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City Of Compton Next On The Muni Bankruptcy Deck

Tyler Durden's picture




 

Because once the dominoes start, they don't stop. Stockton, Mammoth, San Bernardino and now legendary rap and LA riots nexus - the City of Compton. Fear not: the ESM, and the German population whose retirement age will have to be in the quadruple digit range to fund a broke world, has got this, too, covered. Also, only squares don't make fun of Meredith Whitney for saying municipal America is insolvent, so please do.

From Reuters:

The City of Compton, a city of 93,000 people located on the outskirts of Los Angeles, must decide by Sept. 1 whether to seek bankruptcy, according to its two most senior financial officials.

 

Such a move would see it join a growing number of deficit-hobbled California cities that have used the filing to restructure onerous debt loads.

 

Compton, which has an accumulated $43 million deficit and has depleted what had been a $22 million reserve, will run out of cash to make its payroll on Sept. 1 at its current cash consumption rate, city comptroller Steven Ajobiewe told the city council during a July 17 meeting.

 

"I have $3 million in the bank and $5 million in warrants due in the next 10 to 12 days," said city treasurer Doug Sanders. "By then, the council will have a decision to make: don't pay the bonds, default on them, or have a serious talk about bankruptcy."

 

The city council adjourned at 11 pm without discussing a potential bankruptcy filing.

 

Compton Mayor Eric J. Perrodin also said he brought unspecified charges of "waste, fraud and abuse of public monies" to California officials, and had met with auditors from both the state and Los Angeles County.

 

He told the city council that at one point in its past the city had overspent legally set limits on certain programs by $17 million but would not elaborate.

 

Neither the state nor county has started an audit or investigation, city officials said.

 

A bankruptcy filing would follow one by San Bernardino, which on July 9 became the third California city this year to seek restructuring of its liabilities. Earlier, Stockton and Mammoth Lakes also said they would file.

 

Compton's problems escalated on July 13 when credit rating agency Standard & Poor's said it may cut Compton's BB long-term and underlying ratings for its lease revenue bonds.

One thing is certain: once Compton is completely free of law enforcement (which as it happens is unaffordable by broke cities), the local population will be calm, cool and collected as long as it takes.

 

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Wed, 07/18/2012 - 10:42 | 2627988 LULZBank
LULZBank's picture

Mini Bankruptcies Bitchezz!!!

Wed, 07/18/2012 - 10:43 | 2627995 Thomas
Thomas's picture

Meredith was wrong: You should never--NEVER--say when something will happen. Otherwise, she was spot on.

Wed, 07/18/2012 - 10:47 | 2628018 Rahm
Rahm's picture

Straight Outta Compton... Into Default!

Wed, 07/18/2012 - 11:00 | 2628101 orangedrinkandchips
orangedrinkandchips's picture

"brother's got it bad cause he's brown!"

 

"fuck the police and bond holders"

Wed, 07/18/2012 - 11:08 | 2628139 Nothing To See Here
Nothing To See Here's picture

This is all Bush's fault, and the banks' fault. Everything would work fine if the banks would only lend more money and if the Fed would only help them a lil more.

Welcome to California.

Wed, 07/18/2012 - 11:19 | 2628191 strannick
strannick's picture

Mere D. We got your back sistah. #@$% dem foos!

