Good day all. A few weeks ago, Florida passed a new law that was designed to protect children in schools from predatory teachers who wanted to, basically, groom them by discussing the whole LGBTABCXYZ lifestyle.
Parents have been justifiably outraged at these policies being pushed on them by progressive controlled school board with the active assistance of the teachers unions. They contacted their representatives in the legislature, a bill was put forward, debated, passed in both houses and Governor DeSantis signed it into law. This set off the “Woke” mob, including some major corporations. Disney, which has a large presence in Florida, (Disney world), stated flat out they would work to overturn this.
To say this backfired on them would be an understatement. They have lost billions since they started this idiocy and it’s going to get a lot worse. Here are the details from the Washington Examiner:
The Walt Disney Company has lost nearly $50 billion dollars in stock market value since the start of March, when executives shifted gears and became more actively involved in politically-charged ideological culture warfare against Gov. Ron DeSantis and Florida leadership.
Disney’s stock was down more than 2% on Friday, (March 22nd), and by more than 8.5% over the past few days as Florida lawmakers work to punish the company for wading into the state’s politics. The stock’s market cap has declined by about $46.6 billion since March 1, just days before the company came out against the legislation.
If you don’t think the shareholders aren’t going to notice this, you would be sadly mistaken. The reason for the crash in value is simple. Disney is now seen as supporting groomers, pedophiles and perverts. It all began when Disney’s management jumped on the Woke bandwagon after Florida passed the Parental Rights bill.
The public row between Republican lawmakers and Disney has recently been front and center in the battle over the Parental Rights in Education bill, branded the “Don’t Say Gay” bill by opponents.
The interesting thing about the new law is it doesn’t say anything about being gay. It’s just another lie by the Totalitarian Progressive Liberal Democrats.
Initially, Disney did not take a position on the legislation, which would ban classroom instruction of sexual orientation and gender identity through the third grade, but under pressure from investors and employees, the company relented and came out in full-throated opposition to the legislation. Furthermore, Disney CEO Bob Chapek said his company would end political donations in the Sunshine State.
That went over like a lead balloon with a hole in it. From what I recall, it wasn’t the investors making the demands as some of the loud(er) mouthed morons who work for Disney, Rather then flat out fire them, the CEO caved in like a spineless RINO congresscritter. Now, as they say, the other show had dropped.
Now Republican lawmakers are exacting their revenge. This week in a 23-16 vote, the GOP-led Senate passed the legislation that would dismantle the Reedy Creek Improvement District, which allows Disney to oversee its own zoning, infrastructure, laws, and policing in the area around its parks. The state House also voted to do so by a 70-38 vote.
And Governor DeSantis signed the bill. As I understand it. One year from now, Disney’s “Special status ends and they have to start forking over money to the county. (Disney’s property is actually in two counties. Orange County and Osceola County)
Thomas Smythe, a finance professor at Florida Gulf Coast University, told the Washington Examiner that the move by Republicans could have unintended consequences for taxpayers and a chilling effect on business investment in the Sunshine State.
“To me, the big issue here is that nobody knows what the repercussions are financially,” said Smythe, noting that taxpayers could end up footing the bill.
I don’t think this professor has a clue. Right off the bat, Disney is going to have to fork over a minimum of $200 million in property taxes. It’s probably going to be significantly more after all the valuations are done. I also understand that all the normal fees and taxes, such as the hotel tax and meals tax are kept by Disney. That will also go to the counties and the state.
I’ve been trying to find information on what kind of deals Universal Studio has. I haven’t been able to find any details, however it seems that they don’t have the special set up that Disney just lost. They have also been pretty silent on the whole political scene, which is what investors and visitors to their park want. Investors want profits and visitors want to be entertained, not preached at by some drag queen in a mouse suit.
Smythe said he doesn’t think the decision by Republicans to target Disney sets a good tone for the state, which has touted its business-friendly bona fides. Smythe said that while he doesn’t think it is good policy for companies to wade into hot-button social and political issues like Disney did, the move by the state legislature could spook business investment in the state.
“It could very well discourage other companies, especially [those] in the high-tech arena. It may give them pause as to whether or not they want to be here or not,” Smythe said, adding that if Democrats return to power, the Disney precedent could lead them to retaliate similarly against conservative advocacy from companies.
“Now that the Pandora’s box is opened, we could just as easily see a Democratic administration targeting somebody, so I don’t think it’s good for the state,” he said.
I don’t think so. Again, I’ll use Universal Studios as an example. They appear to be keeping out of the political stuff and concentrating on their business. There is also the small matter of how Disney got their original special deal 50 years ago. I understand there was a fair amount of chicanery involved,
Professor Smythe, high up on his ivory tower, seems to be missing the elephant. People, especially parents, are fed up with what is being forced on their children without their knowledge, let alone their permission. As for the Liberal states doing the same thing, let them. Right now, most of the “Blue” states are seeing business flee their states because of the tax and regulatory climate. All they will do is speed up the process.
Without question, Disney is going to go to court and try to get their special status back. I don’t see that happening. They might try going to the federal courts. If they find an Obama or Biden judge, there is little doubt they will order the state to restore the special status. (10th Amendment? INVALID Peasant!) The simple fact of the matter is, this is not something some pinheaded progressive judicial tyrant can overturn. The state legislature enacted the special district 50 years ago, and now they have removed it. As for Disney, I expect their share price to plummet on the next few weeks. Serves them right.
Thatisall
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