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The Ten US Cities With Less Than Ten Days Of Cash On Hand

Tyler Durden's picture




 

As the Detroit bankruptcy hearing heats up following news that the city's unsecured creditors, among them pensioners, are set to recover pennies on the dollar, 16 to be precise, the question of which are the next cities to follow in the footsteps of bankrupt Motown, becomes relevant once again. Courtesy of the WSJ, and the second part of its series on "U.S. Cities Grapple With Finances", here is a list of the US cities that when push comes to shove metaphorically, and when the money runs out literally, will have no choice but to knock on the door of the local regional bankruptcy court and submit that long-prepared bankruptcy petition. Specifically, here are the cities that have 10 days or less in cash on hand available. Because, unless one is the Fed, cash and lack thereof is all that matters.

The list below ranks the top 10 cities in terms of days cash on hand. Needless to say, a city with a low number in this category (such as 0.0) may have trouble paying bills, bribes, lap dances and other core municipal outlays.

 

Shifting away from the stock, and looking at the flow, as Detroit showed the world the very hard way, cities mired in pension costs will ultimately default and lead to massive haircuts to the retirees. The following 10 cities have the greatest percentage of pension costs as a percentage of the city's general fund.

 

Of course, cash on hand while perhaps the most important factor, especially if a city becomes a net cash burner, is hardly the only indicator to keep an eye on. Additional consideration must be given to amount of reserves, or the ratio of a city's total fund balance to expenditures, because if this is negative it means the city spends more than is available.

 

Another relevant factor: taxable real estate per capita - the lower the number here, the weaker the real-estate market, which also means the lower the city's overall wealth and its ability to raise property-tax revenue.

 

Debt interest costs may not be a factor under the Fed's centrally-planned ZIRP world, but when rates once again go up, there will be blood. The following 10 cities have the highest amount of debt per capita: it may not be a problem now, but it will be sooner or later.

 

Last but not least is the most subjective indicator, yet perhaps the most forward looking one: population growth. Because if anyone knows the reality behind a city's numbers, it is the people who live there. If people see no long-term opportunities they move somewhere else - simple as that. And the less population a city has, as anyone who has played the SimCity series knows, the less property, income and sales tax can be collected, and the more costs have to be squeezed, resulting in the dreaded evil "austerity" and, ultimately, default.

 

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Tue, 10/29/2013 - 14:03 | 4102164 Cursive
Cursive's picture

Truth or Consequences.  We have the truth, just no consequences.

Tue, 10/29/2013 - 14:06 | 4102178 DoChenRollingBearing
DoChenRollingBearing's picture

No richez for those fishez!  I guess this is what happens when spending too much and can-kicking keep going on and on and on...

Tue, 10/29/2013 - 14:09 | 4102185 kaiserhoff
kaiserhoff's picture

Cash flow is a bitch when you ain't got none.

Meredith Whitney be praised.

Tue, 10/29/2013 - 14:15 | 4102217 max2205
max2205's picture

You don't want to go broke in Chicago

Tue, 10/29/2013 - 14:18 | 4102224 Say What Again
Say What Again's picture

There's a big difference between banks and cities. 

No one gives a shit about banks, but the cities will be allowed to default.

Notice how NY has the highest debt per capita.  That explains ZIRP

Tue, 10/29/2013 - 14:21 | 4102247 kaiserhoff
kaiserhoff's picture

Good to see Calipornia leading the way.

  Go Gov Moon Beam;)

Tue, 10/29/2013 - 14:37 | 4102313 Meat Hammer
Meat Hammer's picture

California has been a public sector/EBT feeding trough my entire life here. Nobody noticed (or chose not to) when times were good, but now the host is dying and the parasites will be none too happy. 

Tue, 10/29/2013 - 15:26 | 4102497 donsluck
donsluck's picture

You're just jealous. Pensions are part of their employment contract. The loss of pension is a contract violation and must be settled in court. It doesn't change the CA weather. Damn, 75 deg in NorCAL, still harvesting string beans and tomatoes.

Tue, 10/29/2013 - 15:52 | 4102599 IllusionOfChoice
IllusionOfChoice's picture

I'm sure they will be settled in court. Detroit is showing us how that model plays out.

Tue, 10/29/2013 - 16:24 | 4102689 NoDebt
NoDebt's picture

Indeed.  The fact that those pensions are in contracts and are even protected under the state constitution makes me believe they're definitely toast.  Remember, this was all sucked up in the FEDERAL court system a few months ago.  It would seem to me to serve the purpose of the Federal government (including the Obama administration, of course) to force violations of state constitutions left and right and center.  

End result:  If they are bailed out, Obama/federal government is the hero and wields yet another new power.  If they burn, the State is the bad guy.

Tue, 10/29/2013 - 16:27 | 4102704 fonestar
fonestar's picture

Mathematics applies even to governments?

Tue, 10/29/2013 - 19:10 | 4103088 Terminus C
Terminus C's picture

2+2=5

Tue, 10/29/2013 - 19:57 | 4103206 TeamDepends
TeamDepends's picture

Only if Big Brother says so.  It could be 6, or 3 or infinity!  Got it?

Tue, 10/29/2013 - 20:32 | 4103292 brettd
brettd's picture

On Wednesdays, 6.

On Fridays, 3.

On the weekends, infinity.

Until next week....

Whatever our "Sky is Falling!" leaders say...

