Money - Brilliance and Stupidity

Logic and Illogic

Why didn't I think of that? Today's local newspaper's editorial page had a letter from Las Vegan Bob Hartman. I don't know him, how long he has been in Las Vegas, or anything else about him but I tip my mortarboard to him. Hartman came up with a suggestion to address the budget shortfall in Nevada. As he puts it, "This may be too simple for the Legislature and governor..."

But before we reveal this brilliant plan, let me refresh your memory. Last week the projected budget shortfall was put at $ 564 million. Others have projected less, but let's take that figure.
The Guv has proposed cutting budgets by some 8 percent. That includes budgets of K-12 schools which are already in the bottom 10% in the nation in funding. It also includes cuts to Health and Human Services and Higher Education, both of which are severely underfunded like K-12. Total cuts just among those three entities exceeds $ 231 million plus the loss of another $ 40 million in federal matching funds to HHS if budgets are reduced.

The Guv has refused to raise taxes, has ignored suggestions to tap the "rainy day fund" and has ignored other suggestions. Hartman suggests adding on a $ 1.00 per night surcharge for every room rented. With a statewide room count of about 130,000 and 90% occupancy, the surcharge would yield nearly $ 43 million in a year. A $ 2.00 surcharge would yield nearly $ 86 million. My vote for State Budget Director goes to Mr. Hartman.

NCAA pretends to come clean: We have railed against the NCAA and their predatory practices against athletes in the past. College athletes, especially in the so-called revenue-generating sports of football and basketball are too often Gladiators courted by schools more concerned with the bottom line than the academic best interest of the athlete. The indentured servitude lasts for four or five years during which time an NCAA violation occurs if a scholarship athlete accepts a free t-shirt, meal, or any other so-called "extra benefit" not available to the student body in general.

The payoff for the athlete, says the NCAA is a college degree which is earned in many cases by fewer than half of the Gladiators. The NCAA lives in grand style off the spoils produced by the Gladiators. Plush offices and frequent travel to meetings, fine food in only the best hotels are but a few of the perks enjoyed by NCAA members. TV contracts, licensing agreements and bowl payouts provide hundreds of millions of dollars to NCAA schools and administrations. Coaches earn millions. Players earn peanuts.

A teeny-weeny pushback occurred when four athletes filed a class action lawsuit. But the NCAA, fearing a lawsuit might bring further scrutiny agreed to a settlement of $ 10 million - a drop in the bucket compared to revenue produced by the athletes. NCAA sources show revenue of
$ 564 million for the 2006-07 year. Each of the five BCS Bowl games paid out $ 17 million. The NCAA got off easy. I can hardly wait for the next class action.

A little blogging music maestro.... "Money for Nothing," by Dire Straits.

Dr. Forgot

Behind the Headlines

Las Vegas Hip, Hip, Hype

Home sales in the toilet: I don't blame the pundits, headline writers, and analysts, really I don't. They have to produce something that will attract people so their ratings increase so more advertisers can be attracted to pay higher prices for ads. What makes the whole engine run is that naive and lazy readers of and listeners to the headline writers and media pundits. Recent surveys show that a shocking number of people get their news from comedy and satirical news shows. Most people do not take the time to investigate or research on their own.That is why we get exactly the political leadership we deserve.

A recent headline shouted that a study shows homes still unaffordable. The implication from the headline is that homes are affordable by only a few. But homes are still affordable. Ok, perhaps the zero down loans for 105% of the appraised value no longer exist. It might take a family a while longer to save up for a 10% down payment on a home, but the market is flush with good deals.

Another recent headline bemoaned, "Five percent unemployment highest in years." Hello! It does not take a Phi Beta Kappa math major to subtract five from 100% and determine that the corollary of the headline is that 95% of the work force is not unemployed.

A third headline shrieks, "Foreclosure filings soar during '07," citing a report that shows 3.7% of houses in Nevada received foreclosure notices in 2007. Despite the fact that receiving a notice does not necessarily mean foreclosure will automatically follow (intermediate steps can often be taken), even at face value of the headline, the converse is that 96.6% of Nevada houses did not receive foreclosure notices.

