Walker's "Economic Development Corporation" (replaced Dept. of Commerce)

[mojowork_n]

in meltdown. Community Development Block Grant funds fiasco:

http://bdgrdemocracy.wordpress.com/2012/10/01/federal-agency-says-wedc-just-a-third-party-contractor-block-grant-program-in-shambles/

In its criticism of the state administration of the program, HUD officials stated:

In 2010 and 2011, local revolving funds could have contributed over $7,000,000 to economic development projects benefitting residents of their counties. Instead, the State of Wisconsin funded the projects using CDBG grant funds.

State officials interviewed by HUD officials gave the reason for this practice in their report (pg 18 of the linked document):

The State of Wisconsin has different loan terms than local RLFs that are more favorable to companies such as lower interest rates and forgivable loans.

The HUD report provides increasing evidence that Scott Walker’s signature “state agency” has nothing to do with “streamlining government.” Rather, it has everything to do with being a conduit for public money into private corporate capital.

[Scuba]

1. Thanks for posting. More here ...

http://www.democraticunderground.com/10844999

[mojowork_n]

2. Yup, I read and rec'd that one...

...but this was on a friend's facebook page and I really liked the summary line:

"...conduit for public money into private corporate capitol."

Wanker's new rules mislead communities into thinking they had to be responsible
for paying back block grants. (Not True.) And at the same time, rules that put a limit
on how much corporations could receive (when 'creating new jobs') -- were waived.

So that summary conclusion certainly appears to be valid.

....Hey, people here should "send a news tip" to their local papers and TeeVee
station news desks. Oh, wait -- our local outfit already "covered" this story. Making
it sound like an exchange of confusing correspondence, that could all include some
kinda Gubmint Boondoggle going back to the Doyle administration:

http://www.jsonline.com/news/statepolitics/state-economic-development-board-not-told-of-federal-criticisms-hk70p2p-171375561.html

[midnight]

3. Using tax dollars to fund private corporations capital.. Sounds like an entitlement program.