Posted on 07/28/2003 3:16:38 PM PDT by CedarDave
July 28, 2003
Democrats Nominate Richardson To Lead 2004 Convention
By Jennifer Peter The Associated Press
BOSTON — Democratic Party leaders nominated New Mexico Gov. Bill Richardson to be chairman of their 2004 national convention on Monday, a move to appeal to Hispanic voters increasingly targeted by Republicans.
"I think it's a recognition that Hispanics are major players in the presidential race," Richardson said in an interview with The Associated Press shortly after the announcement.
He added, "I think there's going to be strong initiatives accompanying this appointment for the Hispanic community."
Democratic National Committee Chairman Terry McAuliffe announced the nomination at a news conference also attended by House Minority Leader Nancy Pelosi of California and Sen. Edward Kennedy, D-Mass.
Richardson's appointment "reflects the diversity of our party, the strength of our party," Pelosi said.
The nomination of Richardson — a former Congressman, energy secretary and U.S. ambassador to the United Nations who is the highest-ranking elected Hispanic official in the country — is a response to demands from the Hispanic caucus of the Democratic National Committee.
The convention chairman usually is named in the weeks prior to the convention, set for Boston next July, and the party's nominee would have input on that decision.
But Democrats have been under more pressure to address the needs of minority groups, particularly the fast-growing Hispanic population believed to be a swing group this election cycle.
Richardson said that "the message to Hispanic voters has to include economic empowerment issues and not just immigration and civil rights."
As for impact the high-profile job will have on his home state, Richardson said, "I'm very honored for myself and New Mexico and I'm going to make sure that New Mexico has a strong presence at this convention so that the state can get more investment, more tourism and we've already started planning to have a very strong physical presence in Boston."
New Mexico has a prominent place in the primary calendar in 2004, holding a Democratic caucus on Feb. 3, when several states have contests just a week after the New Hampshire primary.
Also Monday, Alice Huffman, president of the California NAACP, was nominated to head the convention committee, which could address concerns of black Democrats that they are taken for granted by the party.
— — —
Associated Press reporter Matt Mygatt in Albuquerque, N.M., contributed to this report.All content copyright ABQJournal.com and Albuquerque Journal
-PJ
Friday, July 25, 2003Governor Raids Piggy Banks, Gambles on Startups
By John Dendahl For the Journal
Is he a tax cutter or a piggy bank breaker?
Gov. Bill Richardson got the national publicity he wanted earlier this year by pushing former Gov. Gary Johnson's personal income tax reform through the Legislature. On top of local stories, there was favorable mention by Rush Limbaugh and the ads New Mexico taxpayers bought in Times Square and national publications.
Devils always being in the details, most of this much-needed tax relief lies in the future. Unfortunately, a number of legislative sessions lie between now and then. There's plenty of time for a governor and a Legislature dominated by his party (make that "her party" if Richardson splits and leaves the governor's chair to Lt. Gov. Diane Denish) to undo the tax cuts if ends cannot otherwise be met.
Meanwhile back at the ranch, the ends already won't meet. Financial chicanery was only a few days behind the tax reform legislation. Our piggy banks are under assault.
First to go was the Tobacco Settlement Permanent Fund, the money New Mexico receives from the global settlement of litigation against cigarette makers. The Legislature created this fund to be invested and earn money in the future for such programs as extracurricular school activities, health services and research into the impact of smoking.
Poof — it's largely gone. Senate Majority Leader Manny Aragon, D-Albuquerque, sponsored a bill that puts about $155 million of that money, over four years, into the General Fund, and at the disposal of the governor and Legislature to spend. Some permanent fund.
Next, Richardson got the Legislature to amend the law governing investments of the Severance Tax Permanent Fund to permit speculative equity investments in New Mexico companies. The Albuquerque Journal has reported that $29 million is about to go into: Mesa Semiconductor ($15 million), Eclipse Aviation ($10 million) and PowerWAN ($4 million).
PowerWAN isn't yet even a New Mexico company, but rather a five-person company in Minneapolis that is expected to start an operation here. Mesa Semiconductor is a management buy-out of the Philips Semiconductor plant in Albuquerque, which Philips planned to shut down. Eclipse, which is developing an executive jet airplane, has generated a lot of excitement, but I would consider an equity investment in the company to be a dice-roll.
In 1987, I was a member of the State Investment Council, which oversees investments of these permanent funds. I worked hard to get conservative Republican legislators to agree that investment of a small fraction of the Severance Tax Permanent Fund in venture capital pools represented reasonable diversification.
That's a far cry from making speculative investments in specific companies. Venture capital pools are managed by people with expertise in evaluating the prospects of new companies. Most of their investments crash, but some succeed spectacularly. The pluses and minuses frequently add up to fine overall rates of return.
Richardson now has New Mexico in the venture capital business, and his directorship in his brother-in-law's scandalously failed company, Peregrine Systems, comes to mind. Does the State Investment Office have the talent to compete with experts in, say, Silicon Valley? Richardson is about to bet $29 million that it does. I think it's a bad bet that New Mexicans shouldn't be making.
On Sept. 23, a few of us will go to the polls to vote for or against another permanent fund raid. This raid is a proposed amendment to the state Constitution to raise the annual distributions from the Land Grant Permanent Fund. If approved by the few voters who show up to vote, another $75 million or so a year will be available for the governor and Legislature to spend.
Sen. Pete Domenici, R-N.M., started out opposed to this Land Grant Permanent Fund raid, but turned 180 degrees after some Richardson arm-twisting. Because Domenici has rarely seen a project in New Mexico he didn't like to spend public money on, this is hardly the surprise of the year.
But the real piggy bank buster is Richardson. Don't bet the grocery money on ever seeing his vaunted tax cuts. Unlike the government in which Domenici serves, New Mexico's is constitutionally required to have a balanced budget. To achieve that, the Legislature will undo the tax cuts long before it stops the spending orgy.(Dendahl is former NM Republican Party Chairman)
Copyright 2003 Albuquerque Journal
I agree. There's a reason the North Koreans asked to meet with him...and it probably isn't a good reason.
Clinton was/is very bright but got easily distracted by the perks and the icing that went with the office. Richardson is a very hard worker who doesn't lose his focus on what he wants to accomplish. He will probably end up fighting Hillary in 2008 for the Dem nomination, and likely come out on top.
You are killing me here! What kind of Mexican name is Richardson?
Oh, I don't know. Once a Toon butt-boy, always a Toon butt-boy. He'll do what he's told.
His father is a rich WHITE American buisnessman, but if you have a drop of Spanish blood, you're an "oppresesd person of color", of course.
GOOD! A little competition will make for a great run!
Yes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.