Florida Junk

"...But let me assure you, you ain't seen nothing, yet...."

"...the bulk of which is still hidden from public view...."



I expected this to get bad, but it may just be even worse.

After the big (2) day run-up in stocks last week, I went
a bit more "defensive" in my investments.

And I keep watching to see from which direction CDO's/CMO's/SIV's etc.
may come at me; 401K, IRA, pension, school district, state/local
agencies. Money Market Funds, Stable Value Funds, Bond Funds.

This stuff is everywhere.

And the only "investment" dropping in value faster is the
"political capital" that Bush once boasted of "earning."

Walton County was recently recognized nationally for operating a "Drop-out" factory at Walton High School in De Funiak Springs.

What do we have to show for 4 years of leadership from the current Supt. of Education? An A+ School system - (no such thing - a PR spin by the Supt.)

A new Elementary school in "Mossy Head" at a cost of $15 Million and a new High School in De Funiak Spring for abot $30 million and a "good chance" of loosing 14 million due to their lack of understanding of the current financial markets.

We have a sub-prime disaster headed our way with sub-prime leadership.

Walton County was recently recognized nationally for operating a "Drop-out" factory at Walton High School in De Funiak Springs.

What do we have to show for 4 years of leadership from the current Supt. of Education? An A+ School system - (no such thing - a PR spin by the Supt.)

A new Elementary school in "Mossy Head" at a cost of $15 Million and a new High School in De Funiak Spring for abot $30 million and a "good chance" of loosing 14 million due to their lack of understanding of the current financial markets.

We have a sub-prime disaster headed our way with sub-prime leadership.

Recent information I have seen from the school district shows that your construction estimates need to be revised upwards.

Mossy Head Elementary $21 million
Walton High School $38 million

Are you sure of those numbers ? Got to be wrong ! If you are correct it's worse than I thought. Guess we will be paying for these for many years to come. Oh wait we also need a new Middle School in South Walton - gotta add that to the tax bill for 20 years as well.

Are you sure of those numbers ? Got to be wrong ! If you are correct it's worse than I thought. Guess we will be paying for these for many years to come. Oh wait we also need a new Middle School in South Walton - gotta add that to the tax bill for 20 years as well.

Those numbers came from Wayne Miller, Asst. Super of the District. But the great thing is that the two schools will be paid for when we move in. Walton County collects enough taxes to do 'pay as you go'. By keeping capital taxes high, those of us who live here now can build the schools that future populations are going to need. No need in asking people that move here to assist with education infrastructure. I guess this is not a problem if taxes were to be dropped after all of this construction is done, but government tends to find a place to spend money that it collects.

Makes sense - tax the help out of me to pay for schools we will be needing in the future. Been paying for schools for 53 years and my last daughter graduated 28 years ago. It would seem that those currently making the decisions have no reguard for the current climate. We need to throw all of them over the side of the ship. Wish I had someone I could tax so I could have a paid for house when I move in.

Noticed on my tax bill when I paid it the other day I pay more to the school system than for roads, police, fire combined.

Poor leadership, poor schools, poor choices in the past.

But the great thing is that the two schools will be paid for when we move in. Walton County collects enough taxes to do 'pay as you go'.

Were these numbers crunched by the same brain trust that had the opportunity to get out of the Florida Toxic Cesspool with all our money in tact and chose not to?

/Skepticism Off

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I spoke to Martha Ingle last night and the BCC has withdrawn the maximum allowed from the funds. They are now exposed at about $300K. I have not heard anything different from the school district.

Hey -WaltonGOP - you seem to be well connected. I am going to try and start a "Holiday Fund" for all of the poor government workers in Walton County that have been overlooked by their governing body. The Goal is to raise sufficient dollars to give every public employee a "Holiday Gift"

How many "full-time" employees are their in Walton County that work for the Sheriffs Office, All BCC Empoyees, School Board Employees and all that work for the Tax Collector, Supervisor of elections, Property Appraisor. Would it be close to 3000 ?

