used to say) with
my Julie. She follows me everywhere. She sleeps next to me.
Sometimes when I am lying in bed, she will lie down between my feet
and just look at me, Sphinx like. She is my dream dog. The other
dogs, Cleo, Zelda, and Mopsy, are not happy about all of the
attention my Julie gets, but they are getting used to it little by
little. When they are unhappy, they show it in the usual way dogs
show it—by urinating indoors. This is very basic and it’s
something politicians and journalists do, too.
Mammals use their excretory functions to express unhappiness. That’s basic. Just watch MSNBC.
Or anywhere else.
Thursday
A few more respectful words about
the economy: the postwar American economy was based on many
pillars, but two of the main ones were (1) Inflation in housing
prices, providing a predictable source of capital growth for
ordinary families, and (2) Economic growth which would lift all of
the boats except the ones that are under water (to coin a phrase of
my father’s).
Now, we have neither. Growth for the last many years has been pitiful. The recession has both hurt growth and been a symptom of the lack of growth. In manufacturing, we run up against the double brick walls of China and our own demographic problems. We are not assured of growth bailing us out in the future and this is terrifying. As to housing, it’s a mess, and while housing cycles come and go, and this one probably will enter a price rebound phase at some point too, the drop has been so horrible this time that it has devastated banks and all other lenders and, far more important, ordinary citizens. This has been a true blow for way too many decent people. What we do about it is unclear, but all of us—especially me—have to be much more careful about our housing spending from now on. (I am probably the worst offender in the country.) But this in turn will inhibit recovery.
The good thing we have going for us is called “recession fatigue,” which means that after a time, Americans get sick of caution and go out and spend again, and this helps a great, great deal. This “recession fatigue” may well be what turns the trick to actually end the darned thing.
In the meantime, I see that Mr. Obama is attacking the oil companies again and wanting to tax them more. This makes no sense at all. Oil is America. Oil is a great, high energy relative to weight and density fuel. It doesn’t leave radioactive waste. The oil companies are owned by all of us in our retirement accounts. The workers at the oil companies are our neighbors and friends. The oil companies are not owned by neo-Nazis. They are owned by us. Why on earth would we single out the most productive, most necessary of American enterprises for punishment? It just makes no sense at all.
I’ll speak to Julie about it.
About the Author
Ben Stein is a writer, actor, economist, and lawyer living in Beverly Hills and Malibu. He writes “Ben Stein’s Diary” for every issue of The American Spectator.
Letter to the Editor View all comments (37) | Leave a comment
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Bill Hussein O'Stalin| 12.2.11 @ 8:32AM
Mr. Stein, you are a lucky man but you have a blind spot.
You claim someone like Warren Buffet is a great investor, etc., but the fact is 25% of his wealth was saved by the U.S. taxpayers courtesy of TARP. It's hard to estimate how much more he makes in insurance products due to irrational government regulations and laws.
What irks me the most about him is that he claims his taxes are too low. Nothing prevents him from donating 10 billion to the government today. Instread he started a charity which protects his assets from the government.
However, I continue to wish you more luck, because luck is simply hard work.
A Smarter Guy| 12.2.11 @ 12:27PM
Mr. O'Stalin -
Your solution is nonsensical. Even if Mr Buffett paid all his net worth to the US Treasury, it would make barely a dent in the US debt problem.
Zen Master| 12.2.11 @ 12:30PM
Mr O'Stalin, you sound like you are begrudging Mr Buffett's hard work in bending the world to his advantage.
You should wish him more luck, because luck is simply hard work.
Occam's Tool| 12.2.11 @ 6:53PM
Bill---or Warren's company simply PAYING its back taxes.
Stein---I just refinanced my house this year which I had bought in 2008, switching from a 30 year mortgage (with equity accelerator) at about 6.5% to a 15 year mortgage (with equity accelerator) at 4.625 %---it will be paid off in approximately 11 years now. Easy peasy.
Of course, my income is 50% HIGHER than my mortgage, because I'm not a Malibu Moron. May be that's why it was easy for me to get my house---3300 square feet, 5 bedrooms, 3 baths, 2.5 acres, current market value $280K, Taxable worth---$218,000. I love living in small towns. My income is in the top 2 or 3 percent. But, of course, it goes a LOT farther here.
