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Photo Courtesy of Port of Wilmington.com
Delaware is poised to give Kinder Morgan, our port for free. Well not exactly but on a percentage scale to Kinder Morgan, that is what it would come to.
This could easily have been done, if our government handled everything in secret. Pay a few people off, sign the contract; the yellow smoke appears, and Delaware fades into oblivion (Shrek Forever After image).
But, Delaware is a government of the People, for the People, and of the People. We found out.
There is a reason you have presidents of stockholders. Because naturally every one has a certain slant of opinions and one has to listen to a lot of hot air by listening to everyone’ parents complain. Having a chief executive cuts that process out and gives us simplicity required to get things done in a timely fashion. If people differ then they can take it up with the chairman and organize a revolt if necessary…
Hence in Delaware we have reached the point where we have a chief executive making the decisions and a lot of revolt steaming underneath.
So up to now, the unanswered question has been: how much should we charge? Just using the simple criteria of buying a house as an example, we can come up with a minimum figure.
When you sell a house you ask for:
- Down payment: 5 percent
- Interest rate: 3.26 percent
Next step is to figure out exactly what our port is worth to us.
If we just take the cumulative $250 million the state has made off the port in tariffs since taking ownership and providing records since 1996, we have a minimum guideline. In tax revenues alone over 50 years, to maintain the status quo, we need the minimum of a $781 (250/16 X 50) million asking price.
Using the criteria above, we should then require 5% or 39 million down payment, and run the existing remainder through the standard mortgage calculation at 3.26%…
(Remember we are not figuring out the best deal, but the best worst deal for which we can afford to give up our beautiful port)
So financing the remainder $742 million over 50 years at 3.26% we should be asking directly for $$1,505,000.000 (billion) spread over 600 payments on top of that 5% down…. Even this paltry price would bring into the state a monthly income of $2.5 million (that is monthly!)..
As an aside, the equivalent of interest we would be receiving over time, would be $706 million. Not much over 50 years but a lot better than a loss.
As we have heard from many, giving the port up for free (as is being proposed by the secret deal of Alan Levine with Jack Markell’s blessing), hurts very many people…
So being realistic, if we have hurt on one hand, and benefit on the other, we need to make sure the overall benefit we get at least matches the hurt we are about to cause,… in order to simply break even. Since breaking even is not a really the best business decision, we should be looking at doing a little or a lot better than breaking even…
Our lowest minimum price can be $1,544,000,000 (billion) meaning we lose out on anything less.
How much is the Kinder Morgan Deal? $200.5 million. Just 13% of the minimum price we will need to require for purchase… .
Today in order to capitalize upon the fact that the fourth quarter economy sank (even though it was because of the downward pressure due to the threat of sequestration forced upon Congress by the Tea Party), they wheeled out Arthur
Laughter Laffer to make a dire predictions….
He is on their short list of who-to-call-when-we(FOX News)-NEED-a-dire-prediction…..
Because….. He is well known for making “dire predictions”..
“Economist Arthur Laffer told his clients on July 26, 1982, that (Ronald Reagan’s) Tax Equity and Fiscal Responsibility Act, which raised taxes by about one percent of GDP, “will stifle economic recovery,” “retard economic growth,” and undercut “the economy’s ability to enter into a period of expansion.” On August 20, 1982, he told his clients that TEFRA, Tax Equity and Fiscal Responsibility Act, “will tend to lengthen and deepen the recession.”
Instead, ….. No one could have been more wrong…
“Looking at real gross domestic product, it grew 4.5 percent in 1983 and 7.2 percent in 1984 – an exceptionally strong performance. The stock market had one of its best years ever in 1983 – both the Dow Jones Industrial Average and the S&P 500 Index rose 35 percent. There was no increase in the rate of inflation, which was exactly the same in 1983 and 1984 as it was in 1982. The unemployment rate fell from 10.6 percent in December 1982 to 8.1 percent by December 1983 and 7.1 percent in December 1984.”
On August 20, 1993, Laffer told his clients, “Clinton’s tax bill will do about as much damage to the U.S. economy as could feasibly be done in the current political environment.” He said that interest rates would rise and the stock market would fall.
Once again, it would be hard to find a forecast that was more completely wrong….
“The unemployment rate fell from 7.1 percent in January 1993 to 5.4 percent by December 1994. Real GDP growth rose from 2.9 percent in 1993 to 4.1 percent in 1994. Stock prices rose and interest rates fell. More importantly, the 1993 tax increase and accompanying spending controls, which were opposed by every Republican in Congress, laid the foundation for the phenomenal growth of the late 1990s that actually produced budget surpluses before Republican tax cuts in the 2000s dissipated them.”
And now! Today,… well, there he goes again….
“You have the whole output of the economy shrinking. Not just expanding more slowly, it`s absolutely shrinking,” (lol, see by how little, below)… Laffer told Fox News’ Eric Bolling…
“That’s catastrophic,” the former adviser to President Ronald Reagan added. (Did anyone else catch the stupendous irony of that? Oh, Wow. You can’t make stuff like that up).
