Thursday, September 18, 2014
What's Going on with the Stock Market
It is no secret that the US economy is barely recovering. Personally, I don't think there is any actual recovery but hey, who am I to disagree with the Fed? Us taxpayers are a bunch of investors and the Treasury is our financial planner; it is the biggest, most corrupt scheme in the history of man kind. A bail out here, a stimulus there and everything is sunshine and puppy dogs. And you know what? We are to blame. We let this happen and our collapse is on our hands.
That was a pretty strong intro huh? Well it's the reality that is revealed once you lift the curtain. Wall street hit an all time high (again). The Fed came out and told investors that they can expect low interest rates for a while. So, this is a good thing. Interest rates are low which makes investors well, invest. To the every day person, this means nothing but to someone with an open mind, this is not "cool".
Normal people don't understand that the stock market does not reflect the standing of the US economy. When the OWS folks talk about corporations doing what is best for the shareholder instead of doing what is best for their employees, they are talking about the way that the stock market works compared to how the economy. Profit will always come before people and honestly, that is a good thing in most cases. Lets say that the stock price for Home Depot rises from $30.00 a share to $60.00 a share. That has nothing to do with an economic recovery. All that means is that HD has been turning a bigger profit by reducing their liabilities, changing up their product line or something. If a law like Obamacare causes a business to lay off 6000 employees, that translates to 6000 former liabilities, 6000 people who the business no longer has to pay. As long as consumers keep shopping at that business, profits will be made but because the employee base has been reduced, the profit margin will have increased and the stock value will increase.
What if I told you that the Fed influences the stock market so that certain people can make billions of dollars. Warren Buffet. Smart man, but dirty, greedy and corrupt. Do you have any idea how much influence that one, wrinkly old bastard has? How about George Soros? In 1992, George Soros made a short sale of the British Pound and sent the Bank of England into panic mode. Surely a few little people will gain a little bit of money but when it comes to people like Warren Buffet, we are talking millions if not billions of dollars of profit in one simple transaction.
Money is like a 101 proof bourbon, too much of it will make you sick. Basically, if all you care about is the money in your bank, the cars you keep in the garage and how many financial and business magazines write about you and your wealth, you will destroy your family, your employees and your morals. Every "good" sign will lead to a bad sign and our status will rise and fall. The elite will shit on you, me and everyone around us just so that they can maintain power and keep making a boat fucking load of cash.
Keep your eyes open and please, don't panic. There is nothing you or I could do to stop the collapse that is coming. We can only prepare by buying physical bullion and stockpiling supplies and goods. We can only ride out the storm because unless a revolution happens, nothing can be done to change the course we are on.
Thanks.
Sunday, September 14, 2014
Faulty Utilities are Deadly Hazards. CL&P Refuses to Fix the Power on My Street
I'm not one to complain about stuff like this but I feel that the negligence of Connecticut Light & Power must be addressed. During both 2013 and 2014, the power on Nanni Drive and Mountain View Terrace in Winsted Connecticut has gone out on numerous occasions. Some times the power is out for a few hours but sometimes the outage can last an entire day. This morning at around 5:20AM the power went out but was restored at around 9:30AM. It is mid September and the temperature was in the low 40s in the early hours of the day.
CL&P has refused to implement a solid fix to this problem that poses a serious risk to the residents in my neighborhood. The power goes out, they come and dig up the ground the access the wires or whatever and then they leave. They have done that at least 10 times this year with no effect other than making a mess of the street and yard. I personally am not too concerned about "surviving" these blackouts because I am prepared for them, but this isn't just a "me" problem.
What happens when there is 15" of snow on the ground and the temperature is in the teens? There are elderly people and children who live in this community who could freeze to death. The heat in our apartments is electric which is a huge problem in the winter. If the power goes out for longer than 2 hours or so, the situation could become very dangerous and deadly. What happens if an outage occurs during a major snow storm? We have all seen the wrath of mother nature and I have not forgotten the blizzards that hit the North East in Feb/March 2013 and Feb/March 2014.
All I ask is that the town of Winsted and the state of Connecticut put the heat on CL&P. Force them to fix this ongoing problem. At the next town hall meeting, I will be bringing this issue up and if I cannot produce any results, I will organize my neighborhood to either protest or file a civil suit against CL&P. The carelessness of CL&P and the obvious disregard for the safety of those who live on these streets is downright immoral and may even be illegal. I am calling on my legislators and the Winsted BOS to demand answers and results from Connecticut Light & Power.
Thanks.
Friday, September 5, 2014
My Response to Greg Gutfeld Asking: Should Americans Boycott Burger King?
09/05/14
link to what I'm talking about
I like Greg Gutfeld but really? Did Chris Matthews buy him dinner the night before or something?
The story goes like this..
Burger King is moving its corporate operations to Canada. The people who say that Burger King is buying Tim Hortons are idiots. Burger King isn't buying anyone, 3G Capital is. Burger King couldn't compete with other fast food restaurants and after years of failure, a Brazilian multi-billion dollar investment firm bought Burger King for $3.8 Billion. Also, 3G Capital paired with Berkshire Hathaway and bought H.J. Heinz Company for $28B a few years ago.
By the way, Warren Buffet is the man who founded and is the Chairman, President and CEO of Berkshire Hathaway. I have had a problem with Money Bags Buffet ever since he said that rich people should be taxed more, while he refused to voluntarily cough up some more dough. Listen you rich jerk, if you think you are under taxed, just give put more zeros on the check you send the IRS every spring and quit trying to sound like a damn human. I digress.
So, should Americans boycott Burger King? No and any American who does is a damn fool. Burger King is a business, businesses require a little thing called profitability. Seeing that BK is at the bottom of the food chain in regards to fast food, they need to make every penny count. The people who would boycott BK are of the same level of stupidity as the fast food workers who are spending their day protesting for a $15 minimum wage.
I see so many of these "Social justice" morons who know nothing about economics or business, but somehow have concluded that businesses can afford to pay their workers $15.00 an hour. I say we put Rachel Maddow in charge of Taco Bell for a year and see what happens. Let the female Jay Carney run that sucker into the ground, I mean, she seems to know sooo much about everything! The same fools who believe that Al Gore is the lord of Climate Change are encouraging borderline retarded burger flippers to take part in something that if successful, will result in them losing their jobs to BurgerBot 1.0.
You know who Americans should boycott? The God damn US federal government. The corporate taxes are driving BK out of the US and into Canada, Burger King can sprinkle as much sugar on their bullshit burger and claim that their decision has nothing to do with taxes, I'm not eating it and neither should you. If BK was a manufacturer, they would have moved to China 20 years ago. The EPA, FDA, Chamber of (Crony) Commerce, IRS, and Congress have been making decisions that have sent USA corporations and manufacturers packing since before I was born. I can sit here all day and explain the difference between the business climate in China compared to the US and you would end up saying "Shit, I'd move over there too."