Occam's Tool| 12.2.11 @ 7:18PM
By the way, Ben, we don't need higher taxes, at least not until we eliminate multiple Goverment Cabinet level departments, eliminate NPR, National Endowment for the Arts, CPB, etc.
Incidentally, Ben, I pay my taxes with ease, always have in my checking account an equivalency of 3 months of my complete monthly take home pay, and put away roughly 16-20% of my pre-tax gross pay in retirement savings/investments. I don't pay my taxes "with gusto," but, even though I live in MN, not noted as a low tax haven, I don't sweat my taxes---my state ones are paid on time, always, by automatic deposit, and my Federal ones are usually paid one month in advance. I also take out fewer deductions on my paycheck than I am absolutely entitled to, to make sure I don't owe any money I can be penalized on.
I am not exceptional. I am just a guy who lives simply, buys his pants from Walmart, his shirts (ALWAYS short sleeved---I love MN because at 20 degrees I start to feel properly cool) from JC Penney, and his shoes (LL Bean tieless shoes) from LLBean for about $20.00/pair.
I have set up my practice so that my sole true overhead is about $10.00/month for family dental coverage, and $130.00/month for family medical (BC/BS). No malpractice insurance fees or office overhead---that is paid for by my contractorees in my private work, and my State employers in my State work.
My investments are handled by a summa cum laude accountant who reads the balance sheets and financial statements of the companies I look at---my wife; and my kids aren't spoiled---strangers note their manners as exceptional; however, they have multiple toys and incredible stuffed animals including a Kiwi and Shark from New Zealand and an Attwater Prairie Chicken.
My work place is incredible and my work is as socially beneficial as any in Medicine. I am a Blessed, blessed, man, and I owe it all to G-d and my fantastic wife and friends. When I took out loans to pay for my medical school and residency costs, some of them were government loans at about 9-15% interest. Not subsidized. All were paid back by the start of 1995---I started practice in July of 93, and owed about $80K.
In short, Ben, shut up on taxes or quit whining. Myself, I wish you would shut up, as the quality of life in Alabama is better than that of Southern California. As I practiced for 7 years in Alabama and graduated from residency from UCLA, I know PRECISELY what I'm talking about. Your views contributed to the bankruptcy of your state, and its scuzzy quality of Life, while destroying the quality of your public universities. My views are the type that made AL boom and will make MN boom, as well.
As a Jewish psychiatrist, I am an expert in whining and guilt ladling. You are not useful at it.
George | 12.4.11 @ 10:41PM
Amen.
Westie| 12.5.11 @ 8:17PM
Bravo Doctor! I see Ben stein irritates you as he does me. His warren Buffett fetish is completely unbecoming. I see Buffett as the worse sort of Capitalist next to GE's crooked CEO.
Wilford| 12.2.11 @ 8:48AM
My life's a wreck.
Unemployed. Mortgage due. Bad health. No health insurance. But I'm not worried.
I've put it all in the hands of Jesus.
If all of us could just adopt my attitude, we'd be a happier nation. Just put it in the hands of Jesus.
Occam's Tool| 12.2.11 @ 9:59PM
Wilford: may your lot improve, sir. G-d Bless.
Clint| 12.3.11 @ 1:25PM
A pity you're a loser.
mzk1| 12.3.11 @ 2:53PM
So it's not only Jews Clint has a problem with. Unless this is someone spoofing him, he is just sick.
Bill| 12.2.11 @ 10:16AM
If the unemployment is creating a greater crisis among black Americans than among non-black Americans, then by all means whatever programs the government can create to make jobs for black Americans should be done.
I also believe that taxes are the burden we bear for good government. I pay my taxes, now it's time for the government to provide that good government. Get on it, people. And in the meantime, how's about cutting back on that non-Constitutional spending? Because I'm willing to pay taxes to have a frugal government and am far less willing to pay taxes to a profligate government.
Scott| 12.2.11 @ 12:46PM
Well said Bill. We have a huge problem when the gov's is only collecting 13% of GDP, and spending 26%. Long-term, spending needs to get back to around 21%, and revenue needs to come back to its long run average of 18%. A 3% annual deficit is something that is sustainable long-term. a 13% annual deficit is a recipie for bankruptcy.
