The Most Recent Recipient Of Obama's Middle Class-Funded Generosity: Key Largo's Ocean Reef Club For The Mega Wealthy

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mad Max's picture

This is the sort of thing often seen shortly before a "reset" in the governance system.

Anonymous's picture

Hey Max,

I think we're looking at a hard reboot....

WaterWings's picture

I smell burned plastic. I wonder if a reboot would make it worse.

Hephasteus's picture

Isn't it just weird how computers are defined as finite state machines. And people keep trying to make them infinte state machines.

Mad Max's picture

An infinite state requires appropriate machines.

blindfaith's picture

 a "reset" in the governance system, boy you said it. 

Only it is Ocean Reef Club that has reset the system.  It is against the law to enclose the ground floor of a stilt house in Monroe County to comply with National Flood Insurance.  But not Ocean Reef Club...they have told the County to get the fuck off the property and don't come back.  The County obliged.  And, to make up for the brush off, the County has crawled up everyone else's butts for the slightest infringement.  We can't even store Christmas orniments under our homes, but in Ocean Reef Club, you can have the servant quarters and a ballroom.  Oh well, they are only a few miles from the nuclear reactor.

deadhead's picture

Heck of a job, Barry!

buzzsaw99's picture

Chicago gangster in D.C.. Capone would be impressed.

MsCreant's picture

Gold = $1160.50

Silver= $18.67

Is there any doubt?

I won't say it, but you know what Chumba would say.

In the land of the absurd, nothing else is knowable but PMs.

geopol's picture

I love it when gold gos up in the nighttime..$1164.30

lookma's picture

There is about 3m oz of open interest on the COMEX calls with strike at $1,200 that expire Monday.   Just imagine if it hits and they call for phsycial delivery....

illyia's picture

Yeah. Just imagine that...

Lndmvr's picture

ya think this is what all the a**kissing was about in China nad Japan last week?

RockyRacoon's picture

Gee, it's really amazing that Obama could write special legislation, and get is specifically targeted for his buddies, and get it passed through the always wary Congress.  And all that dedicated attention to this special tax credit, with Obama's busy schedule, you know, the two wars, the general economy, passing health care, and all that.  He's one heck of a guy.  The good part of this, of course, is that we can have a specific person to blame for such an underhanded scheme.  Saves all the trouble of doing research to actually see how the wording got into the legislation.

SayTabserb's picture

I think the President has a veto power, does he not? Might he have seen that this sort of thing is just plain unseemly in this day and age?

RockyRacoon's picture

Yep, it's plain as day, right there in the legislation.  Doesn't specifically say "golf carts" but we all know what they meant (wink, wink).  It's even more explicitly a golf cart in the two notices.  See how they divert you to another area to hide the hoodwinking even more?

 

"EESA created a tax credit (plug-in electric drive motor vehicle credit) for vehicles that have at least four wheels and draw propulsion using a rechargeable traction battery with at least four kilowatt hours of capacity. For 2009, the minimum credit is $2,500 and the credit tops out at $7,500 to $15,000, depending on the weight of the vehicle 0and the capacity of the battery.

ARRA creates a tax credit (plug-in electric vehicle credit) for low-speed or two- or three-wheel electric vehicles, such as motor scooters, purchased after Feb. 17, 2009, and before Jan. 1, 2012. The amount of the credit is 10 percent of the cost of the vehicle, up to a maximum credit of $2,500. To qualify, a vehicle must be either a low-speed vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 4 kilowatt hours or be a two- or three-wheeled vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 2.5 kilowatt hours.

If the individual qualifies for both the plug-in electric vehicle credit and the plug-in electric drive motor vehicle credit, then the plug-in electric drive motor vehicle credit should be claimed. 

During 2009, low-speed, four-wheeled vehicles manufactured primarily for use on public streets, roads and highways (neighborhood electric vehicles) may qualify both for the plug-in electric drive motor vehicle credit and, if purchased after Feb. 17, 2009, for the plug-in electric vehicle credit. A taxpayer may not claim both credits for the same vehicle. Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify for either credit.