People are moving out of NY faster than they can say Big Apple. The same is happening in Connecticut, New Jersey, California and many other states. Why? Big Government, high taxes, regulations and restrictions have done nothing but damaged these states. Economic recovery is not happening in any of these Big Government states run by Obama praising statist despots. The governors are committing economic suicide by doing things that sound good, but never work and never would work. Obamacare and gov't controlled health insurance might sound good on paper and shit, it might even work in theory. It would and will never work in practice. When politicians implement policies, laws and regulations, or even Bailouts, it sounds good and seems good, but these are not the droids you are looking for. Even if these things did work, the politicians would only make it work for them and their cronies. The workers always loose when the government gets involved with a corporation. Just look at General Motors.
If you're not pissed off at any of this, you're either brain dead or not paying attention. Burger King is not the enemy, Obama is not the enemy in this case either. The Federal Gov't as a whole is the enemy and We The People need to do something before more businesses shut down or move to Canada, China, Mexico or any other foreign country.
Thanks.
link to what I'm talking about
I like Greg Gutfeld but really? Did Chris Matthews buy him dinner the night before or something?
The story goes like this..
Burger King is moving its corporate operations to Canada. The people who say that Burger King is buying Tim Hortons are idiots. Burger King isn't buying anyone, 3G Capital is. Burger King couldn't compete with other fast food restaurants and after years of failure, a Brazilian multi-billion dollar investment firm bought Burger King for $3.8 Billion. Also, 3G Capital paired with Berkshire Hathaway and bought H.J. Heinz Company for $28B a few years ago.
By the way, Warren Buffet is the man who founded and is the Chairman, President and CEO of Berkshire Hathaway. I have had a problem with Money Bags Buffet ever since he said that rich people should be taxed more, while he refused to voluntarily cough up some more dough. Listen you rich jerk, if you think you are under taxed, just give put more zeros on the check you send the IRS every spring and quit trying to sound like a damn human. I digress.
So, should Americans boycott Burger King? No and any American who does is a damn fool. Burger King is a business, businesses require a little thing called profitability. Seeing that BK is at the bottom of the food chain in regards to fast food, they need to make every penny count. The people who would boycott BK are of the same level of stupidity as the fast food workers who are spending their day protesting for a $15 minimum wage.
I see so many of these "Social justice" morons who know nothing about economics or business, but somehow have concluded that businesses can afford to pay their workers $15.00 an hour. I say we put Rachel Maddow in charge of Taco Bell for a year and see what happens. Let the female Jay Carney run that sucker into the ground, I mean, she seems to know sooo much about everything! The same fools who believe that Al Gore is the lord of Climate Change are encouraging borderline retarded burger flippers to take part in something that if successful, will result in them losing their jobs to BurgerBot 1.0.
You know who Americans should boycott? The God damn US federal government. The corporate taxes are driving BK out of the US and into Canada, Burger King can sprinkle as much sugar on their bullshit burger and claim that their decision has nothing to do with taxes, I'm not eating it and neither should you. If BK was a manufacturer, they would have moved to China 20 years ago. The EPA, FDA, Chamber of (Crony) Commerce, IRS, and Congress have been making decisions that have sent USA corporations and manufacturers packing since before I was born. I can sit here all day and explain the difference between the business climate in China compared to the US and you would end up saying "Shit, I'd move over there too."
People are moving out of NY faster than they can say Big Apple. The same is happening in Connecticut, New Jersey, California and many other states. Why? Big Government, high taxes, regulations and restrictions have done nothing but damaged these states. Economic recovery is not happening in any of these Big Government states run by Obama praising statist despots. The governors are committing economic suicide by doing things that sound good, but never work and never would work. Obamacare and gov't controlled health insurance might sound good on paper and shit, it might even work in theory. It would and will never work in practice. When politicians implement policies, laws and regulations, or even Bailouts, it sounds good and seems good, but these are not the droids you are looking for. Even if these things did work, the politicians would only make it work for them and their cronies. The workers always loose when the government gets involved with a corporation. Just look at General Motors.
If you're not pissed off at any of this, you're either brain dead or not paying attention. Burger King is not the enemy, Obama is not the enemy in this case either. The Federal Gov't as a whole is the enemy and We The People need to do something before more businesses shut down or move to Canada, China, Mexico or any other foreign country.
Thanks.
Thursday, September 4, 2014
Headline: Tesla Needs $3B in Tax Breaks for New Battery Factory.
09/04/14
Business
article
Tell me you all saw this coming. By the way, Ford Motors never took a bail out.. Suck on it GM freaks.
Tesla makes a nice and I mean NICE car. I have seen at least 7 around in CT in recent months and I'll admit it, I'd buy one but because I understand that electric vehicles are horrible investments that will have no resale potential once the EV hits 50,000 miles, I'll stick to fossil fuels.
From the article"
Totally green man riiggghhhtt??(said in a surfer dude voice). So, Nevada, do you think that your state gov't will give Tesla the "green light" with their factory? Two words: Harry Reid. The old, denture wearing demented statist moon bat used a para-military force (the BLM) to try to chase Cliven Bundy out so that a Chinese company could build solar panel power stations on that land. It had nothing to do with some endangered turtle or grazing permits. Infowars.com Article
Harry Reid will at the very least push (very deep and hard) to get other politicians in NV to support Tesla, even if the taxpayers don't want their tax dollars being wasted on a non-viable product known as electric vehicles. There is no demand for them. Yes there are people who are buying Chevy Volts and whatever car Tesla makes but the numbers are not on the side of eco-freaks and electric vehicle manufacturers. The only people buying these cars are people with 100K in disposable income who need to feel good about themselves.
Let me put it this way, if there was an actual demand for Electric Vehicles, there would be Chevy dealerships with just as many Volts as Silverados in their lots. The same applies to the Nissan Leaf and all the EVs out there. No demand for the product is why Tesla needs the Taxpayer to bankroll their operations. All in all, if the NV Taxpayers oppose the Tesla plant and put the fire under Harry Reid, Tesla will be one step closer to bankruptcy. The only thing that is positive about this battery factory is the creation of jobs; they will be Union jobs so I don't actually consider them jobs but hey, it is what it is.
Tesla would not exist if we didn't have a President who was violently pushing an anti-fossil fuel agenda. Elon Musk, who I think is full of more shit than my septic tank, is a nobody with a lot of money and good idea. He exploited the stupidity of the Leftists and now the Federal gov't..err, I mean the US taxpayer is the only reason Tesla is in business. That being said, I think that every taxpayer in a state where there is a Tesla dealership should demand that Tesla give them one of their Electric Vehicles for free as a "thank you" gift. Even though we had no say in your creation, you're welcome.
Thanks for reading.
Business
article
Tell me you all saw this coming. By the way, Ford Motors never took a bail out.. Suck on it GM freaks.