Scott| 12.2.11 @ 12:43PM
I don't undesrstand his comments about banks not lending. Yeah, they aren't lending to unemployed people or to those where the house payment is 60% of their income, but they are most certainly lending to traditonal, conforming style mortgages.
I just closed on a new home this summer, with only 5% down. The payment is less than 15% of my income, and it closed without a hitch.
Liz| 12.2.11 @ 1:04PM
Actually, that means that you are not the average buyer, Scott. I suspect that your income is above the average wage (if that 15% of your income claim is true and figuring a reasonably average home of around $200K). I even hazard to guess you bought a foreclosure and the bank was happy to give you whatever break they could to be rid of it.
That kind of lending excludes most average middle-class workers who make maybe $40-45K a year with only one spouse working. I live in an area where foreclosures are high, yet the banks only want to resell to speculators who are buying at fire sale prices and then renting them out at far higher rates than most financially pressed families can afford.
I own my own house and am NOT in foreclosure, but cannot sell my house in this market because no one wants to pay what it's worth (even with deflation). They all want to offer me half and then rent it out at full value PLUS. I'm just going to cut out the middle man and rent it out myself.
Scott| 12.2.11 @ 2:58PM
Liz, while my income is higher than average....my lender had approved me for a mortgage up to 30% of my income....which for a $45k/yr income would come to around $1,100/month....where mortgage rates are now, that would buy a $150-$160k house, with a small down payment.
The real issue of course is that with 9%+ unemployment, there aren't enough people out there that can even manage to come up with a 5% down payment and have a verifiable income. So, to respond to Ben's point, the problem isn't the banks not lending, the problem is there aren't jobs.
Kudos for going the route of renting yourself. I have two rentals myself, including one which was my prior personal residence that I couldn't sell either.
Occam's Tool| 12.2.11 @ 7:30PM
Nicely done, Scott. And, if you bought a properly evaluated foreclosure home, or live in, say, Killeen, TX, that would be quite a nice home.
***********************************************
By the way, Ben, Beverly Hills sucks. Been there, done that. Just how often do you go to the Getty Art Museum, the LA Philharmonic, etc.? If the answer is not very often, then you are paying an enormous price for easy access to things that you do not use. Why don't you consider moving to the Deep South, instead, where they are more Republican and less idiotic? You can still get ad gigs from there.
Surin West in B'ham, AL, offers Thai just as good as LA, their Ruth's Chris is better than the one in Beverly Hills (personal experience), and their art museum in B'ham is magnificent. Their property taxes are a FRACTION of what you get gouged in So Cal.
Think more and suffer less, Ben.
George | 12.4.11 @ 10:46PM
I love living in the Deep South! No state income tax, nice weather, good roads.
Every article I ever read by Ben, he always mentions he lives in Beverly Hills. Big Deal.
Liz| 12.2.11 @ 12:55PM
The unemployment issues for the younger generation could be solved with the national service plan Sam Nunn put forward almost 30 years ago. Modeled on the plans many other countries have, it would require all young people not already in college or the military to put in a minimum of two years service to the country. They could join the military, work on construction projects or in public offices to learn a skill and to earn some money for their future. That money could go for college, a house or whatever else.
I know this sounds vaguely socialist to some, but why not? Many of those kids in the inner city are not learning job skills or even getting a basic education. The national service plan Nunn proposed also included a requirement that the young without HS diplomas earn their GEDs. In the end, they have viable skills and work that needs to get done gets taken care of.
I also don't mind paying my taxes, but not at the expense of corporate breaks and the continued bleeding of funds to offshore accounts that make the rich richer and less accountable--both financially and ethically.
I am sure Ben knows this already, but most other countries have laws that determine how much money a CEO can make in ratio to the regular workers. So the boss only benefits when the actual producers benefit. The Ayn Rand attitude so prevalent right now that says the workers are the parasites is going to kill this nation faster than anything.
And, Ben, Julie is adorable.
Peppermint Tea| 12.2.11 @ 1:08PM
Ben,
You should be so lucky that Obama hasn't figured out how to tax your new dog.