In fairness, some good news was squeezed in among the fear mongering. Retail development "continued to flourish" according to another article. The number of hotel rooms continues to grow as does tourism.

So do your own homework. Don't copy the answers from somebody else because that person has his own TV program or writes about economics. Plenty of research is available. Remember, you can lead a horse to water but you cannot make him drink. You can lead a man to knowledge but you cannot make him think.

A little blogging music Maestro... George Gershwin's "It Ain't Necessarily So," from Porgy and Bess.

Dr. Forgot

Hungry Candidates Await Supper Tuesday

Ambivalent Politicos? Yes and No

And Then There Were None: Mystery writer Agatha Christie created a classic with "And Then There Were None," later done as a play and renamed "Ten Little Indians." The play begins with 10 people in an island with each one being taken out of the picture according to a nursery rhyme. The play reminded me of this year's presidential race. With apologies to Dame Christie we will attempt to describe such an occurrence in our own play, "Ten Little Candidates."

Ten Little Candidates going out to dine
One lost his Keyes and then there were nine.

Nine Little Candidates running state to state
Gravel ran out of money and then there were eight.

Eight little candidates praying unto heaven
Mike got the word and then there were seven.

Seven little candidates doing campaign tricks
Rudy got the bootie and then there were six.

Six little candidates trying to revive
Lawyer John lost his case and then there were five.

Five little candidates knocking on the door
Looks like Ron Paul's demise will leave only four.

Four little candidates, two on either side
Upon which one's shoulders will the presidency ride?

The one little candidate that history will remember
Will not be revealed until next November.

A little blogging music Maestro...."Gone, gone, gone" by the Everly Brothers.

Dr. Forgot

Marx's Tomb. A Communist Plot

Sunnyday Tuesday in Sunshine State

El Primerio - Fighting it out in Florida: Today is the day that Rudy Guiliani will find out if his battle plan worked. Like the beggar who asked for $ 500 for a cup of coffee, Rudy decided to put all his begs into one ask-it. Senator McCain is basking in the limelight of having received the endorsement of the Guv. Pundits say that gives him the battle but not the war - yet. Mut the Good Guv Mitt is not ready to be smit by the McCain machine. His pundits say the race is a dead heat. If they tie, it is going to be interesting to see how the 57 Florida delegates will be split. In the back of the voting classroom Rudy and Rev. Huckabee are doing their best Horschak imitation of "Me, me me. Pick me!" We will bring you the results in tomorrows post.

Democratic Faux Pas? The Dems have certainly had a quiver-full of Florida frustrations from hanging chads in 2000 to touch screen fiascoes in 2004. So what is their strategy this year in the fourth most populous state with oodles of big money donors? They play hooky. The DNC punished Florida for moving its primary to January 29. But the spanking backfired as it left the Republican candidates almost unlimited free airtime the week before Super Tuesday. That showed those nasty little Florida legislators. Note to the DNC: Can you say, "Ready, Fire, Aim?"

Top of the Monte Carlo Conversation: We reported yesterday that workers would try to begin to repair fire damage to the Monte Carlo despite high winds. Instead we are imagining a conversation between a couple of rooftop construction workers that may have gone: Worker 1: Windy, ain't it? Worker 2: No, it's colder than Thursday. Worker 1. Me too. Lets get a hot cup of Joe. Work will begin in earnest today.

Bits of tid: This is a new segment of our posting. We will occasionally provide a gaggle of activities and happenings. Are you strapped in? That "Whole Lot of Shakin' Goin' On" in the Lake Tahoe area was not Jerry Lee Lewis. A 3.2 temblor hit the Incline Village area yesterday. One finger salute from the auto dealer who wants to fly an oversize flag on an oversized pole. City fathers say, "No, no." Car dealer says, "Watch this!" That white stuff on Mt. Charleston is legal. Sixteen inches of snow fell in the mountains around Las Vegas this weekend. Snow bunnies are delighted. Of course the curmudgeons say, "The more snow, the more opportunities for avalanches. Right. And the more rain the more opportunities for drowning.

