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What a joke ! Misleading headline. They are NOT investors.
They are LENDERS. There is a HUGE difference between an investor
and a mere lender.
By the way, I actually took the time to read through the fine print
in the Voter's Information Handbook. The amounts on the referendums
are misleading, because they do not include interest, but the small print
underneath lays it out in gory details. 40% interest over 10 years.
We're talking about hundreds of millions of $ the state does not have.
Yep, another $25m for "affordable" housing turns into 37 million when its
paid for. The veterans home refab and new location amt. to $138 million.
$50 million for R.I.C. nursing building = $70 million, and so on...
Just like they don't tell you about all the future costs associated with
Lincoln and Newport. Over half the so-called "jobs" are only temporary
UNION labor jobs. Pipefitters, plumbers, masons, etc, they will work for
a few months then collect state unemplyment for years. I have a friend
who is a union plumber. He has not had to go one single week without a
unemployment check of over $500/wk, but he's literally only worked
6 months in the last 6 years !
By the way, the interest rate on the referendums is estimated to be 4.0%,
plus an additional .4% surcharge at open. That's 4.4% cumulative over 10 years
is over 40% - meanwhile the BANKS WHO LEND this , well, THEY GET THEIR
money for NOTHING directly from the "so-called" Federal Reserve ! What a sweet
deal for them ! And a shaft for us.
What a joke ! Misleading headline. They are NOT investors.
They are LENDERS. There is a HUGE difference between an investor
and a mere lender.
By the way, I actually took the time to read through the fine print
in the Voter's Information Handbook. The amounts on the referendums
are misleading, because they do not include interest, but the small print
underneath lays it out in gory details. 40% interest over 10 years.
We're talking about hundreds of millions of $ the state does not have.
Yep, another $25m for "affordable" housing turns into 37 million when its
paid for. The veterans home refab and new location amt. to $138 million.
$50 million for R.I.C. nursing building = $70 million, and so on...
Just like they don't tell you about all the future costs associated with
Lincoln and Newport. Over half the so-called "jobs" are only temporary
UNION labor jobs. Pipefitters, plumbers, masons, etc, they will work for
a few months then collect state unemplyment for years. I have a friend
who is a union plumber. He has not had to go one single week without a
unemployment check of over $500/wk, but he's literally only worked
6 months in the last 6 years !
By the way, the interest rate on the referendums is estimated to be 4.0%,
plus an additional .4% surcharge at open. That's 4.4% cumulative over 10 years
is over 40% - meanwhile the BANKS WHO LEND this , well, THEY GET THEIR
money for NOTHING directly from the "so-called" Federal Reserve ! What a sweet
deal for them ! And a shaft for us.
Very informative post. How will you vote of the referendums on the ballot? I ask because I could use some guidance.
To Holly: Referendums which cost money the State does not have are bond sales. New bonds.
To Alfie: Well, since you asked, I'll tell you how I intend to vote on them. Here is a direct link which opens the .pdf file
laying out the particulars of the referendums, including the
financials of new bond sales: http://sos.ri.gov/documents/election...dbook_2012.pdf
Questions 1,2,3,4,7 I am voting AGAINST. I am more strongly against
3,4 and 7, but will still be voting against 1,2.
Questions 5,6 I am voting FOR.
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