Tesla makes a nice and I mean NICE car. I have seen at least 7 around in CT in recent months and I'll admit it, I'd buy one but because I understand that electric vehicles are horrible investments that will have no resale potential once the EV hits 50,000 miles, I'll stick to fossil fuels.
From the article"
Before we go to the next stage of pouring a lot of concrete, we want incentives there that make sense and are fair to the state and Tesla,” said Tesla CEO Elon Musk about a month ago.What's wrong with that statement? Why does the state even need to be involved in the development and expansion of a private business? You want the state of Nevada to give you a reason to build your massive factory there? How about you give Nevada a reason to permit your factory. Batteries are not a "Green" or eco-friendly product. It's interesting, CFL light bulbs are better for energy efficiency, but contain toxic mercury. Solar Panels contain lead and cadmium and according to This Article from MotherJones.com,
In the coming years, SVTC estimates that 1.5 billion pounds of solar panel waste containing 2 million pounds of lead and 600,000 pounds of cadmium will be disposed of in California alone.
Totally green man riiggghhhtt??(said in a surfer dude voice). So, Nevada, do you think that your state gov't will give Tesla the "green light" with their factory? Two words: Harry Reid. The old, denture wearing demented statist moon bat used a para-military force (the BLM) to try to chase Cliven Bundy out so that a Chinese company could build solar panel power stations on that land. It had nothing to do with some endangered turtle or grazing permits. Infowars.com Article
Harry Reid will at the very least push (very deep and hard) to get other politicians in NV to support Tesla, even if the taxpayers don't want their tax dollars being wasted on a non-viable product known as electric vehicles. There is no demand for them. Yes there are people who are buying Chevy Volts and whatever car Tesla makes but the numbers are not on the side of eco-freaks and electric vehicle manufacturers. The only people buying these cars are people with 100K in disposable income who need to feel good about themselves.
Let me put it this way, if there was an actual demand for Electric Vehicles, there would be Chevy dealerships with just as many Volts as Silverados in their lots. The same applies to the Nissan Leaf and all the EVs out there. No demand for the product is why Tesla needs the Taxpayer to bankroll their operations. All in all, if the NV Taxpayers oppose the Tesla plant and put the fire under Harry Reid, Tesla will be one step closer to bankruptcy. The only thing that is positive about this battery factory is the creation of jobs; they will be Union jobs so I don't actually consider them jobs but hey, it is what it is.
Tesla would not exist if we didn't have a President who was violently pushing an anti-fossil fuel agenda. Elon Musk, who I think is full of more shit than my septic tank, is a nobody with a lot of money and good idea. He exploited the stupidity of the Leftists and now the Federal gov't..err, I mean the US taxpayer is the only reason Tesla is in business. That being said, I think that every taxpayer in a state where there is a Tesla dealership should demand that Tesla give them one of their Electric Vehicles for free as a "thank you" gift. Even though we had no say in your creation, you're welcome.
Thanks for reading.
Understanding Sustainable Self Employment
09/04/14
Business
Self employment, the home based business, working for your self on your terms. If I had to define Freedom, it would be with two words: self employment. I'll let you in on a little secret, anyone could be self employed and anyone can make a living from their couch. You're probably like, how can this be? You can't be serious. So I can work from home, profitably without needing to go back to college? Yes. It's 2014 and if you're reading this, you obviously own an internet connected device. Now the truth is that self employment is easy, but not as easy as you might think. Actual work is still needed, dedication, persistence and patience are needed. You can't expect to wake up and be a work from home master, you need to educate yourself, but you don't need to go to college or anything.
What is so great about self employment?
-Well for starters, you have freedom. You can choose your own hours, you can work as little hours as you choose. For me, I can spend about 10 hours a week working and make $3,000. I'm not bullshitting you. 10 hours a week for me, broken down in 2 calender days is about 1.5 hours of photographing the items, 6 hours of listing the items, 1 hour of printing shipping labels, invoices and order records, 1 hour packaging the items, and finally 30 minutes driving to the post office to drop off the packages. (the last 2 hours and 30 minutes of work comes 7 days after I spent those 7.5 hours photographing and listing the items).
The week before Christmas 2013, I cherry picked some of my good stuff and I sold $840.28 in 7 days time, $270.50 was my profit.
-Time management, what you sell, how you sell it and pretty much every aspect of self employment other than when you need to file taxes and how much your life expenses are is all on your terms. You can work Monday and then not do anything until Friday. As long as you make enough money to pay the bills, you can do whatever you want.
-Taxes. Depending on the state that you live in, you wont need to collect sales tax if you sell online. In CT, from what I understand, I only need to collect sales tax on sales to residents of CT. If the buyer is in Vermont for example, I don't have to collect sales tax on that sale. Depending on your tax code and loophole knowledge, you probably can avoid paying some federal taxes if you fly under the radar. I've found that as long as you don't make a lot of money, the IRS wont notice you as easily but if you are making $8,000 a month, yea you should try to pay your "fair share".
What are the risks?
-You can go broke if you don't budget your money or if you don't sell enough. You should think of every sale as a commission based sale but where you only earn money if you sell something. If your monthly cost of living is $1,500 you should obviously want to make at least $2,000/month. That left over $500? Spend it wisely but guess what, you can spend it on your terms.
-You need to take initiative to provide for yourself constantly. I always need to make sure that I have enough inventory that I can sell. Right now, the price of Silver is very low at $19.60 or so per ounce and I have many ounces of bullion that I cannot sell until the spot price gets back over $27.00/oz. I will get more into bullion another time. If I can't sell something, it sits on a shelf or in a safe. Money doesn't grow on trees but dust accumulates on everything.
-When you deal in second hand items like Grandmas old Pewter knickknacks, you need to know what the fair market value of said item is and if it is even worth buying. Also, if you don't have cash to spend on new inventory, that is a problem.
-If you don't understand your market, you will risk everything and you probably will lose.
-There is not job security in the sense that you know that you are getting paid to work X amount of hours. You need to secure your own income and you are entirely responsible for the business that you want to build
My Experience
I am self employed and I've been doing what I do, successfully for over 5 years. I am a Numismatist aka a Coin dealer. I buy sell and trade coins, collectibles, antiques, oddities and outdoor/survival gear. I mainly sell on eBay but occasionally go to expos, trade shows and conduct direct sales. I personally know that working from home is not for everyone, being your own boss is hard work. Here is a list of some the things that I need to do:
-Photograph my products
-List my products
-Know and understand my products
-Track my inventory
-Track my costs, expenses, fees, losses, gains, sales, profits, purchases, quantities and personal income.
-File tax returns
-Understand the market and the client/customer base
-Know the current demand for my products
-Know the condition of second hand products
-Package and ship products that sell.
