Anthony Bourdain on not having debt • Hacker News Board

Re: Anthony Bourdain on not having debt

#321

Post by triangleman » Thu, Mar 16, 2017, 8:11 PM UTC

jMyles wrote: post #297

triangleman wrote: post #276

Earlier quoted context omitted.

I'm sorry but can you explain the basis of your position? I don't see how the internet makes anarchy any more feasible or likely.

Although this is a topic that needs a book-level dialogue to flesh out (and there are in fact books on the topic), in a nutshell: The internet performs many of the functions that our species previously required government to do, but does so without the need for a centralized authority claiming a monopoly on the initiation of force, which brings with it inevitable corruption, violence, division, and victimization of t…

Seriously though, what you are advocating is the Californian Ideology, which has been tried and failed over the last 30 years.

https://en.wikipedia.org/wiki/The_Californian_Ideology

See the following documentary:

http://topdocumentaryfilms.com/all-watched-over-by-machines-...

Re: Anthony Bourdain on not having debt

#322

Post by AnthonyMouse » Thu, Mar 16, 2017, 8:11 PM UTC

thebooktocome wrote: post #305

AnthonyMouse wrote: post #248

Earlier quoted context omitted.

People frequently say "nobody" when they mean "almost nobody" and it doesn't lead anywhere productive to point out the odd counterexample. A handful of extremists are not representative.

Exactly what evidence do you require to demonstrate that this is indeed a thing? AFR were extremists a couple years ago, sure, but the Overton Window recently shifted. You may have noticed.

The point is that it is a thing, but it's not a thing anyone here is defending. There is no point in arguing over the things you already agree about.

Here's an example of actual government waste. The ACA provides subsidies for low-deductible health insurance. Those plans are less efficient than high-deductible plans because the plans cost more (to the government and the patient), and because the act of laundering the cost of routine care through an insurance company causes healthcare costs to increase because insurance companies are less price sensitive than patients.

The government does this out of regulatory capture. Health insurance companies don't want people using less expensive plans and health provider companies don't want patients to be price sensitive.

Do you disagree with that? If so we can have a discussion. There is no discussion to be had about whether there should be public roads.

Re: Anthony Bourdain on not having debt

#323

Post by tutufan » Thu, Mar 16, 2017, 8:17 PM UTC

refurb wrote: post #21

vinhboy wrote: post #17

> Nobody likes paying high taxes, but I don’t mind. How refreshing. I agree with him. Paying my taxes is a point of pride for me. It's a repayment for all those years I was poor and the government paid for me to live and go to school.

Not sure if you're living in the US, but I do and I have the exact opposite viewpoint. The amount of waste, corruption and poor planning by the gov't makes me feel like I'm throwing money away. I'd rather give it a charity since then I'd know a majority of it had an impact. I think if the gov't was a bit more efficient and could be shown to be good stewards of money I'd probably hate paying taxes a lot less.

A nice bout of alimony will take your mind right off of government waste...

Re: Anthony Bourdain on not having debt

#324

Post by appleiigs » Thu, Mar 16, 2017, 8:32 PM UTC

CPLX wrote: post #163

appleiigs wrote: post #45

Debt conversations always have these weird grandpa rules of thumb and words of wisdom, as you can see in the other comments. The proper use of debt is to match the debt with the asset. If you are buying a house, a 25-year mortgage matches the value of the house. If you are buying a car, a 5-year loan matches the value of the car. If you are buying a sandwich with a credit card, well... you should pay off your credit…

The general rule, really, is more like borrow only for appreciating assets (often real estate, financing a new business) and not for consumables or depreciating assets. But both your idea and mine are still rules of thumb, notwithstanding how much you wish to elevate yours to a different status.

If you pull out a corporate finance textbook, matching assets to liabilities will be covered. Matching cash flows will be covered. That is why I am elevating beyond being a rule of thumb.

