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County says no to a bail out. - 12/24/2008 11:58:05 AM

pahunkboy

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Published December 23, 2008 12:27 pm - The bailout of the Hummels Wharf Boscov’s store is a “no go” in Snyder County. The county commissioners voted 2-to-1 on Tuesday to not provide the state with a $5 million collateral.

Snyder County denies backup financing for Boscov's

MIDDLEBURG - The bailout of the Hummels Wharf Boscov’s store is a “no go” in Snyder County.

The county commissioners voted 2-to-1 on Tuesday to not provide the state with a $5 million collateral of Community Development Block Grant money, in case of Boscov’s default on the loan, to go forward with the loan program for the department store. “I know that there are those at the state level who feel this project is utterly important,” Commissioner Joe Kantz stated in an open letter to the citizens of Snyder County. “but I cannot allow what is politically expedient to overrule what I know is the attitude of Snyder County.” /snip
to red it go here -->
http://www.dailyitem.com/0100_news/local_story_358122746.html?start:int=0

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this is the county next to me. 38,000 people. when I lived there- and they mailed things- they would put mom and mine in the same envelop. (to save postage) not exactly private.    ...this is a bell weather I think of what most of small town America thinks about the bail outs. Where does it stop? so no one has money...what else is new?   Ironically Boscovs (which is a department store) expanded to double is size a few years ago. the entire mall did, and then they buildt a 2nd mall. Yet actual wages, are fuzzy. I never figured out exactly what people DO to earn money. execept for the Amish. Maybe some mechanics and carpentars, and cleaning ladies.

even still property taxes have been creaping up, the old place was getting to the point of well sell the stupid thing..these taxes know no end.   but then when I learn what suburbia taxes are, im like WHAT?????.

I should note that when I worked in county government the forces are so blocking of any ideas that it is perplexing that anything what soever gets done. always an exa to grind. anyhow. no bail out.

< Message edited by pahunkboy -- 12/24/2008 11:59:10 AM >

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RE: County says no to a bail out. - 12/25/2008 10:33:49 AM

Termyn8or

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My sister used to say it, I agree though I have no idea where she learned it. She has worked at banks a long time as far as I can figure. She said :

"A business that grows too fast falls too hard".

There are so many promulgations and ramifications to that they are inaddressable right now. To try to keep it short, you are a business. You make a bunch of money. Youloan out the money (invest in the market). Then you borrow money to expand the business. Then everything is hunky dory for a while until something like the crash of '08 comes along.

Why didn't you just use your own damn money in the first place ?

Every last viable business in the country could ask for a bailout, as this economy is killing everyone, but where does it end ? The convenience store at the corner ? The local "hole in the wall" bar and grill ? Used car lots ?

T

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RE: County says no to a bail out. - 12/28/2008 11:04:07 AM

pahunkboy

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and now the criticism starts. unbelievable!

Disrespectful decision

I am ashamed of my hometown community. Having been raised in Point Township, I had always considered growing up in rural Pennsylvania to be a blessing. People knew each other and took care of each other. When Boscov's established the area's first mall, the community was the winner. Beyond the convenience of a well-anchored mall, Boscov's made the community priority No. 1, and I was privileged to be its PR Director for years. snip
you can read the whole letter here -->
http://www.dailyitem.com/0111_letters/local_story_362233110.html

This week, two of the Snyder County commissioners voted not to support Boscov. Maybe Commissioners Kantz and Derk should be visited by the three ghosts of Charles Dickens's "A Christmas Carol." The first ghost of Christmas past would show when the land where the mall sits was empty swamplands with no jobs and providing very little tax income. The people would drive though Snyder County without stopping to shop in other counties. http://www.dailyitem.com/0109_opinion/local_story_362233121.html

yup- that does it. this is now the last straw- the entire valley now is going to the dogs.

corp headquarters should know that snyder is not reading is not bucks is not philly.

the only letter I seen that made some sense is that is is easier to retain an existing job then to bring in new job(s).

I sort of doubt that only this catclismic decision for which all of humanity rests on... really is as big as these complainers. after all, who is stopping the complainers from opening their private check book?

< Message edited by pahunkboy -- 12/28/2008 11:08:33 AM >

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RE: County says no to a bail out. - 12/28/2008 8:52:28 PM

Termyn8or

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The only way I could even think about going along with a bailout in this case is if they lost their floor planning plan all of the sudden, through no fault of their own. Even then it should be a temporary measure, either that or the govt can make the bucks the original floorplan underwriter had been making.

Or were they playing bank ?

T

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RE: County says no to a bail out. - 12/29/2008 1:45:42 AM

pahunkboy

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they have a charge card, tho not the main income, Im guessing. The chain was among the last to take on the cheap junk mode... but it has.

easy fix. declare the store a bank holding company, then call paulsen. hmmm

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RE: County says no to a bail out. - 12/30/2008 7:44:00 AM

pahunkboy

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the local paper is today once again fraught with this crises. My god... civilization is crashing!!

All politics are local.   If there is indeed no "risk", then why is the county needed?   it does not add up.

I think this failed because 2x a year, county residents get a basket of tax bills. Call it any tax you like, rent or own, you still pay it in some form.

every year they act like they did us a huge favor be only raising taxes x mills!!! when the deficit was x+y mills.
\
the courthouse is ...well the building is like a prison with all the security measures.   you are on mirrors, cam, must get buzzed in, must sign in, and must use the front door, not the door at the parking lot.   one gets very wet when it rains.

got a bad back? too bad. you must walk 3 flights of stairs and go the long way.

jury duty?   you must show up, call the office, the phone menu tell you the data, you show up with 50 others, who then drove for nothing, as the court day was postponed and no one though to update the phone menu.

think that is bad? how about 3 county employees in the next county arrested one by one for misusing funds or power.   high ranking.

..it goes with the tax assessor who fricken hit and run my parked car, they looked me in the face and flat out lied about it.

but whatever. life goes on.

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