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A few weeks ago when I was ranting about the $700 Billion bailout of the banks and Wall Street I asked what I then thought was the facetious question, What the hell, why don't they also bail out Boscovs?
Another lesson in be careful what you ask for. The feds (Republicans) are still busy nationalizing the commanding heights of the economy (socialism) and now the state and local governments are getting in on the act.
W-B, Scranton to loan Boscov’s $3 million each
Gov. Ed Rendell (Democrats) also secures $35 million to aid family regain Boscov’s chain.
State and city money is said not to be at risk because they are using federal funds in the Community Development Block Grant (CDBG) program administered by HUD. According to the TL story the money comes from a pool of money that is separate from the CDBG funds that are used to pave streets and tear down vacant buildings, etc. We will see about that.
Is a local department store chain really too big to fail?
2 days ago
5 comments:
This is just another example of how out of touch the City and State and Federal Government are regarding PRIVATE ENTERPRISE...Boscov's is not a government store and should be made to survive on their own money...time to stop taking the taxpayers hard earned tax money and bail out everyone else..WHo and what is going to bailout the taxpayers? The government can do other things to help without giving a Bailout Check of 30 Plus Million...how about a property tax holiday for 5 years that would save Boscov's at least 5 million per year statewide..how about promoting people to shop in his store by giving free parking and free transportation ..this are the types of ideas we need to be doing..not giving out federal money that is to be used for our communities and cities to repair the infrastructure. The City of Wilkes Barre is in a mess..the roads are terrible and the streets are filthy..come on government leaders...start thinking about the taxpayer for a change...
Walter Griffith Jr
Start thinking about the taxpayer????
Are there any left in Wilkes-Barre. Years of all you Dems enticing people to come to wilkes-barre for public housing and a free ride has put you where you are now.
I'll still never forget when you rocket scientists "banned cruising" in Wilkes-Barre. You use to drive around, the square had people on it, there was no crime around the square, way too many people there. People use to meet and stay in W-B to go to get something to eat. Then you brainiacs banned it all. Then what happened?? It became a ghost town at night.
So now we have a town with no tax base because everyone's on welfare and the towns full of college and church properties.
So further destroy the city by losing the only major store there.
Wilkes-Barre needs some people with brains running it. Too bad it hasn't happened for decades.
According to an article in the Philly Inquirer, Albert Boscov is putting up (with help from friends & family) $100 out of $300 mi1lion needed to but back the chain. he also said he was embarrassed to be in this position.
Rather than take a golden parachute (like most banking/Wall Street CEO's), Boscov is putting his personal money on the line to save his store. And he's only asking for loans, not bailouts.
With that commitment, I think he's worth helping.
In fact, any retail shopping I do over the holidays will be at Boscov's.
At this point, there really is NO difference in parties as far as Socialism/screwing taxpayers. It's POLITICIANS, regardless of party, that are selling out the taxpayers.
Anon 10:12,
The area has had the blessing of many a brilliant mind as residents. The problem is the fact that at any sight of hope, the area sucks that resource dry.
Change will only happen when people want it. It's human nature to take a deteriorating situation at the threat of correctly reallocating resources to their most productive uses (and feeling the pains of adjustment).
Granted, the area is too far gone to make any big adjustments without some widespread threat that the local politicians must take notice. A property tax strike would get quite a bit of attention, but no one is going to risk what they've worked so hard for to make a statement.
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