Tue, 10/29/2013 - 20:39 | 4103308 A Nanny Moose
A Nanny Moose's picture

We have always been at war with Eastasia

Tue, 10/29/2013 - 21:20 | 4103420 Burticus
Burticus's picture

Where's Winston Smith when you need him?  Change all those bad numbers to good or just make a seasonal adjustment.

Wed, 10/30/2013 - 00:24 | 4103814 sadmamapatriot
sadmamapatriot's picture

Screw Winston Smith. I am looking for Henry Bowman.

Tue, 10/29/2013 - 23:36 | 4103748 Anusocracy
Anusocracy's picture

They're wrong about Detroit.

It has more than ten days of hash on hand.

Tue, 10/29/2013 - 16:37 | 4102731 TheMeatTrapper
TheMeatTrapper's picture

Don't worry, the Feds will bail out the pensions of the lifegurads in California. Turtle trappers in Alabama will be taxed so that the government tit suckers in other States can sit at home on their ass and have their contracts "honored". Funny how they government mooches never talk about the Constitution being honored. 

Tue, 10/29/2013 - 21:12 | 4103395 Keyser
Keyser's picture

To the tune of $66 trillion? 

Wed, 10/30/2013 - 00:40 | 4103826 PT
PT's picture

Its been 24 years since Sim City, and 45 years since Hamurabi!
Have we learnt nothing??? 

Tue, 10/29/2013 - 16:39 | 4102734 Ying-Yang
Ying-Yang's picture

Medium Days of Cash on Hand for 250 Largest Cities = 81 Days

WOW... compared to preppers 81 days of cash is not so hot.

Tue, 10/29/2013 - 16:41 | 4102742 fonestar
fonestar's picture

I don't believe in stacking paper cash outside your bank.

That six month's worth of cash can quickly go to six day's worth, and then nothing at all.

Tue, 10/29/2013 - 19:19 | 4103112 Deo vindice
Deo vindice's picture

It can also go to nothing inside the bank.

At least outside you have control over gettintg rid of it in exchange for something before it hits zero.

Tue, 10/29/2013 - 19:40 | 4103163 JLee2027
JLee2027's picture

Probably worth tracking monthly for time left before total meltdown.

Medium Days of Cash on Hand for 250 Largest Cities = 81 Days

Wed, 10/30/2013 - 06:03 | 4104007 yepyep
yepyep's picture

good point, if 81 days isnt stirring the sheep then how many do you think it will?

 

ima guess 30, people can relate to a one month bill cycle :)

everyone knows what 30 days to pay feels like in real time.

Tue, 10/29/2013 - 20:40 | 4103293 CalDre
CalDre's picture

 

Federal law generally trumps state law, whether enshrined in its constitution, law, judicial decisions or wherever. 

And if for some reason a city cannot or will not declare itself rid of these pension obligations - who must pay them?  Our children, the ones who didn't enjoy the services, but were saddled with them by their parents' policians who wanted to get elected by promising public workers the moon.  But, the fact is, they won't - they'll just move to a city that does not have this debt, or make a new city, or go to a country without this legacy debt (just like people moved in the 70s to avoid court-mandated desegregation).

Why should the young people work off the excesses of their ancestors (even if they don't pay income tax, which is often 20% or less of local revenues, they still must pay property tax; sales tax; fuel tax; payroll taxes, motor vehicle taxes, etc., etc.)?  Graduating with huge loans, already starting out negative - how high taxes must they pay so that people of mediocre capabilities (not all, but most) to retire after 20 years work and earn 80% of salary, or more, for 40 more?

The bottom line is:  you can't suck blood from a turnip or from someone who can run away.

And no, you can't take it from the rich - because if you haven't noticed they have been off-shoring their wealth (capital, even equipment - all US does now is cook each other hamburgers, and the elite certainly aren't going to look back twice.

Note how big corporations - and their owners - already don't even get taxed now on what they earn.  If Apple makes money in China, it needs not pay tax on that income.  But if I make money in China by working, consulting, playing the stock market, whatever - I do have to pay.

 

Tue, 10/29/2013 - 21:14 | 4103401 Occams_Chainsaw
Occams_Chainsaw's picture

I'll gladly pay you back next Tuesday for a burger today....

You hit it on the head man....

Tue, 10/29/2013 - 22:22 | 4103579 Fish Gone Bad
Fish Gone Bad's picture

lets just see how America does with testing the power grid on 11/11/13.  If we have a SELDON crisis, then all bets are off.

For those who don't know, Harry Seldon was a character in Asimov's Foundation series.

Wed, 10/30/2013 - 14:33 | 4105685 August
August's picture

Hari, not Harry. 

This is zh; proofreading isn't mandatory, but Jeez....

Tue, 10/29/2013 - 16:30 | 4102718 Freddie
Freddie's picture

Anyone know what the law is in CA?  I know Detriot is claiming state law says the state must pay to make the pension solvent.

What is the real haircut number is Detroit? 85% or 20%? 

Tue, 10/29/2013 - 20:36 | 4103301 brettd
brettd's picture

If forced to, how would you make it solvent?

Sell the art in the Museum?  Vacant real estate?

The toll/transit system?

How would that actually work?

 

Tue, 10/29/2013 - 15:55 | 4102609 angel_of_joy
angel_of_joy's picture

The go tax your marvelous weather !

You should make plenty of money that way, to pay for any pension plan no matter how stupid.

Tue, 10/29/2013 - 16:32 | 4102722 zorbathefreak
zorbathefreak's picture

Smoke another one, brah!

