William Lawrence Sr Omnibit 3-18-16

American Hippo Bill
Hippopotamus a.k.a. Lake Cow Bacon

Congressman Robert F. Broussard in 1910 figured hippopotamus would solve a then severe meat shortage and also eat the invasive water hyacinth that was clogging up the rivers in his state of Louisiana. A win-win. So he introduced the American Hippo Bill calling for their importation and release into the bayous. Former President Theodore Roosevelt backed it as did the U.S Department of Agriculture, the Washington Post and The New York Times which described the meat as “lake cow bacon”.  The bill fell just short of being passed.

American Hippo Bill introduced by Congressman Robert F. Broussard in 1910– William Lawrence Sr Omnibit 3-18-16

PSERS Loses Money

PSERS Loses Money




PSERS Loses Money

By Leo Knepper

The Pennsylvania Public Schools Employee Retirement System (PSERS), released its 2015 performance results last week, and they weren’t good. PSERS assumes a 7.5 percent rate each year to avoid appearing even more underfunded than its publically stated $44 BILLION in unfunded liabilities. For 2015, PSERS lost nearly 1.8 percent. When we’re dealing with billions of dollars, the difference between the pension plan’s expected returns and actual returns is a substantial amount of money.

Last year’s loss comes despite PSERS spending a small fortune on “active” fund managers who are supposed to anticipate future market conditions and invest resources accordingly. As noted by the Philadelphia Inquirer:

“PSERS’s extra losses reflected its unusually large bets on commodity fund managers. The system posted a 33 percent loss for funds invested in “Master Limited Partnerships” (typically oil and gas investments), an 18 percent loss for commodities investments, and an 8 percent loss in “risk parity” investments, which can look a lot like hedge fund strategies.”

No fund manager can outperform the market every time, and this isn’t just the opinion of CAP. It a position widely held by well-respected academics and folks like Warren Buffet.

The previously mentioned Inquirer article notes that Montgomery County adopted a low-cost index fund investment approach two years ago. Last year, they substantially outperformed PSERS with a modest .3 percent return on investments. Montgomery County’s performance was not a fluke. In his book “Future Forsaken”, John McGinnis compares PSERS performance (and the others SERS system) to an index fund approach. He found that the low-cost option outperformed the current actively management funds across a thirty-year time horizon.

On top of outperforming active managers, switching to lower cost index funds could save taxpayers $750 million per year. Given the facts, there is no reason for the state’s pension systems to maintain the status quo and every reason to explore alternatives to protect taxpayers and future retirees.

Mr. Knepper is executive director of Citizens Alliance of Pennsylvania.

PSERS Loses Money

William Lawrence Sr. Omnibit 3-17-16

How much beer is drank in Ireland? A lot. About 26 gallons per person per year. Only the Czech Republic, Austria, German, Estonia and Poland drink more per capita. How much beer is drank in Ireland? A lot. About 26 gallons per person per year. Only the Czech Republic, Austria, German, Estonia and Poland drink more per capita.

Beer includes ale here.

How much beer — William Lawrence Sr. Omnibit 3-17-16

Partisan Democrats Hurt Children

Partisan Democrats Hurt ChildrenPartisan Democrats Hurt Children

By Sen. Scott Wagner

This  is an update on the latest budget vote in the Pennsylvania Senate that occurred yesterday (March 16) at approximately 2 p.m.

The words swirling around in my head as I write this email are – upset, angry, disgusted, disappointed and irresponsible, for starters.

The State Senate voted on House Bill 1801 yesterday – HB 1801 is a supplemental appropriation bill for the 2015-16 year which provides $6.05 Billion  to restore line items vetoed by Governor Wolf in December.

HB 1801 passed with  30 Senate Republicans and one Senate Democrat voting yes.

Eighteen Senate Democrats voted no.

Governor Wolf has repeatedly stated he will veto HB 1801.

If three\more Senate Democrats had voted “yes” then we would have had 34 “yes” votes – enough to override Governor Wolf’s veto.

There are at least six Democratic Senators who represent school districts and non-profit agencies in their districts that have borrowed money and have serious financial challenges.

What is upsetting to me is that these Democratic Senators are being intimidated by Governor Wolf and the Senate Democratic Leadership, which is dominated by Pittsburgh and Philadelphia members.

My question is very simple to my Senate Democratic colleagues – how can you come to Harrisburg and complain about how bad things are back in your Senate District and then proceed to not vote to restore funding for the schools and non-profits in your district?

How can you go back to your Senate Districts and face your constituents?

Last week the State House of Representatives held Appropriation hearings – Budget Secretary Randy Albright stated during a hearing that budget vetoes by Governor Wolf on June 30  and Dec. 23 of last year for the 2015-16 budget packages sent to him by the House and Senate were  “to make the clear statement that it (the overall amount of funding earmarked for state aid to public school in the GOP crafted budget) is not enough.”

To be clear the statement made by Budget Secretary Albright as to why Governor Wolf vetoed budgets sent to him means “leverage” over conservative and responsible Republicans. In my private sector business world this is similar to being backed into a corner – and I don’t like being backed into a corner.

After several weeks of Senate Appropriations meetings starting on Feb. 22 and lasting until March 8, it is even more apparent than ever to me that Pennsylvania State Government is out of control.

Here is a great example: Seven State Corrections Officers made over $100,000 just in overtime alone in 2015, the overtime earned is on top of their base wages which can range from $60,000 to $85,000.

During last year’s Appropriations hearings the Secretary of Corrections stated that he did not anticipate any new hires, but in fact some officers may work some additional overtime to avoid having to hire additional employees.