I also need to purchase all my supplies like:
-Printer paper
-Printer ink
-pens
-notebooks
-Polishes, tarnish removers, solvents etc.
-Bubble wrap, packing tape, boxes and bubble mailers and shipping label paper.
-Postage
-storage bins
Being self employed requires an investment of money. There are things that you need to buy in order to conduct business. Many of these items are one time purchases like a computer desk and some shelving. Because I sell on the internet, I had to purchase things like a shipping scale, a good printer and a quality digital camera. One of these days I'll buy an Ipad but I'm waiting for the post-holiday sales. When I buy an Ipad, I'll go over why it is the device that you need if you are self employed.
What do you need to start a home based business?
-Money aka working capital. I really shouldn't have to explain this one.
-Knowledge of what your business is, what you want to do and how you're going to do it.
-A good computer, an internet connection, a cell phone, printer and basic office supplies.
-An FEIN (Federal Employer Identification Number). Not really a requirement but worth having and it's free to obtain one through the IRS on their website.
-Customer service skills. Are you a people person who knows how to handle stupid customers or upset customers? You better be.
-Sales skills. You need to know how to "pitch" your item to potential buyers. I'll do more on this later.
-A PayPal account.
-An eBay Seller account or a website and domain. I have both but prefer eBay because I am familiar with it.
-Organization. You need to keep all your paperwork and records in a file cabinet or box. Your inventory and all your supplies should be organized as well.
-Communication skills. You will be talking, typing and texting people often. If you end up sounding like an idiot, you will loose business. Dn't tlk lyke dis err else u wont b getten ne shyt. Yea, don't be that guy.
At the very basics, those things are what I recommend you have. When it comes to educating yourself, buy books and read business and entrepreneurial magazines. I have price guides, how to guides and many other books that I need to conduct my business. Remember I said that I buy a lot of second hand stuff? That means I need to travel and meet with clients (people who have stuff to sell). Usually I find clients on Craigslist or through family member referrals. I have a nice, professional looking Pelican case that I use to carry my portable scale, a couple of magnifiers, precious metals testing equipment and other things. The Pelican case and a Staples portable file box with a price guide or two and other stuff go with me to every meeting with a client.
What you DON'T need.
-When you first start you, you don't need to buy things like business cards or advertisements. I started small and worked my way up the food chain. I didn't have businesses cards until my 3rd year of business, not because I didn't want them but because I didn't really need them.
-You don't need to quit your real job. I advise that if you have a job already, but want to become self employed, you should do both for at least 1 year before quitting your other job.
-You don't need to go to college. Business school wont teach you anything that $200 worth of books at Barnes and Noble wont teach you. I actually have zero college under my belt except for a Gunsmith degree and I now make over $30,000 a year.
Thanks for reading. I'll probably add more to this at a later time. Have a good one.
Business
Self employment, the home based business, working for your self on your terms. If I had to define Freedom, it would be with two words: self employment. I'll let you in on a little secret, anyone could be self employed and anyone can make a living from their couch. You're probably like, how can this be? You can't be serious. So I can work from home, profitably without needing to go back to college? Yes. It's 2014 and if you're reading this, you obviously own an internet connected device. Now the truth is that self employment is easy, but not as easy as you might think. Actual work is still needed, dedication, persistence and patience are needed. You can't expect to wake up and be a work from home master, you need to educate yourself, but you don't need to go to college or anything.
What is so great about self employment?
-Well for starters, you have freedom. You can choose your own hours, you can work as little hours as you choose. For me, I can spend about 10 hours a week working and make $3,000. I'm not bullshitting you. 10 hours a week for me, broken down in 2 calender days is about 1.5 hours of photographing the items, 6 hours of listing the items, 1 hour of printing shipping labels, invoices and order records, 1 hour packaging the items, and finally 30 minutes driving to the post office to drop off the packages. (the last 2 hours and 30 minutes of work comes 7 days after I spent those 7.5 hours photographing and listing the items).
The week before Christmas 2013, I cherry picked some of my good stuff and I sold $840.28 in 7 days time, $270.50 was my profit.
-Time management, what you sell, how you sell it and pretty much every aspect of self employment other than when you need to file taxes and how much your life expenses are is all on your terms. You can work Monday and then not do anything until Friday. As long as you make enough money to pay the bills, you can do whatever you want.
-Taxes. Depending on the state that you live in, you wont need to collect sales tax if you sell online. In CT, from what I understand, I only need to collect sales tax on sales to residents of CT. If the buyer is in Vermont for example, I don't have to collect sales tax on that sale. Depending on your tax code and loophole knowledge, you probably can avoid paying some federal taxes if you fly under the radar. I've found that as long as you don't make a lot of money, the IRS wont notice you as easily but if you are making $8,000 a month, yea you should try to pay your "fair share".
What are the risks?
-You can go broke if you don't budget your money or if you don't sell enough. You should think of every sale as a commission based sale but where you only earn money if you sell something. If your monthly cost of living is $1,500 you should obviously want to make at least $2,000/month. That left over $500? Spend it wisely but guess what, you can spend it on your terms.
-You need to take initiative to provide for yourself constantly. I always need to make sure that I have enough inventory that I can sell. Right now, the price of Silver is very low at $19.60 or so per ounce and I have many ounces of bullion that I cannot sell until the spot price gets back over $27.00/oz. I will get more into bullion another time. If I can't sell something, it sits on a shelf or in a safe. Money doesn't grow on trees but dust accumulates on everything.
-When you deal in second hand items like Grandmas old Pewter knickknacks, you need to know what the fair market value of said item is and if it is even worth buying. Also, if you don't have cash to spend on new inventory, that is a problem.
-If you don't understand your market, you will risk everything and you probably will lose.
-There is not job security in the sense that you know that you are getting paid to work X amount of hours. You need to secure your own income and you are entirely responsible for the business that you want to build
My Experience
I am self employed and I've been doing what I do, successfully for over 5 years. I am a Numismatist aka a Coin dealer. I buy sell and trade coins, collectibles, antiques, oddities and outdoor/survival gear. I mainly sell on eBay but occasionally go to expos, trade shows and conduct direct sales. I personally know that working from home is not for everyone, being your own boss is hard work. Here is a list of some the things that I need to do:
-Photograph my products
-List my products
-Know and understand my products
-Track my inventory
-Track my costs, expenses, fees, losses, gains, sales, profits, purchases, quantities and personal income.
-File tax returns
-Understand the market and the client/customer base
-Know the current demand for my products
-Know the condition of second hand products
-Package and ship products that sell.
I also need to purchase all my supplies like:
-Printer paper
-Printer ink
-pens
-notebooks
-Polishes, tarnish removers, solvents etc.
-Bubble wrap, packing tape, boxes and bubble mailers and shipping label paper.