Hey -WaltonGOP - you seem to be well connected. I am going to try and start a "Holiday Fund" for all of the poor government workers in Walton County that have been overlooked by their governing body. The Goal is to raise sufficient dollars to give every public employee a "Holiday Gift"

How many "full-time" employees are their in Walton County that work for the Sheriffs Office, All BCC Empoyees, School Board Employees and all that work for the Tax Collector, Supervisor of elections, Property Appraisor. Would it be close to 3000 ?

That sounds reasonable. I know most of them and all are dedicated individuals that would do anything in the world for you. When you get it set up, let me know, while I am certainly not in favor of the government taking my money by force and gifting it to others, I am for showing my appreciation and will gladly make a contribution to the cause.

That sounds reasonable. I know most of them and all are dedicated individuals that would do anything in the world for you. When you get it set up, let me know, while I am certainly not in favor of the government taking my money by force and gifting it to others, I am for showing my appreciation and will gladly make a contribution to the cause.

I dropped my "contribution" off at the Walton County Tax Collector's office on November 29th.


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I dropped my "contribution" off at the Walton County Tax Collector's office on November 29th.


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So you added an additional $100 to your taxes or you are in favor of the government seizing money and redistributing it rather than voluntary contributions?

http://tinyurl.com/3atpy9




"Joseph Mason, a former U.S. Treasury official and now a finance professor at Drexel University in Philadelphia, says Wall Street had few takers for its subprime-tainted debt. ``When they couldn't sell it to more-sophisticated investors, they found less-sophisticated investors like local government investment pools,'' he says. "





"Two years ago, Florida's pool held safer debt investments. On Sept. 30, 2005, 25 percent of the pool was invested in U.S. Treasuries and debt issued by U.S. agencies, the safest and most liquid debt sold. The rest was in short-term corporate commercial paper. Interest rates were low, and fund managers for about 100 such pools in the U.S. wanted higher yields.

Florida was more aggressive than most states. In October, the Florida pool had the highest return of any public fund in the U.S., with a return of 5.63 percent. Chasing higher yields not only meant potentially higher returns for taxpayers; it could also mean bonuses for Stipanovich and his colleagues.

`An Outstanding Individual'

The state gave Stipanovich and pool manager Michael Lombardi financial incentives of up to 8 percent of their annual salaries if they could increase returns for the state's pension fund.

Lombardi bought many of the same tainted debt investments that had helped raise the pension fund returns for the state's money market pool, state records show. Pension funds across the U.S. offer managers bonuses.

Stipanovich, who ran the State Board of Administration which manages $184 billion, was hired in 2000. Two of his three personal references came from then-Governor Bush's top aides.

``An outstanding individual capable of significant contributions to the board,'' Sally Bradshaw, Bush's chief of staff, wrote about Stipanovich."

Did you see what this new investment firm is charging to straighten this mess out.

From the Orlando Sentinel:

The SBA charges hundreds of governments, including many in Central Florida, 1.5cents per $100 to manage the money sent to it.

BlackRock is charging the state two different fees, 7.5cents per $100 and 39cents per $100, because it split the so-called Local Government Investment Pool.

Did you see what this new investment firm is charging to straighten this mess out.

Maybe they should have Stipanovich pay the difference from the bonus money given by taxpayers and the kickbacks he no doubt received from investment bankers--that is, after he does a perp walk.

I won't hold my breath--Floriduh politicos and taxpayers as a whole are pretty clueless when it comes to anything dealing with finance.


Case in point: (Dec. 17 (Bloomberg) -- Florida towns and schools deposited more than they took out from a state investment pool today, the first time the fund has grown since officials lifted a freeze on accounts to stem a run on assets.


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Case in point: (Dec. 17 (Bloomberg) -- Florida towns and schools deposited more than they took out from a state investment pool today, the first time the fund has grown since officials lifted a freeze on accounts to stem a run on assets.




Reminds me of a divorced couple I knew.

He cleaned-out the bank account and left.

The next week she deposited her pay check into the same account.

Two days later he cleaned the account out again.

Maybe they should have Stipanovich pay the difference from the bonus money given by taxpayers and the kickbacks he no doubt received from investment bankers--that is, after he does a perp walk.

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I missed the story on kickbacks. Can you give me a source?

nasty stuff Mr. Jeb.....you couldn't just retire, could you?