Tue, 10/29/2013 - 17:22 | 4102832 STP
STP's picture

Yep, I am so jealous.  I wish I was an Alameda County Supervisor, so I can retire with a $423K pension for life AND get an 8K car allowance a year! 

http://www.foxnews.com/politics/2013/03/26/alameda-county-administrator-to-get-423644-year-after-retirement/

The UNIONS OWN SACRAMENTO!  SEIU, CTA, ETC!

 

Tue, 10/29/2013 - 20:48 | 4103324 CalDre
CalDre's picture

 

Yeah, and when the city declares bankruptcy, every dollar in her "pension" - actuarailly, what is it, a rich white woman should expect to live to, what, 87? that's 22 years, for a total of almost $10 million.  I wonder what wonders she did for Alameda, that is worth $10 million?

Tue, 10/29/2013 - 19:34 | 4103143 Reaper
Reaper's picture

FYI. The US Constitution in Article I Section 8 states, "The Congress shall have the power ...To establish ...uniform Laws on the subject of Bankruptcy throughout the United States." In bankruptcy, all contracts can be voided or altered.

Congress has already passed a law for municipal bankruptcy. Congress may and should also pass a law for State bankruptcies. Further, such a Federal Bankruptcy law for States would allow State Constitutional clauses forbidding the reduction of pensions to be voided, as exist in NY and some other States

Tue, 10/29/2013 - 20:08 | 4103229 Stoploss
Stoploss's picture

Potassium Iodide much don?

Tue, 10/29/2013 - 20:16 | 4103256 quasimodo
quasimodo's picture

Mmmm, veggies from Cali, replete with some radiation from me sucky you likey long time. 

Color me jealous don.

Tue, 10/29/2013 - 22:18 | 4103568 Mitzibitzi
Mitzibitzi's picture

Now please don't take this the wrong way, but... I live in north Wales - where it is definitely NOT 75 degrees - and I'm still harvesting string beans (and French beans and runner beans and peas) and tomatoes. And watercress, pak choi, 7 different lettuces, 11 kinds of chilli, spinach, yolo-peppers and cucumbers. And grapes (white and red) and blackcurrants. And horseradish, Szechuan pepper, sage, oregano, rosemary, thyme, figs, sweetcorn...

I don't have a swimming pool, or a 14mpg SUV (my diesel station wagon averages 62mpg, in fact - not that quick but not expensive to run, either! The speed limit in this country is 70mph. My car will do 135, if you wait long enough; about 56 seconds, from a standing start - I'm British, not dead - one has to find these things out!), you see... I have a well-insulated house. And a greenhouse/glasshouse. And chickens, which lay eggs. And 6 months food supplies. And rainwater capture (it rains here!) And two fucking big dogs to protect the house from the local scrotes who've watched too much American TV and think they're in a gang, can't be arsed to work for a living, take too many drugs and have the life expectancy of a snowflake in a blast furnace if the current 'money for nothing and your kicks for free' system ever ends. So middle of next year, I would guess.

Tue, 10/29/2013 - 23:37 | 4103750 WOAR
WOAR's picture

Play a game called Don't Starve.

Everyone dies the first winter...unless they've survived it before.

Which is a Catch 22 for the Free Shit Army.

Wed, 10/30/2013 - 01:36 | 4103877 Rock On Roger
Rock On Roger's picture

'Scrotes'!

Most excellent

Stack On

Wed, 10/30/2013 - 00:51 | 4103836 SoCalBusted
SoCalBusted's picture

Do you mean a contract like the one bond holders of certain car manufacturers had?

Tue, 10/29/2013 - 17:41 | 4102873 booboo
booboo's picture

Blood sucking carpet baggers are moving into the south with their Fran Dresher accents whining, "how's come you don't have light rail, you need a vibrant down town night life" Yadda, Yadda, Yadda. The bankers send them in first to soften up the crowd and boom...next thing you know the city council is taking trips to New York and talking a bond issuance for gay bars and soccer stadiums.

Tue, 10/29/2013 - 19:02 | 4103062 Lednbrass
Lednbrass's picture

There is a wave of seriously annoying scum heading to the South, they have crapped where they live for years and now seek new areas to ruin.  New Englanders are the human equivalent of rats carrying the plague, wherever they go death, destruction, and blight.

They can't get it through their heads that nobody gives a shit what they do in New York or Boston or how they do it and seem genuinely surprised when met with hostility. Get it straight folks- people down here HATE you.

New Yorkers etc. should stay the hell where they are instead of seeking new areas, when things implode they're going to be hunted for fun.

Tue, 10/29/2013 - 20:46 | 4103319 Chupacabra-322
Chupacabra-322's picture

But tell us, how do you really feel?

Tue, 10/29/2013 - 22:24 | 4103584 Mitzibitzi
Mitzibitzi's picture

Northern England, and most especially Wales and Scotland, have the exact same opinion about anyone from the London area.

Though it's surprising how many London accents you hear in the supermarket, all families who've moved once they realise that anyone with some brains and business talent can make about 80% of the money here, while paying 45-50% of the house prices.

Tue, 10/29/2013 - 22:31 | 4103599 GOSPLAN HERO
GOSPLAN HERO's picture

Edmund Ruffin's Famous Last Words

On June 18, 1865 Edmund Ruffin, one of the leading antebellum proponents of Southern secession, chose to commit suicide rather than submit to the subjugation of Yankee rule. Defiant to the bitter end, this fiery Southern patriot penned these famous last words in his diary just minutes before taking leave of the Yankee tyranny that had descended upon Dixie...
"I here declare my unmitigated hatred to Yankee rule -- to all political, social and business connection with the Yankees and to the Yankee race. Would that I could impress these sentiments, in their full force, on every living Southerner and bequeath them to every one yet to be born! May such sentiments be held universally in the outraged and down-trodden South, though in silence and stillness, until the now far-distant day shall arrive for just retribution for Yankee usurpation, oppression and atrocious outrages, and for deliverance and vengeance for the now ruined, subjugated and enslaved Southern States!

