Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

[Slimprofits]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

It has the highest crime in New England. It's economically depressed as all hell. It's officially a 'distressed municipality' as it is.

Who is / where are the target consumers for Steelpointe Harbor? There is also an $11 million Federal DoT grant for this project: http://www.ctpost.com/local/article/...ard-973327.php

[lektrode]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

Bridgeport filed for bankruptcy back in 1991. It has the highest crime in New England. It's economically depressed as all hell. It's officially a 'distressed municipality' as it is.....
....
But this is Bass' game. They always find a way to suck money out of suckers. Good catch.

seems like just another day/year for them?

City uses eminent domain to help controversial developer

BRIDGEPORT -- A controversial developer who owes more than $10 million in back taxes is nonetheless getting the city's help in acquiring a parcel of land he has long wanted for a parking lot.


The City Council's Economic Development Committee this week approved a plan that will allow the Port Authority to seize a South End property by eminent domain and transfer it to developer Sal DiNardo, who would pay all costs of the acquisition.


The parcels are needed to keep Sikorsky Aircraft and businesses that lease space from DiNardo from leaving the city, economic development officials told council members. DiNardo, city officials said, would also pay for the remediation of contaminants on four sites bordering his properties on South Avenue and Atlantic Street.


"We are not funding the acquisition," said Bill Coleman, project manager with the city's Office of Planning and Economic Development. "Mr. DiNardo is writing the checks. And likewise, he would be on the hook for the remediation."

The developer is the brother of state Democratic Party Chairwoman Nancy DiNardo. He is known for his political connections, the $10-million-and-counting tax bill he refuses to pay on the former Remington Arms site on Bridgeport's East Side and controversial tax breaks he has received on smaller parcels in the past.

[jk]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

Five years ago, another outdoor good retailer, Cabela's, opened at East Hartford's Rentschler Field with a state aid package of just under $10 million. The store created jobs and brings customers from outside the state, but so far it has not sparked private development at Rentschler.[/COLOR]

http://articles.courant.com/2012-07-...overnor-malloy

[Slimprofits]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

It appears that Gov. Malloy actions have been a boon for the red-ribbon and wire manufacturing industry. Is there a plant in Hartford? (I jest!)



These events make a great narrative for the politicians, developers, financiers and media alike.

[Milton Kuo]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

Who is / where are the target consumers for Steelpointe Harbor? There is also an $11 million Federal DoT grant for this project: http://www.ctpost.com/local/article/...ard-973327.php

Obviously, spending public money to build infrastructure to attract retailers isn't going to revitalize an area, not even if the retailer were a Bass Pro Shop. Every billionaire and his purebred dog knows that the correct way to create jobs and revitalize an economy is to spend billions of dollars of public funds on new football stadiums, new baseball stadiums, and new basketball arenas.

The pols need to think big. The small-thinking that believes that a mere $11 million is going to do anything meaningful is proof enough why those people are where they are and not in the halls of power at the Federal Reserve ($3+ trillion of QE) or blogging for the New York Times (the Federal Reserve isn't printing enough money.)

[lektrode]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

Obviously, spending public money to build infrastructure to attract retailers isn't going to revitalize an area, not even if the retailer were a Bass Pro Shop. Every billionaire and his purebred dog knows that the correct way to create jobs and revitalize an economy is to spend billions of dollars of public funds on new football stadiums, new baseball stadiums, and new basketball arenas.

yeah!
and maybe 'tro in a couple 'infrastructure improvements' - like say a new set of 'highway interchanges/offramps'
and dont fergit wheelchair ramps - which might/can/will likely cost a quite a bit more than expected - esp in some states -

then a new airport always helps to get the skids of... ummm.... progress... greased

maybe go for a new trainset, too - since those always seem to... somehow... uggg... 'spread the wealth'
or... at least grow the... ummm... 'wealth'

then - when all done with that stuff - its time to think REALLY big and set yerself up with a 'world class sports venue'
so ya can have the private jetset (or oligarchy crew of yer choice) pop in for the weekend...

course then ya need a new hotel - and mights well throw in a new shopping mall full of all the expensive labels -

and dont forget the convention center... since this stuff surely attracts high paying employers

The pols need to think big. The small-thinking that believes that a mere $11 million is going to do anything meaningful is proof enough why those people are where they are and not in the halls of power at the Federal Reserve ($3+ trillion of QE) or blogging for the New York Times (the Federal Reserve isn't printing enough money.)

now listen here, Mr K - just because "some deficits are bad", even when they were a LOT smaller - and other than the fact that the economy sure as hell felt like it was working
a LOT better back then...

doesnt mean the bloggers are wrong, does it?