A little blogging music Maestro... "Going Out of My Mind"

Dr. Forgot

Everything in Moderation. Even Moderation

Everything You Wanted to Know

Equal rights; Equal justice: Life just isn't always fair. Take for instance the penalty for dognapping in Virginia - a felony that can result in up to 10 years in the hoosegow. But steal a cat (would that be a cat nap?) and the penalty is but a misdemeanor. Local politicians are up in arms, er, paws about the discrepancy. The proposal has been dubbed, "Ernie's law" after Ernie the kitten that was stolen from the SPCA. At this writing we're not sure if the law will pass or if it will be scratched. But we do know that being in the doghouse means trouble but being in the.... well, you get the idea.

Off-Strip dining elegance: Last night we attended a birthday dinner way off the Las Vegas Strip. A recently-opened restaurant called Six Tables is on Lake Mead and Rampart, about as far away from the strip as one can get. But it is somethingt new for Las Vegas - elegant and upscale with a strong European flavor. Six tables is the maximum that will be seated at any given time and only one seating per night - 7:00 p.m. Las Vegans are nortorious for arriving fashionable late but Chef Roland tells us they're getting there on time. A full course meal with no microwave preparation. A two hour dinner. No need to fight the tourists. How much better can it get?

Nothing is guaranteed but death and taxes: Take actor Wesley Snipes. Ok, if you don't take him the government might. The feds are sniping at the actor for no other reason than he stopped paying his income taxes. Oh, yes, he also demanded $ 11 millon in taxes that he'd already paid. Who does this guy think he is, Halliburton? Prosecutors ask that if he likes the number 11, how does he feel about 16? That is the number of years he could serve if convicted.

Windy with a chance of cleanup: Today's weather in Las Vegas emulates some politicians - blowhard. When the winds blow the cradle might fall but hundreds of cleanup workers put on their longjohns and gear up to clean up the Monte Carlo after the fire. The 2,400 guests, all of whom were relocated to rooms in other hotels where the smoke did not get in their eyes, have mostly left Las Vegas. Employees of the hotel are at this writing drawing their full salaries. Some have been asked to participate in cleanup efforts and the others are asked to check a hotline number daily. A tip of the hat to the Monte Carlo and owners MGM-Mirage for their class in handling of this event.

Politics ala Republican: As candidates get ready for the opening bell in the Florida primary the M&M boys, Mitt and McCain, continue their slugfest for position while Rudy must be asking himself, "Is anybody out there listening to me?" Rudy's strategy was like a marathon runner who did not start the race until the rest of the pack was five miles down the road. Meanwhile, back at the boxing ring Senator McCain accused Mitt of having a plan for troop removal. Mitt got so angry he said, "You, you... are being dishonest!" Wow. That should put the Arizonan in his place.

Politics ala Democrat: Hillary and Bill, who have been doing their best Billary campaign performance, walked directly into a haymaker from left field. Call it the Kennedy Krunch. Sunday's media told of Caroline's support letter for Senator Obama, then today Teddy and Patrick of the Kennedys announced their Barack support as well. Senator Clinton will take a standing eight count while her corner's cutman wipes the blood from her scorecard. Between rounds, from now until Tuesday her camp will try to figure out a strategy to overcome today's blow.

A little blogging music Maestro... "Not Ready to Make Nice," by the Dixie Chicks.

Dr. Forgot

Out of My Mind. Back Shortly

Rain and Other Poppycock

It never rains in California: But it rains regularly in Las Vegas - a couple of times in January, once or twice in February, then a few sprinkles every 90 days or so until the annual 3.75" rainfall has been reached. In some respectable communities near Seattle, Dallas, or Pittsburgh, that 3.75" can fall in hours. When it rained in Las Vegas in the old days there would be gully washers as the high points in the west part of the valley saw water cascading to the lower parts of the east valley and on to Lake Mead. Caesars Palace parking lot was built in the midst of one of the gullys and cars used to float from one side to the other and under the Strip. But flood control ruined all that and catch basins now deny current generations the thrill of watching the desert floods.

Prop up the Super Bowl betting: Betting purists look down their noses at prop or proposition bets - bets on obtuse kinds of things associated with the big games such as who might win the coin toss, who will get the first first down, longest pass completion, reception, run from scrimmage, etc. But bets on the offbeat and simple kinds of things that can happen in a game have brought thousands of new bettors to the windows of the casinos. A person doesn't have to have an intimate knowledge of the game to understand the longest pass or run play. As for me, I'm still not sure if inside linebackers play indoors and outside linebackers play outdoors. But I have a prop bet: I'll bet that the Monte Carlo casino and sports book gets reopened in time to bet on the Super Bowl.