...And now with my latest writing and utterance, and with what will be near my latest breath, I here repeat and would willingly proclaim my unmitigated hatred to Yankee rule--to all political, social and business connections with Yankees, and the perfidious, malignant and vile Yankee race."

--Edmund Ruffin

Tue, 10/29/2013 - 22:37 | 4103615 sunnyside
sunnyside's picture

Fuck that.  At least take a few with you when you go down.

Wed, 10/30/2013 - 00:48 | 4103835 El Vaquero
El Vaquero's picture

I'm in the southwest, and we have ha d a bunch of Californians and New Englanders moving here.  The ones that come here and keep to themselves or take to some of our ways are left alone or are even accepted, but only in the larger cities.  The others constantly bitch about how rude we are.  Yeah?  Well, fuck'em.  We like to eat beans and hot food and have matanzas.  We like to hang out with the same people we were friends with in middle school because we made some strong bonds with those people back then.  Blue collar will hang out with white collar, and it works for us.  We like to hunt and fish.  If you move out here and you have a problem with that, you had better either leave fast, or hang out on some little enclave of pretentiousness.  Don't plan on coming out here to build a McMansion that you cannot afford, driving up property taxes for the old timers and ruining communities that have been around for longer than almost every single city on the east coast.  We will be rude to you because we do not like you.

Tue, 10/29/2013 - 21:16 | 4103407 Keyser
Keyser's picture

I take great pleasure in telling tranplants from Mexifornia to Mexas exacty what they can do with their liberal ideals. I tell them to leave their liberalism in Mexifornia as we don't cotten to your type here. 

 

Tue, 10/29/2013 - 20:13 | 4103249 quasimodo
quasimodo's picture

Looks like the little old lady from Pasadena is screwed.

Wed, 10/30/2013 - 01:17 | 4103859 James-Morrison
James-Morrison's picture

The Fed has more work to do.

In addition to buying Treasuries, they can just soak up an additional $20-30 Billion of State/Municipal "Support America Pension" bonds per month.

That should keep the Ponzi flowing indefinitely.

Tue, 10/29/2013 - 15:11 | 4102439 Miffed Microbio...
Miffed Microbiologist's picture

Thank god San Diego has a housing bubble. That will truly save our ass! Our pensioners are sleeping blissfully.

Miffed;-)

Tue, 10/29/2013 - 15:26 | 4102503 ParkAveFlasher
ParkAveFlasher's picture

NYC probably has very high per capita income.  Would like to see that ranking data as "debt as % of income" basis. 

Tue, 10/29/2013 - 22:19 | 4103569 Element
Element's picture

Yeah, but this is "kind of a nothing activity."

Tue, 10/29/2013 - 14:36 | 4102309 Waffen
Waffen's picture

Population decline or rather the % of White flight.

Tue, 10/29/2013 - 15:10 | 4102433 LFMayor
LFMayor's picture

Shouldn't talk like that, it be raciss an shii.

Tue, 10/29/2013 - 15:24 | 4102486 Say What Again
Say What Again's picture

Shut up and start placing bids under anything related to ES.

Tue, 10/29/2013 - 16:29 | 4102708 Redhotfill
Redhotfill's picture

I seen Ray's Cyst and its not pretty

Tue, 10/29/2013 - 18:03 | 4102920 jimmytorpedo
jimmytorpedo's picture

I thought that was a goiter on Ray's neck.

 

Tue, 10/29/2013 - 15:11 | 4102437 MachoMan
MachoMan's picture

White flight is fairly innacurate...  it's a socioeconomic issue rather than a skin color issue.  In short, anyone worth their salt gets the fuck out of these tax hell holes before the thieving bastards run off with the last of any remaining assets.  It's not white flight, it's middle and upper class flight.  The remaining lot have no chance to pay the accrued liabilities... 

Tue, 10/29/2013 - 15:19 | 4102468 pods
pods's picture

As illustrated by upstate NY quite accurately.

pods

Tue, 10/29/2013 - 15:40 | 4102549 kaiserhoff
kaiserhoff's picture

Quite right, Macho, but the Rodney King riots were a turning point in California and a tipping point for the country. 

The white folk saw that the police would not protect them and left in droves.  Cali was solidly republican before that, nothing but Dim after.

Tue, 10/29/2013 - 18:03 | 4102918 Tijuana Donkey Show
Tijuana Donkey Show's picture

My shotgun's name is white folk! When the time comes, white folk gonna rise up and get rowdy!

Tue, 10/29/2013 - 18:13 | 4102949 Abi Normal
Abi Normal's picture

Be that what it may tijuana, that is for fate to play out.  I don't see a good ending for any of this happening! Not one!

Every rock one turns over there is a freaking problem!

DOW 30,000 though, jeesh, manipulated mkts are GREAT!

Tue, 10/29/2013 - 20:29 | 4103286 Tijuana Donkey Show
Tijuana Donkey Show's picture

Fate is my handgun. White folk and fate gonna change the world....

Tue, 10/29/2013 - 18:18 | 4102882 Quus Ant
Quus Ant's picture

True, it is upper and middle class flight. 