;)

[Milton Kuo]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

now listen here, Mr K - just because "some deficits are bad", even when they were a LOT smaller - and other than the fact that the economy sure as hell felt like it was working
a LOT better back then...

doesnt mean the bloggers are wrong, does it?

;)

Speaking seriously again, things felt better during the housing bubble even though the deficits being run were smaller than now because the Federal Reserve only had to inflate a bubble big enough to counter the hangover from the dot-com bubble. The blowout caused by the housing/credit bubble was monstrous, easily the biggest nominally in history. As EJ has said in his Harper's article and here, avoiding the hangover from a blown-out bubble requires an even bigger bubble and it seems the Federal Reserve either doesn't have either the guts or doesn't have the ability to create a bubble that big.

So in a sick, twisted sense, Krugman might be correct since he seems to be looking for a way to escape the credit bubble hangover. Realistically, I don't see us ever escaping this economic malaise. As far as I can see it, the Fed's got two scenarios which it would consider as "mission accomplished":

• The economy magically recovers, the output gap is closed, and we go back to the mid to late 1990s. I think the probability of this happening is pretty much zero. We'd have to hope that God really does love the United States of America and somehow fixes everything in our favor.
• The economy experiences no growth and asset prices stay where they are for 20 or 30 years as the Fed deflates away all the debt and crappy paper on its balance sheet. After the 2008 crash I had thought that the Fed would never be able to create and sustain this kind of awful scenario but I'm beginning to think this is what's going to happen.

Every other scenario results in Wall Street and the other schmucks being forced to take their medicine as we've been taking their medicine for them for the past few years. One of those scenarios might happen but I'm sure the Fed will move heaven and earth to protect their unworthy masters.

[lektrode]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

....
So in a sick, twisted sense, Krugman might be correct since he seems to be looking for a way to escape the credit bubble hangover. ....
......
Every other scenario results in Wall Street and the other schmucks being forced to take their medicine as we've been taking their medicine for them for the past few years. One of those scenarios might happen but I'm sure the Fed will move heaven and earth to protect their unworthy masters.

exactly - and we both know who krugman REALLY writes/advocates for

but it all sounds good/plausible - just like the stuff that comes out of the administration...

[wayiwalk]

Re: Bass Pro Shop: A Case in Crony Capitalism and Predatory Businesses

seems like just another day/year for them?

City uses eminent domain to help controversial developer
BRIDGEPORT -- A controversial developer who owes more than $10 million in back taxes is nonetheless getting the city's help in acquiring a parcel of land he has long wanted for a parking lot.


The City Council's Economic Development Committee this week approved a plan that will allow the Port Authority to seize a South End property by eminent domain and transfer it to developer Sal DiNardo, who would pay all costs of the acquisition.


The parcels are needed to keep Sikorsky Aircraft and businesses that lease space from DiNardo from leaving the city, economic development officials told council members. DiNardo, city officials said, would also pay for the remediation of contaminants on four sites bordering his properties on South Avenue and Atlantic Street.


"We are not funding the acquisition," said Bill Coleman, project manager with the city's Office of Planning and Economic Development. "Mr. DiNardo is writing the checks. And likewise, he would be on the hook for the remediation."

The developer is the brother of state Democratic Party Chairwoman Nancy DiNardo. He is known for his political connections, the $10-million-and-counting tax bill he refuses to pay on the former Remington Arms site on Bridgeport's East Side and controversial tax breaks he has received on smaller parcels in the past.

Hey, let's look at the bright side - I think it is nice that a grown brother and sister work together to help each other in their respective careers.