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?
1 hour ago