The 2015 records show that overtime has skyrocketed and the Department of Corrections has hired 400 new employees.

As a sitting Senator,  do I have the authority to question the Secretary of Corrections on the excessive overtime being reported and the new hires?

Almost every agency that appeared in front of the Senate Appropriations Committee reported that for every $1 of compensation that is paid, an additional $0.80 to $1 is spent covering benefits.

In the private sector the percentage ratio of benefits to compensation is typically under 50 percent.

At my various companies the benefit percentage is around 45 percent.

What does this mean? It means that benefits for state employees are two to three times more generous than the private sector.

If Governor Wolf chooses to veto HB 1801 and inflict more financial pain on Pennsylvanians it is time to recognize just how irresponsible this Governor really is.

Governor Wolf is Pennsylvania’s CEO. He needs to start acting like it.

He needs to hold every agency secretary accountable for their budgets.

Partisan Democrats Hurt Children

Kasich Makes Pennsylvania Ballot

Kaisch Makes Pennsylvania Ballot
Almost 900 people came out to see the Governor at Villanova.

Kasich Makes Pennsylvania Ballot — Ohio Gov. John Kasich will be on the Republican presidential primary ballot in Pennsylvania, April 26.

Nathaniel Rome, a Marco Rubio supporter, has dropped his Commonwealth Court filing challenging the validity of 40 percent of the signatures on the petitions Kasich submitted for ballot access.

If Rome continued and the signatures were found invalid, Kasich would have fallen far short of the 2,000 required.

Kasich was in Delaware County, yesterday, March 16, campaigning at Villanova University before a crowd of 650. Another 200 reportedly watched Kasich in another room via video.

Kaisch Makes Pennsylvania Ballot

William Lawrence Sr Omnibit 3-16-16

President William McKinley liked rye whiskey. He had a drink named after him called "McKinley's Delight" which was 3 ounces of ryePresident William McKinley liked rye whiskey. He had a drink named after him called “McKinley’s Delight” which was 3 ounces of rye, an ounce of sweet vermouth, two dashes of cherry brandy and a dash of absinthe. His successor, Teddy Roosevelt, had similar tastes with rye-based mint juleps being his favorite.

McKinley’s Delight rye whiskey– William Lawrence Sr Omnibit 3-16-16

Kasich Pennsylvania Plan Has Flaw

Kasich Pennsylvania Plan Has Flaw
Will Kasich play in Pennsylvania?

Kasich Pennsylvania Plan Has Flaw — After Gov. John Kasich’s stirring primary win last night (March 15) in his home state of Ohio, he said “Tomorrow I’m going to Philadelphia and then I’m going all over the country!”

Great plan and all as Pennsylvania has a similar demographic to The Buckeye State except there is a problem. Of the signatures on the petitions that Kasich submitted to get on the ballot here, 802 of them are said to be invalid. This is a big problem as 2,000 signature are needed and Kasich submitted but 2,184.

A Rubio supporter is the one making the challenge. Leaving aside that Rubio has suspended his campaign and that the complainant now might wish he could take it back, we suspect that there is a very good chance that the signatures are bad as per state law.

Pennsylvania has what might be the nation’s most obscenely technical ballot access laws.

Most feel that it should be the spirit of the law rather than the letter that applies when it comes to ballot access. Judges in Pennsylvania, however, most definitely disagree.

In 2015, the Democrat candidates for Delaware County Council were kicked off the ballot due to a minor filing error. The precedent was set in May 2014 when the state Supreme Court overturned a lower court and said that retiree Bob Guzzardi could not be on the Republican gubernatorial primary ballot because the papers were not filed in the proper sequence with the proper kommisars.

The access laws should obviously be changed but this is a serious ethical pickle. It is very wrong to leave Kasich off the ballot, unless it should be that the offense is egregious such as the signatures being forged. It is worse, however, to grant him an exception from laws that had hitherto been strictly enforced.

The Pennsylvania primary is April 26 and Kasich’s lawyers are fighting hard right now to get him on the ballot.

Kasich Pennsylvania Plan Has Flaw

 

 

Casacio Newtown Square Meet And Greet

Casacio Newtown Square Meet And Greet
Stan Casacio announcing his campaign in January.

Casacio Newtown Square Meet And Greet — Stan Casacio, who is taking on incumbent 7th District Congressman Pat Meehan in the April 26 Republican Primary, will hold a meet and greet, 7:30 p.m., March 21 at Uno Pizzeria & Grill, 3910 West Chester Pike, Newtown Square, Pa. 19073.

There will be refreshments.

For the record, if Congressman Meehan sends us his events we will use them as well.

Casacio Newtown Square Meet And Greet

 

William Lawrence Sr Omnibit 3-15-16

Ides is what the Romans called the day that was the middle of the month. For most months it falls on the 13th. For May, July, October and March, of course, it is the 15th.

Ides — William Lawrence Sr Omnibit 3-15-16

Wolf Furniture Chain Unrelated To Governor

Wolf Furniture Chain Unrelated To Governor
We don’t know this man.

Wolf Furniture Co. of Blair County, which operates nine stores in central Pennsylvania, has taken out television commercials in which proprietor Doug Wolf says “I’d like to clear the air. We’re not related to anyone in public office.”

It’s sure sign of Gov. Tom Wolf’s unpopularity when a connection to him is considered bad for business.

The Governor achieved his 1-percenter status from the York County kitchen cabinetry company he inherited, and that appears to be the source of the confusion.

Repeat: There is no connection with the Blair County furniture chain.

Wolf Furniture Chain Unrelated To Governor