Category Archives: Idaho

Business/Economics, Idaho, U.S.

Black Horse & Political Chicanery: Idaho Republicans rip off Idaho taxpayers. One gets paid to sleep on his office couch, the other gets paid to sleep in his parents home!

“…there before me was a black horse! Its rider was holding a pair of scales in his hand. Then I heard what sounded like a voice among the four living creatures, saying, “A quart of wheat for a day’s wages, and three quarts of barley for a day’s wages, and do not damage the oil and the wine!”

The Associated Press revealed that at least two Idaho state lawmakers were being paid as much as $122 per diem to sleep in their office, or parent’s home!

Those lawmakers are Republicans John McGee and Curt McKenzie.  McGee has already made the news back in 2011, when he was arrested, and charged with grand theft and drunk driving!

According to the Associated Press, both Idaho state Senators were being paid $122 per day even though they live less than 30 miles from Boise! Gee that’s nice, there are many more Idahoans driving more than that to get to work, and they don’t get paid for it!

It’s not just that they were being paid $122 per day but it was the fact that they were actually staying in Boise; McKenzie took the money even though he slept on his office couch, and McGee claimed the money even though he was staying with his parents.

But don’t think this report by AP will end the scandal, both Idaho Republicans told the Associated Press that they will still claim per diem, but at a smaller rate of $49 per day!

Business/Economics, Idaho, U.S.

Economic Recovery? 100% inflation: January 14 last day to get your Powerball Lottery ticket for only $1

Saturday, January 14, will be the last day you can get a Powerball Lottery ticket for  $1.00.  To “celebrate” the lottery’s 20th anniversary the price of one “play” will now cost $2.00.

Lottery officials claim the 100% increase in the price of a lottery ticket is worth it because they’ve increased the size of most jackpot winnings.  For example the new starting jackpot amount will double from $20 million to $40 million.

They also claim it will be easier to win.  They’re reducing the number of red Powerball numbers used.  Instead of 39 red numbers, there will be 35.  But since I’ve played the lottery for at least two decades, and never won anymore than $10.00, the 100% increase in the price of one play is enough to make me stop playing.

 

 

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho’s Coldwater Creek still struggling, $124 million in losses, former employee leaves to start her own company. Forget Coldwater Creek keep your eye on Meesh & Mia

According to some reports, Idaho based Coldwater Creek finished 2011 with a net loss of at least $124 million!  They also saw a 20% drop in sales in their last quarter of 2011, after a 28% drop in sales the quarter before that!

The problem seems to be that Coldwater Creek’s prices, and quality of goods, are targeted to mid range consumers.

One big factor with this bad economy is that the middle class is shrinking, with some lucky to make it to the upper classes, but most ended up in the lower classes.  As a result consumer spending is matching that trend.  Only low end and high end retailers seem to be doing better.  Those retailers still catering to mid level consumers are suffering.

On January 3, the Coeur d’Alene Press wrote about Elizabeth Turley, a former Coldwater Creek and Chico’s employee, who started her own clothing business in Sandpoint, Idaho.

The company is called Meesh & Mia, and is targeting consumers that Coldwater Creek probably should have; young college women.  Meesh & Mia focuses on providing fashionable women’s clothing with university logos, and with the bad economy pushing a lot of women into college, business is booming.

Up ’till Meesh & Mia, most college clothing was targeted towards men and athletes.  But Turley also credits exposure in the national media with her company’s success, and blames the national media for troubles at Chico’s and Coldwater Creek: “It was kind of funny, because I had tried without any success when I was at Chico’s and again at Coldwater Creek to get placement on the Today Show.  And then here we were, little Meesh & Mia, making a debut. Kathy Lee and Hoda touched our product and the guest, a Southern Living editor, ever so briefly said, “great companies like Meesh & Mia.'”

Some stock analysts tried to end 2011 by sounding upbeat about Coldwater Creek, but it looks like Meesh & Mia is where to invest your money.  Turley expects to double her employees in 2012, as well as expand her customer base by adding 135 colleges and universities to her client list.

