Category Archives: business news

California isn’t an epithet

BAKERSFIELD, Calif. – Texas Lt. Gov. Dan Patrick has picked up on the Republican mantra to suggest that Texas shouldn’t become β€œlike California.”

His campaign ads suggest that Texas Democrat want to transform the Lone Star State into a version of California. That’s a bad thing, he suggests.

But … is it?

My bride and I have traveled through much of the southern portion of the Golden State and have gotten a bit of an up-close look at why the state boasts a world-class economy.

Now, last I heard California’s gross domestic product output would rank it No. 6 or 7 among the world economies if the state were an independent country. Texas’s worldwide ranking, as I understand it, would be No. 9 or 10; still not bad, but not in league with California.

As I looked around the Bakersfield area – which the locals call the β€œArmpit of California” – I am struck by the abundance of petrochemical plants, of cattle trucks tooling along the highways, of massive feedlots where cattle producers fatten up their livestock for market. Does that remind anyone of anywhere with which they might be familiar? Sure. It reminds me of the Texas Panhandle, where we lived for 23 years before relocating to Collin County in early 2019.

Oh, and I also see my share of pro-Republican and anti-Democratic bumper stickers, TV campaign ads and assorted signage along the highways.

To be sure, I am acutely aware that California ain’t nirvana. I hear tales of horrific regulatory hurdles that homeowners and business owners must endure. I also know that the state suffered through a net population loss since the most recent census as folks are leaving the state.

Before you pile on and suggest we should pack our bags and move here … don’t even think about it. We aren’t moving. We have forged a great life during our 38 years as adopted Texans.

I just want to suggest that emulating the nation’s most populous and most prosperous state isn’t the epithet that some Texas politicians suggest.

Johnkanelis_92@hotmail.com

Gasoline sticker shock!

LUDLOW, Calif. — My nose nearly started bleeding when I saw the price of gasoline I was about to pump into my Ford Ranger truck.

It stood at $7.49 per gallon. And that was for the cheapest octane level of go-juice!

If you know where Ludlow is, you’ll understand that it sits in the middle of nowhere, man along Interstate 40 not too far from the California-Arizona border. The owners of the two gasoline service stations at this intersection apparently are free to charge whatever the dickens they want.

I didn’t like having to pay that much for the gas, which is the same stuff I purchase at home in Princeton, Texas — only for a whole lot less.

I refuse to get into the why and how come gas prices are so great in some parts of the country. Seven bucks-plus for gasoline is obscene.

My sticker shock has abated. It is replaced with sincere sympathy for those who live in an area where they have to shell out so much dough for a commodity that should cost a fraction of they’re paying.

johnkanelis_92@hotmail.com

Tax returns … still a viable question?

Hey, whatever in the world of high-powered accounting happened to the cries for Donald J. Trump’s tax returns? You remember that, right?

Many of us wondered why Trump wouldn’t release his returns, as presidents and presidential candidates had done since 1976. Trump at first said he would; then he backed off; then he pledged to release them once the taxman completed his audit; then he backed off … again!

Courts have ruled he had to release them. He continues to resist.

Wait a second, though. We’ve been buried up to here with other sorts of finance-related news involving Trump. The New York attorney general has sued the Trump Organization for $250 million, alleging that Trump falsified his net worth to obtain favorable loans.

And then — of course! — we have a myriad of criminal investigations into Trump’s conduct during the 2020 election and immediately after the election that he lost to President Joe Biden.

I remain one of the millions of curious Americans who wants to know:

  • Whether Donald Trump is as rich as he kept bragging about.
  • How much, if anything, he gave to charitable causes.
  • The extent of his foreign business dealings and whether he does business with despicable tyrants in, say, Russia.

Those are three items. You likely have more issues to resolve with this guy.

Trump has defied conventional presidential wisdom at so many levels. The tax return issue is just one of them.

The issue of the tax returns has been eclipsed, or so it appears, by all those other matters involving Trump, The Big Lie, the insurrection, falsifying assets, conspiracy to commit sedition.

Good grief, all those other matters seem to make Trump’s refusal to disclose his tax returns seem almost … quaint. Actually, though, it isn’t. Trump’s refusal to do what so many previous presidents and candidates for the high office have done speaks mightily of his lack of character.

johnkanelis_92@hotmail.com

What about the lenders?

The news networks tonight are all over the story from New York in which the New York attorney general, Letitia James, has filed a comprehensive lawsuit against Donald J. Trump and three of his adult children.

Her allegation? That the Trumps falsified their business’s net worth in obtaining loans. They allegedly fudged the value of their assets, allowing them to get loans at a favorable rate.

