Sunday, October 13, 2019

All hail the Federal Reserve for keeping the rich richer and the poor insolvent

For imposing Taxes on us without our Consent

The unanimous Declaration of the thirteen united States of America

"The Federal Reserve said Friday that it will buy short-term Treasury bills each month until the second quarter of 2020 to inject cash into the banking system and make it easier to control its benchmark lending rate.

Fed Chair Jay Powell: The economy is in a good place.

Here's a $60B per month Treasury bill buying program, 
multiple rate cuts and daily repo operations.

Sven Henrich

The action marks the Fed’s latest response to a shortage of cash reserves that developed last month and caused short-term interest rates to spike, briefly sending the Fed’s benchmark rate above its target range.

"The Federal Reserve has expanded it's balance sheet
by $180 billion in the last few weeks
to $3.946 trillion"
The New York Fed said its first monthly purchases, starting Tuesday, will total $60 billion. Future amounts weren’t specified.

Governments cannot create but merely redirect. 

When the government spends, the money has to come from somewhere.

If the government doesn't have a surplus, then it must come from taxes.

If taxes don't go up, then it must come from increased borrowing.

If lenders won't lend, then it must come from the printing press...
each additional dollar printed diminishes the value of those already in circulation.

Something cannot be effortlessly created from nothing.

Peter Schiff

The Fed also said it will extend a separate short-term lending operation through January that is also intended to boost bank reserves.

Pay no attention to why the Fed is suddenly printing more

...For several years through 2013, the Fed bought roughly $1.5 trillion of Treasurys and mortgage bonds to try to hold down long-term interest rates and encourage more borrowing and spending. Lower rates also led investors to invest more in stocks.

Compare what most CEOs think to what you do.

Look up all the news stories telling the public about this information,
reported by The Conference Board in early October
"Companies issue record amounts of debt, use the debt to repurchase record amounts of stock while Insiders sell (near) record amounts of stock to their own companies as retail investors unknowingly stay the course."
We have betrayed our children’s future,
by indenturing future generations to finance a more pleasant present. leading more investors to buy stocks, QE contributed to higher stock prices that disproportionately benefited wealthier Americans while leaving lower-income people with measly savings rates.

A lot of jobs are about to disappear
And the central banks will print even more to reverse natural reality

...$60 billion is three times as large as purchases under the European Central Bank’s recently announced quantitative easing program.

The purchases will begin Tuesday.

...The central bank also wants to eventually replace about $160 billion in short-term loans it has made since the troubles in money markets first surfaced."

The simplest method of gaining control of the public 
is to keep the public undisciplined and ignorant of basic systems principles on the one hand, 
while keeping them confused, disorganized and distracted 
with matters of no real importance on the other hand.

 "We’re now at the tail end of a very long, but in many ways a very weak and artificial, economic expansion"

By a continuing process of inflation,
governments can confiscate secretly and unobserved…the wealth of their citizens.

John Maynard Keynes
Advocate of fiscal and monetary measures to manage economic highs and lows

Aenbr Nood's first bubble, and then the next

From a meeting with Congressman Mark Walker's staff, after which Mark did nothing = Walker has joined the national "keep the financial industry unaccountable" club

Some are hoarding cash

Ponzi finance units must increase outstanding debt 
in order to meet financial obligations.

... either financing costs rise, or income comes in below expectations,
leading to defaults on payment commitments.

Hyman Minsky

"(Inv)" = Inverted = A large portion of the population has begun putting of purchases of relatively high cost goods

…the earth belongs to each of these generations during its course,
fully and in its own right.

The second generation receives it clear
of the debts and incumbrances of the first, the third of the second, and so on. 

For if the first could charge it with a debt,
then the earth would belong to the dead and not to the living generation. 

Then, no generation can contract debts greater than may be paid
during the course of its own existence.

Thomas Jefferson to James Madison

Wednesday, October 2, 2019

Smith Richardson Foundation Funds Climate Change Denial Propaganda

As discovered in an article entitled Meet the Money Behind The Climate Denial Movement in the Smithsonian, , Greensboro's very own Smith Richardson Foundation has spent $13.5 Million Dollars to promote anti-climate change propaganda.