Wed, 07/18/2012 - 13:15 | 2628816 francis_sawyer
francis_sawyer's picture

 "With my mind on my money & my money on my mind"

~~~

http://www.youtube.com/watch?v=nXABIFuipBk

Wed, 07/18/2012 - 13:28 | 2628882 HoofHearted
HoofHearted's picture

If only squares don't make fun of Meredith Whitney, I have to go with Huey Lewis and the News: It's hip to be square.

Wed, 07/18/2012 - 19:19 | 2630093 FEDbuster
FEDbuster's picture

I think Compton is in Maxine Waters district?  She better spread some Obama Bucks around the hood.  Gots to keep the EBT cards clickin and the PO-lice on the streets.

http://www.youtube.com/watch?v=OrA9zj94NuU

Wed, 07/18/2012 - 15:56 | 2629597 Bananamerican
Bananamerican's picture

"the city had overspent legally set limits on certain programs by $17 million"

tax munny=free munny=MO'munny

"California....knows how to party...In the city, the city of Compton

We keep it rockin! We keep it rockin!"

Wed, 07/18/2012 - 11:25 | 2628216 DeadFred
DeadFred's picture

Mammoth Lake is a pretty nice place, I wonder why they are hanging out with this crowd. The others are pretty much the roll your windows up, lock your doors and keep driving sort of places.

Wed, 07/18/2012 - 11:58 | 2628369 N. B. Forrest
N. B. Forrest's picture

They filed solely because they lost a $43million lawsuit.  They didn't want to pay it. 

Wed, 07/18/2012 - 12:03 | 2628401 Quantum Nucleonics
Quantum Nucleonics's picture

Mammoth Lakes should get an astrick next to its name on the muni bk list.  It became insolvent due to losing a legal case against a real estate developer.  The City backed out of a deal, and the developer sued.  Developer won a $43 million judgement.  The City filed shortly after losing on appeal.  Mammoth Lakes finances are otherwise in ok shape.  They are using bankruptcy court to force developer to accept a long term payment plan.

Wed, 07/18/2012 - 12:58 | 2628739 A Nanny Moose
A Nanny Moose's picture

Indeed! Nobody is immune here. The common thread is use of other peoples' money stolen at gunpoint. Compton, SanB, Hayward, and Stockton wanted a paramilitary police force. Mammoth needed a place to park G5's and Global Expresses.

Wed, 07/18/2012 - 11:26 | 2628223 Taterboy
Taterboy's picture

A picture of Obama's redistribution czar.

Wed, 07/18/2012 - 11:32 | 2628242 Manthong
Manthong's picture

They have a rotisserie at my supermarket, too.

Wed, 07/18/2012 - 11:01 | 2628107 malikai
malikai's picture

Surely, some of those rich Compton rappers will step up to the plate and support their city financially.

Wed, 07/18/2012 - 11:19 | 2628181 Manthong
Manthong's picture

My thoughts exactly..

Certainly the noble natives of Compton are hip enough to hop to and help their homeys over this hurdle.

Wed, 07/18/2012 - 11:19 | 2628187 LFMayor
LFMayor's picture

ROFL!  See also:  Leon Spinks.   They run through money like shit through a goose, if you're gonna borrow from a "rich" rapper you better do it today.

Wed, 07/18/2012 - 11:41 | 2628276 blunderdog
blunderdog's picture

They tend to move away, although there have a been few who've done their part.  Ice Cube even criticized Eazy about that a few decades ago.

http://www.youtube.com/watch?v=cd50N9AqpI4

Wed, 07/18/2012 - 12:04 | 2628413 SemperFord
SemperFord's picture

You are a "G" for knowning that, thumbs up!

Wed, 07/18/2012 - 14:57 | 2629382 KK Tipton
KK Tipton's picture

Killah Priest - Whut Part Of The Game? feat. Ras Kass - YouTube - http://youtu.be/4ty_GCJpJUM

"Most of y'all cats never bust no gats
And most of y'all cats neva sold no crack
And most of y'all cats better thank God for rap
Cause most of y'all left the hood....can't come back"

"My obligation, expose all ya funny bunnies
Rappers actin slash fudge packin for the money
'cause next week if the new fad was hip hop fags
You'll find a lot of these thug niggaz in drag, believe that"

 

Aploogies for the censored video. Find the raw song in the other videos.

Wed, 07/18/2012 - 21:16 | 2630381 ForTheWorld
ForTheWorld's picture

Ice Cube is still the hardest damn mutha...

http://www.richclassifieds.net/wp-content/uploads/2012/05/557069.jpg

Wed, 07/18/2012 - 14:05 | 2629142 LongSoupLine
LongSoupLine's picture

Too much television watchin' got me chasin' dreams