Something has raced past me. How did the Trumps fool lenders into thinking their assets were greater than they were?

Financial institutions are regulated by the feds. If a borrower simply says he or she is worth X amount of money, do the lenders take them at their word? Of course not! They can check tax rolls to know the truth, right?

I am waiting for an explanation into how the Trumps (allegedly) fooled the banks.

johnkanelis_92@hotmail.com

It’s in the timing

Amarillo city officials are going on trial very soon in which they will have to defend the legitimacy of a multimillion-dollar effort to deliver a new municipal complex of offices and convention space.

The lawsuit comes from businessman Alex Fairly. The trial will be in a Potter County district court. Fairly believes the city acted illegally in issuing $260 million in “anticipation notes.”

I am not going to assess whether the city’s actions broke the law. I am, though, in a position to comment on the timing of the issuance.

You see, voters already had spoken decisively in November 2020 when they rejected a $275 million general obligation bond issue to — that’s right — revamp the Civic Center and relocate City Hall. The City Council didn’t seem to care about what voters decided.

So, it acted without voters’ approval by issuing those anticipation notes. The debt load carried by the notes is virtually identical to the load that voters rejected.

I hate saying this, because for years I was a staunch supporter of City Council initiatives, but the decision to supersede voters’ rejection smacks too much of municipal arrogance.

It’s the timing of the issuance juxtaposed with the rejection of the bond issue that ought to rankle residents. Fairly has intimated, further, that the issuance of the debt notes was done without adequate public notice, giving residents a chance to comment publicly on what they thought about the project.

To be sure, if I still lived in Amarillo and had a chance to vote on the bond issue in November 2020 I likely would have voted “yes” on the city request. I can argue all day and into the night about the need for the city to upgrade its Civic Center and find a new site for City Hall. Most voters, though, said “no” to the proposal.

For the city to then come back and issue the anticipation notes — which do not require voter approval — well, plays right into the righteous anger that fuels a lot of voters’ interest in government.

johnkanelis_92@hotmail.com

Blast from violent past

The tumult and tempest arising from the arrival of immigrants and, yes, refugees from Latin America have in their way taken me back to an earlier time in Texas when such new arrivals spawned violent protests and outright hatred.

Republican governors have taken great joy in sending migrants to Democratically held jurisdictions in a ploy to stick it in their ear. You favor welcoming these folks? Here, you can have ’em!

The Vietnam War ended in 1975 and with the end of the shooting in Vietnam thousands of refugees fled from Southeast Asia to the United States. They didn’t want to live under communist rule, so they found their way to the Land of Opportunity.

Many of those refugees settled along the Texas coast, seeking to resume their lives as fishermen and women. They sought to capitalize on the shrimp harvest opportunities. Not everyone welcomed them.

The Ku Klux Klan reared its ugly and evil head, raiding the Vietnamese shrimp fleets, cutting their nets and threatening the newcomers with violence if they didn’t leave the country. There was violence. Klansmen were charged with bringing physical harm and death to the Vietnamese.

Over time, though, the violence subsided. Today, in communities such as Port Arthur — with its substantial Vietnamese-American population — you find the influence of the descendants of those refugees in a most remarkable way. Check out the honor rolls of public high schools and you see plenty of names such as Nguyen, Phang and Lam. Yes, the children and grandchildren of those refugees excel academically and take that excellence with them into successful careers as adults

Do we really want to deny the current refugees — who flee communist tyranny in places such as Nicaragua and Venezuela — the same opportunity to succeed?

Let’s get real.

johnkanelis_92@hotmail.com

Biden helps avert crisis

(AP Photo/Michael Virtanen)

Hey, let’s heap a good bit of good cheer on the Joe Biden administration, shall we? Why the high-five and the back-slap? Because the administration did what Americans expect it to do by stepping in to broker a deal that averted a potentially catastrophic blow to the nation’s economy.

As President Biden might say, this is a “big … fu**ing … deal,” if you get my drift.

Had the strike gone forward, as it was slated to do on Friday, valuable shipments of grain, food, all sorts of commodities, heavy equipment — you name it — would have come to a halt. You want a “supply chain crisis?” There you have it … in spades!

But the tentative agreement, presuming it’s ratified by the unions and the rail lines, means the goods will keep rolling and the crisis will have been averted.

You all know that this blog supports President Biden and the work he is doing on our behalf. I will offer a word of good cheer to the president, because I believe he deserves it. However, the big winner of this deal happens to be the 330 million Americans that the president represents.

