Dr. Michele Manos
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Connecting the public to public finance

7/13/2015

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We've got an important bond election coming up here in Pima County. November 3 will bring some big decisions about our future. We need these bonds primarily to compensate for the actions of our Devil-for-a Governor (Ducey) and his marionettes in the Arizona legislature. To maintain their calls for no new taxes, and the flow of taxpayer dollars into the pocket of corporate interests (think prisons, charter schools, etc), they've shifted expenses to local municipalities to make up for the State deficits. It's bad enough that Pima County is suing the State for this.

Perhaps there's hope if we look at municipal bonds in a new way. Yesterday, Amy Cortese's article in the New York Times offered some novel ideas for bond funding. Basically, it suggests that bonds be sold directly to the people. I think we've got just the right blend of residents in the Tucson area, and statewide, for such approaches to work. This could be a win-win as the County would get more from the allotted funds (lower administrative rates), the bond owners would get higher interest rates than many options they have for investing, and a local bank could profit from administering the program in a streamlined, cost-effective way.

Read the excellent article here.
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OXI means......

7/5/2015

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OXI, OXI, OXI. We really didn’t need a referendum to learn that Greeks are proud, stubborn, and love to hold a grudge. However, just what today’s apparent “no” decision means for Greece and the world economy is yet to be revealed. As the story unfolds, I ask that you consider a few things:

1. Greeks are not lazy. Please stop saying that. Those of you who know me, my family, or other Greeks realize it’s quite the contrary. For those of you who don’t, try saying “lazy” in the same sentence with names like Arianna Huffington, George Stephanopoulos, David Sedaris, or Tina Fey. Got it?

2. Angela Merkel and other European negotiators are not Nazis. They are experienced politicians, economists, and bankers who are attempting to come to an agreement. Some of them gracefully admit to being a part of the problem, particularly by enticing Greeks to borrow amounts that were far beyond the nation’s means. (Wounds are slow to heal for many Greeks. The only thing that would be worse than having Germans in control right now would be if they were Turks.)

3. The Greek people will be suffering more and more in the days to come, regardless of what happens. Please hold them in your thoughts, and join me in wishing the best for my family and others in Crete, Athens, and elsewhere in Greece. From beloved elders to precious newborns, they are in my prayers.

4. And, for what it’s worth, this opinionated Greek woman hopes that Tsipras, Varoufakis (I call him Putin, Jr.), and the other posturing clowns will be ousted. The (well-manipulated) OXI vote was about the Greek spirit; it was not an endorsement of Syriza. Greece desperately needs competent, visionary leadership to ride out this storm without completely capsizing. Let’s encourage international leaders to support that option.

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Greece's Sorry Reckoning

7/5/2015

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In the New York Times on July 4, Nikos Kostandaras shared a bleak, but honest view of Greece's current troubles. It's one of the best pieces I've read, and aligns with many of my own, less informed, opinions.

Nai or Oxi, the arrogant and incompetent political leadership must go. The question is whether sufficient vision and expertise will step forward and be elected to lead Greece from this serious state of chaos and malfunction.

I pray, "Yes they Can," particularly for my many hard-working, dedicated family members who are already struggling in Crete, Athens and elsewhere. Perhaps they can return to family villages where self-sufficient lifestyles still abound with olive trees, prolific gardens, diary goats, beehives, and the ancient knowledge of what can be harvested from the hillsides.

As we await today's referendum results, I cannot conclude more aptly than Kostandaras:

"Throughout their history, the Greeks have fought hardest when all seemed lost. We won so many wars, overcame so many coups and foreign occupations to achieve the stability that now — in peacetime — is threatened. With so much at stake, we will soon see whether today’s Greeks are worthy of their ancestors."
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    Politics Writ Large
    "Politics is public health in its most profound sense."
    Adapted from Virchow. 

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