“You can explain some of that by sequestration, and defense spending was down lot and all that. But you still have a rotten economy. And it’s still too bad. We know how to fix it, by the way, a low rate flat tax, spending restraint, sound money, free trade.” (See George Bush’s Economic Record.) Laffer was responding to reports Wednesday that the U.S. economy contracted 0.1 percent in the last quarter of 2012…
Yes. Laffer was responding to reports Wednesday that the U.S. economy contracted 0.1 percent in the last quarter of 2012. Quote: “You have the whole output of the economy shrinking. Not just expanding more slowly, it`s absolutely shrinking,”
Recalling his years as one of Reagan’s top economic advisers, Laffer said Reagan actually cut the highest tax rates (From 70%-50%; they are 35% now) He said “we made a mistake” by phasing in the cuts, which he said caused the 1981-82 recession. But he said the economy took off in 1983* when the cuts (and 1%GDP tax increase) went into full effect. *
“This place just went like a rocket ship,” he said. “I think we had 7.5 percent growth in 1983 and 5.5 growth in 1984, just this boom that lasted for years and years.”* (*lol)
(Conversational excerpts provided by Newsmax)
“I find it to be scary, creepy, it simply is not based on logic. I can’t relate to that kind of thinking.” Chief Johnson, Baltimore County Police Chief in response to Wayne LaPierre’s statement that entire military arsenals are needed to protect citizens from the police…
Protect citizens from the police…. Wayne LaPierre: Head of the NRA
From the police.
Draw you’re own conclusion. These guys are the sickest human beings we have ever had in the United States of America. These guys need locked up.
Assault weapons are not normal guns, they are designed to continue going, to penetrate, and cause as much damage as possible. Compare for yourself, a normal rifle bullet against the ammo for the AR-15 of similar caliber
Some of Adam Lanza’s rounds penetrated the schools walls and were found embedded in cars outside.
No interpretation of the Constitution gives anyone the right to put other’s lives in danger. Using these, puts lives in danger. It is Natural Law that something like this needs to be banned…. Natural Law.
As someone on the right once said, “Natural law” is the organic basis of the Declaration and the foundation of our Constitution. Therefore, banning ammo for assault weapons, is certainly in line with the Constitution….
When I was young, and thought I ruled the world, I went car shopping. it was about time for a new car, I wasn’t really in the market, but repairs were due and perhaps I could leap into a new car, and let the dealer fix up the old one on his dime…. I walked into the Honda dealer on Cleveland Avenue 15 minutes before closing , way back when Honda Accords were listed for $12,000….
I test drove then sat down with the salesman/manager (he negotiated back and forth with himself), and I said, it’s a nice car, but I can’t go over $8000. He got all exasperated, and flustered about, and said, .. “if you sign it tonight, I can give it to you for $8500…. Right here. Right now…” That scared me. I began to wonder what on earth was wrong with the car; still, I could have sold it the next day for $9000. But, it was too fast for me, and I said so. “I can’t sign tonight, I have to look at all the options including finances.”
I spent all night trying to find a way I’d lose money on that deal.. I couldn’t find one. So at 10:00 am I drove to Cleveland Ave, … the car was gone! I approached the manager I’d had the conversation the night before, and thinking they were prepping it up for me, I said … I decided to take that offer now…”
“Sorry, kid. That was for last night. It is gone. Would you like another vehicle?” I didn’t want to pay more than $8500. so i said “no:….
As a caveat 7 years later I saw that same model, same year, on the used car lot with a price tag for a used car, of $14,800…. My left shin was black from all the kicks I gave it…
To this day, I’ve always wondered why he went so low that one night? It has definitely been the best deal ever on a vehicle I’ve seen, and I haven’t figured out any rational reason why he would do such a thing…. Being the sales manager, the man in charge, it obviously had some import….
This relates to the fiscal cliff in this way. Just because an offer was made… doesn’t mean it has to stand. It was made for a limited time only.. That time frame is at the discretion of the seller.
Did you ever try to use a coupon that has expired? What happens? It doesn’t work.
If Republicans do not act on this in a timely way, the price goes back up… That way, they will have more respect, as did that young car buyer, of in the future, acting in a timely fashion…
If they don’t accept now and firm a deal, it is time to pull the offer. Later on, we can settle for keeping the tax cuts on those under $250,000 and Republicans will sit out in the cold…..
We wanted to sell it today, we gave them an offer they couldn’t refuse, they refused and the offer got pulled…
It was for a limited time … only.
Reading a recent critique of the debates, it focused on a fact. Millions of Americans are not enjoying the benefits of this economy. Romney had the lucky position to point out all that was wrong, without the responsibility of finding any solution to fix it.
His line, “bring down the rates, broaden the base.” simply has not worked. It didn’t work in Reagan’s time. It didn’t work for Bush HW. It didn’t work for Bush W. It is called: “trickle down”.
Clinton, who practiced kavipsian Economics, raised the rates, causing profits to revert back into the economy stimulating even more growth; that growth grew people’s incomes. That is the key. People will take lower wages if they know they will grow out of them. But ever since Republican Tax Rates went into effect, wage growth immediately stopped. 99% of Americans are earning exactly what they did in 2000. It’s been twelve years since wages for the 99%, increased. Higher taxes takes away all incentive for any employer to pay his people more.