I'm an educated fool with money on my mind
Got my ten in my hand and a gleam in my eye
I'm a loc'ed out gangsta, set-trippin banger
And my homies is down, so don't arouse my anger, fool
Death ain't nuthin but a heart beat away
I'm livin life do-or-die-a, what can I say?
I'm twenty-three now, but will I live to see twenty-fow'?
The way things are goin' I don't know

Gangstas' Paradise, Coolio

 

yeah...I'm sure they'll contribute.

Wed, 07/18/2012 - 11:12 | 2628152 Skateboarder
Skateboarder's picture

Dr. Drizzay and Snoop Doggy Dizzle in the hizzouse. Gonna bust some smoothass g-funk as we collapse on this shit west coast style. YEE!

Wed, 07/18/2012 - 11:55 | 2628354 killallthefiat
killallthefiat's picture

This thread has not disappointed with a bunch of white-bred-former-NWA-lovin classists.  It's only funny until this stuff starts playing in Peoria.

Wed, 07/18/2012 - 12:16 | 2628490 LFMayor
LFMayor's picture

You haven't been down by the old stockyards lately, or down from the Heights!   P-Taown ALL STARZ, G!

Wed, 07/18/2012 - 16:01 | 2629684 Bananamerican
Bananamerican's picture

i fuckin' hate rap...

it's the soundtrack of a decadent society in collapse....it's the soundtrack of wall street

Wed, 07/18/2012 - 18:34 | 2630027 Temporalist
Temporalist's picture

There is good rap that speaks to society and there is bad rap that remains bad.  Like anything the masses gravitate to the mindless shit instead of the things that make them think because thinking aint cool.

Wed, 07/18/2012 - 12:12 | 2628462 Chuck Walla
Chuck Walla's picture

They overspent?  Isn't that the key to recovery? What's Obama been doing?

Wed, 07/18/2012 - 17:20 | 2629899 natty light
natty light's picture

So much drama in the LBC

Wed, 07/18/2012 - 10:48 | 2628029 Roy Bush
Roy Bush's picture

http://www.youtube.com/watch?v=-MrQtOoQRpc

 

Yeeeeeeeahhhh, BOYZZZZZZ!

Wed, 07/18/2012 - 10:55 | 2628072 Jason T
Jason T's picture

how awesomely fitting!

Wed, 07/18/2012 - 11:13 | 2628161 tmosley
tmosley's picture

I was thinking something more along the lines of this:

http://www.youtube.com/watch?v=FWOsbGP5Ox4

Wed, 07/18/2012 - 11:33 | 2628240 poor fella
poor fella's picture

Was that a premonition?

Compton should snatch that baton, declare bankruptcy, and be the first 100% green community!

Going Thunderdome == Self-sufficient

Wed, 07/18/2012 - 12:05 | 2628420 Arnold Ziffel
Arnold Ziffel's picture

"premonition?"

No. It's a promotion for the city.

Wed, 07/18/2012 - 11:38 | 2628264 fuu
fuu's picture

Link thief.

Wed, 07/18/2012 - 12:13 | 2628463 tmosley
tmosley's picture

lol, didn't see you post it until I scrolled down to the bottom.

Wed, 07/18/2012 - 12:04 | 2628411 Disenchanted
Disenchanted's picture

 

 

 

yeah I like this version better than the one I posted below.

 

City of Compton

we keep it rockin...

 

that is some ironic shit there...Tupac dead, now Compton

Wed, 07/18/2012 - 12:15 | 2628479 tmosley
tmosley's picture

Not dead, just a zombie reanimated with a continuous infusion of electrons:

http://www.youtube.com/watch?v=TGbrFmPBV0Y

You know, like the banks.

Wed, 07/18/2012 - 12:30 | 2628568 Disenchanted
Disenchanted's picture

 

 

I'd like to see that hologram doing this one:

 

http://www.youtube.com/watch?v=CSlsjXb2pn8

Wed, 07/18/2012 - 14:06 | 2629147 SqueekyFromm
SqueekyFromm's picture

Well, I am glad somebody posted this video. Pretty soon everybody in California will be "moving like this" to someplace else:

http://www.youtube.com/watch?v=l7_B6Q5SSUw

Squeeky Fromm, Girl Reporter

Wed, 07/18/2012 - 11:54 | 2628348 Disenchanted
Disenchanted's picture

 

 

 

Kalifornia Love baby! Tupac/Dr. Dre

http://www.youtube.com/watch?v=BKtMiCD_oqk

 

Let me welcome you to the wild wild west

a State that's untouchablle like Elliot Ness..

Wed, 07/18/2012 - 12:03 | 2628405 Arnold Ziffel
Arnold Ziffel's picture

Wait 'till Compton spills over into Irvine and San Clemente....

Wed, 07/18/2012 - 12:12 | 2628464 SemperFord
Wed, 07/18/2012 - 10:49 | 2628037 Tippoo Sultan
Tippoo Sultan's picture

"Straight Outta Compton" by N.W.A. was a 1988 paean to this lovely municipality.

At least Ice Cube had sense enough to leave.

Wed, 07/18/2012 - 11:00 | 2628102 Cortez the Killer
Cortez the Killer's picture

Burn that Mutha Down!!!