This is how the money produced by the workers of the Vick Chemical Company, now a part of  Procter & Gamble, being spent, to protect the interest of the few while the many suffer, unlike the legacy left behind by H. Smith Richardson and his wife Grace Jones Richardson.

" I believe the need for the time and thought of able men is that they be applied to the increasingly weighty problems of government and the serious social questions which now confront us and will continue to press for solution in the future…the greater the material wealth of the citizen the greater are his obligations to the State and Nation…the obligations to give his time and thought to these public and social problems." -H. Smith Richardson

These are the people who pull the strings in Greensboro and beyond. They live in the shadows hiding behind the legacies of great men like H. Smith Richardson spending fortunes on political outcomes while our veterans and children live on Greensboro's streets.

And they claim to be working for the good of humanity. Even if climate change isn't real that $13.5 Million could be doing lots of better things.

Saturday, September 14, 2019

Adams Towing Accused Of Damaging Customer Cars And Driving Away

I admit I was wary when I read the following about Adams Towing coming from someone who commented on my previous post  Has Your Car Been Illegally Towed?

 "I had Adams Towing through AAA come to tow my car they failed to tighten the cable before they put it in neutral and the car rolled down and crashed in the bottom of the ditch the tow truck driver called the owner of the company and came back and just got in the truck and drove away and they denied ever doing anything. The better Business bureau has an F rating for them with several letters where they had done the same thing that is damage the car and then just drove away. I complain to the Better Business Bureau and the owner and AAA and got zero response. They did about $250 worth of damage to my car and denied everything be wary of Adams Towing."

Not that it couldn't happen. Tow truck drivers make mistakes like everyone else. And while there is no proof this is true we can check the BBB website and see what others are saying about Adams Towing.

A D Rating and 8 complaints currently on the BBB website all referring to damage to customer vehicles.

And yes, every towing company has damaged some customer's car at one time or another. The job is simply too difficult not to. But you pay for what you break. Where I worked we drivers paid the small claims out of our pockets and what we couldn't afford to pay was covered by insurance. Fortunately I never had a claim so big I couldn't afford to pay out of pocket.

Again, I don't know what is and isn't true but numerous Greensboro towing companies have been in business far longer and have zero complaints listed with the BBB.

Sunday, September 8, 2019

Has Your Car Been Illegally Towed?

"A vehicle parked in a privately owned parking space in violation of this section may be removed from such space upon the written request of the parking space owner or lessee to a place of storage and the registered owner of such motor vehicle shall become liable for removal and storage charges."

-NC. G.S. 20-219.2Page 1§ 20-219.2.  Removal of unauthorized vehicles from private lots

In North Carolina it has long been against the law for towing companies to monitor parking lots and tow cars without first being directed to tow said car every single time.

Of course some towing companies will claim they have a signed contract with the business but there is no mention of any contract in state law.

Laws are very specific. It says a vehicle not vehicles. Therefore the signing of one contract cannot cover multiple vehicles.

I used to work for a reputable towing company here in Greensboro. We never towed any car without getting a signature first. It just isn't done. If we towed 10 vehicles then we had to get 10 signatures.

The way I hear it, Gotcha Towing & Recovery has been illegally towing cars for years. Gotcha Towing & Recovery has had more complaints at the Better Business Bureau®  than most Greensboro towing companies have had in 20, 30, 40, 50 years or more in business combined. Seriously, check for yourself. Pick the name of any local towing company, search the BBB and not only do they tell you the complaints but they tell you how long the company has been in business.

The law also says:

"Any person violating any of the provisions of this section shall be guilty of an infraction and upon conviction shall be only penalized not less than one hundred fifty dollars ($150.00) in the discretion of the court."

Of course, you would also be due a refund of everything you paid to get your car back.

Check your receipt. Is there a signature there from someone who owns or works for the business from where your car was towed? If not then your car was towed illegally.

Wednesday, September 4, 2019

Cover Up After Cover Up And Hinson Comes Up Again

Remember the years and years of claims that Greensboro Police Officer, now Deputy Chief James Hinson was operating a brothel in a women's half way house he operated in east Greensboro?