-Postage
-storage bins
Being self employed requires an investment of money. There are things that you need to buy in order to conduct business. Many of these items are one time purchases like a computer desk and some shelving. Because I sell on the internet, I had to purchase things like a shipping scale, a good printer and a quality digital camera. One of these days I'll buy an Ipad but I'm waiting for the post-holiday sales. When I buy an Ipad, I'll go over why it is the device that you need if you are self employed.
What do you need to start a home based business?
-Money aka working capital. I really shouldn't have to explain this one.
-Knowledge of what your business is, what you want to do and how you're going to do it.
-A good computer, an internet connection, a cell phone, printer and basic office supplies.
-An FEIN (Federal Employer Identification Number). Not really a requirement but worth having and it's free to obtain one through the IRS on their website.
-Customer service skills. Are you a people person who knows how to handle stupid customers or upset customers? You better be.
-Sales skills. You need to know how to "pitch" your item to potential buyers. I'll do more on this later.
-A PayPal account.
-An eBay Seller account or a website and domain. I have both but prefer eBay because I am familiar with it.
-Organization. You need to keep all your paperwork and records in a file cabinet or box. Your inventory and all your supplies should be organized as well.
-Communication skills. You will be talking, typing and texting people often. If you end up sounding like an idiot, you will loose business. Dn't tlk lyke dis err else u wont b getten ne shyt. Yea, don't be that guy.
At the very basics, those things are what I recommend you have. When it comes to educating yourself, buy books and read business and entrepreneurial magazines. I have price guides, how to guides and many other books that I need to conduct my business. Remember I said that I buy a lot of second hand stuff? That means I need to travel and meet with clients (people who have stuff to sell). Usually I find clients on Craigslist or through family member referrals. I have a nice, professional looking Pelican case that I use to carry my portable scale, a couple of magnifiers, precious metals testing equipment and other things. The Pelican case and a Staples portable file box with a price guide or two and other stuff go with me to every meeting with a client.
What you DON'T need.
-When you first start you, you don't need to buy things like business cards or advertisements. I started small and worked my way up the food chain. I didn't have businesses cards until my 3rd year of business, not because I didn't want them but because I didn't really need them.
-You don't need to quit your real job. I advise that if you have a job already, but want to become self employed, you should do both for at least 1 year before quitting your other job.
-You don't need to go to college. Business school wont teach you anything that $200 worth of books at Barnes and Noble wont teach you. I actually have zero college under my belt except for a Gunsmith degree and I now make over $30,000 a year.
Thanks for reading. I'll probably add more to this at a later time. Have a good one.
6 Steps to Get Winsted Back on Track. Analysis of the Special Election.
09/04/14
Economics
This post is more of a local thing.
My town Winsted, is having a special election on Saturday September 13th. Why? Well because the town is a mess. See, there was this guy named Henry Centrella who with the help of other town officials, essentially robbed the town. I haven't been in Winsted long, I moved here in 2013.
Why did I choose Winsted?
-Very low crime.
-Very quiet.
-Main St USA type of town.
-Located right at Route 8, Route 44 and less than 15 minutes from the MA border. 30 minutes to Hartford or Waterbury and great shopping and dining both in and around town.
Winsted is a great town that is worth fixing. I don't really care about paving the roads as much as other people because we realistically need to get our priorities straight. Yesterday afternoon two Democrats who are on the ballot came to my door to talk to me about why I should vote for them. On paper, I'm a Republican but in reality, I'm a political mutt. I lean Libertarian on most social issues and some government issues but I'm a small government conservative who thinks that local gov'ts should be in charge, not the federal gov't. That being said, I told the two Democrats that I vote for the candidate, not the party and I'll do my research before I cast my vote.
What's the reason for the special election?
Well, the way I see it, the Democrats are trying to oust two Republicans who were elected in April of this year. Those two Republicans are Marsha Sterling and Glen Albanesuis . The Democrats are crying foul, claiming that the appointment of Sterling and Albanesuis was undemocratic and illegal. So far, the DTC petition has gotten roughly 430 signatures; none of the signatures have been verified yet.
So in about 5 months time (April to September), the Democrats think that they what it takes to boot out Sterling and Albanesuis.
Let me put it this way...... What would Americans think if Congressional Republicans tried to impeach Obama 5 months into his first term? 5 months? Really? I can understand wanting to elect a new "leader" after 20 months, but 5? Rome wasn't built in a day folks. The special election is a pure political power grab by the Democrats. They are perverting the truth about the all too recent Lambert Kay deal to make it look like Sterling screwed the town out of a manufacturer, tax revenue and job creation.
Sterling was elected by the Board of Selectmen after Mayor Lisa Smith resigned for what she called "personal reasons." Gee, I wish I could just get away from my job, duties and responsibilities by citing personal reasons. Maybe I could pack up all my stuff and leave my fiance and our daughter because hey, I gotta do what I gotta do.
The between the lines reality
The Democrats are chomping at the bit to take charge or Winsted for only one reason: Take control of the town and then borrow money from Malloy and Obama to try and save the town by funding projects that they believe will be good for the town. Then, a few years down the road, Winsted will need to pay back the fed and state. Can you say tax increase? With the Lambert Kay deal still in our memory and the firing of town manager Dale Martin (Which was more than reasonable), the Democrats think that those things are enough to muster support from the registered voters to kick out the Republicans.
6 Steps to Fix Winsted:
-Businesses need to come to Winsted. Businesses lead to job creation and job creation leads to natural revenue generation and non-influenced (meaning government didn't throw money at a problem to provide temp. relief) economic stability. There are several vacant store fronts and locations in town, Winsted should create incentives for new businesses and also the town should work with private financial institutions to get small businesses and start ups the funding they need.
-Organize the community to help with the small stuff like beautification and litter clean up. We can make Winsted look great without spending taxpayer dollars to do so. There are also many jobs that the town should leave to the private sector. If it is cheaper to have a landscaper mow the grass at the parks than it is to pay town workers to do the same thing, hire or contract the private business.
-Sell off any town property that is a source of waste and only spend money and resources on issues that need to be addressed. I remember reading about the town budget and something like 500K was going to be spent on new lights at a sports field. If the lights still turn on, don't change them. When you fix things that are not broken, you are wasting money. Is there an extra plow truck sitting in the garage? Auction it off.
-Give Marsha and Glen a chance. It has only been 5 months, I say give them another 15 months and if nothing gets better, call for a special election.
-Restructure the town government and do whatever you can to create incentives for businesses and families to move to Winsted. Advertise more to draw in tourists and residents from other towns. Make more people aware of what Winsted has to offer, simplify the budget, reduce waste and create efficient protocols and processes.
-Let the taxpayers and town residents have a say in all of this. Put someone in charge of transparency and updates so that everyone has the ability to see exactly what is going on in Town Hall. Release budget information on a quarterly basis and let the tax payers see how their money is being spent.