Notice 2009-54 provides certification procedures for the plug-in electric drive motor vehicle credit for vehicles purchased in 2009. The IRS is working on guidance regarding certification procedures for the plug-in electric drive motor vehicle credit for vehicles purchased after 2009. Notice 2009-58 provides certification procedures for the plug-in electric vehicle credit."

Zombie Investor's picture

Instead of taking the initiative and submitting a stimulus plan to Congress, Obama turned over the responsibility to Pelosi.  The end result was a bill full of crap like this, basically a wish list for the friends of Pelosi.  In the end it was Obama's responsibility to rein it in or veto it.

RockyRacoon's picture

Yeah!  Them dang Democrats...

Sponsors of the bill — Sens. Dianne Feinstein (D-Calif.), Susan Collins (R-Maine) and Charles Schumer (D-N.Y.)

U.S. Rep. Dave Camp, R-Mich., is a co-sponsor of “Cash for Clunkers,” ...

Zombie Investor's picture

I hate Republicans and Democrats equally. 

SayTabserb's picture

"Cash for Clunkers program took a strange turn with Cash For Carts program. With the federal government’s American Recovery & Reinvestment Act of 2009 (ARRA), “road worthy” golf carts now qualify for the electric-car credit. A recent IRS ruling now qualifies certain electric golf carts for the same $4,200 to $5,500 incentive for other electric vehicles."

The program should have simply specified that a qualifying electric cart may not be used on a golf course. Period. That would have prevented the gazillionaires on Key Largo from using a tax break they don't need to buy an upgrade on America's shrinking dime. It's a dumb and unnecessary loophole in the legislation.


RockyRacoon's picture

Bingo!  Give that man a cigar.  The point I've been making is two-fold:

1. It is a loophole... period.  Not intentional in all probability (although some tin-foil chapeaued weiner will attest to having incontrovertible evidence to the contrary).

2. It's cheap and intellectually lazy to lay blame at the feet of some lone individual the entire machination involved in creating a typical government fiasco.

I dislike seeing this in ZH articles; it's just plain sloth.  A little political objectivity, and delving into the issue, is what I've come to expect from ZH, and Mr. Durden especially.  But we did not get that here.  I'll chalk up this lapse to battle fatigue.  Some R&R is in order.

 

 

 

MsCreant's picture

Weiners on tin foil

Roasted golden in the sun

Procyon treat

WaterWings's picture

My turn:

A times B times C.
X is less than a recall,
So we don't do one.

WaterWings's picture

Okay, last one:

Tyler's army grew.
To what purpose, might one ask?
In Tyler We Trust.

Anonymous's picture

We the peasant class supporting the new Versailles

Anonymous's picture

It is quite likely that the total income tax generated from the residents (who have to file in the US) would be less than the night crew at the McDonald's in Times Square.

knukles's picture

We the peasants supporting the new, shining Versailles.

Anonymous's picture

Ocean Reef Club...
I'm thinking a ragtag handful of ex special-ops guys, airdropped under cover of night....

Anonymous's picture

why risk a drop when your mission has water on three sides?

dark pools of soros's picture

just poison their coffee & brandy

Anton LaVey's picture

Why go to all that trouble?

In a few years, right after the final collapse of the US$, just paste little signs everywhere saying there is lots of food, drinks and shelter to be had at Key Largo Ocean Reef Club.

Then stand back, grab a cold one, and watch as the starved and armed to the teeth local populace tear their puny security force to shreds and starts rampaging through the club house.

Make sure the landing strip is mined and booby-trapped before, of course. Exploding Learjets always burn very nicely...

Anonymous's picture

seeing as you can get condos within ocean reef club for less than 250k i think your $35m net worth cutoff is a little exaggerated

http://www.cspor.com/default.aspx

dark pools of soros's picture

the help has to live somewhere...

Sqworl's picture

I put my white flag in front of my home today.