Remember the series in the Rhino Times, Cops In Black And White, in which journalist and best selling author Jerry Bledsoe wrote that Hinson was running a drug dealing operation here in Greensboro?

Remember when our City Council voted to hide Hinson's work record from the incoming chief of police so that the new chief would have no legitimate reason not to promote Hinson to Deputy Chief thereby making him next in line for the top cop position?

Remember when Hinson's wife was convicted of fraud and embezzlement of government funds? Or something to that effect.

Remember when Hinson covered-up for then Councilman Jamal Fox?

And many more...

Some say where there is smoke there is fire. Well today we have more smoke. In an article entitled, Group home owned by GPD deputy chief faces allegations of child sexual abuse, possible cover-up, Sayaka Matsuoka of Triad City Beat writes:

"Allegations of sexual abuse at a group home co-owned and run by Greensboro police Deputy Chief James Hinson calls into question whether there was a cover-up of the incident at a time when Hinson is potentially in the running for the department’s top position.

A recent report by the state Division of Health Service Regulation uncovered allegations of sexual abuse against at least one minor at Center of Progressive Strides, a group home co-owned and run by Greensboro police Deputy Chief James Hinson."

Why is it that Hinson comes up again and again in cover-up after cover-up?

Now perhaps Hinson didn't know about the sexual abuse but as the story points out there are things here he should have known about:

"The report, dated July 31, goes into vivid detail about allegations of sexual abuse by a former staff member at the group home, which serves youth and adolescents under 21 years of age with mental-health issues. The report lists eight counts of deficiencies on the part of the organization, including failure to complete and submit an internal investigation into the alleged acts, failure to have an adequate number of employees during each shift, and failure to report the incidents to law enforcement or the county department of social services as required by law. The report also includes contradictory accounts between the agency and the victim’s mother regarding a signed statement that the victim’s mother said was falsified by agency staff."

Of course, it must be really hard to be deputy chief of a police department and operate several businesses at the same time. Most folks I know wouldn't dream of taking on such challenges as doing so is certain to have horrible consequences. But then most people I know seem to have better judgement than the Deputy Chief of the Greensboro Police Department.

At the very least, Deputy Chief Hinson has a long and storied history of using his position as a police officer to enrich himself. That in itself is against the law.

It is long past time Deputy Chief Hinson was relieved of duty and deprived of his retirement.

Monday, September 2, 2019

The Neoliberal Scam: Public Money for Private Playgrounds

Whenever you hear the word Baltimore, think Greensboro. SSDD.

And remember: myself and others warned you for years and years while you laughed and said we were crazy.

Thursday, August 29, 2019

Tanger Center Swallowed By Giant Sinkhole

As pointed out by my co-writer abner doon on Monday, shares in Tanger Factory Outlets has dropped from $40 per share to only $14 per share. In an article entitled, The Mistake You Are Making With Tanger Factory Outlet Centers: The Safety Of The Dividend, investment advisor Julian Lin of Seeking Alpha concludes:

"While SKT did raise guidance, there's still little indication that they've escaped the worst of it. The continued deterioration in long-term leases is worrisome, and they will need to continue to direct all excess free cash flow towards paying down debt indefinitely as long as cash flows continue to decline. I rate shares a sell."

There's no Tanger Factory Outlet Center in Greensboro so why should the citizens of Greensboro be concerned that the stock prices are falling unless perhaps you own shares in Tanger?

Well there is that matter of the naming rights. You see, according to the Steven Tanger Center for the Performing Arts website Steven Tanger committed $7.5 million and named the Steven Tanger Center for the Performing Arts on September 9, 2019 but there is no mention anywhere on said website that Mr Tanger has actually paid that $7.5 million.

Many of Mr Tanger's customers have been going out of business, will Steven Tanger live up to his obligations or are we to add $7.5 Million more to the run away cost taxpayers have been forced to bear under the guise of economic development.

Tanger still hasn't repaired a giant sinkhole that swallowed up 6 cars in one of their parking lots over a year ago-- could it be Steven Tanger is broke already?

"No date has been announced for the completion of this project."

Yesterday, while having lunch with a TV journalist I was asked why it is that Greensboro has been unable to attract businesses to come here and my answer was, "You don't attract businesses, you build businesses from the ground up."

