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Hey fellow Las Vegans! Got a little spare change laying around? Like maybe $150 million? You see, it seems we have a few poor, op-pressed, downtrodden capitalists who are a little short of funds tobring us a wonderful soccer/entertainment stadium in downtown Vegas. So, to make the project viable they need just this little bit of help from us. And, why shouldn't we be more than happy to chip in? After all, the whole idea exists for our benefit. To make downtown LV more vibrant. With more economic activity. Jobs! Tax revenue! Why, it's all for the greater good and the general welfare. Right? No. Wrong. Very, very wrong. This is a blatant example of crony capitalism and corporate welfare. The economic/political perversion of capitalism in which the people put up most of the money, the people take almost all the risk and the juiced/connected capitalists get the profits.
Both the Cordish Companies and Findlay Sports and Entertainment* are private corporations so I can't give you insight into their balance sheets, cash flow numbers or profitability but Cordish has been around since 1910 and has got more real estate and gaming investments going than you can shake a stick at. The Findlay family isn't exactly standing on street corners looking for handouts either. They do that at City Hall.
On 9/3 the City Council voted 4 to 3 to continue this nonsense with Councilmen Beers, Coffin and Anthony voting to shut it down. It will be interesting to see what happens in October.
Labor Day has come and gone. Thought I'd report on an article in the Wall Street Journal in November last year titled: "The Eroding American Middle Class." Some interesting statistics: In 1971 61% of adults lived in middle class households. By 2011 the share had dropped to 51%. Families living in middle class neighborhoods dropped from 65% to 42% between 1970 and 2009. These trends have become segregation by income as the number of families living in affluent as well as poor neighborhoods have both doubled. The trifurcation of our society into rich and poor with a weakened middle class was recognized over 2000 years ago by Aristotle who observed that societies dominated by a middle class tend to be the most stable and decent. The wealthy tend to be arrogant and heedless, the poor resentful and destructive. By contrast the members of the middle class have more moderate desires, are more open to reasonable persuasion and are more likely to be linked to one another by ties of civic affection. Current polarization is more than a coincidence. We can't come together if society is coming apart and America cannot advance if its middle class is in retreat. (Many thanks to William A. Galston - Wall Street Journal 11/13/13)
A quick note on the 2/3 majority requirement for tax increases, Term Limits and Question 3. There will be an attack of the 2/3 majority vote and term limits in the 2015 legislature. BDR 136 proposes to repeal the 2/3 majority vote for tax increases. BDR 137 proposes to repeal Term Limits. As for Question 3 on the ballot-please vote NO-PLEASE. You'd better know where your legislative candidates stand on these issues before, BEFORE they get to Carson City.
(Taken from their respective
websites – www.cordish.com and www.findlaysportslv.com
”The Cordish Companies is one of the largest and most respected developers in the world with extensive
expertise in almost every discipline of real estate: Entertainment and Mixed-Use Developments, Sports
Anchored Developments, Shopping Centers, Corporate Office, and Residential/Student Housing.”
(Located in Baltimore, Maryland–Vern)