Zombie Investor's picture

I think it's time to mail a white flag to my bank (along with the keys to the house).

MsCreant's picture

Your avatar is so, so, so, uh,..... lovely! ROTFL

torabora's picture

Someday, and it won't be soon enough, a hurricane will blow this isle away.

Mad Max's picture

Yeah, and it will be declared a federal disaster area, and taxpayers will be on the hook for rebuilding the whole thing even nicer than before.  Probably will wipe out all relief money for the rest of Florida for that storm.

torabora's picture

Someday, and it won't be soon enough, a hurricane will blow this isle away.

Mazarin's picture

The $7500 tax credit for electric cars is at least a BIG step forward from Bush's $100,000 single year accelerated deduction for Hummers (well, any "work" vehicle weighing more than 6,000 lbs)...  And of course, smart people are going to figure out ways to exploit these hand outs...A few free golf carts = a small price to pay for a whole bunch more all electric vehicles on the road. What were Obama's people supposed to do, say "vehicles purchased with this tax credit cannot be used on golf courses"?? There's a whole class of street legal electrics made by companies like GEM that are very practical and qualify for this deduction...any one of them could be used as a "golf cart"...

Now if you want to get pissed about something, go after FULL TAX DEDUCTIBILITY OF EXECUTIVE JET EXPENSES. There are NO LIMITS to how much a corporation can deduct for shuttling it's brass around in $50 Million G-Vs that cost $6k an hour to operate. This is OBSCENE. There should be a per mile cap on executive air travel deductions (say $0.35 = $1,225 for a cross country flight)...See how many corporate jets would get grounded if the company had to start picking up the remainder. 

SayTabserb's picture

Yes, disallow the deduction for a vehicle used as a golf cart, sometimes or ever. You're not going to drive your Volt around the fairways. There are lots of examples where the way a vehicle is used determines the tax treatment; a regular car used for business, for example, can be depreciated, but not if you use if only for personal use.

Mazarin's picture

there's a bunch of people using these here in CA for around town errands etc. They go about 40mph tops. Of course, if your club allows, they make nice golf carts.

http://www.gemcar.com/

ps: note the nice splash page promoting the tax credit ;-)

pps: Global Electric Motorcars, a Chrysler company, has been in operation for ten years. Located in Fargo, North Dakota, 

Ned Zeppelin's picture

It is true that on Ocean Reef, like many islands of that ilk, golf carts are the transportation - cars are basically parked (or not used at all if you fly in on your personal jet, a favored method to arrive - and you drive around to the beach, clubs, etc. in your golf cart.

Place is so exclusive you need to almost inherit the right to fly in, as the flights in are tightly regulated. 

 

Mad Max's picture

$6000/hour to operate a Gulfstream V?  Are you kidding?  I think it's more like $15-20,000/hour if you account for all costs.

Mazarin's picture

Nope. ~$6k/hr (pilots, fuel, insurance, maintenance, depreciation, interest expense if financed).

http://www.bjtonline.com/flying/used-jet-review/s/article/gulfstream-gv-...

A mere $72,000 for a round trip NY>LA flight.

charles platt's picture

While it is true that the US President does not and should not have the power to draft legislation, we can certainly hold the current president responsible for promoting the idea that government should subsidize electric vehicles. No doubt such presidential endorsement does encourage such legislation to be created and enacted.

This story suggests that subsidies will always be used or abused by people for whom they were never intended. They are a Bad Idea.

dark pools of soros's picture

the US president has rarely been responsible for anything for decades...  Kennedy getting shot,  Clinton shootin on an intern, Bush shootin his dinner outta his mouth -  maybe a few others, but not much

 

the powers that be let these guys be their dancing monkey - they dont care who gets elected..  people feel like their vote counts since the outcome isnt rigged, just that they are all on the same team anyway

Anonymous's picture

What you left out is that not only does ORC use golf carts for golfing, but when you're there, you typically don't use a car. You travel everywhere on golf carts.