Wed, 07/18/2012 - 11:16 | 2628149 Calmyourself
Calmyourself's picture

Remember, no one burns anything down alone, someone made the matches, someone distilled the gasoline, it also takes a country full of idiots to vote in the bamster..  Burn baby burn as there is no more money to rebuild it, good luck..

Wed, 07/18/2012 - 13:09 | 2628785 Ricky Bobby
Ricky Bobby's picture

LMAO - Best comment of the week.

Wed, 07/18/2012 - 11:15 | 2628162 Dr. Richard Head
Dr. Richard Head's picture

So that makes some 6 cities that have shown their cards (The Cali-4, Allentown, PA, one in TX - Shit I can't keep track).  How about the main conduit between the states and the municipalities - THE COUNTIES.  Over 3,000 of them in this here country. 

One thing I know for sure is that I love watching the fire burn from the bottom up, but it would have been nice to let this thing burn from the top down.  We had that chance, ut Bush/Obama/Giethner/Summers/Bernanke all saw fit Save the chosen one's asses at the expense of us all. 

Wed, 07/18/2012 - 11:20 | 2628196 LFMayor
LFMayor's picture

"heh heh,  Fire's COOL!".

Wed, 07/18/2012 - 11:47 | 2628301 Vincent Vega
Vincent Vega's picture

DR Head, Don't forget Jefferson County Alabama Sewer's.

Wed, 07/18/2012 - 14:13 | 2629185 LongSoupLine
LongSoupLine's picture

don't forget Rhode Island all together too...tit's up bitchez.

Wed, 07/18/2012 - 17:27 | 2629911 natty light
natty light's picture

Central Falls, RI

Wed, 07/18/2012 - 11:21 | 2628201 Agent P
Agent P's picture

I remember that photo well...it was taken last Tuesday.

Wed, 07/18/2012 - 10:45 | 2628009 john39
john39's picture

very hard to predict the level of fraud and manipulation used to kick the can on what is inevitable...   give the criminals their due, they are masters of deception.

Wed, 07/18/2012 - 11:00 | 2628096 bonddude
bonddude's picture

Wrong? Bullshit. Just because YOU are hearing about only now doesn't make her wrong. Every Municipal issuing entity in Cal that uses Calpers to handle their pension obligations is, how you say, fucked in the derriere. This fact alone will precipitate a wave of defaults and payout cuts.

Wed, 07/18/2012 - 11:03 | 2628114 bonddude
bonddude's picture

Did you know the police chief of Mammoth Lakes was pulling in $250-300K annually ? Forget about the city council that fucked the city. That was absolutely "Bell, Ca." of him.

Wed, 07/18/2012 - 11:36 | 2628257 DeadFred
DeadFred's picture

It's tough duty policing a city with over 8K people in an isolated ski resort locale. Violent snow bunnies can be extremely dangerous.

Wed, 07/18/2012 - 11:58 | 2628366 Citxmech
Citxmech's picture

Absolutely correct.  For a chilling example:  http://www.youtube.com/watch?v=XcxKIJTb3Hg

 

Wed, 07/18/2012 - 16:13 | 2629736 RSloane
RSloane's picture

Haha!

Wed, 07/18/2012 - 12:01 | 2628388 stocktivity
stocktivity's picture

Meredith was too early in her call and was ripped apart for it. She will be right in the long run.

Wed, 07/18/2012 - 13:07 | 2628780 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

I got some tax-free California muni bonds for sale (I'll give you a really gooood deal, trust me).

Any takers?

Wed, 07/18/2012 - 10:52 | 2628043 mick68
mick68's picture

Make a habit of calling people bitches all day and it's a matter of time before you become someone's bitch.

Wed, 07/18/2012 - 10:58 | 2628085 Stoploss
Stoploss's picture

Hey! It's hip to be square!

Wed, 07/18/2012 - 12:19 | 2628510 Fish Gone Bad
Fish Gone Bad's picture

...the local population will be calm, cool and collected

Have you ever been to Compton?  I have.  That will absolutely NEVER happen.

Wed, 07/18/2012 - 21:28 | 2630413 ForTheWorld
ForTheWorld's picture

Unfortunately, he forgot to add </sarcasm> to the end of the post.

Wed, 07/18/2012 - 12:20 | 2628522 Oldballplayer
Wed, 07/18/2012 - 16:04 | 2629703 TeMpTeK
TeMpTeK's picture

No Problem .. we can git som O' dat Obama Money

Wed, 07/18/2012 - 16:04 | 2629704 TeMpTeK
TeMpTeK's picture

No Problem .. we can git som O' dat Obama Money

Wed, 07/18/2012 - 10:42 | 2627992 Lost Wages
Lost Wages's picture

Anarchy, bitchez.

Wed, 07/18/2012 - 10:43 | 2627996 LULZBank
LULZBank's picture

My Bitchezz are faster than yours!! LOL

Wed, 07/18/2012 - 10:55 | 2628070 mick68