“It’s remarkable that no one has done this before! We’re certain that others will follow our lead, but it’s a $10 billion market, so there’s room for competition.”-Elizabeth Turley, Meesh & Mia founder

 

 

 

Business/Economics, Idaho, U.S.

Some Hope for 2012: East Idaho finally gets its first two Carl’s Jr! Part of 51 store expansion!!!

December 31, 2011, and I just ate at the first Carl’s Jr burger joint in eastern Idaho! Love those Western Bacon Cheeseburgers (been eating them since the early 1980s!), and those luscious teriyaki burgers!

No more finding excuses to travel more than an hour to get Carl’s Jr.  Although I still have to drive 45 minutes to Idaho Falls, but pretty soon, I hope, there’s gonna be Carl’s Jr in the Pocatello area.  That’s according to a 2008 press release.

carl's jr

New Carl's Jr Resturant, Grand Teton Mall, Idaho Falls

One of the new east Idaho Carl’s Jr is located in the Grand Teton Mall parking lot, across from the Barnes & Noble.

There is a second Carl’s Jr in Idaho Falls, located at the intersection of Holmes and Northgate mile. I think they were a little overwhelmed; they were out of large size cups, and they just ran out of five dollar bills on the day I tried them out.

According to a 2008 press release eastern and southeastern Idaho will get five more Carl’s Jr by 2014.  The new restaurants will be spread from Pocatello to Idaho Falls.

carl's jr

Carl's Jr, Idaho Falls, Idaho

The new restaurants are part of a huge expansion by California based Carl’s Jr.  In December, 2008, Carl Karcher Enterprises announced they signed franchise deals for 51 new stores!  Those new stores will be concentrated in Nevada and Idaho.

East and southeast Idaho will get a total of six restaurants, southern Idaho (Twin Falls area) will get three, and the Boise area (southwest Idaho) will get three more on top of the stores already there.

I noticed east Idaho’s local media paid no head to the new Carl’s Jr, but was all over the new Chick-fil-A (I’ve eaten at a Chick-fil-A in Georgia, never again).

Mmmm, how many Chick-fil-A stores will open in east Idaho, oh just the one in Ammon? (I checked Chick-fil-A’s list of future store openings) Lets see, Carl’s Jr opening a total of six stores in east and southeast Idaho (as well as new stores in south and southwest Idaho), I can see who’s gonna be helping the local economy more.

(By the way you can print off coupons from the Carl’s Jr website)

Business/Economics, Idaho, International, Technology, U.S.

What Economic Recovery? More trouble for Idaho’s Hoku polysilicon factory, looks more and more like the deal is off!

“If service is terminated, these high value systems may freeze, causing irreparable and material damage to Hoku’s plant assets. Any damage would need to be repaired, at additional cost, prior to continuing with the commissioning and operation of the plant.”-Hoku Corporation complaint to Idaho Public Utilities Commision

“The fact of the matter is, Hoku has missed a payment it owes to Idaho Power and has failed to provide….any assurance that such a payment will be forthcoming. Idaho Power has concerns that if the commission allows the Hoku complaint to run the usual course….Hoku could potentially become millions of dollars delinquent in amounts it owes.”-Idaho Power response

Pocatello, Idaho’s, polysilcon factory, run by Hoku Materials (which is a subsidiary of Hoku Corporation, which is 60% owned by China’s Tianwei New Energy Holdings Company Limited) has run into trouble with Idaho Power, again.

Hoku failed to pay its electric bill, and Idaho Power says it will discontinue service.  Hoku was served with the disconnect notice on December 22.  This is not the first time Hoku has had trouble with their electric bill.

Earlier this month, Chinese media reported that Hoku had started operations, but now it’s clear that was just wishful thinking by Tianwei New Energy Holdings Company Limited.  The Chinese claim was based on Hoku CEO Scott Paul saying things were ready to go back on November 21.

This just adds to the ever growing problems with Hoku:  Their CFO resigned, they lost nearly $8 million in their last reporting quarter, they had to sell majority shares to Chinese companies (as well as take Chinese loans) to raise enough money to finish construction of their factory, and the ongoing tit for tat trade war between the U.S. and China (involving U.S. made polysilicon and Chinese made photo voltaic products) could mean curtains for a company that has hundreds of people in the Chubbuck/Pocatello area hoping to get a job with Hoku.

