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With the support of Sen. Chris Dodd, D.-Conn., the federal government has awarded $54 million to Connecticut's politically well-connected Mohegan Indian tribe, which operates one of the highest grossing casinos in the U.S.
Do we really wanna turn Obama's boys lose with $20 billion and expect them to spend it wisely?
I can't help but recall one Libbo poster saying that the stimulus is, "long term investment in infrastructure". Does this look like, "infrastructure", to anyone?
Possibly because beyond a few words to placate folk who might feel offended, there is nothing concrete proposed, no grand building, or erection of a statue to the great messiah or some such project.
All we get are vague promises to do something?
Of the thousands of stimulus projects that do random little things that need fixing across the country, you're suspicious of this one because there's no grand project announced nationwide?
No, really, ask yourself: Why is this project suspicious to you?
Foxnews.Of the $54 million to the Mohegan tribe, $31.5 million will be used to construct an educational center and $22.2 million to build a community center, according to the Agriculture Department.
The stimulus money -- a loan from a Department of Agriculture rural development program -- is meant to help communities of less than 20,000 people that have been "unable to obtain other credit at reasonable rates and terms and are unable to finance the proposed project from their own resources."
Read more: Mohegan Sun casino owners received $54M in stimulus cash - NYPOST.com
This sounds pretty fishy to me.
First of all, why is the Mohegan tribe receiving the money when it's clearly designated for "communities of less than 20,000 people that have been unable to obtain other credit at reasonable rates and terms and are unable to finance the proposed project from their own resources?" From everything I can figure out, the tribe is not "the community;" the community is Uncasville, CT (which is a part of a larger township known as Montville Town). Why is this money not going to the town of Uncasville (and/or Montville) itself?
According to the Mohegan tribe's webpage, "Currently there are about 1,700 Tribal members." According to the US Census, in 2000, Montville had a population of 18,546, only 270 of which were Native Americans, so I ask again, why is the tribe receiving this money (1700 people) when the actual community consists of far more non-tribal members than tribal members?
Beyond this, can anyone explain to me how this tribe, which earned over a billion dollars last year is "unable to obtain other credit at reasonable rates and terms and are unable to finance the proposed project from their own resources?"
I call foul.
They had revenues of over 1 billion dollars, they did not earn 1 billlion dollars
My mistake. They made $53.6 million in casino profits last year.
My questions remain valid and unanswered.
Here's another interesting tidbit: the tribe previously received $20 million in loans from the USDA.
This whole deal sounds verry hinkey.
This is a loan, that has to be paid back is it not. It is not a gift to the tribe, but a loan they are expected to pay back, and it is a loan they will be able to pay back
So what? My questions remain valid and unanswered.
Mohegans are not being given any money, they are just getting a loan, one they are expected to and should be able to pay back
My questions remain:
Why do the Mohegans get this loan, when they do not constitute even a tiny portion of the whole of their community/town?
Given their massive annual profits, why can't the Mohegans obtain credit at reasonable rates and terms through the usual channels? If no one will reasonably lend to them, it would seem to indicate a significant credit risk, wouldn't you think?
Given their massive annual profits, why don't the Mohegans finance projects with their own resources? There are surely thousands of other communities that need more stimulus help than this very wealthy Indian tribe.
Hinkey.
My questions remain:
Why do the Mohegans get this loan, when they do not constitute even a tiny portion of the whole of their community/town?
Given their massive annual profits, why can't the Mohegans obtain credit at reasonable rates and terms through the usual channels? If no one will reasonably lend to them, it would seem to indicate a significant credit risk, wouldn't you think?
Given their massive annual profits, why don't the Mohegans finance projects with their own resources? There are surely thousands of other communities that need more stimulus help than this very wealthy Indian tribe.
Hinkey.
The real question Glinda, is what interest rate is the Gov't giving them, and what would the market give them. IF the Gov't loan is say... 1.5% and the market is 3%... there is your reason for this, the corruption.
I think it is obvious that the interest rate on the loan is below market rates, as that is part of the intent of the program, to provide funding for projects that can not get loans at reasonable ratesThe stimulus money -- a loan from a Department of Agriculture rural development program -- is meant to help communities of less than 20,000 people that have been "unable to obtain other credit at reasonable rates and terms and are unable to finance the proposed project from their own resources."
How would they be a credit risk if they are making massive profits?
And would you rather the government loan to money to a group that cant pay it back or a group that has the means to pay it back
The real question Glinda, is what interest rate is the Gov't giving them, and what would the market give them. IF the Gov't loan is say... 1.5% and the market is 3%... there is your reason for this, the corruption.
That's the question. Why can't they get reasonable loans on their own? Just because the government's stimulus funding might be at a lower rate does not mean they cannot get "credit at reasonable rates and terms." It just means they don't want to pay market rates. Wanting million-dollar loans on the cheap doesn't qualify for stimulus funding, so far as I know. In this case, it would seem that having someone from congress in your pocket is all that's required.
Your statement indicates that you believe the government would just as eagerly make similar loans to communities that would have no chance of repaying. I'm fairly certain the feds look into such things before putting millions at risk.
And none of this explains why a tribe of 1700 people who rake in more than $50 million annually is receiving stimulus loans, instead of the actual "community" in which they live. Again, I'm left to conclude that having someone from congress in your pocket is all that's required.
That's your idea of corruption, eh? Loans. Loans at a good rate are corruption.
I bet you'd say exactly the opposite if there was an (R) in the White House.
I went to a loan site, that allowed me to do a 30 year, 10,000,000 loan at 3%
The payments came to, for jsut 50 million (for ease of MY math) $7,588,872
For a 1.5% was 3,794,436.
So that's like 3.9 MILLION saved over a 30 year loan.
I guess when it's tax payer money, that doesn't count in your mind.
Stop and think for a minute
Who is doing the lending, the government, who collects the interest the government. Provided the government can get the money at a cost lower then what it is lending it out at it is making money on the loan. Ergo the loan does not cost any taxpayer money. In fact it could make the taxpayer money, golly gee a good program that benifits the taxpayer rather then hurts them
:blink:
Is that your final answer?
:blink:
Seriously, you think the Gov't giving loans out... is a good idea? And you don't see the problem with politicians have the power to "help" certain groups get these fantastic low cost loans?
:blink:
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