Tea for Two| 12.2.11 @ 1:45PM
That dog you see in the photo is not Ben Stein's dog.
That dog (his name is Brucey) belongs to Ben's neighbor, Trauta Kawatski and her son. I know because I live in the neighborhood.
Don't know why Ben is "pretending" it's his dog.
The man has problems. (Did you read the post before this where Ben claimed a woman was going to sue him?)
Occam's Tool| 12.2.11 @ 7:31PM
He doesn't want his dog identified. The man is a "C" lister pretending to be a 90 calibre.
George | 12.4.11 @ 10:49PM
I thought that dog was older than 8. I had it figured for 10 or 11, using my own ancient hound as a benchmark.
The poser, using a doggie double.
SusieQ| 12.2.11 @ 1:46PM
This is satire, right? No?
Only in America could a man who owns five houses in the wealthiest parts of the country whine about how bad he has it. Only in America could the same man, without a drop of irony, feel the zeitgeist of the Great Depression haunting him as he compares the luxury of one of his hotel rooms to another.
Wow...just wow.
Scott| 12.2.11 @ 3:01PM
Haha...i was thinking the same thing as I read this. Stein is as detached from reality as they come.
Carolyn Flynn| 12.2.11 @ 2:48PM
What a waste of my time to read this trash! I have better things to do than pour over this drivel. I had hoped you would have had something of importance to say about the current economic crisis, the worst of which is yet to come. I will end my e-subscription to this "publication" and save myself valuable time in the future for items of value.
bsg| 12.2.11 @ 6:20PM
Did Ben just discover that we are in a recession?
Niniane| 12.2.11 @ 3:25PM
I suffer a lot staying in luxury suites which means I have to cash in the life insurance and remortgage the house to pay for one night. I certainly feel your pain, and try vitamin C and echinacea for your interminable colds. Cuss words deleted.
Occam's Tool| 12.2.11 @ 7:36PM
And Ben, men who work and own property are less likely to be on the streets committing crimes. Your knowledge of how humans operate is pathetic. Your view that we want to set things up so that our political adversaries and their children (in our own country) suffer from joblessness and poverty is horrific. You, sir, are a schlemiel.
mzk1| 12.3.11 @ 2:56PM
Your antipathy kept you form reading what he said. He wasn't waying no to help them, he was saying that it would not help Republican candidates to emphasize this issue above all others.
mzk1| 12.3.11 @ 3:04PM
"saying not to"
Ned the Red| 12.3.11 @ 9:39AM
Use cheap energy of the oil variety as often as possible. Your last paragraph explains why it isn't cheap.
mzk1| 12.3.11 @ 3:03PM
I have a friend, a Russian Jew living in Scotland at the time, who had some very nice offers (he is an expert in some sort of optics), including one from a company in CA. At the end, he decided to move to Israel and take a lower salary.
What happened to the company that made him the offer? The crunch came, and although they had contracts in hand, the banks still would not lend them money. So they went bankrupt, and added to the unemployment.
Banks clearly overreacted. I don't know whether they did this themselves, or from fear of the government. Of course, the new regulations don't help, and OWS is going in the precise wrong direction.
P.S. Housing prices were too high. They should not return to the previous levels. (I hope they come down here in Israel, preferably wihout wrecking the economy.)
R Scott| 12.4.11 @ 2:07PM
Did I just read Stein correctly? Does he espouse our Republican legislators not to worry or try to fix the high unemployment rate because most of the unemployed are Democrats? I cannot read to read his follow-up piece, "I was mugged and robbed by and unemployed Democrat."
George | 12.4.11 @ 10:35PM
Am I the only one that finds it hard to picture Ben Stein "mobbed by fans"?
wedding dresses | 12.6.11 @ 3:33AM
Of course, my income is 50% HIGHER than my mortgage, because I'm not a Malibu Moron. May be that's why it was easy for me to get my house---3300 square feet, 5 bedrooms, 3 baths, 2.5 acres, current market value $280K, Taxable worth---$218,000. I love living in small towns. My income is in the top 2 or 3 percent. But, of course, it goes a LOT farther here.