I'll end this post by saying that if I didn't screw myself with my political activism, I would consider running for some position to at least put good ideas on the chalkboard. I have a lot of experience with politics and also with business. it is very interesting what the media has said about me. People who know me, people who talk to me regularly were shocked at what was said about me. Sure, I should have used different words to vent my frustrations but passionate political speech isn't a crime. 90% of what has been said about me on Facebook and the news is bullcrap. I've said some things that are offensive, controversial and twisted but again, that is the glory of America. I have a right to speak my mind and I want everyone to speak my mind. This special election is essentially something I support on the basis of letting the voters have a say in who is in charge of their town, but I think that it is not something that we need right now. I bet my savings account that I could turn Winsted around. I doubt I ever will get the chance but if someone offered it to me, I would take it. Over the past 3 months, I've been trying very hard to change my course and focus my energy in more productive ways. When we fall, we get back up and keep going and when I finally am a "free man" again, you will see the new me. Maybe then, I will have established a better name for myself.
Thanks for reading. Share your comments and stuff below.
Economics
This post is more of a local thing.
My town Winsted, is having a special election on Saturday September 13th. Why? Well because the town is a mess. See, there was this guy named Henry Centrella who with the help of other town officials, essentially robbed the town. I haven't been in Winsted long, I moved here in 2013.
Why did I choose Winsted?
-Very low crime.
-Very quiet.
-Main St USA type of town.
-Located right at Route 8, Route 44 and less than 15 minutes from the MA border. 30 minutes to Hartford or Waterbury and great shopping and dining both in and around town.
Winsted is a great town that is worth fixing. I don't really care about paving the roads as much as other people because we realistically need to get our priorities straight. Yesterday afternoon two Democrats who are on the ballot came to my door to talk to me about why I should vote for them. On paper, I'm a Republican but in reality, I'm a political mutt. I lean Libertarian on most social issues and some government issues but I'm a small government conservative who thinks that local gov'ts should be in charge, not the federal gov't. That being said, I told the two Democrats that I vote for the candidate, not the party and I'll do my research before I cast my vote.
What's the reason for the special election?
Well, the way I see it, the Democrats are trying to oust two Republicans who were elected in April of this year. Those two Republicans are Marsha Sterling and Glen Albanesuis . The Democrats are crying foul, claiming that the appointment of Sterling and Albanesuis was undemocratic and illegal. So far, the DTC petition has gotten roughly 430 signatures; none of the signatures have been verified yet.
So in about 5 months time (April to September), the Democrats think that they what it takes to boot out Sterling and Albanesuis.
Let me put it this way...... What would Americans think if Congressional Republicans tried to impeach Obama 5 months into his first term? 5 months? Really? I can understand wanting to elect a new "leader" after 20 months, but 5? Rome wasn't built in a day folks. The special election is a pure political power grab by the Democrats. They are perverting the truth about the all too recent Lambert Kay deal to make it look like Sterling screwed the town out of a manufacturer, tax revenue and job creation.
Sterling was elected by the Board of Selectmen after Mayor Lisa Smith resigned for what she called "personal reasons." Gee, I wish I could just get away from my job, duties and responsibilities by citing personal reasons. Maybe I could pack up all my stuff and leave my fiance and our daughter because hey, I gotta do what I gotta do.
The between the lines reality
The Democrats are chomping at the bit to take charge or Winsted for only one reason: Take control of the town and then borrow money from Malloy and Obama to try and save the town by funding projects that they believe will be good for the town. Then, a few years down the road, Winsted will need to pay back the fed and state. Can you say tax increase? With the Lambert Kay deal still in our memory and the firing of town manager Dale Martin (Which was more than reasonable), the Democrats think that those things are enough to muster support from the registered voters to kick out the Republicans.
6 Steps to Fix Winsted:
-Businesses need to come to Winsted. Businesses lead to job creation and job creation leads to natural revenue generation and non-influenced (meaning government didn't throw money at a problem to provide temp. relief) economic stability. There are several vacant store fronts and locations in town, Winsted should create incentives for new businesses and also the town should work with private financial institutions to get small businesses and start ups the funding they need.
-Organize the community to help with the small stuff like beautification and litter clean up. We can make Winsted look great without spending taxpayer dollars to do so. There are also many jobs that the town should leave to the private sector. If it is cheaper to have a landscaper mow the grass at the parks than it is to pay town workers to do the same thing, hire or contract the private business.
-Sell off any town property that is a source of waste and only spend money and resources on issues that need to be addressed. I remember reading about the town budget and something like 500K was going to be spent on new lights at a sports field. If the lights still turn on, don't change them. When you fix things that are not broken, you are wasting money. Is there an extra plow truck sitting in the garage? Auction it off.
-Give Marsha and Glen a chance. It has only been 5 months, I say give them another 15 months and if nothing gets better, call for a special election.
-Restructure the town government and do whatever you can to create incentives for businesses and families to move to Winsted. Advertise more to draw in tourists and residents from other towns. Make more people aware of what Winsted has to offer, simplify the budget, reduce waste and create efficient protocols and processes.
-Let the taxpayers and town residents have a say in all of this. Put someone in charge of transparency and updates so that everyone has the ability to see exactly what is going on in Town Hall. Release budget information on a quarterly basis and let the tax payers see how their money is being spent.
I'll end this post by saying that if I didn't screw myself with my political activism, I would consider running for some position to at least put good ideas on the chalkboard. I have a lot of experience with politics and also with business. it is very interesting what the media has said about me. People who know me, people who talk to me regularly were shocked at what was said about me. Sure, I should have used different words to vent my frustrations but passionate political speech isn't a crime. 90% of what has been said about me on Facebook and the news is bullcrap. I've said some things that are offensive, controversial and twisted but again, that is the glory of America. I have a right to speak my mind and I want everyone to speak my mind. This special election is essentially something I support on the basis of letting the voters have a say in who is in charge of their town, but I think that it is not something that we need right now. I bet my savings account that I could turn Winsted around. I doubt I ever will get the chance but if someone offered it to me, I would take it. Over the past 3 months, I've been trying very hard to change my course and focus my energy in more productive ways. When we fall, we get back up and keep going and when I finally am a "free man" again, you will see the new me. Maybe then, I will have established a better name for myself.
Thanks for reading. Share your comments and stuff below.
Wednesday, September 3, 2014
Connecticut Economy. Self Destruction has been 20+ years in the making.
09/03/14
Economics
In this article on my local news paper Register Citizen Article, there are a few key things that are not said. If you have an open mind and are not afraid to speak the truth, you will be able to read between the lines.
The Connecticut economy isn't struggling or lagging; it is in a politically induced coma. The policies of the big government left and the Statists have done everything they can to turn CT into a great state to live in, but a horrible place to work in. Ever since Gov. Lowell Weicker signed into law a massive, deadly clot in the arteries of Connecticut: Income Tax.
