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Is Proposition C Just a Green Light for Developers?

For me, Proposition passing or failing next week is of no consequence YET, as the measure fails to identify the future funding sources for any PHR public amenities to be constructed later. For the PHR area residents in favor of C, ask yourselves this: How long will you have to wait for those public amenities which the developer had no concern for when your homes were initially built? Right now, BEFORE the half-cent sales tax increase in Proposition D is decided, we have mandatory city budget cutbacks in all departments that might later be needed in the PHR area once new home development reaches appropriate levels. If Prop. D passes, its five year sunset clause means that none of that money will be available for PHR public amenities UNLESS all of those new homes are already bought and paid for in advance AND the public amenities' construction plans are already in the pipeline for approval. If that's not the case, then we can expect more AA- or lower grade bonds to be issued by City of San Diego. Fitch Ratings has just completed training sessions for the City of San Diego council members in general obligation (GO) debt servicing. PHR residents need to be aware of the impact of Proposition C passing on individual tax-secured GO ratings that currently exist or may be issued later, and that the impact is city-wide, not just limited to PHR. Personally, it will be on the far side of 2015 AND a much-improved economic outlook before I think of supporting more GO issuance or imposing more city-wide tax increases to fund their repayment. Unless PHR is already in the CCDC project area boundaries, there is no funding nor any help for you out here in the rest of San Diego, where PHR residents may have totally misunderstood the disgust at having $6 billion in future tax revenues set aside for downtown CCDC redevelopment as was done in secretive Sacramento state budget negotiations. Of course, if PHR residents were willing to offer up some land for a brand new NFL stadium complex, then there can be some wheeling and dealing done during the election and afterwords... One may search the City Clerk's website for information on the OCTOBER 11, 2010 DEBT SERVICING TRAINING (Item 200) supporting documents that may make things clearer on the impact of propositions such as C on individual GO ratings and the dependent interest rates on those city-issued bonds. For those who cannot find those supporting documents through the City Clerk, there are copies posted at http://sdreader.stickywebs.com
— October 25, 2010 11:46 a.m.

Public Records Suggest Southwestern College Used Public Funds Frivolously

RE "Fitch - U.S. Local Govt Tax - Supported Rating Criteria Dec 2009" at http://sdreader.stickywebs.com : I believe it to be an authoritative resource on how SWCCD bonds may change ratings (where a lower rating from SWCCD board inaction means higher interest rate and thus reduced funds for operations at SWCCD), which has a direct impact on the interest required to be paid from future SWCCD revenues, BUT it is no easy read. Fortunately, there are also two PowerPoint presentations by Fitch Ratings that will make the rating critera easier to stomach. To put it politely, they were written as primers with city council members as the intended audience. "Smart is the new rich."
— October 25, 2010 10:26 a.m.

Update San Diego 10/21/2010

RE "Take your pick, in 12 months we are going to be facing another $30 billion deficit and facing the exact same problems we are today-and it will be more of 'kick the can down the road'": Kicking that can is a California political tradition for both major parties. We just got a good taste of that in the secret Sacramento $6 billion tax increment deal RE CCDC endorsed by hiz honor hizzelf. It is damn unfortunate that California's two-party system can't produce better candidates that the two we have now, but objectively, Brown has a much better chance of not fumbling everything from day one in office. Whitman essentially showed her ignorance when she shot her mouth off about freezing all new regulations in the pipeline once she got into office. Obviously, some nice people upstairs at Sempra Energy had to grab her by her political throat and knock some utility-economic sense into her, as a freeze would have seriously jeopardized the cash flow of public utility dividends to their holding companies. We as members of the public still have no real estimate of how much our utility rates will increase because of all the rate hike proposals in front of CPUC from SDG&E and the other investor owned utilities. A regulatory freeze would cut SDG&E off from the ability to bill us for those currently proposed rate hikes, a good thing for us as consumers, but very bad for the large corporations who allow us to keep some lights on at night. The total impact to all regulated industries from the stupidity of Whitman's freeze statement cannot be made known in 3000 characters or less, so use your imagination. Also the freeze on regulatory action would also strip us of our right to propose new or amended regulations when the people see fit to make such admin law regulatory changes, which would also work against regulatory changes proposed by corporations to improve their bottom lines. I'm pretty sure the Brown campaign was howling with laughter when she decided to open her mouth about what she doesn't know of the California Codes that the former attorney general and governor would never have been so ignorant to utter. Given a choice of the lesser evil between Whitman or Brown, I'd have to chose Brown, or from not choosing either, we're going to have some serious statewide continuity of governance issues well before the next late state budget.
— October 25, 2010 1:17 a.m.

Update San Diego 10/21/2010

WOW!!!!! MEG WHITMAN HAS AN ILLEGAL ALIEN HOUSEKEEPER?!? Since when????? I can only assume that MEG WHITMAN WILL CLAIM SHE HAD NO KNOWLEDGE THAT HER HOUSEKEEPER WAS AN ILLEGAL ALIEN; otherwise, she will lose a whole lot of votes from people who are not so privileged as to have a the service of a housekeeper at all, legal or not. IF Meg Whitman hired an illegal housekeeper, THEN she either paid her properly because she thought the housekeeper was here legally, OR she paid the housekeeper under the table without legally withholding employment taxes. It's a good thing that MEG WHITMAN DID NOT KNOW HER HOUSEKEEPER WAS HERE ILLEGALLY and must be able to prove it by providing all of the TAX WITHHOLDING DOCUMENTS FOR HER EMPLOYEE AS SHE IS REQUIRED TO MAINTAIN BY LAW. IF NOT THEN somebody is an ILLEGAL AMERICAN FOR BEING A TAX DODGER. What about the housekeeper? After all, she is a person under California Law, and no person under California law can be denied the right of due process. I hope she gets a LAWYER WHO KNOWS HOW TO BE A GOOD LAWYER, somebody who knows how to look out for a client, legal or not, because due process is an INALIENABLE RIGHT under the Constitution of the United States of America. As for us, we would not ever want to go to the polls and vote for somebody KNOWN FOR HARBORING ILLEGAL ALIENS AND NOT PAYING EMPLOYEE TAXES on Election Day. Oh. You've already voted. Sorry. Now, all of us who have our PhDs and teach about the standard free market model in economics at university level know that government interference from restrictive regulation in free markets is not a desirable thing as it interferes with the notion that individuals in free markets make economic decisions in their own best interests. It is even less desirable when that interference changes the relationship between supply and demand to the point that the resulting supply-demand relationship exists only because of the government interference in the free market to create those artificial conditions. The natural effects in an expansion are to increase the demand for labor, and in a free market, that labor demand is met or the supply is insufficient to meet the demand. If somebody makes an economic decision to break a law, then that too must be assumed to be in the person's best self-interest. Just so everybody knows besides Mindy1114, the other Professors and me, Meg Whitman's demand for a housekeeper was the result of an economic decision made in her own best self-interest regarding her personal allocation of money for labor, OR we need to change the basic assumptions of our free market economic model here. It's that, or we admit that America is not a free market economy. What a shocker that admission would be! IF Mindy1114 has a different non-standard economic model of free markets in mind, or that America has something else going on economically, THEN maybe she could share it with us?
— October 24, 2010 11:35 p.m.

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