Trump just sold off a large chunk of America

[Atman]

This is bad. Very bad. Sorry I can't paste a quote, the site won't let me copy. In essence, Saudi's "invested" $20BIL to help privatize America's infrastructure for profit. Selling off the roads and bridges taxpayers all paid for. Because, you know, taxing the wealthy would be too much of a burden.

http://www.marketwatch.com/story/saudi-arabias-20-billion-wager-with-blackstone-is-record-sized-bet-on-us-infrastructure-2017-05-21?link=sfmw_tw

[Vinca]

1. Toll roads for everyone!!

[WinkyDink]

3. They exist in Europe, so not too far-fetched.

[joshdawg]

6. But, this is not Europe.

Toll roads are a rip-off.

[WinkyDink]

35. Um, I think I know where I live. And I agree about the rip-off. My observation stands.

[joshdawg]

48. I did not intend to demean your comment.I, too, know where I live. My apologies for sounding curt.

We both agree toll roads are a rip off

[Bernardo de La Paz]

9. Toll roads are a regressive tax. Hits POOR people the hardest. Surprised? . . . nt

[Atman]

25. Driven around Central Florida lately?

Unless you know the back roads, be sure to bring a wallet full of cash or an EZPass. There's tolls everywhere, even on wide open roads in the middle of nowhere...no on ramp/exit ramp, just stop and pay some money. Florida is a prime example of what is wrong with this system. Total rip-off.

[karynnj]

30. We found that EZPass did not work, they have Sun Pass which is not compatible

Worse, many exits do not have a cash alternative meaning you have to go out of your way to another one. Signs say that you will be fined if you exit without a sunpass. No info on any alternative way to pay was on any sign. We were just visiting having brought our car down on Amtrak. For future reference, Floridians, is there a way to pay on line?

[Atman]

31. Right, they have their own system. They sell them in vending machines at rest areas.

Right along with the candy. Buy a small portable transponder for about $10, or a bigger permanent self-stick window transponder for $30. Of course, you still have to link it to a bank account. CHA-CHING. Plus, LOTS of Central Florida's smaller exit ramps have unmanned toll booths that accept exact change only. Don't have it? Don't worry, just drive through -- they'll take a picture of your license plate and send you a $2.50 bill for a 50 cent toll.

Oh, and virtually ALL Florida rental cars come with SunPass installed and activated. You can still use the cash lane, but if you go through one of the unmanned toll booths (in many areas you have no choice) it will automatically start billing you, and add $2.50 a day to your rental charges, plus whatever the cost of the tolls. It's a total racket.

[karynnj]

32. Thanks

We had noticed the signs at exits before ours and saw there were lots of ones that either had exact change or were manned, so we overshot our exit when it said we could not exit. I did see signs that there would be no non sunpass exits from one point to Miami, but we were not going there.

I would never have thought to look in the vending machines.

[tom_kelly]

37. Alternative

If you drive through a SunPass only exit without SP, they will bill you with Toll by Plate. I stay off the toll roads as much as possible here but jumped on the TP for one exit a few months ago. Yep, that exit was SP only. Got a bill in the mail for $16+ and had to open a TBP account to pay it. I hope you enjoy your stay otherwise.

[karynnj]

38. We did

We spent about 2 and a half weeks in Florida last February. It was a very minor inconvenience, but when I saw the comment, I thought it could be good to ask. Thanks.

[GoCubsGo]

11. They exist in the U.S., too.

Nearly half the states have at least one. Google "Indiana Toll Road" to see how well they work. It's quite a saga, and not in a good way.

[madokie]

2. We really really really need to get this sob

out of the whitehouse as soon as yesterday

[Blue_Tires]

4. Anyone else getting goddamned tired of all this shit

that would be a 24/7/365 scandal if Hillary or some other Dem was involved??

[betsuni]

19. It's all I think about: a Dem doesn't even have to do anything like this ...

to be accused of planning it and it's the apocalypse with everyone's hair on fire 24/7/365.

[narnian60]

36. +1

[democratisphere]

5. We must accelerate the production of affordable human drone transportation

to foil their "tolls for all roads" plot.

[Honeycombe8]

7. Drip drip drip. The Chinese already own tons of real estate here. Other foreign countries, too. nt

[NewJeffCT]

18. There is a difference between owning residential or commercial property

like Chinese investors do now, and many Japanese investors did starting in the 1980s and controlling roads, bridges and other critical infrastructure.