Retailers open new locations based on demographics. If enough of the kind of customers you think will buy your products are located there you go there. And it really doesn't matter that your biggest competitors might already be there. As a matter of fact: in retail, competition is good for business.

But manufacturing is something altogether different. A large manufacturer wants to be close to the resources they need to make their products and they don't want to get caught up in bidding wars to buy those products. Notice there are no large sawmills in the Piedmont Triad. We simply don't have enough trees to support a large sawmill.

Brick used to be a major export in this area. When I was young I hauled many a load of brick out of the Piedmont to cities all over the Southland. Until developers built houses, roads, and various other structures on top of all the available clay. The demand for brick never dropped off but these days most of our bricks are shale brick trucked in from Tennessee. I hauled shale brick in my later years.

Of course we all know how cotton and tobacco used to be the backbone of our local economy but the TV journalist who bought my lunch yesterday isn't from here and couldn't understand why cities everywhere have recovered and Greensboro hasn't. It was then I gave him a history lesson about television from before his time.

Every evening on all 3 networks the national news used to begin with an anchor man saying that housing starts were rising or falling and by how much. You see, throughout the '50s, '60s, and '70s housing starts were considered a major economic indicator. Then something changed.

What changed was that developers and builders figured out they could get loans and incentives from governments to go into speculative building. No longer did they have to be worried that the house might not sell as often they were turning a profit as soon as they started construction. All they had to do was build and put some of their new found fortunes into the pockets of politicians.

And suddenly, housing starts began to be considered an economic driver instead of an economic indicator.

Amazingly TV news anchors stopped talking about housing starts at just about the same time this change took place. Then developers started getting tax dollars to build all kinds of speculative ventures like malls, student dorms, shopping centers, stadiums, airports, and yes, even performing arts centers.

And for over 40 years every Mayor and City Council member elected to represent Greensboro signed on to every one of those ideas. And then some.

So it is, now the only resources Greensboro has left are located in the long neglected east side of town. I can show you 3,000 to 4,000 acres zoned commercial to heavy industrial all located in east Greensboro with some plots almost 1,000 acres on their own. The City of Greensboro owns 1,000 acres. Guilford County has extensive holdings in east Greensboro as well. Is it going to be business as usual for the east side just as it has been for the rest of the city or will residents of the east side finally get our share?

Pavement alone does not produce economic development. People are our #1 resource. If Greensboro is to grow we must invest in our people instead of concentrating on a few connected developers.

Monday, August 26, 2019

Tanger Factory Outlets, whose Steven Tanger is funding Greensboro's new Performing Arts Center with $7.5 million, dropped from $40 per share to $14
The Mistake You Are Making With Tanger Factory Outlet Centers: The Safety Of The Dividend

Tanger Factory Outlet Centers (SKT) shares remain risky and the dividend is not as safe as it looks. I remain bearish on SKT and rate shares a sell.

The issue with SKT continues to be the secular headwinds facing lower quality mall and mall outlet properties.

The continued deterioration in long-term leases is worrisome, and they will need to continue to direct all excess free cash flow towards paying down debt indefinitely as long as cash flows continue to decline.

Tanger Factory Outlet Centers Short Interest 

Greensboro's City Council violated their oaths of office and the City Charter on TPAC, enabled by Kathy Manning

"concerning all documentation concerning the financial sustainability of the Tanger Performing Arts Center

From a Roch Smith City of Greensboro records request on STPAC funding; The City doesn't really know how much of the private donations received are actually in hand, and Walker Sanders of The Community Foundation of Greensboro appears to have not released the information while making investment fees on an unknown amount of assets

Greensboro City Council member Tammi Thurm's former employer Randall Kaplan's Wife and Congressional Candidate Kathy Manning's Tammi Thurm $1,000 contribution before she voted them a $30 million unneeded parking deck from which they will personally profit

Are City of Greensboro taxpayers and parking deck patrons on the hook for at least $35.1 million not including legal costs, for a parking deck which most of City Council doesn't even know much about, for Kathy Manning, Randall Kaplan, George House and Greg Dillon, who has a contract on the News and Record property?