They were more than happy to stick around in the boom years and just like locusts they're up and on to the next field. (to turn a comment down thread on its head)

Same as it ever was.  This ends when there's no where left to run and we have to take a hard look at how we choose to live.

Build a civilization around money with no ties to community, no shared responsibility and no fielty to the land we stand on and this is what you get. 

Yeah, I said shared responsibility and no, I don't want any of your shit.

I'll junk myself just to get the ball rolling.

Wed, 10/30/2013 - 01:13 | 4103852 Flying Tiger Comics
Flying Tiger Comics's picture

No it's white flight.

They get tired of inventing every advance of civilisation then being involuntarily cast in the latest Planet of the Apes sequel.

 

Tue, 10/29/2013 - 17:55 | 4102901 analyzer_66
analyzer_66's picture

The unions need to step up and take their fair share of the blame.  How can people be allowed to retire at age 52 and collect 110% of their compensation AND get free health insurance on top of that ?  You also have people from Detroit that are collecting 2 or even 3 separate pensions or a disability claim with a pension.  Now they will get lump sum distros deeply discounted.  Look for this to continue around the country as the article predicts.  This is more of a case of a rosy past coming back to bite people on the ass that made these sweet retirement deals.  I have not seen 1 single interview of a Detroit pensioner, meaning most journalists are being paid to steer well clear of this whole story and not personalize it.

Tue, 10/29/2013 - 21:56 | 4103525 Buck Johnson
Buck Johnson's picture

It's going to hurt big time, all those places are watching Detroit big time.

Tue, 10/29/2013 - 14:04 | 4102167 Theta_Burn
Tue, 10/29/2013 - 14:34 | 4102299 rockraider3
rockraider3's picture

I follow the Detroit bankruptcy fairly close, given my investment in Syncora.  There is no doubt that penions and the COPS holders will take haircuts, and bond insurers will have to pay some amount. But this 16 cents bit is overplayed and is simply reguritation of Orr's original "attempt" at solving the issues pre-BK.  Even Morningstar agrees that Detroit's Pensions are primarily using industry acturarial standards in their pension assessment, while Orr is using someone much more draconian to try to initiate larger pension cuts than are needed.

And what the WSJ is failing to report is that there is no assessment that the COPs are unsecured, and that is a matter of significant dispute.  No one knows if Michigan state law will hold in the bankruptcy, but if it does not, there are reverberations to be felt country wide.  Most states have state laws that provide pension protections.  And if the laws can be overridden in bankruptcy, borrowing costs will increase to all these pensions because the industry will no longer be able to claim they are supported by state law. Point is, Judge Rhodes will undoubtfully look at the bigger picture on this issue, as it goes well beyond just the Detroit Bankruptcy. 

Tue, 10/29/2013 - 14:47 | 4102348 Joe Davola
Joe Davola's picture

Let's talk with some of the GM bondholders and the Delco pensioners about how rock solid those bankruptcy and pension laws are these days.

Tue, 10/29/2013 - 14:04 | 4102168 duo
duo's picture

Frisco, TX.  LOL.  The school district floated bonds to pay for a third of the Dallas Cowboys practice facility.  Now there's school tax money put to good use </sarc>.

Tue, 10/29/2013 - 14:15 | 4102221 1100-TACTICAL-12
1100-TACTICAL-12's picture

My family owned half of frisco up until the mid 70's.. what could have been...

Tue, 10/29/2013 - 14:20 | 4102241 duo
duo's picture

who'd have thought the cheap oil could have lasted that long?

Tue, 10/29/2013 - 14:06 | 4102169 cbxer55
cbxer55's picture

I did not see my state in any one of them Top Ten lists. Hmmmm!

The link in the article above requires paying to subscribe. FAIL! 

One pointer for that alone. No fiver here.

Imagine that, of the ten cities with less than ten days funds, seven of them are in Cal-E-Pornia. LOL

Glad I bailed out of that state in 02.  ;-)

Tue, 10/29/2013 - 15:21 | 4102476 Miffed Microbio...
Miffed Microbiologist's picture

Don't be so cocky OK. When we blow up, our leeches may be running to your state. I'd start building fences now if I were you. We have collected quite a few from other states and we producers will be happy to off load them. :-)

Miffed;-)

Tue, 10/29/2013 - 16:38 | 4102737 Freddie
Freddie's picture

Califpornia, NY, NJ and Mass breed the best lib locusts.  They will strip and destroy any state.

Tue, 10/29/2013 - 17:29 | 4102846 richsob
richsob's picture

The mooches in those states are pikers compared to what exists in Oregon.  Now there is some real parasitic behavior!  Gimme, gimme, gimme.  And don't you dare insinuate that being poor is due to being lazy, poorly educated or anything cultural.  On hell no!  It's the fault of the oppressive business owners, white collar workers and people who are offended by out-of-control welfare benefits in the state.  Oregon: a state that gave Obama the biggest crowd he's ever had.

Tue, 10/29/2013 - 17:57 | 4102908 shovelhead
shovelhead's picture

Get 10 miles past that I-5 corrider and you'll find folks work for a living and don't have much to do with the roaches.

Some of those farmers and cowboys would rather shoot em than look at em.

Tue, 10/29/2013 - 18:22 | 4102965 noless
noless's picture

I can attest to the veracity of this mans claims.

Tue, 10/29/2013 - 18:34 | 4102993 Miffed Microbio...
Miffed Microbiologist's picture

I live 50 miles east of I-5 and people would be shocked so see none in my association remotely fit the stereotypical parasitic Californian. I propose we organize and demand secession.

