Posts Tagged ‘Michael Bloomberg’
Posted in Crony Capitalism, Energy, Green Energy, Occupy Wall Street, Solyndra, tagged BAIF Granite Holdings, Brookfield Asset Management, Diane Taylor, Freshnet Wind Energy, Granite Reliable Power, John E. Zucotti, Michael Bloomberg, Occupy Wall Street, One Liberty Plaza, Solyndra, Zuccotti Park on October 15, 2011| Leave a Comment »
The Department of Energy announced last week its 80% guarantee for a $168.9 million loan for Granite Reliable Power Wind Project in New Hampshire. The joint venture is 75% owned by a firm created by a Canadian subsidiary of Brookfield Asset Management of New York, Brookfield Renewable Power Fund.
Why would a subsidiary of a (very) profitable company that’s backed by a $2.7 billion private fund need federal loan guarantees? The New Hampshire Union Leader asks:
Granite Reliable’s wind farm is not proven, and Granite Reliable is a limited liability company, which provides broad investor protection if the company goes down. If the wind farm flops, and investors cut their losses, the taxpayers stand to lose $135 million. What is the justification for risking $135 million in public money, especially on a company with access to so much private cash?
By the way, another subsidiary of Brookfield Asset Management, Brookfield Office Properties, is the owner of One Liberty Plaza in New York, along with the adjacent Zuccotti Park (unofficial home of Occupy Wall Street).
Posted in Campaign 2012, Crony Capitalism, Employment, Government, Labor, Leadership, tagged Joel Kotkin, Michael Bloomberg, New York City, New York's ninth congressional district, Queens Economic Development Corp., Seth Bronstein, Wall Street on September 22, 2011|
Joel Kotkin analyzes the shocking Republican victory in New York’s ninth congressional district using the context of Mayor Bloomberg’s view of New York City as a “luxury product”.
For a decade, the Bloomberg paradigm has held the city together: Wall Street riches fund an expanding bureaucracy that promotes social liberalism and nanny-state green politics. Indeed, Wall Street’s fortune — guaranteed by federal bailouts and monetary policy under both Presidents George W. Bush and Barack Obama — has been the key to the mayor’s largely self-funded political success. Under Bloomberg, Wall Street’s profits allowed city expenditures to grow 40% faster than the rate of inflation. Bloomberg was also able to buy political peace by bestowing raises two to three times the rate of inflation on the city’s unionized workers.
Now this calculus is falling apart. Layoffs are mounting on Wall Street, while bonuses — the red meat that fuels everything from high-end condos to expensive boutiques and restaurants — are expected to drop 30% from last year.
Then there’s this:
But something is stirring in the boroughs. The district’s voters not only embarrassed their civic betters by voting Republican, but they also demonstrated that New York’s middle class, politically quiescent under Bloomberg, may need to be taken seriously again.
This gives hope for what Bronstein calls “the real New York” — a place that is neither particularly glamorous nor severely bifurcated between the rich and those who service their needs. With a more diversified economy and family orientation, this unexpected rebellion could represent the first step toward restoring New York’s roots as a city not of luxury but of aspiration.
From Larry Kudlow:
New York City mayor Mike Bloomberg, in a radio interview on Friday, warned that high unemployment could lead to widespread rioting. That’s right. He actually said that. At a time when European cities have suffered massively from hooliganism, and at a time when U.S. towns like Philadelphia and Kansas City have suffered huge human and commercial tolls from so-called flash riots.
For Bloomberg to come out with this statement is irresponsible and incendiary. But you know what? He’s got a personal agenda. This is a desperate talking point to sell Obama’s jobs plan, which Bloomberg favors as a solution to high unemployment and zero growth.
There’s a whole history here of liberals threatening riots if they don’t get their way. WABC radio host Mark Simone reminded me that back in 1994, Matilda Cuomo warned there would be race riots in New York if her husband Mario weren’t reelected governor in his race against George Pataki.
So now the liberal Mike Bloomberg is trying to go to bat for his pal Obama. And he’s doing so in a very clumsy and inappropriate way.
In fact, Bloomberg is pitching for the whole Obama jobs package — the $450 billion stimulus plan and the $470 billion tax hike. The package is totally unpopular. A recent Bloomberg poll (how ironic) showed that voters disapprove of more Obama stimulus by 51 to 40 percent, and that 56 percent of independents oppose it. Other polls show that more than 60 percent of Americans disapprove of Obama’s handling of the economy.
Then there’s this:
Some political insiders I spoke to believe Bloomberg desperately wants Obama to win a second term. They say the New York City mayor wants to be Obama’s new treasury secretary. Therefore, Bloomberg is hammering Republicans today and absolving Obama from taking any blame or ownership of the current economic mess, which has placed the nation on the front end of yet another recession.
Read the whole thing.