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Tuesday, May 21, 2013

Miscellany: 5/21/13

Quote of the Day
When a person can no longer laugh at himself,
 it is time for others to laugh at him.
Thomas Szasz

No--It Wasn't an Evan Mathis-Led Pee-In





Whatever Happened to... New London, CT?
Losing plaintiff Susette Kelo's house relocated from
condemned Ft.Trumbull neighborhood.
Courtesy of the Gray Lady.

Ft. Trumbull neighborhood today
Courtesy of Institute for Justice



The above still, captured from the Institute for Justice retrospective video below, used to be a thriving family neighborhood, until New London was convinced to exercise eminent domain in a dubious manner condemning the neighborhood, sitting on prime real estate, in the hopes of higher-paying commercial tax receipts. This led to one of the worst decisions ever by the Supreme Court, the Kelo decision, upholding eminent domain abuse.

According to David Collins of The Day (HT Ross of Reason):
[New London Development Corp.agency President Michael] Joplin, who lives in Chester, was reminiscing Thursday that when he came to New London in 1999 as a developer, before buying and losing in foreclosure a large State Street apartment building, the city was one of the poorest in the state, taking in less tax revenue than it requires to run the schools. [NLDC  famously destroyed a city neighborhood after taking the homes by eminent domain].
The next order of business for the now part-time NLDC, which during the many years of Joplin's tenure has produced not one new building in the leveled neighborhood, through an entire boom and bust-real estate cycle, is to give away some of the best parcels. On deck to take the land for free, and then not pay taxes on it, is a father-and-son development team from Fairfield County and New York City, Irwin and Robert Stillman.
In return for the free land, the Stillmans, according to the development agreement they signed 2½ years ago, are supposed to prove they are going to build a big apartment complex and have the financing to finish it.
Then at Thursday's strange meeting - surprise, surprise - Robert Stillman disclosed, when asked, the name of the bank, M&T Bank of Buffalo, N.Y., which is going to provide financing. But no one would produce any evidence. And the press office of the bank did not return messages inquiring about the New London project. Joplin said Thursday evening the financing would be revealed after the closing in which they give the land away, and Stillman said his proof of financing commitment would remain in his "private file."
 "I'll gladly pay you Tuesday for a hamburger today." The corporate park, intended to lure businesses like Pfizer, never materialized. Rubbing salt in the wound, Pfizer during the Great Recession moved its fairly new New London operations to another Connecticut location (see Gray Lady link above). I wonder how SCOTUS sleeps at night. Kennedy joined with the liberal wing to make the 5-4 ruling. (Activist liberal justices siding with tax-and-spend, spread-the-wealth-around statists? Say it ain't so, Joe!). 'Sorry' seems to be the least they can say--but the hardest word.





Japan Tests Whether Free Trade Waters Are Too Hot or Cold

PM Shinzo Abe is eyeing joining the 11-member nation Trans-Pacific Partnership as a net plus, although farm protectionists worry about lowering or removing existing (anti-competitive) food tariffs (HT James Pethokoukis):
Abe’s government also unveiled its estimate of the possible economic impacts of joining the trade initiative, showing Japan’s participation would drive up its gross domestic product by 0.66 percent, or around ¥3.2 trillion, but that production in the farm, fishery and forestry sectors could decrease by ¥3 trillion annually if all tariffs are abolished unconditionally.
He declined to answer whether Japan would withdraw from the discussions if it fails to persuade the other TPP members to allow existing tariffs on rice, pork, beef, wheat, dairy products and sugar to continue, as demanded earlier by Abe’s own Liberal Democratic Party.
This blog has on multiple occasions advocated that the governments of Japan and the United States engage in structural pro-growth reforms, focusing principally on principles of  free markets and free trade. All things equal, food consumers benefit from increased supplies and varieties, including lower prices holding quality constant. Lower food prices allow lower-income consumers to stretch their money on current or future purchases.

Speaking of sugar, the House and Senate are currently looking to reform changes made in the expiring 2008 bill (e.g., here); whereas I would prefer to stop the madness of government meddling in the food market, including anti-competitive subsidies, quotas, tariffs, price supports, etc.., I join the Coalition for Sugar Reform in supporting a bipartisan reform amendment.

Oklahoma Tornado Relief

Via investment newsletter publisher Martin Weiss:
Here are three avenues to consider:
  • Red Cross: You can send a $10 donation to the Disaster Relief fund via text message by texting the word REDCROSS to 90999. The donation will show up on your wireless bill. You can also call 1-800-RED CROSS or visit www.redcross.org/charitable-donations.
  • Salvation Army: You can text the word STORM to 80888 to make a $10 donation via phone. If you want to send a check (in any amount), make it out to “Oklahoma Tornado Relief” and mail it to The Salvation Army, P.O. Box 12600, Oklahoma City, OK, 73157.
  • United Way of Oklahoma: You can make donations to its Disaster Relief Fund online at www.unitedwayokc.org. Or you can send a check with the notation “May Tornado Relief” to the United Way of Central Oklahoma, P.O. Box 837, Oklahoma City, OK, 73101.
The Unfettered Liberty To Travel



The War on Victimless Crime: Collateral Damage to Families and Children's Futures



Political Cartoon
Courtesy of Ken Catalino and Townhall
Political Humor

During a fundraiser yesterday, President Obama said there is a shortage of common sense right now in Washington. At which point the people who paid $5,000 a plate for their dinner applauded in agreement. - Jimmy Fallon




So they spent the last five years claiming President Obama was weak and ineffective. Suddenly he’s Tony Soprano. - Jay Leno

[You don't understand, Jay: he possesses Weapons of Middle-Class Destruction--Treasury debt, appointments to the Fed, drones and the Patriot Act, export controls, government meddling in health care, the IRS, ...]

I don't think you want to win ratings in late night. Look what happened on NBC. Who has been No. 1 over there for 20 years? Jay Leno. And what happened? He was fired. Twice! It's like "Well done, Jay. That was great. You're fired. - Craig Ferguson

[It was on the lost episode of Celebrity Apprentice: Jay had told one Trump hair joke too many.]

Musical Interlude: My Favorite Groups

Bruce Springsteen and the E-Street Band, "My Hometown"



My Choice Most Ridiculous Lawsuit: May 2013
According to local Fox affiliate, KPTV, Officer Jason Servo was arrested in January of 2011 after driving a department vehicle into a ditch while intoxicated.

Servo was fired from the police department a few months later after serving for twelve years on the force. According to witnesses Servo drank at numerous bars on the McMenamins campus while carrying his weapon and wearing his badge.

The lawsuit filed by Servo [seeking $6M in damages] states that he has been diagnosed with alcohol addiction, and while he did violate the law by driving drunk, this cannot be used as grounds for his termination.

The lawsuit claims:

"He [Servo] is afflicted with a significant disability recognized under the Americans with Disabilities Act and Oregon Law."

KPTV - FOX 12