WASHINGTON (CNN) — Another major American industry is asking for assistance as the global financial crisis continues: Hustler publisher Larry Flynt and Girls Gone Wild CEO Joe Francis said Wednesday they will request that Congress allocate $5 billion for a bailout of the adult entertainment industry.
“The take here is that everyone and their mother want to be bailed out from the banks to the big three,” said Owen Moogan, spokesman for Larry Flynt. “The porn industry has been hurt by the downturn like everyone else and they are going to ask for the $5 billion. Is it the most serious thing in the world? Is it going to make the lives of Americans better if it happens? It is not for them to determine.”
Francis said in a statement that “the US government should actively support the adult industry's survival and growth, just as it feels the need to support any other industry cherished by the American people."
“We should be delivering [the request] by the end of today to our congressmen and [Secretary of the Treasury Henry] Paulson asking for this $5 billion dollar bailout,” he told CNN Wednesday.
Flynt and Francis concede the industry itself is in no financial danger — DVD sales have slipped over the past year, but Web traffic has continued to grow.
But the industry leaders said the issue is a nation in need. "People are too depressed to be sexually active," Flynt said in the statement. "This is very unhealthy as a nation. Americans can do without cars and such but they cannot do without sex."
"With all this economic misery and people losing all that money, sex is the farthest thing from their mind. It's time for congress to rejuvenate the sexual appetite of America. The only way they can do this is by supporting the adult industry and doing it quickly."
So far, there has been no congressional reaction to the request.
I just learned yesterday thanks to the Miami Herald that the new prospective Dolphins owner Stephen Ross' deal with Wayne H. is on hold because the slime ball is waiting for his $300-400 million government bailout check so he can buy his new toy. Glad to see the bailout program working so well. Hopefully they can tie up his money for the next 3 years.
Article alludes to a German minister criticizing Keynesian ideas. Germany just begrudgingly approved a stimulus plan but it's very modest and the effects wouldn't take effect until later this year.
In fact, critics of Merkel say the plan they fashioned seemed more about upcoming elections.
If not for all these economic uncertainties, I'd say it's a great time for a vacation to England. Over the summer the dollar was trading at about $2 per British pound. This week is down below $1.40. Even Europe is a better deal these days, down about 10-15% compared to last year. A friend of ours from Japan is taking advantage of the weak dollar against the Yen (dollar is down 15-20% over the last 6 months) by coming for a visit next month.
Some crazy times with foreign currencies and which ones the dollar is getting stronger/weaker against.
And now, there's pushback against the stimulus plan.
Not enough tax cuts and the tax cuts aren't targeted correctly (that is they're not targeted at the high end).
Hmm, we had those kinds of tax cuts since the early part of this decade. How has job creation been under this tax policy which people are still pushing now?
I'm of the belief that giving people a $500-600 stimulus check will not solve the answer in the long term unless the Gov't is prepared to write these checks every month. The better option is to stimulate businesses with tax credits so they in turn can create jobs.
I don't giving out one-time checks was a good idea the last time, and don't think it's a good idea now. Half the people will treat it as a "present" and go blow it on something they don't need. That won't really stimulate anything because it's a one-time tihng that will be gone the next month. The other half will put it away into savings, which does nothing to stimulate the economy.
I always like the idea of lower taxes because it leaves me with more money. Without the tax cuts from the earlier part of the decade, things may have been even worse. Tax cuts alone won't save us, but they won't hurt. On the other hand, raising taxes would hurt right now.
In addition to cutting taxes we need to get back to producing more and consuming less. The idea that we would thrive as a service economy was just another inflated bubble that has burst. Building and fixing roads and bridges is a good idea, but that can't save us by itself.
I don't like the idea of borrowing another $1 trillion plus to try and get us back on our feet. I think more borrowing is just going to delay the pain a little. I'm also worried that too much of the $1 trillion will be pork spending and not real stimulus to help the overall economy. Part of the problem is that any kind of spending at all can be argued as "stimulus", since they are speding money to put into the economy.
All of these businesses that are laying people off in massive numbers need a reason to keep and/or hire people. I don't think there is a single answer of a quick fix to this, as we have been slowly selling out our own country for decades. Heck, I'm the perfect poster boy for that right now. My job is going to India mainly because they are cheaper and have HUGE technology companies built just around providing IT services.
Instead of pouring the money into the banks, they ought to wipe everyone's credit cards clean. That would get the people spending again. F*&* the banks and the guys who are still pulling in these bonuses and flying around on luxury jets.
The best way to stimulate the enonomy is to find a niche in the world market where we can lead the way again. If we produced something other countries wanted, it would lead to more jobs, revenue, etc. Forgive my simple approach, but can anyone name a major market or product that the USA is leading the world in?
matthewk wrote:In addition to cutting taxes we need to get back to producing more and consuming less.
