What a nightmare that has been created by these bumbling, yet devious fools.
Posted on 05/04/2012 4:18:02 PM PDT by Lorianne
Steady declines in smoking, a big win for public health, are creating problems for municipal bond investors.
A handful of bonds backed by yearly payments from tobacco companies under a landmark settlement with 46 states are in the earliest stages of default, and more distress is expected.
Dozens of states, counties and cities issued the bonds to receive billions of dollars upfront from the 1998 settlement. But now they are seeing smaller payments than expected from the companies as tobacco sales decline in America. There is also a renewed legal battle between the states and the tobacco companies, with the companies holding back nearly $8 billion in settlement payments, pending resolution.
So far, California, Ohio and Virginia, as well as Nassau County in New York, have resorted to tapping special tobacco-bond reserves to pay their bondholders, something analysts consider a technical default because it effectively means the bondholders are being paid with their own money.
(Excerpt) Read more at nytimes.com ...
Just charge $20 per pack!
They wanted folks to Quit smoking so they did, now they are crying becuse they thought to be a cash cow died.
Consequences hurt don’t they.
Wow, that was unexpected. >s
What a nightmare that has been created by these bumbling, yet devious fools.
I thought the states were supposed to save all sorts of money in medical costs when they got people to quit smoking. So where are all those realized savings?
That's a stupid idea and won't accomplish anything!
.
.
.
Charge $300/pack.
How about an Obamacare-style solution — quit smoking but if you don’t continue to pay the tobacco taxes you can be fined, taxed, whatever by the IRS?
I've tried to quit altogether and so far have found it impossible.
I HAVE lowered my intake dramatically so I don't feel too bad.
I was talking to a guy today and he said that his doctor had told him a heavy smoker quitting runs a bigger chance of heart attack
Don't know if it's true, but this report is a humurously exciting thing to read.
They win a huge settlement. Then they raise taxes on the product. Then they demonize and prevent its use. Then they borrow money on the revenue stream. Then there is no revenue stream.
Morons.
Yep, these people are as sharp as bowling balls.
People have to die of SOMETHING. If not lung cancer, then something else. So people live longer, and consume more medical care with all the failings of old age.
Just like in a Ponzi scheme.
“issued the bonds to receive billions of dollars upfront “
Greedy idiots.
Paying a premium to get the money upfront (and spent right away) instead of waiting for the payments.
As soon as they ratcheted up the taxes to the point of ridiculousness, then prohibited use of the products almost anywhere, I went elsewhere.
First I went to the internet vendors. When they shut that down, I went to the Indian Reservations, when they "equalized" that, I went to the roll-your-own methods, when they "equalized" that, I went to the grey market, when that got shut off, I went to either Al Quaeda or the Mexican drug cartels, I don't really care which it is.
I guess I'm okay now because nobody has the political courage to shut either of those sources off.
You can now buy a carton of any brand of cigarettes anywhere in this country for 1/3 the price charged by any legitimate retailer.
Smugglers and the black market are alive, well, and thriving. Kind of like what is going on with whole milk and other consumables.
Wow! I’m still doing ‘make your own’ cigs for 1/6 the price of manufactured smokes. Could do it for even less if I didn’t mix in some delicious premium tobaccos.
Crime gangs- the Crips, Bloods and likewise favored Dem ones- no doubt are counting on getting the whole market when they get their people back in control of the House.
It’ll be a good laugh to hear the media say the Dems are ‘doing it for the children’ then...
Have you tried smoking a pipe? You can grow your own tobacco or just buy the already dried leaves and cut them yourself. Saves a ton of (tax) money.
What galls me is I enjoy smoking.
I like the taste and etc. ... I just wish it wasn't killing me, that's all.
I like you. I like you a lot.
I do not have the link for the original study but here is some information.
"Researchers looked at over 400,000 people, comparing the level of vitamin B6 in their blood with their risk of later developing lung cancer. Those with above median levels of vitamin B6, were found to have a 50% lower risk of developing lung cancer 5 years later." Also required is "high levels of the essential amino acid methionine." And quitting is not enough. "The majority - yes the majority - of people who develop lung cancer now are former smokers, not current smokers."
"But for both current and former smokers above average levels of B6 and methionine reduced the risk by 50%."
I do not like this: "It's important to note that this study was not a supplement study. Some vitamin supplements have actually been linked with a higher risk of developing lung cancer." I have read that vitamin E is an example but I have also read that nothing has been proved.
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