Miffed;-)

Tue, 10/29/2013 - 18:04 | 4102925 Abi Normal
Abi Normal's picture

Now you put lipstick on that pig!! Figuratively and literally LMAO!!

Tue, 10/29/2013 - 18:45 | 4103024 NemoDeNovo
NemoDeNovo's picture

I'm from Central NY and WE are NOT NYC, if we are going to rebuild this nation after this shit collapses, first thing we need to do is realize that uniform labeling of areas and personality types needs to be addressed.  I mean are all Texans hat wearing cowboy's???  Nope just was in DFW and Austin, we are bigger then this.....

 

By their deeds you shal know them [damn, and I'm not religious]

Tue, 10/29/2013 - 19:56 | 4103199 GS-DickinDaMuppets
GS-DickinDaMuppets's picture

I mean are all Texans hat wearing cowboy's???

The folks you saw in your visit to our great state (Texas), that were NOT "COWBOYS WEARING HATS" are NOT TEXANS !  Most of them are yankees that have moved to Texas after realizing that Texas is as close as your going to get to "Heaven On Earth"

Doin' God's work - GS-DickinDaMuppets

Tue, 10/29/2013 - 22:11 | 4103550 Blano
Blano's picture

Agreed, being a transplant myself from Michigan.  Love this place.

Tue, 10/29/2013 - 22:16 | 4103561 TheMeatTrapper
TheMeatTrapper's picture

I'm from Central NY and WE are NOT NYC, if we are going to rebuild this nation after this shit collapses, first thing we need to do is realize that uniform labeling of areas and personality types needs to be addressed. 

As a born and bred redneck from Alabama I agree wholeheartedly.

I worked for several years as a professional hunting guide in the Savannah River Swamp of South Carolina. I guided clients from all over the US and a few from Europe. The stories I could tell. We hunted 365 days a year - deer, turkey, quail and hogs. 

New York City is a separate country from the rest of New York. I met a lot of really good folks from upstate New York. Really honest guys. Had one guy from New York send me a rifle in the mail and trusted me to send him the money in return. I even met a few good guys from New York City  - but they were the exception.

It was interesting sitting in the middle of the southern swamp with four guys named Tony from New York eating their olives and cheese while drinking our strawberry moonshine. Both sides had a hell of a time. Both sides left realizing that good people may talk different, eat different and act different  - but good people is good people. I'll never forget their good natured bitching that "even the grasshoppers pissed on them because they were Yankees". :) 

I never met one single customer from New Jersey that was worth a shit. Not one. Dumbest motherfuckers I ever met. Bar none.

 

Tue, 10/29/2013 - 23:46 | 4103763 WOAR
WOAR's picture

Fences are easily climbed, and easily spotted.

Dig holes, and lay caltrops on the roads. If they want to get through your state, they can walk, and break a leg trying.

Tue, 10/29/2013 - 14:08 | 4102170 Running On Bing...
Running On Bingo Fuel's picture

Low reserves. Juice York City. Nice job bloomberg.

With the tax base there how could that happen?

Paying for too many israeli security consultants and too many netinyouhoo appearances to teach how America should learn from israel, blah, blah, blah.... FUCK YOU!!

Tue, 10/29/2013 - 14:08 | 4102183 Theta_Burn
Theta_Burn's picture

The largest police force in the world for one

http://en.wikipedia.org/wiki/New_York_City_Police_Department

 

Tue, 10/29/2013 - 14:07 | 4102177 Dr. Engali
Dr. Engali's picture

Unfortuntely the locust will move to another city and devour it too. Sorry Texas and North Dakota. They are coming for your cities.

Tue, 10/29/2013 - 14:26 | 4102272 kralizec
kralizec's picture

Sadly, yes.

So...either the locusts kill off everybody or people kill the locusts...

Tue, 10/29/2013 - 15:31 | 4102520 donsluck
donsluck's picture

"either the PEOPLE kill off everybody or people kill the PEOPLE." Fixed it for you.

Tue, 10/29/2013 - 17:06 | 4102805 Clark Bent
Clark Bent's picture

Zombie apocalypse coming soon to a town near you. Look at the vermin trying to dissolve Colorado like a left wing fly spitting its acid on a sugar cube. They did it to New Hampshire and are working on turning Texas a bruised purple with the help of freeloaders from the southern hemisphere. 

Tue, 10/29/2013 - 14:34 | 4102300 Surging Chaos
Surging Chaos's picture

Texas, yes. North Dakota, I'm not so sure. It's hard to go from being used to a Mediterranean climate to single-digit weather.

That said, I agree with you completely. I live in Oregon right now and it's pretty obvious that all the Cali people have long since migrated up to here. I would like to move somewhere that would be least affected by the ongoing CA exodus... like Montana. I heard that's actually a pretty libertarian-friendly state.

Tue, 10/29/2013 - 15:00 | 4102403 DoChenRollingBearing
DoChenRollingBearing's picture

I have only visited Montana, and it was a pretty small part.  But I WAS VERY IMPRESSED.

Gun friendly state.  65 MPH speed limit on some two-lane roads.  Courteous & nice people.

Tue, 10/29/2013 - 15:30 | 4102515 donsluck
donsluck's picture

Courteous and nice until you try walking on those roads, or dare to disagree with them.

Tue, 10/29/2013 - 16:42 | 4102745 TheMeatTrapper
TheMeatTrapper's picture

Good. Stay the fuck out of it. Problem solved.