Matt:
That belies the laws of economics. With lower demand, there's less need for supply. That's one of the main reasons behind the layoffs in many industries -- people are tightening the belts and aren't buying as much stuff now.
Take care,
PK
"You know why I love boxers? I love them because they face fear. And they face it alone." - Nick Charles
"First on the throttle, last on the brakes." - @MotoGP Twitter signature
I agree with GT 100%. I am so angry that we just keep giving them billions and they don't even have to tell us what they spend it on. "Just trust us". Yeah, sure.
My first stimulus check is still sitting in savings, and that's where the second will go as well, as long as I don't end up needing it to pay the bills if I can't get another job.
JackB1 wrote:Forgive my simple approach, but can anyone name a major market or product that the USA is leading the world in?
Porn?
Seriously, I think that movies & television is an area where to some extent we are leaders in an industry. The problem is, it's an industry that the rest of world just likes to pirate and not pay for.
GTHobbes wrote:Instead of pouring the money into the banks, they ought to wipe everyone's credit cards clean. That would get the people spending again. F*&* the banks and the guys who are still pulling in these bonuses and flying around on luxury jets.
While I agree with the disgust over lavish corporate spending, the WORST thing that could be done is to wipe people's credit cards clean.
One of the major reasons the banking system imploded is cheap and unregulated credit. It created a massive bubble of irresponsible spending by consumers who had nowhere near the means to pay for it yet continued to buy toys like sailors buying drinks on shore leave.
So, pop goes the bubble.
People need to follow a simple rule with discretionary purchases, not including homes and basic transportation: If you don't have the money at the end of the month to pay for it, don't buy it.
Take care,
PK
"You know why I love boxers? I love them because they face fear. And they face it alone." - Nick Charles
"First on the throttle, last on the brakes." - @MotoGP Twitter signature
matthewk wrote:In addition to cutting taxes we need to get back to producing more and consuming less.
Matt:
That belies the laws of economics. With lower demand, there's less need for supply. That's one of the main reasons behind the layoffs in many industries -- people are tightening the belts and aren't buying as much stuff now.
Take care,
PK
What I was getting at is less importing and more producing our own goods, as well as exporting more. There will always be demand for goods, we just need to start making sure that we are ones providing more of those goods.
JackB1 wrote:Forgive my simple approach, but can anyone name a major market or product that the USA is leading the world in?
Video entertainment (TV, movies)
Computer software
Internet technology
Sports entertainment
Medicine
Defense (military hardware, personnel)
Space exploration
Porn (props to Matt!)
I'm sure there are more.
Take care,
PK
"You know why I love boxers? I love them because they face fear. And they face it alone." - Nick Charles
"First on the throttle, last on the brakes." - @MotoGP Twitter signature
Good to see the latest add-on to the stimulus bill is an increase of $90,000 per office average of the Member Representational Allowance, which currently sits at $1.3-1.6M per office.
GTHobbes wrote:Instead of pouring the money into the banks, they ought to wipe everyone's credit cards clean. That would get the people spending again. F*&* the banks and the guys who are still pulling in these bonuses and flying around on luxury jets.
While I agree with the disgust over lavish corporate spending, the WORST thing that could be done is to wipe people's credit cards clean.
One of the major reasons the banking system imploded is cheap and unregulated credit. It created a massive bubble of irresponsible spending by consumers who had nowhere near the means to pay for it yet continued to buy toys like sailors buying drinks on shore leave.
So, pop goes the bubble.
People need to follow a simple rule with discretionary purchases, not including homes and basic transportation: If you don't have the money at the end of the month to pay for it, don't buy it.
Take care,
PK
I hear ya, PK, but the alternative seems to be to give the banks the coin to get the "bad assets" off their books. I think they ought to let the people get the "bad debts" off their books instead. If it's our (and our grandkids') tax money they're doling out, I'd rather see us get it than the banks.
I'll respectfully disagree, GT. Banks provide capital to businesses, which then can start hiring and hopefully expanding again.
Consumers need to learn there ain't no free lunch, even if it's painful.
Mick Jagger sang what should be the mantra of the American economic recovery: "You can't always get what you want. But if you try sometime, you just might find, you get what you need."
Take care,
PK
"You know why I love boxers? I love them because they face fear. And they face it alone." - Nick Charles
"First on the throttle, last on the brakes." - @MotoGP Twitter signature
JackB1 wrote:Forgive my simple approach, but can anyone name a major market or product that the USA is leading the world in?
Video entertainment (TV, movies)
Computer software
Internet technology
Sports entertainment
Medicine
Defense (military hardware, personnel)
Space exploration
Porn (props to Matt!)