Here is the funny part. To actually do something about the economy, President Obama has to eradicate the Republicans. Get rid of them. Make them a non player. Republicans and republicans alone, are the reason the economy is in such a slump.
Republicans fought the stimulus.
Republicans fought the car buying incentive.
Republicans fought infrastructure development.
Republicans fought giving Veterans jobs upon returning to USA after fighting for years.
Republicans fought lowering insurance rates.
Republicans fought lowering gas price legislation.
Republicans fought regulating big banks from literally stealing your money.
Republicans fought against balancing the budget.
Republicans fought against payroll increases for all Americans.
Republicans fought against lowering medical costs.
Republicans fought against a better economy.
Republicans fought against hiring more policemen.
Republicans fought against hiring more fireman.
Republicans fought against hiring more school teachers.
Republicans fought against building roads and bridges that were sorely needed.
Republicans fought against not defaulting on the US Dollar.
Republicans fought against strengthening America Abroad.
Republicans fought against stopping corporate corruption.
Republicans fought against fighting wealthy tax cheats.
Republicans fought against closing the loopholes Romney used to get rich.
Republicans fought against raising wages for all Americans.
Republicans fought against legislation that allowed workers to ask for more money without being fired.
yeah. There is a reason the economy is bad. It is called the Republican Party.
Having “No Republicans” equals massive investment back into our economy. The formula for a successful America is…..
NO REPUBLICANS EVER ELECTED AGAIN = MASSIVE AMERICA ECONOMIC GROWTH
So Obama, you are at fault according to Mitt Romney and the Conservative Cheer-leading squad… Because you didn’t get rid of Republicans… Shame on you!!!!
I guess it is up to us, to do so if we EVER want our economy back.
If not… I guess every vote for a Republican is a vote in support of Communist China…..
One year ago, September 8th, 2011, the greatest President in our lifetime (you may not agree now, but you will, you will) laid out the American’s Jobs Act.
The plan included stimulus spending in the form of immediate infrastructure investments, tax credits for working Americans and employers to encourage consumer spending and job growth, and efforts to shore up state and local budgets to prevent further layoffs of teachers, firefighters, police officers, and other public safety officials…..
IT NEVER BECAME LAW.
One month later, the GOP blocked the bill in the Senate, preventing the creation of more than a million jobs and the added growth that multiple economists predicted would occur if the bill passed…..
1 million jobs, Republicans like Mitt Romney, Paul Ryan, Eric Cantor, Mitch McConnell, and every single person running this election under the banner of Republicanism… cost you..
1 million jobs. One million jobs.
Jobs bills are seeds that usually sprout and give fruit in other jobs. If ten people in your community suddenly get jobs, they will spend some of that in your community. It could be groceries. It could be gasoline, It could be the Indian liquor store. It could be Radio Shack. But they get it. When the government creates jobs, we get the benefit.
Republicans killed 1 million jobs. Why? So Obama would not get re-elected.
Where would unemployment be now?
12.5 million unemployed minus 1 million employed equals= 11.5 million unemployed. Today our rate would be with no additional growth in the private sector, 7.4% (11.5/154.6= 7.4%)
Republicans are the reason our economy sucks. They didn’t want Obama to do his thing…. and grow those jobs…..
Here is what others said the Jobs Bill, killed by Republicans so Obama wouldn’t get elected, ……
–Moody’s Analytics estimated the American Jobs Act would create 1.9 million jobs and add two percent to gross domestic product.
–The Economic Policy Institute estimated it would create 2.6 million jobs and protect an addition 1.6 million existing jobs.
–Macroeconomic Advisers predicted it would create 2.1 million jobs and boost GDP by 1.5 percent.
–Goldman Sachs estimated it would add 1.5 percent to GDP.
Republican Tea Partiers have also cut 700,000 jobs since 2010. Public-sector job cuts also cause job loss in the private sector, for a couple of reasons. First, public-sector workers need to use inputs into their work that are sourced by the private sector. Firefighters need trucks and hoses, police officers need cars and radios, and teachers need books and desks. When public-sector jobs are lost, it stands to reason that the inputs into these jobs will fall as well, and indeed research shows that for every public-sector job lost, roughly 0.43 supplier jobs are lost.
And they blame Obama? Gee, what a great president we have who has to work with garbage and still, does what is right for the American people. 96,000 brand new, never before, created jobs in July…. Surely we live in the times of the “Best President Ever”
If America can just wipe out every single Republican on the ballot, whose party is solely responsible for the crash in 2008, the fall in 2009, the crises in 2011… today’s sluggish growth… we would get roaring.
Republicans can do no right. At least when it comes to your money…
Their money? Oh, no problem.. “I’ll bet you $10,000 dollars, right here….”
The headlines should read:
OBAMA GROWS 96,000 JOBS DESPITE REPUBLICANS CONTROLLING HOUSE.
Now that, is a proper headline.