mick68's picture

Why don't both you bitches take a few hours to get a new schtick? It was funny the first 5 times or so, but like any gag, it wears thin and this one is far beyond thin.

Wed, 07/18/2012 - 11:27 | 2628179 LULZBank
LULZBank's picture

You from Compton?

Why So Seriousss?

Anger
Wed, 07/18/2012 - 12:22 | 2628534 Bawneee Fwank
Wed, 07/18/2012 - 10:45 | 2628007 Thomas
Thomas's picture

Chapter 9 will become as well known as page 27 in "The Godfather".

Wed, 07/18/2012 - 11:13 | 2628157 wherewasi
wherewasi's picture

+1 from my pre-teens....  thanks for the memory

Wed, 07/18/2012 - 12:29 | 2628557 DosZap
DosZap's picture

Californian Politicians for the most part are total frigging nutcakes.Esp in the southern end.

All this crap going on, and they want a new rail system, and raise even MORE taxes.

Well over 5 million have left the tax roles and state, and IMHO, these IDIOTS are the TRUE defininition of insanity.

Talk about lynchings.............badly needed.

They thru greed and liberalism, have destroyed totally, one of the used to be greatest states.

What was the 15th largest economy in the world is well on the way to  a third world country.

This is an example of where most states are headed if this admin is not stopped.

Secession by sane states seems to be the only option at this point.

Wed, 07/18/2012 - 10:55 | 2628067 Azannoth
Azannoth's picture

"..the local population will be calm, cool and collected as long as it takes."

CHimpOut - better familiarize your selves quickly with this term it's gonna get ugly soon

Wed, 07/18/2012 - 11:41 | 2628277 Not Too Important
Not Too Important's picture

What's worse is the phrase 'White girl bleed a lot'. This is getting very disturbing:

http://www.wnd.com/2012/07/are-race-riots-not-news/

Wed, 07/18/2012 - 11:57 | 2628359 Abiotic Oil
Abiotic Oil's picture

Black teenage mob assaulting white people is "mischevious youth".

White people fighting back is racially motivated hate crime perpetrated by the Klan.  Eric Holder will personally make the arrest while Al Sharpton and Jesse Jackson chimp out about the honkey-ass-white-devils that are trying to commit racial genocide.

Wed, 07/18/2012 - 13:33 | 2628938 MachoMan
MachoMan's picture

Let's not forget the katrina fiasco...  where black people looking for sustenance were "dirty looters" whereas white people doing the same were "just trying to survive" or merely "scavenging"...  it just depends on how much lead/prep time the reporters have to hide their natural biases...  and/or purposefully start an issue. 

Wed, 07/18/2012 - 14:20 | 2629228 robertocarlos
robertocarlos's picture

He was just carrying his plasma TV to drier land. I'd have done the same. And it goes without saying that beer must always be rescued.

Wed, 07/18/2012 - 10:45 | 2628006 Overfed
Overfed's picture

Let's light some shit on fire!!

Wed, 07/18/2012 - 10:48 | 2628027 No One
No One's picture

Isn't the rebuild good for GDP? 

Wed, 07/18/2012 - 11:39 | 2628185 Dr. Richard Head
Dr. Richard Head's picture

Paul Krugman could argue it so.  Argue it wrongly of course, but argue it he would.  Breaking some windows and burning shit down would sure push aggregate demand, helping GDP, and then we will all be saved.  Oh yeah, don't forget to borrow some money too, go shopping.

Wed, 07/18/2012 - 22:28 | 2630573 TURBO
TURBO's picture

Amen brother. I just forwarded (lifted) your comment to Lib friend. (I love watching Lib's head's explode).

Lib said: Deficits don't cause Recessions; Recessions cause Deficits. That it's Bush's fault tax revenues have dropped.

I said: That's BS. Unions cause Deficits; and, it appears under Obama's watch that revenues have shrunk by $5 Trillion??

Wed, 07/18/2012 - 11:56 | 2628355 Debt-Penitent
Debt-Penitent's picture

Krugman's destruction-equals-prosperity clip

http://www.youtube.com/watch?v=Tt1W0F0yObg&feature=related

Wed, 07/18/2012 - 12:06 | 2628423 Quantum Nucleonics
Quantum Nucleonics's picture

If they rebuild.  There are parts of southcentral that still have not been rebuilt from the last riots.

Wed, 07/18/2012 - 11:00 | 2628099 marathonman
marathonman's picture

A very Keynesian solution.  Then we'll have the Americorp come in and rebuild.  Everyone wins!

