When the big money pulls the plug on a state or country…You are well and truly screwed.
The “bathroom Bill” in North Carolina has already cost the state $400 million in revenue. The NCAA has pulled out, The NBA has pulled out. Even the flagship ACC Tournament has pulled out…Not to mention major companies like Paypal who have cut expansion plans and are looking for another place to locate.
When the big money moves …That means there isn’t going to be any shiny new Volkswagen or Toyota plant in your state. Your Bond rating takes a hit, and it becomes increasingly difficult to borrow money. It becomes increasingly difficult for the companies in your state to borrow money because of insurance bonds (meaning they leave…quickly). If you really piss these guys off, your state economy is F87545ed.
The problem in North Carolina has gone from a really stupid set of laws put in place by right wing Tea Party whack jobs – to the loss of confidence in the State legislators and Governor to manage the state’s affairs in the best interest in the state. So even if the Governor sees the light tomorrow, he has screwed his state out of at least $2 billion in business revenue, and he and the wing nuts have tarnished the state’s reputation long term.
The folks in the state who aren’t rock stupid right wingdizzies need to have one of those marches on the Capital with some tar, feathers, and a rail to save things at this point.
Gay people can get isht done in this country…Too bad so many bad black leaders don’t understand how.
The group warns that the bill’s damages could soon be “irreversible.”
The fallout from North Carolina’s House Bill 2 continues six months after Gov. Pat McCrory signed it into law.
In the latest blow to the controversial “bathroom bill,” 60 investment managers from across the country representing more than $2.1 trillion in managed assets have called for the state to repeal the law, which effectively bars transgender people from using the restroom that best corresponds with their gender identity.
The chief executive officer of Trillium Asset Management, which has an office in Durham, North Carolina, warned that the Tar Heel State could be headed for “a state-government-inflicted recession” because of the bill, which McCrory hasaggressively defended since signing March 23, the Associated Press reports.
Blasting North Carolina for having “written discrimination into state law,” Matt Patsky told The Charlotte Observer that the “unintended consequence has been a backlash that is having material, negative impact on the economy of the state. HB2 must be repealed immediately before this damage becomes irreversible.”
Patsky spoke at a Monday news conference in Raleigh, North Carolina, where he presented the initiative on behalf of Trillium along with other organizers, including Croatan Institute, an environmental research group, and New York City Comptroller Scott Stringer.
Unfortunately, McCrory didn’t seem fazed by the latest opposition. Officials from the Republican governor’s re-election campaign released a statement from McCrory Monday that read, “For New York hedge fund billionaires to lecture North Carolina about how to conduct its affairs is the height of hypocrisy.” The statement, whichcan be read in full on local ABC affiliate WTVD’s site, also blasted Democratic presidential hopeful Hillary Clinton for having raised “ungodly amounts of money” from Wall Street for her own campaign.
Still, McCrory’s statement overlooks the fact that his state has been experiencingnear-constant pushback from various industries over the controversial bill. Bruce Springsteen, Pearl Jam and Cirque du Soleil have all opted out of North Carolina performances in the wake of the legislation, and the law was also cited by Deutsche Bank and PayPal as incentive to scrap expansion plans in the state.
The governor’s decision to back the bill in spite of the backlash hasn’t gone over too well with residents, either. A Monmouth University poll published in August found that 55 percent of North Carolina voters opposed House Bill 2, while seven out of 10 voters believe it had hurt North Carolina’s national reputation.