Word: spendthriftness
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Winning sires are also more productive now than in the past. Brownell Combs II of Spendthrift Farm, one of the largest commercial breeders in the world, says: "Stallions now 'cover' around 40 to 45 mares, whereas 30 years ago, they would only service 30 or so." Another possible reason for the recent rise of so many champions may be simply a siphoning off of quality competition. A total of $118 million worth of horses and syndication rights were auctioned by Kentucky's Keeneland Association last year, and $24,668,933 was spent by foreign buyers. Admits Keeneland President Ted Bassett...
...risk of overdramatization," Auletta cites 21 "original sins" which the city, state and federal governments committed. In addition to rather prosaic "sins" like the growth of the suburbs and high taxes, Auletta reveals financial shenanigans that politicians and bankers employed to allow the city to continue its spendthrift ways. His discussion of the Nelson Rockefeller championing of moral obligation bonds clearly explains how an irresponsible procedure, responsibly put forth, grew into common practice. Moral obligation bonds, designed by then little-known bond lawyer John Mitchell, allowed the state to sell bonds to the public without voter approval, as had previously...
...require the legislature to set aside 5% of each year's tax revenues for a reserve against debt. Proponents call the reserve, which would amount to about $63 million this year, a rainy-day fund, while opponents regard it as a slush fund that could be used by spendthrift legislators to underwrite pork-barrel public works projects. The proposition's chances are rated as a tossup...
...been in national discussions on issues ranging from tax reform to health insurance to nuclear power plants to school desegregation. Beer, true to his reputation as The Great Federalist, said the answer to solving the country's spending problems rested not with the prevalence of stingy conservatism or spendthrift liberalism--but in "better bureaucratic machinery to control the spending--more selective spending...
...frightening to see that the "New Elite" [Aug. 21] have developed such a callous attitude toward savings and planning for the future. These individuals seem to think that they are something new and unique to this country. Unfortunately they are merely a repeat performance of an overextended, spendthrift, pre-Depression America. They are naive to think that the rug can't be pulled from under their Utopia via a recession, job layoffs or a death in the family. What these "college graduates" need is to recognize that today's new elite can also become tomorrow's newly...