This is an article, from August 23, 1991. That date, is when Connecticut began the process of self destruction. Article The path that Connecticut has been on for the last 23 or so years, is the same path Chicago, Detroit, Camden, California and many other cities and states have been on or will soon be on.
If you don't live in Connecticut, you probably don't know how bad we are doing. My grandparents and most of my family has lived in the Valley area and Waterbury for the last 150 years or so. My Grandmother worked at Timex in Waterbury, my grandfather worked at Int'l Silver in Wallingford after retiring from the US Army Air Force after WW2. Up and down Route 8, there are big, red brick factories that once were where so many CT residents made their living and lived the American Dream. I always ask people how many jobs would be created if just 30% of the factories were up and running today.
Bridgeport looks like shit today, so does Torrington, Waterbury, New Haven and many other cities here. If I told you that Connecticut is exactly like Chicago, with the only difference being CT is a state and Chicago is a city, it would be the easiest way to get the point across to even the most oblivious Liberals.
The corruption isn't limited to Democrats either. Rowland couldn't and can't keep his paws clean. Malloy, in reality has done a lot of harm to the state. We are 3 Billion dollars in debt, and will hit 7 Billion by 2019 because of him and his decisions as governor (my prediction). When Malloy went after the gun rights of CT Residents, he shot himself in the foot. Not because he banned a bunch of different guns, but because the law resulted in several major manufacturers relocating because they could no longer operate here. It is one thing to raise taxes, taxes can be lowered. Once you effectively shut down a specific industry and manufacturers relocate to other states, you will never get them back. Colt will never return to CT once they get "down south."
Give it a few years, CT will end up resorting to pathetic tax free zones, like NY did as a last ditch, do or die effort to revive their economy. Malloy and Cuomo could write the definitive guide on crippling a state. Lets take NY, NJ and CT, combine them and I think the numbers are over 6 million people. That's right, over 6 million people have left those states because of failed political policies and ideas.
Did I mention that my family will be moving out of CT in 4 years? Oh and 25 people who I personally know have either relocated to TX, TN, SC, NH, FL or ND or plan on relocating to other states in the next few years. Everyone is tired of the high taxes, big government and dead economy.
In the next 10 years, CT will have a population of less than 2.3 Million people. Out of 10 residents, 7 will live at or below the poverty level, 2 will be middle class and 1 will be upper class. Crime will skyrocket and there will be nothing good to say about Connecticut. All will fall like Rome.
Thanks for reading.
Economics
In this article on my local news paper Register Citizen Article, there are a few key things that are not said. If you have an open mind and are not afraid to speak the truth, you will be able to read between the lines.
The Connecticut economy isn't struggling or lagging; it is in a politically induced coma. The policies of the big government left and the Statists have done everything they can to turn CT into a great state to live in, but a horrible place to work in. Ever since Gov. Lowell Weicker signed into law a massive, deadly clot in the arteries of Connecticut: Income Tax.
This is an article, from August 23, 1991. That date, is when Connecticut began the process of self destruction. Article The path that Connecticut has been on for the last 23 or so years, is the same path Chicago, Detroit, Camden, California and many other cities and states have been on or will soon be on.
If you don't live in Connecticut, you probably don't know how bad we are doing. My grandparents and most of my family has lived in the Valley area and Waterbury for the last 150 years or so. My Grandmother worked at Timex in Waterbury, my grandfather worked at Int'l Silver in Wallingford after retiring from the US Army Air Force after WW2. Up and down Route 8, there are big, red brick factories that once were where so many CT residents made their living and lived the American Dream. I always ask people how many jobs would be created if just 30% of the factories were up and running today.
Bridgeport looks like shit today, so does Torrington, Waterbury, New Haven and many other cities here. If I told you that Connecticut is exactly like Chicago, with the only difference being CT is a state and Chicago is a city, it would be the easiest way to get the point across to even the most oblivious Liberals.
The corruption isn't limited to Democrats either. Rowland couldn't and can't keep his paws clean. Malloy, in reality has done a lot of harm to the state. We are 3 Billion dollars in debt, and will hit 7 Billion by 2019 because of him and his decisions as governor (my prediction). When Malloy went after the gun rights of CT Residents, he shot himself in the foot. Not because he banned a bunch of different guns, but because the law resulted in several major manufacturers relocating because they could no longer operate here. It is one thing to raise taxes, taxes can be lowered. Once you effectively shut down a specific industry and manufacturers relocate to other states, you will never get them back. Colt will never return to CT once they get "down south."
Give it a few years, CT will end up resorting to pathetic tax free zones, like NY did as a last ditch, do or die effort to revive their economy. Malloy and Cuomo could write the definitive guide on crippling a state. Lets take NY, NJ and CT, combine them and I think the numbers are over 6 million people. That's right, over 6 million people have left those states because of failed political policies and ideas.
Did I mention that my family will be moving out of CT in 4 years? Oh and 25 people who I personally know have either relocated to TX, TN, SC, NH, FL or ND or plan on relocating to other states in the next few years. Everyone is tired of the high taxes, big government and dead economy.
In the next 10 years, CT will have a population of less than 2.3 Million people. Out of 10 residents, 7 will live at or below the poverty level, 2 will be middle class and 1 will be upper class. Crime will skyrocket and there will be nothing good to say about Connecticut. All will fall like Rome.
Thanks for reading.
Tuesday, September 2, 2014
Why Are So Many Casinos Shutting Down? Economic Predictions 5 Years Ahead.
09/02/14
Economics
The politics of it all
Apparently, Atlantic City NJ is going from 12 casinos to 8 casinos by the end of 2014. When Donald Trump starts closing down his businesses, you know something can't be right. What's going on? What happened to the economic revival and shovel ready jobs that Obama promised us? Hey Harry Reid, you should get out of the game before the collapse of Las Vegas is on your hands. In the bigger picture, "Obamas Economy" has become an obvious cancer on the body that is the Congressional Democrats (and some Republicans). Come 2016, most Americans better have got their eyes open and th eir heads out of the sand because we as a nation cannot survive 8 years (because the next POTUS will be a 2 term one) of this economic depression and societal oppression.
I've been wondering how many people caught this scary trend. I don't know who else has publicly said it, but I'll say it here and maybe I'm the first to say it. I believe that Atlantic City NJ will end up like Chicago by 2018. What does that mean? Well the city will effectively see the majority of it's tax base leave for states like South Carolina, Texas and Tennessee. The remaining residents will be the poverty stricken and city employees who think that their Union will save their jobs and livelihoods. Crime will sky rocket and then more businesses and people will leave. I really don't have the heart to continue this paragraph but please, we don't need another Rahm Emmanuel authoritarian utopia.
