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Ex-star baseball pitcher Curt Schilling had a video game company that was developing a multiplayer on-line game. State elected officials in Rhode Island had the brilliant idea that they would lure Schillings company to the state with a $75 million taxpayer-guaranteed loan. The company went bust last year, with the software not yet complete.
Last week an auction was held for the software that had been done, but there were no acceptable offers, so now the taxpayer is on the hook for $75 million. Gov. Lincoln Chafee said that the software that there was, was "a lot of junk."
It's yet example of why government has no business in business. Do normal software startups go belly-up? Of course, all the time. The difference is that the only people who lose money in that case are the willing investors. When government comes into the picture, not only the 50%+1 who willingly supported a deal lose, but the 49% of taxpayers who didn't lose too.
Last edited by wutitiz; 12-22-2013 at 02:19 PM..
Reason: change "load" to "loan," even though "load" typo still worked.
don't blame Chafee for this one. It was the previous gov who was an R that approved this deal. Chafee was against the said deal. And this was hypocraicy by Schiing to the Nth degree. He CLAIMS to be a tea partier but went begging for subsidies to start this company.
don't blame Chafee for this one. It was the previous gov who was an R that approved this deal. Chafee was against the said deal. And this was hypocraicy by Schiing to the Nth degree. He CLAIMS to be a tea partier but went begging for subsidies to start this company.
I didn't blame Chafee. I blame anyone, whether it is Pres Obama or a Republican governor, who supports this sort of public/private deal.
Do you have the quote where Schilling clained to be a tea partier? Not saying you're wrong, I'm just curious. If so it is definitely hypocrisy for him to make this kind of public/private partnership, which is normally the bailiwick of liberals, and then claim to be a tea party conservative.
I didn't blame Chafee. I blame anyone, whether it is Pres Obama or a Republican governor, who supports this sort of public/private deal.
Do you have the quote where Schilling clained to be a tea partier? Not saying you're wrong, I'm just curious. If so it is definitely hypocrisy for him to make this kind of public/private partnership, which is normally the bailiwick of liberals, and then claim to be a tea party conservative.
No direct quote, but here's a pretty pointed piece from Boston's own WEEI, and they apparently have no love for Schilling, bloody sock be damned....lol. They mention that he's a Republican AND a Tea Party guy.
I'm with you -- I HATE these kinds of deals, especially with someone so untested in the business world as Schilling.
Of course throwing taxpayer money at private ventures is always wrong, what say you?
I would generally agree. Though I would not say always. Some public private collaborations can be useful for things like scientific development especially.
This is fascism going bad. Mussolini fascism is rampant in our country and is supported and carried out by both parties. Shilling is a {R} and mistakenly calls himself a conservative, I wonder what happened to Shillings free market ideology that supposedly he believes in? Not too many Americans want to admit or understand we are fascist because of the reputation of Mussolini and others but it is the truth.
Ex-star baseball pitcher Curt Schilling had a video game company that was developing a multiplayer on-line game. State elected officials in Rhode Island had the brilliant idea that they would lure Schillings company to the state with a $75 million taxpayer-guaranteed loan. The company went bust last year, with the software not yet complete.
Last week an auction was held for the software that had been done, but there were no acceptable offers, so now the taxpayer is on the hook for $75 million. Gov. Lincoln Chafee said that the software that there was, was "a lot of junk."
It's yet example of why government has no business in business. Do normal software startups go belly-up? Of course, all the time. The difference is that the only people who lose money in that case are the willing investors. When government comes into the picture, not only the 50%+1 who willingly supported a deal lose, but the 49% of taxpayers who didn't lose too.
This was a surprisingly none partisan post. I like this side of you.
However, this is not much different than a tax break given to a company. its just that the lost revenue is never figured in during one case, while it is during another.
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