GLOBAL ECONOMIC WAR: IDAHO POLYSILCON PRODUCER, HOKU, QUIETLY STARTS OPERATIONS,  LOSES MILLIONS OF DOLLARS AGAIN

Business/Economics, Idaho, U.S.

Corporate Evil: Sears & Kmart connected to Romney’s Bain Capital! Bain Capital working with Carlyle Group!

News reports have been revealing that the Mitt Romney co-founded Bain Capital (and its affiliates) are behind many of the huge job layoffs in the United States, since the late 1980s.

Turns out that Bain Capital could be involved with the problems at Sears and Kmart!!!

In 2005, Vornado Realty Trust bought 7.5 million shares of Sears Canada. Vornado was also involved with Bain Capital in taking over Toys “R” Us, which  took over KB Toys resulting in 3,400 jobs lost.

Vornado also backed the take over of Sears by Kmart in 2005, leading to the creation of Sears Holdings Corporation.

Part of the recent list of Sears/Kmart store closings showed that several Sears stores were being converted into Kmart stores.  Is this just a Bain Capital inspired conspiracy to shut down Sears?

In another posting I showed how the demise of KB Toys, and the take over of Toys “R” Us, were part of the Mitt Romney style of ‘investing’ which results in net job losses.

In the early 1990s, Bain Capital, along with a company called Acadia Partners, bought the Coldwell Banker subsidiary from Sears.

Here’s the scary thing. In the short time I researched Romney’s creation, Bain Capital, it became clear that the so called investment company is involved in almost every corporation in the United States!

Bain Capital, along with dozens of other so called investment companies (including the infamous Carlyle Group) are systematically taking over and shutting down businesses in the United States.  Those shut downs are not based on the true performance of those companies, but on the personal desires of those involved in the so called investment companies (as I tried to explain in a previous posting). And it’s all about the money.

Of interest is the fact that Bain Capital’s 13F-HR filing, for June 2011, shows that it owns stocks in only five companies!  Their 13F-HR statement says those five companies make up 100% of their stock holdings. Pretty pathetic for such a prolific investment company!

Political Incompetence & Corporate Evil: CHRISTIAN/MORMON MITT ROMNEY CO-FOUNDED BAIN CAPITAL, WHICH HAS BEEN DESTROYING JOBS SINCE 1984! DESTROYED JOBS IN CHUBBUCK, IDAHO. DEMISE OF KB TOYS CONNECTED TO TOYS “R” US

Business/Economics, Idaho, International, U.S.

Political Incompetence & Corporate Evil: Christian/Mormon Mitt Romney co-founded Bain Capital, which has been destroying jobs since 1984! Destroyed jobs in Chubbuck, Idaho. Demise of KB Toys connected to Toys “R” Us

“Mitt Romney’s history at Bain Capital is not going to help his image as a job creator.  Now, we want to disclose that NBC Universal and Bain Capital are each a part owner of the Weather Channel.  Bain Capital’s main business model is buying companies like American Pad and Paper and restructuring [industry code for ‘slash and burn’] them.  In many instances, Bain turned a profit by strip mining these companies.  American,  AMPAD is what it’s known, the stock was driven down [on purpose by Romney, I explain a little further in the article] and the company went bankrupt.  They fired hundreds of workers along the way.”-Ed Shultz, MSNBC

MSNBC is admitting that a company affiliated with NBC, Bain Capital  co-founded by Mitt Romney, has been destroying jobs, not creating jobs as Romney claims.

In 1984 Romney co-founded Bain Capital, which grew out of Bain & Company.  The soul purpose of the company is to buy out other companies, then gut them and sell them off piece by piece. Of course this means jobs are destroyed.

Interestingly, back in October, MSNBC’s Ed Shultz actually downplayed Romney’s connection to Bain Capital.  He and some of his guests, stated that a photo published in the Boston Globe was fake: “…it’s probablly a joke photo.”

Now Ed Shultz is backpedaling.  He, along with other MSNBC anchors and reporters, are revealing that Bain Capital has been behind many of the job loses in this country since the late 1980s!

