The chief liberal here in Pennsylvania now wants to bail out another loser. This time Ed Rendell wants to secure federeal loans to assist Boscov’s. (LINK) The loans will allow Boscov’s to exit bankruptcy so that they can sell the company to Albert Boscov and Edwin Lakin, the son and the son in law of company founder, Solomon Boscov. (LINK) Rendell wants federal money so the Boscov family can buy Boscov’s.
The money that Ed Rendell is seeking is federal community development block grants.
I’m no expert in community development grants, but it seems to me that the community development money was not set aside to help millionaires. They have always been sold to the public as a way to help inner city communities. What these communities need is investment in small businesses…the kind that provide services and create jobs.
I can’t remember a single time that a politician touted his support for Communinty Development grants because it would assure that rich people stay rich…even when their business fails.
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[...] was the deal that I posted about back in November when Ed Rendell was working on the deal. He’s not running for [...]