Where Your Money Went

[Praxeas]

Sen. Christopher Dodd, D-Conn., helped a casino that earned $1.3 billion last year hit a $54 million jackpot in federal money.
http://www.foxnews.com/politics/2010...est=latestnews

[oletime]

NO surprise, all the lifers have to go in the next election regardless of party.

[Sam]

Originally Posted by oletime

NO surprise, all the lifers have to go in the next election regardless of party.

Remember

in November

[Twisp]

After reading the article, nothing bad is happening here. Fox News just went with a slightly misleading headline and then put the actual facts much lower in the story.

They are using the loan to build an education center and a community center that will "house the tribe's library, archives, tribal court, health and human services". It is going to create about 100 new jobs.
The article said that the Mohegan tribe, the owners of the casino, were going to initially fund the project themselves before the recession hit.

This is a loan, to be repaid at 3% interest, I don't see the problem here.

[Praxeas]

Originally Posted by Twisp

After reading the article, nothing bad is happening here. Fox News just went with a slightly misleading headline and then put the actual facts much lower in the story.

They are using the loan to build an education center and a community center that will "house the tribe's library, archives, tribal court, health and human services". It is going to create about 100 new jobs.
The article said that the Mohegan tribe, the owners of the casino, were going to initially fund the project themselves before the recession hit.

This is a loan, to be repaid at 3% interest, I don't see the problem here.

They made well over a billion dollars. 100 New jobs? that's peanuts.

The money should have gone somewhere else that didn't profit 1 billion dollars.

[Twisp]

Originally Posted by Praxeas

They made well over a billion dollars. 100 New jobs? that's peanuts.

The money should have gone somewhere else that didn't profit 1 billion dollars.

Why? If the loan was available, and they applied for it and met all of the criteria, why should they not get the loan?

I understand if it was a grant, but it was a loan, to be paid back with interest.

I don't see an issue with that.

[Praxeas]

Originally Posted by Twisp

Why? If the loan was available, and they applied for it and met all of the criteria, why should they not get the loan?

I understand if it was a grant, but it was a loan, to be paid back with interest.

I don't see an issue with that.

Look, the bailout money not turn the US government into a bank/loan organization. That is not it's intent. It's not like any business can go and apply for a loan and get it. It's bailout money. It was supposed to be used wisely in order to boast our economy, not be a means of repaying someone for supporting your political campaign

[Twisp]

Originally Posted by Praxeas

Look, the bailout money not turn the US government into a bank/loan organization. That is not it's intent. It's not like any business can go and apply for a loan and get it. It's bailout money. It was supposed to be used wisely in order to boast our economy, not be a means of repaying someone for supporting your political campaign

It's not bailout money. It is from the USDA, as part of it's Rural Development program. It has handed out "more than $70 billion in grants, loans and loan guarantees since 2001".

They were already giving these types of loans out before the bailout started.

http://www.washingtonpost.com/wp-dyn...0502033_2.html

http://en.wikipedia.org/wiki/USDA_Ru..._Urban_Areas-1

Again, giving a loan to a company that can obviously pay it back, making approximately $1.6 million in interest, building an educational and a community center and creating new jobs. How is that bad?

[Praxeas]

Originally Posted by Twisp

It's not bailout money. It is from the USDA, as part of it's Rural Development program. It has handed out "more than $70 billion in grants, loans and loan guarantees since 2001".

They were already giving these types of loans out before the bailout started.

http://www.washingtonpost.com/wp-dyn...0502033_2.html

http://en.wikipedia.org/wiki/USDA_Ru..._Urban_Areas-1

Again, giving a loan to a company that can obviously pay it back, making approximately $1.6 million in interest, building an educational and a community center and creating new jobs. How is that bad?

Oh well that's different, although I still question why a group that made over a billion in profit needs it. Who didn't get it that needed it?

[Praxeas]

Here is what the article says

The Mohegan tribe, owners of the Mohegan [COLOR=blue ! important][COLOR=blue ! important]Sun[/COLOR][/COLOR] -- one of the largest casinos in the country -- has secured a $54 million loan funded with stimulus through Dodd's help.

"Throughout his career, Sen. Dodd and the entire Connecticut delegation have worked tirelessly to secure jobs and economic prosperity for the state of Connecticut," a Dodd spokesman said in a statement to the Hartford Courant. "That is why he supported the economic recovery package, as well as the Mohegan Tribe's loan application, because it will create and preserve local jobs."

"The Recovery Act is working," Vilsack said. "These projects, and others like them, are contributing to fully restore the American economy while improving the quality of life in towns and small cities throughout the country."

This money is not money that was already set aside by the USDA. It's being distributed by the USDA...or so it seems