Americans keep getting buffeted by doomsayers who suggest the economy is tanking, that “socialists” are poised to take over the government, that the U.S.A has become the “laughingstock of the world.”

The news about the White House stepping up to provide its good offices to end a potentially horrendous labor dispute demonstrates that the opposite of all that is so very true.

As The Hill reports: β€œIt’s a big political risk. If it all blew up, the administration was going to be left holding the bag,” an industry source familiar with the talks said.

How Biden helped avert a rail strike – and another economic crisis | The Hill

It appears at this moment that nothing has blown up. I want to thank the federal government led by President Joe Biden for averting disaster.

johnkanelis_92@hotmail.com

Gas prices are cheaper … not yet cheap

As I scan the main drag through Princeton, Texas — the four-lane federal highway U.S. 380 — I see evidence of something I had hoped to see.

It’s the price of gasoline receding. At virtually all the fuel dealerships along the highway, the price of regular unleaded gas is now selling from $2.93 per gallon to $2.99.

Hmm. It’s a far cry from the $4-plus we were paying this past spring and summer, yes? I know that other parts of the country were paying a good bit more than we were in Texas. Their gas prices are coming down, too.

It’s cheaper, for sure. It damn sure isn’t “cheap.” We’ve all become accustomed to a sort of new normal ever since gasoline spiked up in the 1970s in response to the Arab oil embargo. Prior to that we were paying double-digit prices to fuel our vehicles; after that, well, we haven’t seen double digits since.

Now we are going to “salute” gas prices inching below 3 bucks per gallon? I won’t go that far. However, it is a relief and I welcome it.

johnkanelis_92@hotmail.com

How can GOP tolerate this?

I guess I’ll just have to resign myself to never knowing the truth while I am alive and breathing.

The “truth” to which I refer happens to involve how a once-great political party can be at one time a champion for “family values” and proclaimed that “character matters” can align itself with a cult figure who embodies the exact opposite of both principles.

Republicans today are wedded to the rubbish uttered, muttered and sputtered by Donald John Trump.

The thrice-married former POTUS has admitted to cheating on his first two wives and then paid a porn star $130,000 to remain quiet about a tryst she said she and the future POTUS had back in the old days. Trump denies the event occurred … but he paid her the money to keep quiet about it. Go figure.

I guess I should mention that the alleged tumble with the porn queen occurred just weeks after Trump wife No. 3 gave birth to his youngest son.

We are being flooded with information about the FBI search for top-secret documents taken illegally from the White House and socked away in the basement of Trump’s home in Florida. Republican response to it? Crickets, man.

In a way, though, the silence is a bit of a change in what had been the typical GOP response to allegations leveled against the former Cult Leader in Chief. Members of Congress had been quick to blame Democrats for “weaponizing” the process that resulted in two impeachments of Trump. I am hearing little justification for a POTUS taking those documents that belong to the public and do not belong to him.

Meanwhile, GOP congressional leaders remain shamefully silent as evidence piles up along several legal fronts. In Georgia, we hear about a grand jury taking testimony about Trump coercing state election officials to “find” enough votes to swing that state’s 2020 presidential election results to Trump’s favor. Does anyone in the GOP care about that?

Trump’s business is being probed for allegedly falsifying its assets in order to obtain loans. Are those the ingredients of a character-driven business empire?

The House select 1/6 committee is trying to finish its probe into Trump’s role in inciting the insurrection that sought to overturn the results of the 2020 election. Republicans don’t give a crap about that, either … except for the two GOP committee members, Liz Cheney and Adam Kinzinger.

I do not understand what has happened to the Republican Party. I thought I might learn the answer before they threw me into the ground.

Silly me.

johnkanelis_92@hotmail.com

‘Old jobs’ not as good?

A frequent critic of www.highplainsblogger.com decided to weigh in with a comment about President Biden’s job performance.

He disagrees — not surprisingly — with my assessment of the job growth that has occurred during the Biden administration. My critic says Biden has created “no real new jobs.” That the only jobs being “created” are the old jobs that are being filled again.

Hmm. I rolled that one around for just a moment.

It occurred to me that the old jobs are just as valuable as the new jobs. I mean, those who are filling the old jobs are paying taxes and contributing to the nation’s economic well-being just as much as they would be had they occupied “new jobs.” Isn’t that right?

The critic just cannot seem to grasp that I remain as faithful to Joe Biden as he does to Donald Trump. Except for this important qualifier: Biden defeated Trump in 2020. Oh, and Trump is in a deep pile of dookey over, well … you know.

johnkanelis_92@hotmail.com