Using debt for appreciating assets vs consumables will not be mentioned. As an example, a car doesn't appreciate, but a loan for it is fine.

Re: Anthony Bourdain on not having debt

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Post by chadgeidel » Thu, Mar 16, 2017, 8:33 PM UTC

marknutter wrote: post #254

Lagged2Death wrote: post #181

Earlier quoted context omitted.

Why don't roads count as an "entitlement program?"

Because they are taxed largely based on usage (gas tax).

Gas taxes don't cover highway funds.

* https://en.wikipedia.org/wiki/Highway_Trust_Fund

* https://taxfoundation.org/gasoline-taxes-and-tolls-pay-only-...

Re: Anthony Bourdain on not having debt

#326

Post by appleiigs » Thu, Mar 16, 2017, 8:42 PM UTC

piker wrote: post #215

appleiigs wrote: post #51

Earlier quoted context omitted.

No, matching debt to assets is proper finance theory and practice. I was referring to "don't use any debt" and "debt is manifestation of risk" and "With great power comes great responsibility" and "use debt for investments, not expenses".

And for banks that borrow short and lend long? They're just ignorant of "proper finance theory and practice"? Or have they properly understood that the risks involved in credit transactions have a bit more nuance than your rule allows for?

Banks are definitely measured on Asset Liability Management by policy and regulations. Deviations from being matched would be an active choice, while being matched would be the default/starting point.

Re: Anthony Bourdain on not having debt

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Post by usaphp » Thu, Mar 16, 2017, 8:57 PM UTC

hueving wrote: post #307

pc86 wrote: post #204

Earlier quoted context omitted.

Not having a baby because of the privacy implications is not a choice a mentally well person makes.

There is a non-trivial portion of the home birth movement that does it because of distrust of institutionalized medicine.

Does it mean their baby will live without paperwork and no health insurance?

Re: Anthony Bourdain on not having debt

#328

Post by jMyles » Thu, Mar 16, 2017, 9:23 PM UTC

Daishiman wrote: post #319

jMyles wrote: post #298

Earlier quoted context omitted.

When stacked against the bang-up job that the US Government has done, not only on the landmass over which is claims sovereignty but the rest of the world - especially the continent of Africa - I'm certainly open to solutions other than government.

You've evidently never seen what cities and lakes were like before pollution regulation were introduced, right?

I'm from upstate NY - I grew up with superfund sites to the North, East, and West.

And yes, I'm glad that the EPA (and DoJ!) have occasionally done the right thing. But I don't think they've done the right thing often enough to suggest that the model they represent is the best humans can do.

Re: Anthony Bourdain on not having debt

#329

Post by duderific » Thu, Mar 16, 2017, 9:36 PM UTC

pc86 wrote: post #203

verbify wrote: post #81

Earlier quoted context omitted.

Just because you got unlucky by being responsible doesn't mean everyone does or will. I've known people in places where the property market collapsed and its ugly. And I know people think it can't happen in London, but 'it can't happen here' is about as myopic as it gets.

The property market collapsing (locally, not nationally) is only an issue when you want to sell. If you buy a house with an FHA mortgage (3.5% down), you will be underwater for many years no matter what. But it's a 30-year loan, why would you buy a house if you wanted to move in 3 years?

Plenty of people did this in the US (and I assume other countries) during the Great Housing Debacle of the early 2000's, it's called "flipping." The problem is when the music stops, and nobody wants to buy houses, you are stuck with it, and either need to default on the mortgage or suck it up and live there.

Re: Anthony Bourdain on not having debt

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Post by hueving » Thu, Mar 16, 2017, 9:55 PM UTC

usaphp wrote: post #327

hueving wrote: post #307

Earlier quoted context omitted.

There is a non-trivial portion of the home birth movement that does it because of distrust of institutionalized medicine.

Does it mean their baby will live without paperwork and no health insurance?

Yes. Some have even made the argument that this makes voter identification requirements racist (due to the higher home birth participation of African Americans).