I'm sure there are more.
Take care,
PK
The problem with a lot of the items on this list is that they are self contained and not products that other countries HAVE to pay us for.
JackB1 wrote:Forgive my simple approach, but can anyone name a major market or product that the USA is leading the world in?
Video entertainment (TV, movies)
Computer software
Internet technology
Sports entertainment
Medicine
Defense (military hardware, personnel)
Space exploration
Porn (props to Matt!)
I'm sure there are more.
Take care,
PK
The problem with a lot of the items on this list is that they are self contained and not products that other countries HAVE to pay us for.
Say what? About the only thing on this list that's self-contained is space exploration. And I bet F308GTB could tell us about NASA technology that is exported to other countries that explore space.
For example, our basic health care coverage net/insurance system is a mess, but students still come from around the world to learn in our medical schools. Patients from around the world come to the U.S. to be treated by our specialist doctors. Nations from around the world still buy our military hardware. Companies from around the world still buy our software, server hardware and Internet technology. People in nations around the world watch our TV shows and movies. The Super Bowl will have the largest global audience of any sporting event this year.
Finally, pervs around the world inhale our porn.
Seriously, I'm not following you one bit. It's not like we're the world leader in vegemite spread or Czech dumplings.
Take care,
PK
"You know why I love boxers? I love them because they face fear. And they face it alone." - Nick Charles
"First on the throttle, last on the brakes." - @MotoGP Twitter signature
I am totally against the bailouts and "stimulus" plan as well.
All the bailouts are doing is bailing out the greedy people that put us in this economic mess anyways. I know it isn't as simple as that, but greed is a huge reason we are in bad shape right now. Giving some of these corporations this money is just delaying the inevitable. These companies are going to go belly-up regardless, and when they do, they will be even more in the hole. There are successes and failures in capitalism. Let the strongest survive and the weakest fail. Down the road, new businesses will take hold and if run correctly, will succeed.
As far as the whole stimulus package, you simply cannot keep printing money. Otherwise, we are going to be dealing with a much larger problem in a few years called hyper-inflation. While I am in favor of rebuilding our infrastructure and enhancing our schools, let's find some businesses willing to take on the projects and give them tax breaks. Also, the American people don't need checks. For crying out loud, our welfare system is way too generous as it is. People that have amassed thousands of dollars on their credit cards, that is their problem. Let them figure out a way to get back on their feet. People that have been responsible the last 20 years, like PK, are the ones that are ultimately losing out in the end. Instead, it needs to be recognized as the right way to do things!
We're heading down an ugly road in our lives. There are no easy answers and no quick fixes. If things don't improve over the next couple years nationally, I can see a major move to revolt against the government. Globally, we are heading toward World War III. And to be quite honest with you, another World War could be the best answer to solve this hardship. Look at the Roaring 20's after World War I and how glamorous life was in the 1950s after World War II.
In the meantime, I'm well stocked on popcorn to see how all this unfolds...
pk500 wrote:I'll respectfully disagree, GT. Banks provide capital to businesses, which then can start hiring and hopefully expanding again.
Thanks, pk...I actually agree with you in theory (and love the Mick Jagger quote), but in practice, and $350 Billion later, the banks still aren't lending. Instead, they're buying each other up and doing everything with the money except things that will actually get our economy rolling. I realize I'm in the minority with my thinking on this, but time's up for the banks as far as I'm concerned. Whether they're taking all of the toxic assets/debt backed securities off their books, or the credit card debts owed by Joe and Jill Consumers, shouldn't make a difference from what I can tell (although I'm certainly no expert on the subject). At least option number 2 would get people spending again.
Having said all that, I also know it's NEVER gonna happen.
JackB1 wrote:If we produced something other countries wanted, it would lead to more jobs, revenue, etc. Forgive my simple approach, but can anyone name a major market or product that the USA is leading the world in?
Jack we still or could produce lot's of things if we were still competitive with the rest of the world. Instead China is just low bidding the price of the entire manufacturing sector just to become brokers or middlemen.
Case in point. I was working on a guys car in Sarasota, Florida who is the co-owner for a machine shop who supplies parts for the areo space industry and they are now trying to get into the auto racing industry. Their machined parts are incredibly precise and they would have to be if they supply parts to NASA for the Space Shuttle.
He told me he constantly gets phone calls from around the world asking him to make industry grade widgets for 95 cents when the material alone costs $6 to make. He said the businesses that call him represent companies from China who look to buy from other businesses at a low ball price and then turn around and resell it on the open market for 3-4 times the amount.
So as the owner explained to me he's essentially competing against himself if he did that. Take China out of the equation and you would have a more stable job environment. But since most of our industry has flown the coup to China we have screwed ourselves out of the manufacturing industry.