Vote for Hardy. That's Party Hardy: Local city council members might be described like an Italian mushroom. There's many a "fun-guy" among them. The local Sun newspaper did an 18-month review of the spending habits of what wacky Latin might describe as "politicus spendus." Special event spending prizes go to Steven Ross, Lois Tarkanian, and Gary Reese led the pack of spending on items such as hula dancers, candy bars beach balls and dog treats to the tune of over $ 150,000. That should make taxpayers roll over and play dead. The story also revealed that Hizzoner the mayor spent a paltry two grand on such silliness. So much for his reputation as a big time party mayor.

Swing and a miss: A local attorney who bills himself as "The Heavy Hitter" on his local promos is about to strike out in the eyes of the judicial system. Barrister Glen Lerner missed the first day of his client's murder trial last week. The heavy hitter was not exactly in the training room getting his ankles taped for the national pastime, he was instead on "sabbatical" in Pennsylvania. He muffed his line drive as though it were a blooper to the infield. Talk about mixed metaphors. The umpire, er, judge, in this case, Michelle Leavitt, has not ruled if his excuse was fair or foul, but it is clear that the barrister is not batting a thousand on this field. Was his move a balk? We will let you know the score as soon as it comes in.

A little blogging music Maestro.... perhaps a few bars of "Take Me Out to the Ballgame."

Dr. Forgot

Monte Carlo - Money to Burn

Saturday's Leftovers

Meanwhile, back at the post: When we last met you, during the day of yester, the fire at the Monte Carlo in Las Vegas blazed, the sky was falling, and plenty of tourists and locals were running around trying to get the best shot of the flames for posterity or to sell to Fox news or both. A fisheye look at some of the events that surrounded Blazing Battles follow.

First things first: The instant it was determined that an emergency existed, highly trained Monte Carlo employees flew into action starting with casino employees who battened down the hatches - which is to say they secured the moolah. Maids, security, and others who were on various floors went door to door knocking and opening to be sure all were being evacuated. Factoid: it is believed that at any given time some 20% of the hotel guests are asleep in this 24-hour town.

Shoo, shoo, all of you: Once the hotel was cleared of guests employees exited the property and effectively turned it over to the professionals - firefighters, police, and journalists. The firefighters from Fire Station #11 just down the street (Strip) arrived first, right at 11:00, along with police who were on routine patrol in the area. Since the hotel had been about 90% occupied including Miss America pageant contestants, several journalists from around the world happened to be there. Within minutes the local TV and radio stations as well as CNN, Fox News, and other national outlets were abuzz with "Fire in Las Vegas."

Obligatory coverage: Since it had a slow news day, the electronic equivalent of "EXTRA, EXTRA!" resonated throughout the airwaves and helicopter shots were followed by i-reporters shots and the airwaves were inundated with the story, giving TV its biggest boost since the writers strike began. This looked to be a really, really big story. Except that the fire burned itself out in a couple of hours without serious injury or loss of life - in fact no rooms were damaged, only the sign and facade on the roof. But coverage continued with some clever angles. A bride whose wedding dress was inside the hotel, birthday and anniversary celebrants who had partied all night and just gotten to bed, housekeepers who knocked on doors, and others who in the "Where were you when..." interviews made for excellent post-fire coverage.

Could have been worse: As the interviews waned the obligatory comparisons with former fires began to take over - the big one at the MGM Grand (now Ballys) in 1980 that killed 87 followed a few months later by and arson fire at the Hilton that killed 8 (the arsonist was convicted and sentenced to 8 life terms) and how changes have been made in high rise fire safety.

Bottom line: at this juncture it looks like Monte Carlo employees, firefighters, police all rehearsed and did their jobs well preventing any serious injuries. All guests were relocated and life in Las Vegas is back to abnormal.

A little blogging music Maestro...this will have to be Jerry Lee Lewis "Great Balls of Fire!"

Dr. Forgot