The New York Times reported that Romney left Bain Capital in 1999, but, as part of his ‘retirement package’ is making money off their continued slashing and burning of U.S. jobs.  According to the article, Romney, 13 years after leaving Bain Capital, is still making millions of dollars off his retirement package!

old kb toys pine ridge mall

Former location of KB Toys, Pine Ridge Mall, Chubbuck, Idaho

Anybody remember KB Toys? I do. I was an employee of the Chubbuck, Idaho, Pine Ridge Mall at the time they closed down the KB Toys store in that mall. By 2004 KB Toys went bankrupt and 3,400 people lost their jobs! Guess what, one of Bain Capital’s affiliated companies was behind that!!!

pine ridge mall

Fading Pine Ridge Mall, Chubbuck, Idaho

Oh, and what about Romney’s connection to Massachusetts? Romney ‘retired’ from Bain Capital in 1999.  The Bain Capital partnership took over KB Toys in 2000.  KB Toys is headquartered in Pittsfield, Massachusetts. Romney became governor of Massachusetts in 2002.  In 2003 the Bain Capital partnership started shutting down KB Toys stores. Mmmm, connection?

Here are some more examples of deals that resulted in job losses at the hands of Romney’s Bain Capital (and affiliated companies like Holson Burnes Group): Clear Channel Communications, 2,500 job cuts.

Photo album factory in South Carolina, 150 jobs lost.

Sensata Technologies, a European company with U.S. operations, several hundred U.S. employees lost their jobs.

American Pad & Paper, or AMPAD, lost 185 jobs.

The case of AMPAD reveals how Romney’s Bain Capital works.  They buy up companies in the same market, then they whittle them down until there is only one or two in the market, who then become big money makers by default.  AMPAD’s competitor was Staples. Romney touts Staples as a good example of his management skills, but what the Boston Globe found out (and reported in a 2007 article) is that Romney simply bought out competitors and shut them down until Staples was just about the only game left in town.

Now how about the KB Toys deal? KB Toys and Toys “R” Us were the top toy stores in the United States.  A company connected to Bain Capital buys out KB Toys and shuts them down.  What about Toys “R” Us? Yes there’s a Bain Capital connection.  In 2005, one year after the KB Toys bankruptcy, Toys “R” Us was taken over by KKR Group, Vornado Realty Trust and Bain Capital for $6.6 billion!  In 2009 Toys “R” Us takes over what is left of KB Toys; website, trademarks, and intellectual property rights.  Mmmm, you seeing the pattern?

This goes against the principle of the free hand of capitalist competition.  The jobs lost because companies went out of business were not actually due to any ‘poor’ performance of the employees, or lack of sales, but because the ‘investors’ Romney & Co wanted it that way!

Also, Bain Capital works the same way the rest of Corporate America does, they don’t use their own money to take over companies, they take out huge loans from the too big to fail banks that got taxpayer bailouts!

One report said Romney’s “investments” have resulted in at least 12,000 U.S. jobs lost!  It’s probably more than that, the way Bain Capital and affiliated companies shut down businesses does not result in net jobs gained, but net jobs lost!  Anybody remember Oliver Stone’s 1987 movie Wall Street?

Opinion: MITT ROMNEY CONSTITUTIONALLY INCOMPETENT. RELIGION BASED MARRIAGE LAW WILL VIOLATE CONSTITUTION.

Washington DC BS: MITT’S MYSTERY MONEY NOT EXPLAINED BY LATEST ADMISSIONS

Business/Economics, Idaho, U.S.

What Economic Recovery? Health insurance rates in Idaho could go up more than 10%, thank you ObamaCare

Two insurance companies, that are part of Milwaukee based Assurant Health, have notified that Idaho Department of Insurance, that they will jack up rates by more than 10% in 2012.

Those two operations are John Alden Life Insurance and Time Insurance.  They’ve both filed rate increases of 13%!

This is part of the 2010 health care reforms, commonly known as ObamaCare.  Under the reforms an insurance plan that went into effect after September 1, can be subject to such rate increases.