Wed, 07/18/2012 - 10:45 | 2628008 jonan
jonan's picture

califoenyanya...knows how to partay

Wed, 07/18/2012 - 11:16 | 2628174 butchee
butchee's picture

From Oakland to Sacktown
The Bay Area and back down
Cali is where they put they mack down

http://www.youtube.com/watch?v=eDZ961xhNEo

Wed, 07/18/2012 - 10:45 | 2628010 Dr. Engali
Dr. Engali's picture

You mean municipalities are defaulting ? I hadn't heard anything about that. I thought we had a booming economy according to the MSM.

Wed, 07/18/2012 - 10:55 | 2628061 kito
kito's picture

btw doc, that bet of ours is looking quite favorable for me after bens assurances that qe3 will come...one day....

Wed, 07/18/2012 - 11:08 | 2628124 Dr. Engali
Dr. Engali's picture

I'm reading things a different way, but that is what makes a market. I'm sure I'll be enjoying a turkey sandwich before election day.....

Wed, 07/18/2012 - 11:19 | 2628192 kito
kito's picture

doc, things will have to turn ugly very fast for that to happen...remember, the stock market has bens fingerprints all over it....they are clearly working to keep it propped up...brian stack and co. have done an admirable job....there is almost no chance ben is willing to put himself on the chopping block anytime soon....he full well understands what happens if qe3 fails.......it will be absolute last resort.....figure well after elections............

Wed, 07/18/2012 - 11:04 | 2628118 CrashisOptimistic
CrashisOptimistic's picture

There is a very important concept in play that is an unwritten rule in the world of finance.

A PROBLEM DELAYED IS A PROBLEM SOLVED.  The finance folks have watched this prove out repeatedly in the 20th century.  They have advised the politicians not to cut because time will solve the problem.

THAT IS OLD NORMAL THINKING.  It only worked in a world of infinite oil and infinite growth.  You cannot grow your way out of these can-kicked, worse-as-a-result problems when you have no growth.

The shock coming will kill a great many people.

Wed, 07/18/2012 - 10:46 | 2628013 kito
kito's picture

One thing is certain: once Compton is completely free of law enforcement (which as it happens is unaffordable by broke cities), the local population will be calm, cool and collected as long as it takes...

wait, you mean the police force wont be willing to risk their lives in a fiery hellhole for 7.25 an hour? 

Wed, 07/18/2012 - 10:46 | 2628015 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Straight outta Compton, a crazy mother fucker named Meredith!  She called the fucking Muni apocalypse!

Wed, 07/18/2012 - 11:22 | 2628206 Dr. Richard Head
Dr. Richard Head's picture

Ahhhhh the munipolypse. 

Trade mark pending.  Need to rush over to Urban Dictionary to mark the munipolypse. 

Makes me thinks of nipples and lips really, but we all know what the munipolypse is.

Wed, 07/18/2012 - 12:00 | 2628383 Abitdodgie
Abitdodgie's picture

Meredith was hot in " Last action hero"

Wed, 07/18/2012 - 10:47 | 2628022 Josh Randall
Josh Randall's picture

In the Cityyyyyyyyy...City of Compton

Wed, 07/18/2012 - 10:50 | 2628040 jonan
jonan's picture

is reaal coool to the homeleeeessss!!!

Wed, 07/18/2012 - 10:47 | 2628023 RobotTrader
RobotTrader's picture

Muni-bond index ETFs are totally shucking it off.

 

MUB keeps grinding higher and higher.

CXA California muni-bond ETF is at 52-week highs.

Same for New York NYF.

Reminds me of the silver market when it was approaching $50, nobody believed that downside was possible.

 

Wed, 07/18/2012 - 10:49 | 2628036 kito
kito's picture

robo, why shouldnt it grind higher, after all, thanks to the federal reserve, the entire investing world is risk free......

Wed, 07/18/2012 - 11:41 | 2628271 LowProfile
LowProfile's picture

Kind of funny that everybody's junking Robo when he's clearly indicating a blow off top in munis!

Wed, 07/18/2012 - 10:50 | 2628039 somethingisrotten
somethingisrotten's picture

SPAM

Wed, 07/18/2012 - 11:03 | 2628113 resurger
resurger's picture

What's your mom's number?

Wed, 07/18/2012 - 11:23 | 2628204 LouisDega
LouisDega's picture

Robo, You left left out the LOL . Youre slipping

Wed, 07/18/2012 - 10:47 | 2628024 EmileLargo
EmileLargo's picture

Does Compton have any taxpayers?

Wed, 07/18/2012 - 10:57 | 2628077 wonderatitall
