Blogs Feb 11, 2013 at 5:08 pm

Comments

1
I forgot to change my address upon moving a block. My zip is new... My ballot was forwarded to me. Will mailing it be voter fraud? Just stop yelling at me!
2
My conscience is clear. I am the 21%!
3
Damn you, Silver Dollar Poll Tax!
4
Go, renters, go! Jack up those taxes, and your rents!
5
@ 4 Yeah screw the kids!
6
I sent mine in the day after I received it.
7
@5, yeah let's use "the kids" as our excuse to shovel even more money at the incompetent thieves who run the Seattle schools, while doing nothing about the problems.
8
@7 there was this guy named Mister G, who also firmly believed in throwing the baby out with the bath water. He really had everything figured out. Did you know we could fix all our problems if we taxed bicycles, bet you didn't! The ever powerful green lobby stopped that.
9
We dropped ours off at the ballot box last week.
10
Goldy, a low turnout's better for your side. The people who want the taxes will make sure to vote, but the people who don't want the taxes gave up on Seattle a long time ago. These levies will pass, no question about it. Voters here are like trained dogs.
11

Yield Burning

The New York Times described the scam as follows:

To refinance their old, expensive debt when interest rates fall, municipalities often sell new bonds and put the proceeds into temporary escrow accounts.

By law, those accounts cannot generate a higher rate of interest than the rate on the newly issued bonds; if they do, the excess is considered to be arbitrage profit, and it must be rebated to the Federal Government.


http://en.wikipedia.org/wiki/Yield_Burni…

12

Taibbi on Imus: How Municipal Bond-Rigging Robbed Americans of Billions

http://www.rollingstone.com/politics/blo…
Follow us: @rollingstone on Twitter | RollingStone on Facebook
13
Thanks for the reminder
14
@SROTU: Those are just stupid, inflammatory arguments that have nothing whatsoever to do with the issue at hand. First of all, the operation levy has nothing to do with bonds. So even if a shyster investment bidding firm screwed the federal government or a municipality on investing bond proceeds, it wouldn't have anything to do with an operation levy. Second of all, your premise appears to be that because Wall Street fucked over municipal governments, we should refuse to fund school construction. WTF!!?

@Goldy: Why the hell should we return our ballots before Election Day? Fuck that. Aren't journalists supposed to keep on reporting up until the day we vote? Or are we supposed to stop paying attention after we vote?
15
@14 SROTU tried to derail a thread with bullshit?

I'm shocked I tell you! SHOCKED!

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