Bernanke says $2 billion not a “bailout”
Hoping to avoid a systematic meltdown in cultural institutions in San Jose, the Federal Reserve on Sunday approved a $2 billion credit line for the beleaguered Mexican Heritage Plaza in East San Jose. Federal Reserve Chairman Ben Bernanke vowed that the money was not a bailout but a “friendly loan” that he fully expects the cultural institution to pay back once the venue is running in the black.
“We cannot risk the failure of any other institutions in San Jose,” said Bernanke. “If the Rep, the Convention Center or even the Mercury News were to struggle it could cause a chain reaction of defaults that could pull down the whole economic engine of Silicon Valley—then we’d be really hosed.”
The Fed made the unusual loan after they were promised that the city would take over the management from the struggling Mexican Heritage Corp. That hurdle was cleared on Tuesday when the council voted 10-1 to assume day-to-day management of the operation.
“We approved the lump sum amount because we have complete confidence in the city’s ability to manage this successfully,” said Mr. Bernanke. “ They have a great track record.”
New Tax for San Jose Residents?
San Jose (FFN)—Whatever relief San Jose officials expected to enjoy in the wake of the Federal Reserve’s recently announced bailout of the Mexican Heritage Plaza, it turned out to be shorter and less satisfying than any of them could have imagined. What they’d assumed was the solution to one fiscal crisis apparently gave birth to the creation of another.
“We were immediately besieged by other groups demanding equal funding,” said an obviously worn and weary city official, who requested anonymity. “Our entire week has consisted of listening to ‘The Mexicans get everything’ and ‘Where’s our two-billion?’ We realized immediately that we couldn’t say no to these people and that a new funding source would be needed. That’s when the subject of an income tax was raised.”
Although details of the proposal are not yet complete, the goal is to raise enough funds to provide equitable funding to all of the city’s ethnicity-based groups, equity being based on a per capita basis.
“That way, we avoid the obligation to provide a two billion dollar credit line to every group,” said the the spokesperson, “although should the Vietnamese use the human sacrifice ploy again, we’ll probably have to figure out how to get them the full two billion.”
Napper, was the 45 pounds lost that of the hunger striker?
Okay is this a joke? Seriously. Getting old hearing about mexican this, vietnamese that.. you never hear about the italians or the irish who immigrated to this area. Last I checked there isn’t some “little italy” or Irish Heritage plaza in San Jose. What gives? Bottom line is the policy in regard to these cultural issues is bogging down the rationalization that our City is in serious financial trouble. So much so we might not even benefit from the next boom in the bay area. If the mexican heritage plaza can’t manage itself, close it down and build a park. I am sure many residents would gladly pay to use a huge park. I for one have absolutely NO use for a mexican heritage plaza. Same rationale goes with the conservatory theater. Why does San Jose feel they have to bail everyone out when they can’t even pay for their own shortcomings? Sounds like what is happening at the State level is trickling into our local cities. This is getting so old. I think neighborhood associations need to rethink their strategy and work the human sacrifice ploy to get their streets and sidewalks fixed. Anyone care to sacrifice themselves to fix 280/880?
4: You sound like a general suburbanite, yet living in a municipality that strives to be more than Fremont or Mountain View. If all you want are communal lawns and freeways (gross), you may be better off elsewhere.
NEWS FLASH.
I just saw on tv that Mr. Bernake has recinded the $2,000,000,000 bailout. He was quoted as saying that he was concerned that the citizens of San Jose having recently as a group lost 45 pounds of personal body fat. So,
to compensate he is sending every person in San Jose a check for $500 to be spent on burritos or tacos. He said that this would help revive the economy also.
Here’s another funny one…
From the report on the proposed soccer stadium:
“It is anticipated that the stadium will be owned by the city and leased to the Oakland Athletics. While this arrangement will not generate property tax revenue to the city’s General Fund, the lessee will be required to pay possessory interest tax to the city.”
If the stadium will be owned by the city…why are we doing business with “middlemen,” and did anyone know that these “middlemen,” were the Oakland A’s?
Pete Campbell
>> “systematic meltdown in cultural institutions in San Jose”
Au contraire, Mr McEnery!
San Jose’s new ‘culture’ is to fight about culture! It’s practically a tradition now in San Jose.
Whether it is about cultural centers, district naming, the make-up of city council, it is now our San Jose tradition to discuss and argue the finer points of whose culture is more important this year. After we debate this, we go back to our multi-ethnic neighborhoods, have a beer, and enjoy one of the most open, fair, and equitable Government systems in this country or the world. We just complain about it when we don’t get what we want—why not make it an annual event?
Before long, San Jose will have its own anti-culture culture. We’ll have the annual ‘Hunger Strike to Promote Things Not Worth Dying For’, and the ‘Net Loss Cultural Festival’ where we celebrate that there are things more important than spending tax dollars responsibly.
I, for one, am looking forward to an annual ‘We are the majority’ shouting match in downtown San Pedro Square. Everyone forms cultural subdivisions by race, religion, favorite software coding language, music taste, etc. and shouts ‘WE ARE THE MAJORITY!’ in sync to live music. The usual crafts booths, $5 per ticket beer tents, and $6 BBQ chicken-on-a-stick can all be present.
Ha! We got plenty of culture here. Bernanke is just stirring up negative consumer cultural sentiments.
WOW. Maybe it is because you people live in a don’t have enought power to do things that promote your culture to the community. and you are lucky to even know any vietnamese people!! San José is the City with the biggest number of Vietnamese people in all of the world except in ASIA!!!!!! SO if you have a problem with thiz, then move to some place like san francisco! i think they might have a little italy