The 2010 reforms actually allow insurance companies to jack up their rates as long as they can make a convincing case.  Some of the many accepted excuses are age and if you smoke.  Now how is that supposed to keep costs to consumers down?

To find out if your insurance plan (if you even have one) is jacking up your rates you can check companyprofiles.healthcare.gov.

 

Read more here: http://www.idahostatesman.com/2011/12/29/1932970/2-idaho-health-insurers-file-rate.html#storylink=cpy

Business/Economics, Idaho, U.S.

What Economic Recovery? Sears post partial list of store closings. Idaho, Oregon, Colorado & Washington makes the list

It’s only been two days since Sears Holdings announced they were closing up to 120 Sears and Kmart stores, and now they have named 79 of those stores.

I already explained why their Chubbuck and Pocatello, Idaho stores could be closed.

Sears store in Lewiston Center Mall, Lewiston, Idaho, makes this initial list of 79 closings.  The list does not provide details on any timeline for closing.

Some regional media sources have stated that other stores in the area “escaped” the list, however the list is only 79 of as many as 120 total closings (and it could be more).

Other Pacific Northwest Sears stores that made this early list are in Roseburg, Oregon, Longmont, Colorado and Walla Walla, Washington.  Also, the Kmarts in Glenwood Springs, Colorado, and Spokane, Washington will be closed.

Also, a Sears store in Denver, Colorado, that was formerly a Kmart store, will be converted back into a Kmart store.

You can find out more by going to www.searsholdings.com and looking under their media tools section.

 

Business/Economics, Idaho, U.S.

What Economic Recovery? No big Xmas sales for Sears & Kmart, up to 120 stores will be closed, look out Pocatello & Chubbuck

“While our past practice has been to keep marginally performing stores open while we worked to improve their performance, we no longer believe that to be the appropriate action in this environment.”-Lou D’Ambrosio, CEO of Sears Holdings

Sears Holdings, which owns Sears and Kmart stores, said this year’s holiday sales sucked big time!  They’re claiming a big drop in business compared to last year (as much as 5.2%), and they just can’t afford to keep their “marginally performing” stores open.

The cities of Chubbuck and Pocatello, Idaho, are home to such marginally performing stores.

sears chubbuck

Sears at the Pine Ridge Mall in Chubbuck

The Sears is located in the Chubbuck Pine Ridge Mall, and has never done well (I used to work for the mall before it was sold to a company out of Chicago, Illinois).  Two other ‘anchor’ stores, that were doing better than Sears left the mall a few years ago, and many people around here have been wondering why the Sears is still open.  Well, it might finally be curtains.

pocatello fred meyer

Fred Meyer at the former Pocatello Mall location

The Sears in Chubbuck used to be located in the old Pocatello Mall, but that mall went down the toilet in the late 1990s, and has since been torn down and replaced with a Fred Meyer dominated strip mall. Even the new Fred Meyer strip mall suffered the demise of the Gottshalks store a few years ago.

gottschalks pocatello

The vacant Gottschalks, in Pocatello, Idaho

In Pocatello, the Kmart has been struggling for years, the customer foot traffic has never come close to what the Chubbuck WalMart, or the Pocatello Fred Meyer gets.  After Sears and Kmart merged to form Sears Holdings (and the Kmart bankruptcy), the Pocatello Kmart was spared from the many closings of Kmarts around the country.  But this might be the writing on the wall for the Pocatello Kmart.

Kmart Pocatello

Big Kmart, with small sales, in Pocatello

Even though business for Sears and Kmart continues to crash, a recent customer satisfaction survey, by Strategic Resource Group, showed that dedicated Sears/Kmart shoppers were happy with the service.  SRG also thinks most Kmart closings will take place outside the North East/Great Lakes region, and that means Idaho is a target.

Speaking of Target, Target and WalMart are the main reasons why Sears and Kmart are going down; they just can’t compete.  (do the economic analysts ever consider the fact that we “consumers” no longer have the cash or credit to support so many retail businesses?)

For Sears and Kmart stores that will remain open, big time cuts are planned.  Sears Holdings wants to cut $300 million, just in inventory.  They hope to cut another $200 million in ‘fixed’ costs (that’s industry code which includes employees and employee benefits).

Happy New Year!