Thursday, July 21, 2011

A tale of two articles: Democrat State Treasurer Jim McIntyre on the CRC.

We all know the local rag has a bridger/loot rail fetish that would make a porn star blush.  And here's how they twist the story to protect themselves.

In their softball cover up of the latest Crossing debacle, these are the quotes from and concerning the Democrat State Treasurer, Jim McIntyre.
New requirements from Washington State Treasurer James McIntyre forbidding annual toll increases from being included in tolling assumptions represent a $318 million hit to toll bond proceeds. Combined with the consultants’ recommended 15 to 25 percent cut in projected toll revenues, the total shortfall would be $468 million to $598 million.
The CRC was banking on an annual 2.5 percent increase in tolls; other Washington tolling models have also included annual increases. But revenues on projects such as the Tacoma Narrows Bridge have fallen below projections, partly because the Washington Transportation Commission has not increased tolls as expected.
“That is a policy we’ve taken on toll financing that is not directed at this particular project,” McIntyre said Wednesday. “It’s recognizing that we’re going to need to rely on tolls to finance most major transportation projects moving forward. We need to be careful and reasonably cautious about how we do (tolling) to make sure that we build the confidence of the taxpayers and toll payers.”
OK.  Fine.  But that isn't all he said... not by a long shot.

Here's what something approaching a REAL newspaper wrote concerning Treasurer McIntyre::
Washington State Treasurer Jim McIntire has voiced displeasure with several aspects of financial plans developed for the CRC and two other big transportation projects in the Puget Sound area, saying they're too optimistic and perhaps not realistic.

Most notably, McIntire is not comfortable with the escalating debt service the CRC would pay during the 30-year life of the bonds.

Under the CRC's initial plan, annual debt payments would soar from $17.7 million in 2016 to a peak of $222.5 million at the end of the bond's lifespan.

McIntire compared the debt structure to the worst sort of toxic mortgage from the housing boom. The loans turned disastrous for the banks, the borrowers and the U.S. economy when millions of homeowners couldn't keep up with the onerous loan terms and defaulted.  (My emphasis)

McIntire argues that Washington transportation projects should strive for "level debt service," more predictable and safer.

For the CRC to pay that ever-increasing debt service, it is counting on significant traffic growth and escalating tolls. The CRC's initial plan called for increasing the toll 2.5 percent every year for the 30-year life of the bonds.

McIntire doesn't like this aspect of the plan either, saying that annual toll hikes may not be politically feasible.

"I would argue that it's a pipedream," McIntire said last week. "I think we need to be upfront with people. We need level debt service and level tolls."
One has to ask:  Why did the despicable rag masquerading as a newspaper leave this out?

We all know why.  They want what they want, no matter how many or who they screw to get it.  And if they don't print it, well, it really wasn't said, and these slimeballs certainly don't want to be smacked upside the face with McIntyre's description of this horrific, fraudulent scam they advocate so strongly.

Our newspaper is despicable.  That they would keep this out is inexcusable, but typical of the scum running the show.

This entire project is criminal.  It's enriching the few at our expense... while morons like Kitzhaber keep lying about the numbers of jobs this scam will create, insisting still that the number is 20,000... when that scam has been thoroughly disproven since the number is closer to 2,000.... max.

Why do the bridgers/looters have to lie?  Why does the local bird cage liner have to lie, if nothing else, through failing to provide the whole picture?

We all know.  And those shilling all of this crap should be fired and removed from office.  I'd call them a disgrace, but that does a disservice to the word.

The democratian's failure to take the lead on these crimes is typical of a rag that does not give a damn for the community... but instead, insists on supplanting OUR judgment with theirs as if it were somehow superior...

No matter how badly we get hurt.

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