Monday, December 12, 2016

Lewis: Trump Looks Poised 
To Continue “Socialism 
For Elite Wall Street Guys”
Michael Lewis, The Undoing Project author, weighs in on insider trading, Wall Street regulation & the Trump administration.


Anonymous said...

I am surprised Lewis does not appear to give Trump the credit he deserves for being where he is. Trump is certainly not there for the money. I thought Lewis was a shrewd observer of human nature.

The alternative was a leach with its teeth dug well into the back of the political system. More of the same ... same people .... same ideas .... same slow death of the United States (for personal gain) ... both of values and economic power.

It happens in the USA for reasons ... all of which are under attack by mediocre (at best) world alternatives. Europe has Merkel (with her stupid interpretation of Christian values), Canada has Trudeau (who is as naive as his dad ... this gets popular support in Canada), Pakistan has Islam. China has communism pretending to be capitalist, (now that it is obvious to everyone communism does not work).

Anonymous said...

December 14th, 2016

Our sports robber barons are at it again. On the loose.

What phonies and what liars.

Now they want another $70 million with an unknown borrowing cost to be paid to fancy up the Quicken Arena for billionaire Dan Gilbert. That doesn’t include 18 years of bond payments, likely to double the cost.

Both Mayor Frank Jackson and County Executive Armond Budish appeared at the Q to sell the deal, or sellout their constituents. The thing these two do.

The County is more than $1 billion in debt and has, as the city, many unmet needs. Not basketballs, baseballs or footballs.

They are going to tap the bed tax, having extended it for 40 years. Forty years! Can you imagine extending a tax for 40 years for a sports billionaire? The vote by the County Council was 10-1 with only Sunny Simon showing some common sense.

If it comes in at about $15 million a year, as it has, it will be $600 million! That’s $600 million. $600 million that could be used for real needs in this city & county.

Don’t forget that you voters already passed a sin tax that will add some $260 million to your taxes but apparently not enough to satisfy Gilbert, Jackson and Budish, not to mention the City Council and County Council. Of course, the sin tax raised already $375-million.

They will go along, already bought and paid for. How could you think otherwise?

What doesn’t get said is that the Quicken Arena ALREADY is into the bed tax every year, as it with the city’s admission tax, another pot for this latest scheme to update the arena.

How much have bonds been costing? Since 2000, $154.8 million. From the county’s general fund alone? $88.7 million. Where possibly could this money have been used? To cut infant deaths?

In less than a month Cuyahoga County will pay again on the arena bonds. Again money will be taken from the county general fund, from the bed tax and from the admission tax. And paid bondholders, possibly $8-million or more.

It’s really a crime in progress—year after year. Until 2023.

And now we’ll add another bond payment, exceeding 2023.

The NBA is a $54 billion outfit and what will they contribute—a week of special events, they say. It hurts too much to laugh.

The Cavs are valued at $1.1 billion but can’t pay their bills. I mentioned last week that the Cavs have an operating income of $24.8 million, total revenue of $191 million. I also reported from Forbes magazine figures that it had gate receipts of $52 million and each attendee spent $69, or $1.39 million a game at the 20,000 attendance and $56.5 million for the 41 home games. For food, drink and trinkets.

That’s $56 million. But they can’t pay their own bills.