I suppose transexualism is a libertarian core value, along with queerism, drugism, and unlimited immigration. That’s why libertarians clean up at the polls every election cycle.

Good article on Buy America Bonds in the Wall Street Journal today. They are all fee’d up.

Dallas got its snort of BABs cocaine by issuing $500 million to fund a 1,100-room convention center hotel, even though the feasibility study people refused to say it was economically feasible. And the punch line is that BABs are not revenue bonds. They are SPECIAL revenue bonds. If the project fails to pay the bond debt, then the municipality is on the hook (the taxpayer). In other words, they are pitched as revenue bonds to voters but they are de facto GO bonds (general obligation) to bond buyers. This is why they are so easy to sell, despite the lamentations by the “bankers” in the article that they need higher fees. If the bonds were backed only by the viability of the project and the debt holders could only foreclose on the project – these dogs would never sell.

In our case the threshold rack rate for the hotel to be feasible is $237/night. Class A hotels in downtown is $138.

It is DOA.