I came across an article about a Connecticut casino, Foxwoods. Foxwoods Article
It's one thing when a government (state local or federal) is so deeply in debt that recovery is likely not a reality, but when a private business is in this situation, the only salvation possible is either a gov't bailout or being bought out by another company or an investment group. Unfortunately, nobody is investing their money and resources in an industry that only thrives when economies are booming and when there is a strong middle class. Governments are too big to fail unless the populace takes action to completely reform and rebuild their government. Employees can picket, protest, and plead all they want, if you work for a Casino, you should start looking for other employment before 2016.
More than just blackjack and video poker
It's not just casinos that are going to be negatively impacted. Remember the domino effect? What about the gas stations and convenience stores that sell to tourists and travelers who are going to the casinos? What about the coach bus companies that millions of Americans use to get to and from the casino? There are more than just game tables and slot machines at casinos. There are restaurants, shops and even arenas. I've been to Mohegan Sun twice and I loved it; I can't imagine what CT would look like if both Foxwoods and Mohegan Sun closed down.
I would like to know if the number of employees that are going to get let go are the total number of people who work at the casino, or just the people who are employed by the casino. In Atlantic City NJ, 5,000 people lost their jobs when the Showboat Casino and Revel closed this (or last) week. Are those 5,000 employees of the casinos, or are they employees of the casinos and the franchised businesses that are located in the casino? Casinos are like shopping malls. Someone owns the building and leases spots (or whatever you'd call it) to franchises and other retailers. If the people who own the building run out of money and need to close down the building, that means all the businesses that are in the facility will need to relocate and there is a possibility that many business will not relocate at all.
Local Impact
When any major business closes down, it usually results in a portion of the local population leaving for work. Maybe that only applies in failing states like Connecticut and New Jersey that are deeply in debt, over tax their residents and have little to offer anyone who wants to live the American Dream. You've heard about the old Gold Rush ghost towns right? Once all the gold has been panned, people move out in search of a new location. An entire town, built only because of the discovery of a massive amount of gold in the ground. There are many towns in America that are thriving today thanks to a local military base. Parts of North Dakota are booming because of the discovery of natural gas pockets. If you have about 30 minutes, I want you to look into the economic boom in Williston ND that is grossly under reported by the Media. I may live in the NW corner of CT, but I know that many residents of NJ are scared and worried because of the casino closures in Atlantic City. Again, domino effect.
The future of Casino Cities
If the American economy stays its course, you will see 8 casinos turn to 6 casinos and then 6 casinos turn to 3 casinos. You will see a population of 10,000 turn to 7,000 and then from 7,000 to 4,000. City spending will not really decrease but tax revenue will go down exponentially. In due time, Chicago will just be one of those many failed cities in America on some website top 10 worst places lists.
Thanks for reading.
Economics
The politics of it all
Apparently, Atlantic City NJ is going from 12 casinos to 8 casinos by the end of 2014. When Donald Trump starts closing down his businesses, you know something can't be right. What's going on? What happened to the economic revival and shovel ready jobs that Obama promised us? Hey Harry Reid, you should get out of the game before the collapse of Las Vegas is on your hands. In the bigger picture, "Obamas Economy" has become an obvious cancer on the body that is the Congressional Democrats (and some Republicans). Come 2016, most Americans better have got their eyes open and th eir heads out of the sand because we as a nation cannot survive 8 years (because the next POTUS will be a 2 term one) of this economic depression and societal oppression.
I've been wondering how many people caught this scary trend. I don't know who else has publicly said it, but I'll say it here and maybe I'm the first to say it. I believe that Atlantic City NJ will end up like Chicago by 2018. What does that mean? Well the city will effectively see the majority of it's tax base leave for states like South Carolina, Texas and Tennessee. The remaining residents will be the poverty stricken and city employees who think that their Union will save their jobs and livelihoods. Crime will sky rocket and then more businesses and people will leave. I really don't have the heart to continue this paragraph but please, we don't need another Rahm Emmanuel authoritarian utopia.
I came across an article about a Connecticut casino, Foxwoods. Foxwoods Article
From the second paragraph:
"The Mashantucket Pequot (mash-ehn-TUHK'-eht PEE'-kwaht) Tribal Nation has reportedly been selling off land near its reservation in southeastern Connecticut. And in a report this week, credit rating agency Standard & Poor's lowered its rating for the tribe and said the chances of a debt default appear to be growing."
It's one thing when a government (state local or federal) is so deeply in debt that recovery is likely not a reality, but when a private business is in this situation, the only salvation possible is either a gov't bailout or being bought out by another company or an investment group. Unfortunately, nobody is investing their money and resources in an industry that only thrives when economies are booming and when there is a strong middle class. Governments are too big to fail unless the populace takes action to completely reform and rebuild their government. Employees can picket, protest, and plead all they want, if you work for a Casino, you should start looking for other employment before 2016.
More than just blackjack and video poker
It's not just casinos that are going to be negatively impacted. Remember the domino effect? What about the gas stations and convenience stores that sell to tourists and travelers who are going to the casinos? What about the coach bus companies that millions of Americans use to get to and from the casino? There are more than just game tables and slot machines at casinos. There are restaurants, shops and even arenas. I've been to Mohegan Sun twice and I loved it; I can't imagine what CT would look like if both Foxwoods and Mohegan Sun closed down.
I would like to know if the number of employees that are going to get let go are the total number of people who work at the casino, or just the people who are employed by the casino. In Atlantic City NJ, 5,000 people lost their jobs when the Showboat Casino and Revel closed this (or last) week. Are those 5,000 employees of the casinos, or are they employees of the casinos and the franchised businesses that are located in the casino? Casinos are like shopping malls. Someone owns the building and leases spots (or whatever you'd call it) to franchises and other retailers. If the people who own the building run out of money and need to close down the building, that means all the businesses that are in the facility will need to relocate and there is a possibility that many business will not relocate at all.
Local Impact
When any major business closes down, it usually results in a portion of the local population leaving for work. Maybe that only applies in failing states like Connecticut and New Jersey that are deeply in debt, over tax their residents and have little to offer anyone who wants to live the American Dream. You've heard about the old Gold Rush ghost towns right? Once all the gold has been panned, people move out in search of a new location. An entire town, built only because of the discovery of a massive amount of gold in the ground. There are many towns in America that are thriving today thanks to a local military base. Parts of North Dakota are booming because of the discovery of natural gas pockets. If you have about 30 minutes, I want you to look into the economic boom in Williston ND that is grossly under reported by the Media. I may live in the NW corner of CT, but I know that many residents of NJ are scared and worried because of the casino closures in Atlantic City. Again, domino effect.
The future of Casino Cities
If the American economy stays its course, you will see 8 casinos turn to 6 casinos and then 6 casinos turn to 3 casinos. You will see a population of 10,000 turn to 7,000 and then from 7,000 to 4,000. City spending will not really decrease but tax revenue will go down exponentially. In due time, Chicago will just be one of those many failed cities in America on some website top 10 worst places lists.
Thanks for reading.
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