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Vote for change

October 6, 2012
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IBJ Letters To The Editor

The recession was not caused by George W. Bush. It was caused by liberal sub-prime mortgage practices at financial institutions, backed by government-sponsored Fannie Mae and Freddie Mac since 1993. The independent Federal Reserve System saved the banks, but in addition to foreclosures, millions of home values are now worth less than the mortgages owed.

Furthermore, in the past four years federal debt has been increased by $5 trillion to $16 trillion and the government is borrowing 40 percent of what it is spending. Operating with no budget agreed upon by Congress for three years, we face a “fiscal cliff” at year end. The Senate refuses to consider legislation passed by the House. Partisanship has replaced leadership.

The current administration has misspent stimulus funds, subsidized private industry bailouts and green energy failures. The first two years of Obama’s presidency with a Democratic House and Senate focused on social legislation with Obamacare and financial regulation that did not address the Fannie and Freddie problem. The Environmental Protection Agency has blocked domestic energy development, and the National Labor Relations Board has issued new rules favoring unions. The Bowles-Simpson commission and jobs council have been ignored.

The solutions are to let free enterprise produce growth, thus tax revenue, and encourage employment and capital investment, reduce regulation and uncertainty, cut excess government spending, reform the complicated tax code retaining today’s progressive “fair shares,” begin long-term fixes for Social Security and Medicare, replace Obamacare and Dodd-Frank, and vote for new management in our government Nov. 6.

The situation requires real leadership. Our nation is headed in the wrong direction with declining confidence, and toward European-style socialism and excessive public debt. It is also suffering from bloated government that interferes with individual freedom and economic growth.

Unfortunately, despite all the desirable characteristics of a democracy, one weakness is that leaders may be elected on attributes other than competence and the ability to manage on a large scale.

True leadership charts a path forward that the people involved agree to, listens to sound advisors and sets clear priorities, mediates conflict, follows up on implementation progress and modifies action plans when necessary. Decisions are timely, based on objective analysis and keep the broader goals in mind.

Effectiveness in leadership is enhanced by a reputation for honesty, ethical behavior, delegation of responsibilities, giving credit where due, actual managerial experience and a record of accomplishment.

The choice in the coming election is clear; we cannot continue to kick these important problems down the road.

--------------------

Robert Gossman,

Carmel

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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