wonderatitall's picture

yeah, three. they are called muggees

Wed, 07/18/2012 - 18:15 | 2629992 KowPie
KowPie's picture

That was worthy of iced tea spurting out of my nose. Good one.

Wed, 07/18/2012 - 10:48 | 2628028 buzzsaw99
buzzsaw99's picture

Wall Street is completely free of law enforcement and they are doing great!

Wed, 07/18/2012 - 10:49 | 2628035 goforgin
goforgin's picture

Bankers and businessmen sitting on municipal councils are too blame, but, guess who is going to get the blame?

Wed, 07/18/2012 - 10:56 | 2628075 wonderatitall
wonderatitall's picture

bush? atms? japan?, not the democrat hoodlums that run cali thats for sure

Wed, 07/18/2012 - 10:50 | 2628038 Mitch Comestein
Mitch Comestein's picture

"Yo Ren...Tell em where you from"

 

"City of Compton....Expletive, Expletive,etc ... repeat."

Wed, 07/18/2012 - 10:52 | 2628048 Mitch Comestein
Mitch Comestein's picture

In the depression of the 30's people flocked to California.  This depression is marked by people leaving!

Wed, 07/18/2012 - 13:40 | 2628988 MachoMan
MachoMan's picture

I can't speak for all the states, but I think I can say we generally don't want the refugees... 

Wed, 07/18/2012 - 10:52 | 2628049 the not so migh...
the not so mighty maximiza's picture

They should leave the Union and start their own City-State utopia, before they ask for a bailout.  

Wed, 07/18/2012 - 10:53 | 2628052 azzhatter
azzhatter's picture

Wait til the Illinois cities start coming

Wed, 07/18/2012 - 11:37 | 2628256 LFMayor
LFMayor's picture

Next stop, Chitown
Lito put the money down

and let it roll

Wed, 07/18/2012 - 12:05 | 2628417 Abiotic Oil
Abiotic Oil's picture

Chicago will be ok as guns are illegal there and no one has any.

" Two boys – ages 13 and 14 – were among four killed, and at least 31 others were wounded in shootings in Chicago over the weekend."

Wed, 07/18/2012 - 10:54 | 2628056 Tee2green
Wed, 07/18/2012 - 10:55 | 2628060 Everybodys All ...
Everybodys All American's picture

What a mess ... Really sad. How does a municiple get that far in debt?

Wed, 07/18/2012 - 11:07 | 2628133 urbanelf
urbanelf's picture

All the money went ... straight outta Compton!

Get it?  Get it?  GET IT?!?!?!?!?!?!?!?!?! 

Wed, 07/18/2012 - 12:01 | 2628389 Offthebeach
Offthebeach's picture

Do you know how much it costs to put 32" rims on every cop car?

Wed, 07/18/2012 - 12:07 | 2628430 Citxmech
Citxmech's picture

I just love how the City fathers all seem to wait until they can't make payroll to start the discussion about what to do rather than attempting to do something maybe a wee bit before hand.

Wed, 07/18/2012 - 14:25 | 2629254 object_orient
object_orient's picture

There's more leverage in an imminent crisis. Get everyone scared of doomsday, no time to ask questions or assign blame. Then force through "emergency" agenda. See Hank Paulson, 2008 bank bailouts.

Wed, 07/18/2012 - 10:55 | 2628069 Bollixed
Bollixed's picture

If Compton legalized prostitution and drugs and taxed them they'd be the financially healthiest city in America. Hoes and Hopheads FTW.

Wed, 07/18/2012 - 10:56 | 2628073 nobusiness
nobusiness's picture

Escape from LA

Wed, 07/18/2012 - 10:58 | 2628083 fuu
Wed, 07/18/2012 - 11:09 | 2628106 goforgin
goforgin's picture

When the looting is over, white people will turn over America back to the Indians. Many whites are now living like homeless and stateless marauders--trotting around the globe seeking the next place to loot.

Wed, 07/18/2012 - 11:03 | 2628116 Little John
Little John's picture

Texas is gonna leave this mess and go into the nation state business for it’s self.  When that happens - and we all know it will - ownership of a Zero Hedge cap will accepted as proof of citizenship.  

Wed, 07/18/2012 - 11:15 | 2628171 Its_the_economy...
Its_the_economy_stupid's picture

I have had my cap mfor almost a year. No one in my town of 18K has recognised it to me yet. 

Sometimes I feel like I don;t have anything to say to anyone 'round here.

Wed, 07/18/2012 - 11:20 | 2628197 Little John
Little John's picture

Just show up at Texas border with it and we'll let you in.

Wed, 07/18/2012 - 13:43 | 2629009 MachoMan
MachoMan's picture

got mine for christmas 2 years ago...  not a single person in my metro area (~150k) has recognized it...  will keep in case I need to flee to texas.

