Corporate Welfare

How embarrassing! We've been pointing out the sometimes grotesque measures taken to attract businesses to our fair state, but we're now getting international attention for it and it isn't pretty. It's downright embarrassing.

Here are the first two paragraphs from the post in The Register:

North Carolina will do just about anything to keep technology companies happy, including offering IBM up to $750,000 to bring just 10 jobs to the state.

Just a short note to everyone regarding the buyout of Bear Stearns by the American government, er, J.P. Morgan.

Yes, I know you heard that J.P. Morgan bought them for approximately $2.00 per share. The stock for this company was trading one year ago today at $159.36 per share.

The stock was trading for $62.00 one week ago today.

The stock opened Monday at $3.20 per share. That is at an upside to the discounted price that J.P. Morgan paid. J.P. Morgan was guaranteed the money to purchase Bear Stearns by the US Fed.
Guaranteed. The. Money. By the US Government.

Great news. Just read on the Wake Up Wal-Mart blog that after a six year battle, the residents of Union County have successfully deflected the attempts by Wal-Mart to build a new supercenter.

This blog is cross posted from The Progressive Pulse.

Every politician dreads the moment when the special interest group which paid for their campaign is in direct opposition to the well-being of the citizens they were elected to represent. Such is the case with Senator Burr, Senator Dole, and the pharmaceutical industry. Last week the Senate blocked a bill which would have allowed the government to negotiate lower drug prices on the 2003 Medicare Drug Bill. The vote was 55 “yes” (49 Democrats, 6 Republicans) and 42 “no” (42 Repubs, 1 Dem). 60 “yes” votes were required to pass the bill. Senators Burr and Dole voted no.

This is a long post but please bear with me.

Okay. So I am new to North Carolina and I am starting to look around at some things. Most things here in Asheville are pretty cool, and I agree with the city council, for the most part.

And then there is this.

from Mountain Express

In December, the Asheville Housing Authority – which manages McCormick Heights for the property owner, a subsidiary of Progress Energy – announced that the project had sunk into severe debt, with only 40 of the 100 units occupied, and that the owners planned to sell it.

Now, first off why is the city managing a private apartment complex? And if said private apartment complex is only 40% occupied, no wonder they are going broke and why is the private owner getting this special treatment?