[ewagner]

8. Saudi investments targeting "rust belt"

...when I first read it I thought it was an agreement by the Saudis to purchase public debt for infrastructure..municipal bonds, state bonds etc...

but SELLING OFF INFRASTRUCTURE....as in PRIVATIZING?????

You gotta be kidding.

[oberliner]

10. The Saudis have owned a large chunk of America for a while

This sort of deal definitely pre-dates Trump.

From April 2016:

Here's a guessing game with scary implications: how much of America does Saudi Arabia own?

By virtue of its vast oil riches, the Saudi kingdom is widely believed to be one of the biggest owners of U.S. debt.

http://money.cnn.com/2016/04/19/investing/saudi-arabia-threat-dump-us-assets-911-bill/

[Atman]

26. We're not talking about owning debt.

This is about owning/controlling actual INFRASTRUCTURE. And, as the article points out (or maybe it was Robert Reich commenting on the article), investors like this will only want to invest in infrastructure that will make them money, like a high-priced toll on a vital bridge. Small towns who need water supplies, or their own small roads fixed, they'll get nothing because they wont be any money in it for the investors. Sadly, this was ANOTHER one of Trump's promises that were ignored by the electorate because, you know, emails. Ironically, this will be one of the only promises he's actually kept so far.

[oberliner]

29. From January 2016: Saudi Arabia buying up farmland in US Southwest

Saudi Arabia and other Persian Gulf countries are scooping up farmland in drought-afflicted regions of the U.S. Southwest, and that has some people in California and Arizona seeing red.

http://www.cnbc.com/2016/01/15/saudi-arabia-buying-up-farmland-in-us-southwest.html

[TexasProgresive]

12. I wonder why you weren't able to copy and paste & toll roads are highway robbery.

Saudi Arabia joined the parade of investors into U.S. public works by pledging a record investment with Blackstone Group LP.

The country’s Public Investment Fund agreed to commit $20 billion to Blackstone’s BX, +4.85% new infrastructure fund in the latest push around the world by large investors to buy up airports, pipelines and other public projects, particularly in the U.S.

Blackstone said Saturday the kingdom’s money would seed an investment fund that the New York private-equity giant hopes will reach $40 billion and have spending power of up to $100 billion once debt is added to the mix.

[Towlie]

13. It wasn't the site, it was his browser. Dump any browser that lets sites use Javascript against you.

... or use a plug-in like NoScript.

[TexasProgresive]

16. I just took it as a challenge and had to try.

I've run into a few, very few, sites that block copy and paste, and I always try to get around it just for spite.

[Atman]

27. I was on my iPhone.

The Marketwatch site apparently blocked the Copy feature. It would highlight as usual when I pressed the text, but would immediately go away when I lifted/moved my finger.

[TexasProgresive]

40. Ahhh!

The evil empire is at it again.
I have trouble competently copying on my iPhone. Often I end up highlighting not what I want. Thanks for the update

[angrychair]

14. So excited

So will the Saudi-based Bin Laden Construction (whatever they call themselves now) get the contracts for the road construction?

[BlueJac]

15. Drive around Orlando FL.......

it is like you are in Disney parks, pay roads everywhere.

[SticksnStones]

17. Tolls are out of control ...

It now costs $15 to cross the George Washington Bridge...that's just a regular car, crossing the bridge.

What's the limit, I wonder. $30, $40, $50?

At what point is the toll demonstrably exorbitant?

[A HERETIC I AM]

20. How about $105 for an 18 wheeler?

http://www.panynj.gov/bridges-tunnels/tolls.html

[SticksnStones]

22. It's out of control...

Politicians see tolls as the cash cow just waiting to be milked...

[A HERETIC I AM]

23. $267 to go all the way across PA on the turnpike

5 axle "Class 7" tractor trailer weighing up to 80,000 pounds

Yeah. Driving a big truck in the NE isn't cheap. Glad I don't have to do it anymore

https://turnpikeinfo.com/toll-calculator.php?road_name=pennsylvania-turnpike&state=pennsylvania

[Atman]

28. Years ago Connecticut spent $200,000,000 or so ELIMINATING all tolls.

Yup, not a single toll road in Connecticut, but it's a tiny state. Cross the line into NY or MA and be prepared to pay up. But wait...Connecticut is also severely in debt, so there is a proposal to now spend about $450,000,000 to replace the tolls that they already spend $200,000,000 to remove. Gotta love bureaucracy.

[A HERETIC I AM]

42. I've driven 95 through Connecticut when it was a tollway

In fact, back then driving north on I 95 from the south, your first toll was south of Petersburg, Virginia, and with only a few miles excepted, you were paying tolls all the way into Rhode Island!