Wed, 07/18/2012 - 11:20 | 2628194 AssFire
AssFire's picture

I dream of this coming day. I have many Yankee co-workers whose entire families are moving here from NY and OH. Seems after they visit here they are shocked to see old American values and courtesy. The Woodlands has also been experiencing dramatic growth of wealthy Mexicans fleeing kidnapping problems of Mexico.

Wed, 07/18/2012 - 11:53 | 2628334 Lednbrass
Lednbrass's picture

Where I am in upstate SC those people are also shocked to see old American values and courtesy, so of course they come here to buy a nice lakeside house and immediately try to turn it into where they left so that those last vestiges can be completely eradicated.  They are hated deeply and passionately by the locals, and should things get ugly I expect some serious harshness.

Quite a few times in the last year or so I have heard mutters along the lines of "If everything falls apart, those people are gonna have to swim across the lake at gunpoint or die". If the trucks ever stop running the large amounts of meat, fruit, and vegetables grown around here certainly aren't going to be available to them at any price.

Wed, 07/18/2012 - 12:18 | 2628503 Abiotic Oil
Abiotic Oil's picture

Same thing happens in Oregon.  Kalifornians come up here and discover the "untouched beauty" and then move up here to "get away from the rat race" and then immediately upon arrival start trying to transform Oregon into a replica of the socialist hell they escaped.

I sit in traffic where there used top be none and imagine if all the cars around me with Kali plates simply vaporised... I would no longer be sitting in traffic.

Wed, 07/18/2012 - 14:59 | 2629444 Backdraft
Backdraft's picture

Led... upstate here also. Howdy, neighbor. These ZH'ers are more plentiful than one would think!

Thu, 07/19/2012 - 07:29 | 2631071 Dukepinewood69
Dukepinewood69's picture

N.C. native here living near you outside of Charlotte......I feel your pain.

Wed, 07/18/2012 - 13:46 | 2629043 MachoMan
MachoMan's picture

I went to the woodlands...  about every third car was a ferrari or lambo...  kinda strange actually.  However, I didn't get to see any american values or courtesy on display...  at least not any more or less than most places.

Wed, 07/18/2012 - 11:05 | 2628122 Morrotzo
Morrotzo's picture

What is the common denominator in these Chapter 9 bankruptcies? RACE. Black and brown towns are goin' down and dragging the country down with them. Those races are wholly incapable of self-rule.

Wed, 07/18/2012 - 11:19 | 2628188 Little John
Little John's picture

That's kind of a mean spirited thing you blurted out.  Mean spirited but true.

Wed, 07/18/2012 - 14:40 | 2629330 object_orient
object_orient's picture

San Bernardino mayor and half city council are white. If any racial generalization is operative here, it's "brown and black" voter apathy. Although I think any notion of civic duty or participation is dead in this country, regardless of race. Ignorance of the political process and no citizen oversight. Politicians can loot the city coffers with impunity. Public corruption is endemic from the top down, and law enforcement takes its cues from the DOJ, which is of course asleep at the wheel.

Wed, 07/18/2012 - 12:07 | 2628207 AssFire
AssFire's picture

Got to give you a:

Holy BeJeebus, Dat be Rayciss

(but of course true)

Wed, 07/18/2012 - 11:29 | 2628229 upWising
upWising's picture

Mammoth Lakes is as lilly-white and prissy a place as you will find in all of Murika.  They are obviously incapable of self-rule.

Wed, 07/18/2012 - 12:27 | 2628555 blunderdog
blunderdog's picture

I'd challenge someone to find ANY well-run government these days.

Even da whites is just a buncha niggaz, nigga.

Wed, 07/18/2012 - 12:34 | 2628585 DosZap
DosZap's picture

I'd challenge someone to find ANY well-run government these days

Texas as a state, and 90% of the cities in it.Sales tax revenues are up 15.3% YTD, and if you come to the DFW area, you will be hard pressed to have a clue their is a depression/recession going on.

Bout as close as you get.

Well run, compared to what?.

LOL, there is NO bar any more.

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