IFO has never been accused of being a Pollyanna (well, yes we have, ) but here it is – a direct quote from the AP:
[State] Sen. Joe Bolkcom, a Democrat from Iowa City, disagrees with providing money to help companies move within the state.
“Companies are free to move wherever they want, but we should not be using taxpayer subsidies to move a business from one community to another,” he said.
Absolutely correct! We know he just opposes this because it is giving tax money to a company rather than “the poor” or a union, but still, standing alone that sentence is pure gold.
Here are some other good signs in the news from the Portland Business Journal:
Hedge fund operator Yusaf Jawed has agreed to pay nearly $34 million to settle a civil lawsuit brought by the Securities and Exchange Commission. . . . Jawed pleaded guilty to five felony counts of mail fraud and 12 felony counts of wire fraud in a separate criminal case.
At that hearing, Assistant U.S. Attorney Allan Garten called Jawed’s failed Portland hedge fund Grifphon Asset Management a “typical Ponzi scheme.”
What did we tell you about investing in hedge funds? Right. Don’t do it. In spite of the probability that 9 out of 10 hedge funds are run by honest people, it’s that single one we worrry about. We know you won’t cheat yourself.
And finally, another bit of good news – and it’s funny, too. Also from the PBJ. In Wilsonville has the last laugh, we see:
The city of Wilsonville is either prescient or lucky. Perhaps it’s a bit of both.
Two years ago, Wilsonville lost SoloPower. Company officials vowed not to open a plant in the city after some disgruntled citizens pursued a voter initiative to overturn an $11 million incentive package approved by the City Council. SoloPower quickly chose to locate in North Portland instead.
It was a big deal at the time. Wilsonville came under intense criticism for letting such a “valuable” economic opportunity slip away.
Fast forward to today: SoloPower — a maker of thin solar panels for use on rooftops — announced this week that it would suspend operations in June unless it could find new financing. The promise of 500 new jobs and a thriving alternative-energy company in a key Portland manufacturing district has virtually vanished.
So you see, Sen. Bolkcom, you are on the side of the winners!
P.S. The PBJ has a bad memory. In its issue last week, the paper wrote: “Economic development advocates pounded the city two years ago…” without mentioning that the PBJ was among the harshest critics, and still is.
Notice the “disgruntled” in the snip above. Some people never learn – public/private partnerships do nothing but harm in the long run, even though some people are winners. Kind of like going to war.