NEW JERSEY SENATE VOTES TO GIVE MORGAN STANLEY $350 MILLION!

Febuary 24, 2010

Yesterday, the New Jersey Senate voted 36 to 1 in favor of bill S920. Your representatives want to give $350 million of NJ tax-payer dollars to the global financial giant, Morgan Stanley for it's Revel Casino project in Atlantic City.

Congratulations to Senator Mike Doherty, who had the courage to cast the lone "NO" vote!

Morgan Stanley, the second largest financial institution in the US next to Goldman Sachs, has already received a whopping $10 billion in TARP funds (Troubled Asset Relief Program) from the federal government.

Morgan Stanley executive salaries have skyrocketed in the past year. According to bloomberg.com, Walid Chammah, chairman of Morgan Stanley International in London, had his base salary lifted to $800,000 on May 1, 2009 from about $323,000 in 2008. Colm Kelleher, who served as Morgan Stanley’s Chief Financial Officer from 2007 through last year, receives a base salary of $750,000 since May 1, up from about $323,000 in 2008. The 2010 CFO, Ruth Porat, also receives $750,000. John Mack, who served as CEO in 2009, and 2010 CEO James Gorman, each receive $800,000.

If you think that is a lot of money, consider the bonuses these guys receive. Porat got stocks worth $5.5 million; Chammah stocks valued at $6.6 million and Gorman received a whopping $8.6 million worth of stocks for performance in 2009.

Revel Casino is expected to generate $1.5 BILLION in profits in its first five years, and the NJ Senate has voted almost unanimously to grant them $350 million NJ tax-payer dollars!

Okay, Governor Christie, now is your chance to show your true colors. If you don't veto this one, we will know you are one of them.

August 2009 video of Revel Casio construction progress and source materials
http://www.youtube.com/watch?v=UvSV-DopjMI&feature=related

http://www.nomorganstanleybailout.org/
http://www.bloomberg.com/apps/news?pid=20601108&sid=a6gD3GsQMsPI

LAST ORIGINAL HOBO DIES

February 22, 2010

I just learned that the last of the Original Pitman Hobo Band founders, Ralph Miller, passed away on January 29. He was 90. You can read his obituary on the Hobo Band website:
Hobo Band Website

My Uncle John Pedicord was also one of the founders. He died three years ago, almost to the day (January 27, 2007). I asked his daughter if the band would have to change it's name, dropping the word "Original," when the last founder died. She replied, "We are ALL originals!"

I heard Tom Brokaw speaking at the opening of the Olympics and he said "most unique," which is an impossibility. Unique means "one of a kind" and it speaks for itself.

There is only one Original Hobo Band, but there are many original Hobos! Old Hobos are dying, and the band needs young replacements. You won't need a uniform. Just come in your baggy pants with ripped knees and shirt tail hanging out. If you have purple hair, tattoos and piercings, that is even better! 

FALSE ASSUMPTIONS

February 19, 2010

False assumption #1: "Men and women are equal."
Of course no one in their right mind, and certainly no one in the Winter Olympics in Vancouver really believes that, but many dare to make the assumption.

I recall the story of a farmer whose horse had twin colts. As they grew, the farmer could not tell them apart because they seemed identical in every way. He weighed them, measured them, checked for special markings, inspected their teeth and hooves, but still could not tell the colts apart. In desperation, he counted the hairs on their bodies. By the time he was finished, the colts were full grown horses, but he was finally able to tell them apart. The black stallion had three hairs more than the white mare!

The above story is no more ridiculous than the contention that men and women are equal. Be honest! Be logical! No two animals, plants or people are exactly alike. Similarities and differences are everywhere you look!

Men and women are different. A man and woman can marry and have kids or men and women can have kids without marrying. It doesn't work that way with two women or two men. If that difference seems unjust, then consider how many heterosexual couples can't have children. It may not be fair, but it is reality.

False assumption #2: "All differences are injustices."
Some Chinese have been imprisoned for being Christians and are forced to work 18 hours a day, seven days a week, making strings of Christmas lights. They must fill their quota, even using their teeth, or they get nothing to eat. Most of these prisoners are men; is that not an injustice? Shouldn't we demand that more women be jailed?

Some students are naturally gifted and others have to work hard for their grades. Some girls are pretty and others must wear makeup. A few young men are good-looking and the rest compensate by driving nice cars. Some inherit a fortune while others work hard for a pittance. There are great musicians who have to work in a factory to pay their bills and there are lousy musicians who get millions for making noise. My wife and I have university degrees, but spent 40 years as missionaries living on minimum wages. Many seniors who neglected their bodies are in excellent health, while some of us who lived on granola spend our golden years in doctors' offices.

Some differences are a matter of choice and others are fate, chance or predestination, depending on your point of view.

In a free society, values, costs and prices are a matter of supply, demand and preference. The argument that a woman deserves to get paid the same as a man if she does the same work certainly has credibility, but this never happens anywhere on our green and blue planet, not even among people of the same gender. The same would hold true for adults and children, educated or uneducated, a genius and the village idiot. Equality was never achieved under communism. Some were always more equal than others.

False assumption #3: "We are entitled to fairness."
Entitlement is one of the greatest curses on America. Our court system is polluted with this ideology and lawyers make a fortune off it. In the past, some African Americans were enslaved while other Americans fought and gave their lives to free them from slavery. Modern African Americans are no more entitled to compensation than descendents of those who fought for their freedom.

You may be legally entitled to receive a product or service that you paid for, but an agreement is only as good as those making it and those who enforce its fulfillment. Some people get satisfaction while others are denied what they want. It isn't fair, but who promised you that life would be fair? Some people get preferential treatment while others are victims of prejudice.

False assumption #4: "Preference is okay; prejudice is not."
Everyone is happy with preferential treatment and hates prejudice, but these are usually one and the same thing. It all depends on how it affects you.

We founded a small Bible Institute in Austria that had both classrooms and dormitories. Because space was not unlimited, most students were assigned a roommate. Students not only learned in the classroom, but they also learned valuable lessons in the dorm rooms. Students learned to control their preferences in the dorms while teachers had to control their prejudices in the classroom (students' perspective).

Teachers controlled the temperature und just about everything else in the classroom according to their prejudices. In the dorms, students fought thermostat and window wars. One turned up the thermostat and the other retaliated by opening the window. They had their preferences. Then, the Business Manager came by and enforced his prejudice. I always sided with the one who liked it cool. After that, the roommates learned that it was better to control their preferences.

Conclusion:
The founders of our great nation understood these principles and believed that the American people were better qualified and capable of running the nation than a bunch of politicians. Government was deemed necessary, but only to teach the people to care for their own and abide by the rules of the masses. They believed that the home was of utmost importance in this learning process. A harmonious marriage between a man and a woman was the best assurance of a smoothly functioning household. If homes are intact, we don't need much government. There would be differences, skirmishes and calamities at times, either of natural or man made causes, but churches and social institutions would be able to care for most needs that arise.

For many years, our unique Constitution was sufficient to settle most disputes. It was rare that the Supreme Court had to mediate and it never legislated. Government officials understood themselves to be elected servants of the people and not arrogant, elitist despots, seeking power and control.

Our founding fathers - and I agree with them - sought freedom and equality for all. But they understood that where there is freedom, there will be competition, and where there is competition, equality and fairness will sometimes fall by the wayside. This is not where the government should step in, however. This is the golden opportunity for citizens to display character, courage, generosity, helpfulness and faith.