Roy Carroll's John Hammer insult to George Hartzman in Today's Rhino Times; Berger Walker Aftermath

"Hartzman claims to be a financial advisor, so perhaps the Finance Department should hire Hartzman to consult on the city’s investments.  He once spoke against a loan the city took out at an interest rate of 0.01 percent because it was a variable and not a fixed rate.  And that rate is not a typo, the city borrowed money at one-hundredth of one percent and Hartzman found fault with that."


Also in today's Rhino Times
 is a big advertisement for giving Roy Carroll a taxpayer owned street, 
meaning John Hammer is using a "news" paper that endorses city council candidates
to convince said councilpersons who have received campaign cash from Roy Carroll
to give Roy what looks like more than $1 million in taxpayer owned real estate.

For the record, John may be a little angry with me lately for pointing out his bosses financial contributions to Phil Berger during a Walker press conference, after which Mark carved out a pretty big credibility issue for Hammer by pointing out some of John's slanted "reporting", and I put some posts lately that were pretty critical of Mr. Hammer and the Rhino, which can be found in the links at the end of this post.

Messrs. Hammer and Carroll missed the election by a pretty big margin, and are most likely depressed and upset with the outcome, as they more than heavily backed Berger Jr. over Walker, after disparaging Walker with some false information provided by the Berger camp.

I don't recall seeing a Walker ad in last week's Rhino.

I also was a bit instrumental at removing Roy Carroll's Robbie Perkins from being mayor.

As I believe John is relatively financially illiterate, especially given his recent personal experiences with numbers, I feel obligated to provide an explanation.

I suppose I was pretty sure about what I was saying, as I produced the video below about it.

The variable rate for the loan adjusts weekly.

The higher long term rates rise, the more it costs to lock in the debt at a later time.

I believe the city was trying to keep their short term interest costs low with the variable rate, to stay under a debt cap, so the city could borrow even more money than they otherwise could have.

The video is after the jump;

Roy Carroll's Phil Berger contribution; Who did the Rhino endorse?


News and Record's Doug Clark on John Hammer and Roy Carroll's Phil Berger endorsement


State Rep John M. Blust on the Walker Berger race and the Rhino Times


The Rino's John Hammer Carrying Roy Carroll's GPAC position, and the local Republican establishment


I believe the Rhino Times' John Hammer doesn't give a rat's ass about anything that doesn't have to do with the best interests of John Hammer


On taking a $1,000 contribution in 2009 and John Hammer


The Rino's John Hammer Carrying Roy Carroll's GPAC position, and the local Republican establishment


The Rhino's John Hammer Trolling Congressional Candidates for Advertising Revenue; Bruce VonCannon Edition


The Rhino's John Hammer on unfair competition from Triad City Beat


Dear John Hammer and the Rhino Times; Libel, Defamation, the Guilford County Prison Farm and an auto company


On the Rhino's John Hammer, Downtown Greensboro Inc., and what appears to be a bit of bigotry


On John Hammer's Apology for Bigotry


Interactions with Elaine Hammer of the Rhino Times and their rate card


It appears as though the Rhino Times' John Hammer is Financially Illiterate


1 comment:

g said...

It is a disservice to the people of Greensboro that the News & Record continues to treat George Hartzman as if he had been a serious candidate for mayor. He never was.
One of the keynotes of Hartzman’s mayoral campaign was the plan, not to attract an automobile plant to the area, but for the City of Greensboro to design and manufacture an automobile at the Guilford County Prison Farm. The land currently has no water or sewer service and no good road access. Plus, it is owned by Guilford County, which isn’t likely to give it to the city. The city is not, nor has it ever been, in the manufacturing business. The average cost of building a new automobile manufacturing facility is $1 billion. Each cent on the property tax rate raises about $2.4 million. So in the extremely unlikely event that Hartzman’s plan could be put into action, in order to pay the $1 billion in estimated costs the city would have to raise property taxes by about $416. The current tax rate is 63.25 cents. Can you imagine if the tax rate were raised to $416.6325? Not only is that illegal in North Carolina, but if some nut were allowed to do it, everyone would flee Greensboro immediately. It would mean that on a $100,000 home people would have to pay $416,632.50 in Greensboro property taxes every year. And that would just be to build the plant, not to mention the cost of designing the automobile or operating the plant until that first car is sold.
Yet, the News & Record treats the financial consultant, who spoke about this plan for Greensboro’s future every chance he got, as a legitimate candidate for mayor.
It boggles the mind.