Wed, 10/30/2013 - 01:45 | 4103883 CultiVader
CultiVader's picture

Gotta switch out your Cali plates

Wed, 10/30/2013 - 02:30 | 4103912 IrritableBowels
IrritableBowels's picture

By "walking", you don't mean bicycling in Missoula, do you?

0_o

Tue, 10/29/2013 - 16:25 | 4102697 NoDebt
NoDebt's picture

.... I would like to have seen Montana.

Tue, 10/29/2013 - 18:21 | 4102959 DoChenRollingBearing
DoChenRollingBearing's picture

Here are some pictures and comments from our recent trip (mostly of Wyoming and South Dakota though two are in Montana).  A nearby article of mince describes my interview with Noreen Firarms of Belgrade, MT.

Montana is one of the most beautiful of our 50 states.

http://tinyurl.com/9hlvzdx

Tue, 10/29/2013 - 19:43 | 4103169 logos5
logos5's picture

Are you quoting Gus from Lonesome Dove ?

Tue, 10/29/2013 - 20:12 | 4103247 Tulpa
Tulpa's picture

IIRC that's the first mate from The Hunt for Red Obama October.

Tue, 10/29/2013 - 22:12 | 4103555 Blano
Blano's picture

Correct.

Tue, 10/29/2013 - 16:55 | 4102782 Boondocker
Boondocker's picture

Dont be.  If you lived there you woild understand.  And californians are buying up everything.

Tue, 10/29/2013 - 18:24 | 4102971 DoChenRollingBearing
DoChenRollingBearing's picture

During our short visit, we heard the same.  Hollywood types are much unloved in Montana.

Tue, 10/29/2013 - 15:13 | 4102443 LFMayor
LFMayor's picture

Sorry man, but you ever winter in Chi-Town?   These aren't fire ants we're talking about, the frost line doesn't hold them back.  Especially with all the "Warm Hearts" and "Coats for Kids"  feel-good-about-your-empty-self beg a thons burning up money that idiots donate.

Tue, 10/29/2013 - 16:25 | 4102698 superflex
superflex's picture

That's why I dont feed the wildlife.

Tue, 10/29/2013 - 16:08 | 4102635 WillyGroper
WillyGroper's picture

I perused real estate there last night. Very reasonable & beautiful to boot.

Tue, 10/29/2013 - 16:49 | 4102772 hootowl
hootowl's picture

......like Montana. I heard that's actually a pretty libertarian-friendly state.....until it gets overrun with Oregonians.

Tue, 10/29/2013 - 17:00 | 4102793 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

And dental floss tycoons.

Tue, 10/29/2013 - 18:41 | 4103016 noless
noless's picture

Find me a cheaper nylon thread in bulk.

Tue, 10/29/2013 - 20:07 | 4103227 Theta_Burn
Theta_Burn's picture

They missed the Frank Zappa reference

Tue, 10/29/2013 - 18:27 | 4102978 noless
noless's picture

Generation too late, Oregon is fucked, plain and simple. I really wish it wasn't but the way they're gaming shit now is going to back fire hard.

Tue, 10/29/2013 - 17:44 | 4102880 Kirk2NCC1701
Kirk2NCC1701's picture

@Doc: "Unfortunately the locust will move to another city and devour it too."

Sounds like we need Locust Control.  I wonder what works on locusts, besides the Ants opting out globally.  But that's just the problem, isn't it:  Locust always find another place to eat up and shit on, given the size of the world. 

It's a Global problem.  That requires a global solution (to turn harmful locusts back into useful grasshoppers).

Tue, 10/29/2013 - 14:12 | 4102179 TumblingDice
TumblingDice's picture

Since it is well known from our economics re-education classes that debt = wealth we can rest easy for NYC's future.

Tue, 10/29/2013 - 14:07 | 4102180 digitlman
digitlman's picture

I love Charleston.  Sad to see it on the list.  The rest of them can DIAF.

Tue, 10/29/2013 - 14:21 | 4102245 TheFreeLance
TheFreeLance's picture

Love the city too.

Notice that Chaz is on none of the other lists. It is kinda a special case in that it pretty much has year-round transaction taxable tourist economy. Has it spent money on some dumb things? Does it have scads of unemployable underclass? Yes on both counts. But it is not going anywhere. If nothing else the state would step in to backstop it. South Carolina has a very weird state/local breakdown. It used to be that state senators set the budgets for each county -- back before what was called Home Rule was passed in 1974, IIRC. One of trade-offs for that is that the state effectively skims off tons of revenue from the coastal counties.

Only state weirder is probably LA.

Tue, 10/29/2013 - 20:17 | 4103262 Mike in GA
Mike in GA's picture

Charleston was hard hit by hurricane Hugo in 1989, too.  I have no idea how they manage or mismanage their municipal finances.  Does seem odd for them to be without any cash.  What I love about Chas is the Medical University of SC there.  They've treated me for cancer - successfully - and the group of MUSC departments I visit are world class and I feel priveleged to receive care there. 

Tue, 10/29/2013 - 14:09 | 4102184 onewayticket2
onewayticket2's picture

domino theory in 3-2-1....

Tue, 10/29/2013 - 14:09 | 4102187 Seasmoke
Seasmoke's picture

MEREDITH !!!!!!

Tue, 10/29/2013 - 14:09 | 4102189 101 years and c...
101 years and counting's picture

moral of the story, every state and municipality should have their own reserve bank to print them money OR ELSE THE WORLD WILL END IN A FIERY.......

fuck it. nevermind.

