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LAS VEGAS—Casino operator Harrah's Entertainment Inc. says it plans to sell $1 billion in new notes through a private offering to help it pay older debt and company expenses.
Meanwhile, a Mr. Barnum Harrah of Las Vegas, Nevada says he plans to issue himself $10,000 in new credit card debt through a private offering to help him pay older debt and his company's expenses. Coincidence?
His older debt includes but is not limited to debt he ran up betting on "sure things" in Sin City.
His company's expenses currently includes those of Joe, his unemployed construction worker brother and Floyd, his out of work investment banking uncle. Joe and Floyd were only supposed to be visiting him for a month, but you know how company can be.
That being said, Barnum continues to be optimistic about the future. He's planning to pay off all this new debt off as soon as he wins the Nevada State Lottery. Why Nevada? He's got a lucky feeling. What Barnum doesn't realize is that there is no Nevada State Lottery though. Who would have guessed?
State lottery bill appears dead -- again
Lee long has opposed lotteries on the grounds they attract poor people who cannot afford to gamble away their grocery money.
...
Lotteries have been outlawed in Nevada since the state constitution was drawn up in 1864.
Once a lottery appears, who knows what other forms of gambling might come along with it. I salute you Nevada. Way to take the high moral ground when it comes to legalized gambling. I stand by your zero tolerance policy. It starts with a lottery and it no doubt ends with the state being overrun with slot machines and casinos. Can't have that.
I mean really, that's just ridiculous. Before you know it Las Vegas would get the nickname of Sin City and speculators would gamble on the state's real estate market too. Where would it end? Every building lit up like a Christmas tree? Non-stop gambling action? Loans being handed out to people with no jobs so that they too could speculate? Can't you just picture it? It's never going to happen. Period.
File:Las Vegas Strip.png
Disclaimer: Barnum, Joe, and Floyd are fictional characters. Any resemblance to actual people is simply a coincidence. A sad and tragic coincidence. Sigh.
Sarcasm, it isn't just for breakfast any more.
19 comments:
Mark,
You forgot to include the legalized prostitution in Nevada what the heck?
May 29 (Reuters) - Federal Reserve officials believe that a recent rise in U.S. Treasury bond yields could mean the economy is recovering and the risk of a financial catastrophe is receding, suggesting the Fed will not rush to react, the Wall Street Journal reported on its website on Friday.
http://tinyurl.com/mt5hya
SEOUL, May 29 (Reuters) - South Korea's National Pension Service will reduce U.S. government bonds and more risky assets such as stocks in its portfolio, while raising overall debt holdings by buying bonds of other foreign governments.
http://tinyurl.com/nz8fjy
That just has prosperity written all over it, oil headed to 100, gas to 3, mortgage rates blowing out, dollar falling like a rock. This is good no?
Kevin
Kevin,
LOL! You are not the first to tell me My girlfriend also told me that I forgot Nevada's other high moral ground topic!
As to your other point, it does appear that I'm growing back into my Stagflationary name, doesn't it?
Stag,
While I was reading your post and wondering how that new debt would be rated something important dawned on me. Ratings are useless and almost everybody knows it.
Rantings are much more useful and at least they have no ill intent.
My new venture - A Rantings Agency! It's a sure thing in this error of tomfoolery.
Commodities headed for the biggest monthly rally in 34 years, led by energy, as the slumping dollar boosted demand for raw materials as a hedge against inflation.
http://tinyurl.com/lecbwq
Mark, maybe this is a green shoot of prosperity but I have my doubts. I was a freshman in college in 74 with a major in beer drinking and a minor in pot smoking so those years a kind of fuzzy.
LOL
Kevin
mab and Kevin,
Maxedoutmama is a must read today. I think she really nailed what's going on. You hit on part of it too mab in one of your recent comments.
Stag,
Negflation sounds right. Today's reported nominal GDP was negative - again! Yet core CPI and the GDP deflator are positive. Don't dare get me started on commodities.
When excess liquidity flows into commodities during a generationally historic slowdown, it's sure to be pain city for middle America.
Maybe neglectation is the right term.
mab,
Pain city?
Is that anything like building a sin city in the dessert's hot sun and then "gambling" on where the future water will come from?
Oops. Wasn't supposed to get you started on commodities. Sorry!
Is that anything like building a sin city in the dessert's hot sun and then "gambling" on where the future water will come from?There's no gambling involved. It's a sure thing. Think riparian last rites!
Senator Edward Kennedy, chairman of a Senate panel drafting a health-care overhaul, is circulating a plan that would "require" everyone to have insurance.......
http://tinyurl.com/lnlmef
I hate that "required" word, that's something like no choice, end of discussion, if you don't your going to jail kind of crap.
I got a feeling that I'm going to end up getting something up the colon out of this and the bastards probably won't use in lube either.
Can some one explain to me why people in this country even bother to get up and go to work anymore?
Kevin
Sayin bad things about Las Vegas is a direct insukt to Moe Green. Good thing Hyman Roth is dead!
"I'm Moe Green!"
Happy friday
The government's going to make you an offer you can't refuse.
Got horse's head?
"You can have my answer now senator. My offer is this; nothing. Not even the license fee which I would appreciate if you put up personsly"
SWEET
Have a good night Mark.
Are we all ready to start a fresh week and put all the economy's problems behind us?
http://en.wikipedia.org/wiki/Sam_Sheepdog_and_Ralph_Wolf
"Sam and Ralph on the job in the short A Sheep in the Deep."
Stag,
From you wiki-link:
Ralph and Sam have become a sort of American cultural shorthand for "the usual suspects" or "the loyal opposition," describing two adversaries who have opposed each other for so long and become so familiar with each other that they've come full circle and are now nearly friendly.
There is no place for a dis-loyal opposition in a ***king eCONomy!
All hail the ***king!
mab,
I'm fairly optimistic today. Oil's ONLY up a buck or so and the country has ONLY borrowed a few more tens of billions. Okay, maybe that's not so good.
However, I did see a gold coin ad on TV. The coins have 51mg of gold. No joke! By my math, that's roughly 1/550th of an ounce. I figure that if they sell enough of those coins at $20 each plus S&H it could eventually lead to a gold glut, which in turn might help put a lid on inflation.
They do say that bad money drives out the good. "As seen on TV" money isn't exactly disproving the theory.
"All hail the ***king!"
http://en.wikipedia.org/wiki/King_of_Kings
All hail the "as seen on TV" ***king of ***kings! Sigh.
SPAM deleted.
SPAM deleted.
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