[Atman]

43. No sane person takes 95 through New York and New Haven.

Besides the $900 in tolls, if you make it through without damage to your car, you're lucky.

To be fair, both New Haven and Providence have done very extensive re-boots of the highway in the last few years. But in the old days, when there were tolls, that stretch from NYC to Providence was a hair-raising experience, not for the faint of heart. We still avoid it all cost, and come up through Brewster, NY and take 84 East. It still sucks, but the final toll is the Tappan Zee, then relatively clear sailing. Especially if you can do it late at night or at 4:00 am.

[A HERETIC I AM]

46. Then I'm Clearly insane.....

Not only driven it in a car, but more times in a big truck than I can count!

[Atman]

47. I drove it in a truck once. Only once.

The lane are only big enough for a Honda Civic. No margin for error.

[duncang]

21. He's been talking to Texas ex-gov Rick "goodhair" perry

gov. goodhair showed how selling out land to make companies rich would get him campaign money. Then when the toll roads failed they pretty much became a junk bond and an extra tax burden for Texans.

"Before Texas could implement the plan, the governor needed 10 changes in Texas law. One would give the Texas Department of Transportation authority to acquire private property through quick condemnations. Another would allow TxDOT to grant private organizations the right to develop all types of transportation projects anywhere in Texas. Perry also wanted and got the authority to hold toll revenues outside the state treasury, assign ownership of those toll revenues to corporate developers, allow the issuance of bonds to finance the corridor, and remove all restrictions on the number of projects that TxDOT could pursue. He also wanted an exemption from federal environmental laws for those projects that had no federal funding. In short, the governor sought a free rein."

https://www.texasobserver.org/2883-the-wrong-of-way-texas-highways-for-lease/

Remember the same person who dipshit donnie likes said he thought Texas should look into ceding from the U.S. then later attempted a run for prez. acting like he was a patriot.

[IronLionZion]

24. Are they expecting to profit from this?

If it's for profit, then they would be putting tolls on roads and bridges and tunnels in busy cities where workers will have to pay each day to use it.

They won't be building up infrastructure in less populated areas like many red states or the rust belt which has people moving out. The Times is British and doesn't seem to know the difference.

Sure, they'll create some construction jobs to build it. But over the long term, that toll money is going overseas and won't help our economy. I suppose the alternative is to not have infrastructure at all so we take what we can get until we can win the next election.

[Atman]

34. Robert Reich's commentary, where I first found the story.

"Saudi Arabia just joined the parade of investors into U.S. public works by pledging a record $20 billion investment with Blackstone Group’s new infrastructure fund.

It’s the latest push around the world by large investors to buy up U.S. airports, roads, bridges, water systems, and other public projects.

Rather than taxing the wealthy and then using the money to fix our dangerously outdated infrastructure, the states and the federal government increasingly are giving rich investors tax credits to encourage them to do it.

The investors then charge tolls and user fees, and earn big profits.

So the public pays twice – once when we subsidize the investors with our tax dollars, and then again when we pay the tolls and user fees that also go into their pockets.

We don’t even get the infrastructure that’s most needed. Projects most attractive to investors are those whose tolls and fees bring in the biggest bucks – giant mega-projects like major new throughways and new bridges.

Not the thousands of smaller bridges, airports, pipes, and water treatment facilities most in need of repair. Not the needs of rural communities and smaller cities and towns too small to generate the tolls and other user fees equity investors want. Not clean energy.

To really make America great again we need more and better infrastructure that’s for the public – not for big developers and investors. And the only way we get that is if corporations and the wealthy pay their fair share of taxes.

What do you think?"

https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2FRBReich%2Fposts%2F1574933892519201

[dalton99a]

39. This is a must read

[Blue_Tires]

41. Greenwald and his shitstains at the Intercept were unavailable for comment

Link to tweet

[Squinch]

44. THIS is the story, and everyone is talking about glowing balls and headscarves. Really, we need

to get an attention span.

[L. Coyote]

45. I can copy from the page

Saudi Arabia joined the parade of investors into U.S. public works by pledging a record investment with Blackstone Group LP.

The country’s Public Investment Fund agreed to commit $20 billion to Blackstone’s BX, +6.73% new infrastructure fund in the latest push around the world by large investors to buy up airports, pipelines and other public projects, particularly in the U.S.

Blackstone said Saturday the kingdom’s money would seed an investment fund that the New York private-equity giant hopes will reach $40 billion and have spending power of up to $100 billion once debt is added to the mix. .....................