Tue, 10/29/2013 - 14:09 | 4102190 the black arrow
the black arrow's picture

Intensity in ten cities

Tue, 10/29/2013 - 18:32 | 4102987 SeattleBruce
SeattleBruce's picture

"Intensity in ten cities"

More like, "In tent city, in ten cities."

Tue, 10/29/2013 - 14:10 | 4102192 the black arrow
the black arrow's picture

Party on Wayne

Tue, 10/29/2013 - 14:13 | 4102207 El Hosel
El Hosel's picture

Its ok, corporations and banks have record cash.... Send the Cash Bitchez.

Tue, 10/29/2013 - 14:24 | 4102259 Urban Redneck
Urban Redneck's picture

When shit really starts rolling downhill they will be well positioned to pick some sovereign immunity for pennies on the dollar to compliment their money supply monopoly (and the indebted will beg the devils for that deal).

Tue, 10/29/2013 - 14:38 | 4102320 cougar_w
cougar_w's picture

Or they'll get an offer they can't refuse. Sovereigns can go from nothing to crazy as bat shit in 6.2 seconds.

Tue, 10/29/2013 - 14:12 | 4102205 ItsDanger
ItsDanger's picture

From those stats, looks like New Orleans may be the next Detroit.  Interesting pension #'s for CAL.

Tue, 10/29/2013 - 14:40 | 4102328 cougar_w
cougar_w's picture

CA is blown. The southern half is set to become one gigantic experiment in human misery. The pensioners can get theirs and still wind up out on the streets evading zombies.

Tue, 10/29/2013 - 16:14 | 4102650 marathonman
marathonman's picture

Twenty years ago New Orleans and DC were vying for murder capital of the US.  Katrina flushed a lot of low lifes and scum bags to other cities.  It's economy was already imploded from corruption and the eighties collapse of oil revenue.  It has great restaurants and interesting history, but it's a sclerotic place that is maddening to the serious  type people that build businesses.

Tue, 10/29/2013 - 14:13 | 4102210 the black arrow
the black arrow's picture

Soon to be tent cities?

Tue, 10/29/2013 - 14:16 | 4102214 Running On Bing...
Running On Bingo Fuel's picture

http://en.wikipedia.org/wiki/Hatzalah

Ambulances chasing lawyers.

Tue, 10/29/2013 - 14:15 | 4102216 stutes33
stutes33's picture

Meredith, just curious on your source.  Thanks!

Tue, 10/29/2013 - 14:15 | 4102218 Stoploss
Stoploss's picture

I noticed that the states in trouble seem to have the most hated senators. Or is that just me?

Would be nice to have a list of the senators names to go along with this.

Put a name to remind who the fuck needs to go.

Tue, 10/29/2013 - 14:29 | 4102281 adr
adr's picture

What was wrong with the plan to let people work 25 years and then retire with 90% of their highest paid year for the next 30 years of their life?

My town has car cruise-ins and half the people there are 55 year old retired cops pulling in $70k a year to sit on their ass and use the money to buy a new Corvette every year.

Tue, 10/29/2013 - 14:42 | 4102336 cougar_w
cougar_w's picture

Facism will have a place for those guys. They've still got many useful years of service left as mercs, thugs and brownshirts.

Tue, 10/29/2013 - 16:21 | 4102673 RacerX
RacerX's picture

sounds like a great plan. where do I sign?

Tue, 10/29/2013 - 17:00 | 4102784 Emergency Ward
Emergency Ward's picture

Wow, big fat fat cop pensions as stimulus, who could have guessed?  Think of all those GM manufacturing and sales jobs created!

Concerned about bankruptcy-inducing, skyrocketing property taxes? Through the alchemy of government wealth creation those tax dollars end up being converted into luxury-car leather seats occupied by retired 50-year-old "public servants", who spend even more money on burgers, donuts and vanilla shakes.

I guess if unemployment payments count as stimulus, anything can.

Tue, 10/29/2013 - 17:13 | 4102812 Clark Bent
Clark Bent's picture

Where I am they are more industrious. Retiring on a cop pension at 45 is just the start. Then you go and work at the courthouse earning another salary for another tne years, the get two pensions. 

Tue, 10/29/2013 - 17:34 | 4102856 cougar_w
cougar_w's picture

My brother-in-law did exactly that. Just like you said. Really nice guy, can't blame him, just taking advantage of the state of things.

Tue, 10/29/2013 - 15:14 | 4102450 LFMayor
LFMayor's picture

Lets just up and hang Them All.
Or lop off the heads and roll them down the steps, like they did at Tenotlochitican.
It's the only way to be sure.

Tue, 10/29/2013 - 16:40 | 4102736 Emergency Ward
Emergency Ward's picture

.....there is another way, cut their hearts out like they did at Teotihuacan...either way would work.

(you might mean Tenochtitlan -- Aztec spelling is a bitch)

 

Tue, 10/29/2013 - 16:41 | 4102744 lakecity55
lakecity55's picture

I would prefer watching McPain's head rolling a long way down the steps, and some kids then play soccer with it.

You could then put Pelosi's head on McPains shoulders for laughs!!

Tue, 10/29/2013 - 17:14 | 4102818 Clark Bent
Clark Bent's picture

I'm laughing already. 

Tue, 10/29/2013 - 16:42 | 4102743 hootowl
hootowl's picture

Stoploss, it is easier than that.  If you see (incumbent) next to a candidates name, they have to go.

Tue, 10/29/2013 - 22:53 | 4103658 Reckonball
Reckonball's picture

My gun-grabbing senior senator Dick Durbin(D),and his RINO underling Mark Kirk(R)

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