Posted By:
Frank WakefieldfGreg, I read your post.
2 things come to mind. One, you're a Republican defending your President. Two, tell the Ford employees who're about to see 21% fewer vehicles manufactured how well the economy is doing. It is NOT doing well. Boeing is shutting down its C-17 line. Things aren't gloom and doom, but things aren't rosey either. And I think lots of money that would have gone into stocks has wandered over into baseball cards, and screwed up the prices. Generally, card prices on old cards will go up, merely as a function of a growing population of collectors and inflation.
I used to be a Democrat. Realistically I've become a Libertarian. Government is too big and wastes too much money. I want a smaller government that taxes me less. I asked a Libertarian friend of mine what he thought about the Clinton impeachment when it commenced. He said it was great. I asked if he wanted Clinton impeached, "No, I don't care one way or the other." So why are you glad about the impeachment? "Because as long as Congress is doing that, they aren't passing any laws to screw us up. The less they do, the better. I hope they try Clinton for 7 months." It seems to me that Democrats want money for lots of government programs for the people. Republicans want lots of money to pay private enterprises (usually Republican run, eg Haliburton) to do lots of things. I'd prefer getting a bit more bang for my tax buck, paying much less in taxes, and making due with a smaller bang.
The reality of investing in a card, buying a PSA 7 card for $500 and selling for $7,000 is that you have $6,500 of ordinary income there, that you're supposed to pay income tax on. If you're at 28%, that would be $1820 that you owe the IRS for your investment. And here's what kills me. I'm to give $1820 to someone when they've done nothing to deserve it, and I'm to give it to the one entity around that is an expert at spending foolishly. Grrrrrrrrr....