The Community Foundation of Greater Greensboro asks its donors to "bunch" 2018 donations without disclosing much of the money could be forcibly allocated to Greensboro's new Steven Tanger Center for the Performing Arts

The Community Foundation of Greater Greensboro's Walker Sanders violated his fiduciary duty to his clients and donors

How to mislead a community on $23,108,494.98 Publicly Funded TPAC costs, by Greensboro's City Council, Staff and the 'Private Donors' who knew and said nothing

On US Senator Kay Hagan's Brother in Law David Hagan, Making a Nice Slice off Greensboro's Taxpayers while Sitting on CFGG's Board

Performing Arts Center: "[Notable]...Task Force Members"

GPAC Development / Marketing Task Force; Kathy Manning, co-chair

GPAC Economic Impact / Feasibility Task Force; Randall Kaplan

GPAC Development / Marketing Task Force; George House, one of Randall's partners

Local Democratic delegates vote to tell the national fundraising arm to stay out of the North Carolina’s 13th Congressional District primary election, the state’s most heavily contested congressional race between Adam Coker and Kathy Manning, and Greensboro's News and Record reports nothing, two and now one day before the election = Another media rigged primary

STPAC VIP Parking Control Fraud Math

Downtown Greensboro Parking Deck Math = City Council lied to our community and may have broken a few laws

Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats

Kathy Manning, Randall Kaplan's wife, lobbying for a GPAC and their new hotel

On GPAC and the Community Foundation

Jeff Sykes carves up Nancy Vaughan, Roy Carroll, Randall Kaplan and the rest of the crooked crew in downtown Greensboro

Saturday, August 24, 2019

John Hammer Questions His Boss?

John Hammer raises suspicion about City Council, the February One-Westin Hotel parking deck, and his boss, Roy Carroll, builder of the $33 million Dollar taxpayer funded Eugene Street parking deck in his article, Council Action Raises Questions About Feb. One Parking Deck:

"Sleight of hand might best describe what happened to make the financial arrangements for the February One-Westin Hotel parking deck disappear from the resolution passed by the Greensboro City Council at the meeting Tuesday, Aug. 20."

For those who might not be up to speed, the City is paying Roy Carroll to build the Eugene Street parking deck so that Mr Carroll will have plenty of parking for his new multi-use complex he intends to build on top of the parking deck. John left that part out. John goes on to write:

"But there was no explanation as to why the resolution was changed, and when the agenda item was read by Mayor Nancy Vaughan, she didn’t note that the resolution had been changed from the one provided to the public or that the February One parking deck had been dropped from the resolution."

But the following statement by Mr Hammer might infer favoritism on the part of City Council.

"The fact that the financing for the Eugene Street parking deck was kept in the resolution and approved by the City Council seems backwards because the February One parking deck is much further along than the Eugene Street parking deck. The land for the February One deck was purchased in 2017, and all the easement issues were cleared up by August 2018, while the land for the Eugene Street parking deck was purchased a few weeks ago.
Before the meeting, when City Manager David Parrish was asked when he expected to sign the contract to build the February One parking deck, he said by the end of the month.

That answer seems to indicate that the city and the developer are close to reaching an agreement, except that Parrish has been making similar statements for months."

Or it could mean that the City of Greensboro is working to cover up several years of forged feasibility studies, bribes, misappropriation of funds, and other crimes committed. You decide.

Question: Because my memory isn't what it once was, who did the feasibility studies for the February One-Westin Hotel, aka the Wyndham Hotel, the Tanger Center for the Performing Arts, the Downtown Greenway, and the South Elm Street Redevelopment Plan? I think you'll find the answers very enlightening.

Friday, August 16, 2019

Some Answers Are Just That Simple

My only child, my son died 6 years ago-- a massive heart attack. He was only 34. Like his father he couldn't afford health care. We are killing our children America. Want to grow old all alone with no one to look after you like I am doing? Let America's health care system remain as it is. You'll die alone. And you'll deserve to die alone because you did nothing to change it.

Single payer is the only solution proven to work world over.

Share this post and vote for the candidate who is committed to single payer health care or be prepared to die alone.