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Harrisburg - POP!
Stockton - POP!
It's like the first few kernels of a jumbo Redenbacher bag in the microwave. :D
Harrisburg was "fixed" by the Governor. Same will happen here.
"Fixed" is the new statist term for wealth transfer.
15 years ago, the U.S. had Steve Jobs, Johnny Cash & Bob Hope.
Today, the U.S. (and the EU) have no jobs, cash or hope, bitchez.
Kevin Bacon, please don't die.
It was clever the first time... and I wouldn't say it's being beaten to death yet... but, please stop saying it.
It would be best if your advice is ignored as many may not have seen it the first time around.
There is no way I can read all the material here and on other blogs. There isn't enough time in a month to get through even one web site's post and comments.
It's still clever, I haven't seen it before, and if it appears again, I'll just presume that someone else gets to see it for the first time.
No harm, no.....
Are you curled up in a basement somewhere waiting for the The Wizard of Oz to come out on VHS?
"It's like the first few kernels of a jumbo Redenbacher bag in the microwave."
LOL. I liked that.
Hey guess what kids. This is one situation you will never see in China.
'merika muni's; time to chew on that poison pill. Ask Meridith, she'll tell ya!
Thanks! From China. Peace be with you.
It's all bullish. Look :
U.S. municipal defaults fell in the last quarter to 12, totaling $126 million, from 18 a year earlier and 24 in the same period of 2009, according to the Distressed Debt Securities Newsletter.
Any date for the default being official?
We're in for quite the comedic juggling act here. Munis, Europe, BAC, etc. It will make for some good television, but the sore asshole part we're all going to feel sorta turns me off to the fun.
Right up the road from my fair burg.
Tax revenues are one buboe they cannot hide.
Were I the Jefferson County authorities I would pay only a token amount.
Norman, Oklahoma had a 10-15 million dollar deficit planned for next year. The general fund has about 25-30 million left in it. I imagine this is the typical story all across this country. Time is running out... Major cuts will have to be made for 2013.
no link you stink
About the only news that covers it is the OU paper from time to time. You can look at here though...
i guess you meant for me to read through the 2013 budget pdf. :yawn:
the city of norman has money coming out its butt. they projected a shortfall last year then found a million bucks they didn't even know they had. right now they are arguing how to fund a new animal shelter, with the $3M extra bux in the safety fund, or pass another bond measure. it goes for a vote soon. if there were any municipal bond i would be willing to hold through this depression would be ou or the city of norman. the only problem they have is wanting to spend like a drunken californicator.
I agree, IF the education bubble holds. They'll be able to raise taxes to whatever in order to survive.
ain't it the truth? they want to tax themselves to death around here. i swear we are being run by big city liberals.
Only the finest...
that would make a good halloween mask.
What a profile. Public management consultant, political science professor, policy analyst, all kinds of feel good boards and councils, and to top it all off a methodist named rosenthal. They didn't mention if she was a ginger and a jersoyian too.
Maybe the animal shelter in Norman can help feed the folks in Stockton and Harrisburg.
Stockton just needs some 'animal spirits,' and everything will turn around for them.
they'd just get mange and end up in the incinerator.
The article says Stockton is a farming kind of place. It's not. It's a city, with a large minority population. The kids have never seen a pig or a chicken or a rabbit, and even wouldn't know that they were for food. The idea of a Dad getting up in the morning and going to work every morning is as foreign to them as sitting around all day and getting paid to drink and smoke is to us.
Match inching closer to the fuse . . . .
The fuse has been lit, the only question is how long is the fuse?
Anyone whose interest has been piqued by Occupy Wall Street and similar protests, here’s another reason to support their cause.
On Wednesday, the government released data from 2010 paychecks . This includes numbers from payroll taxes that have been reported to the Social Security Administration. They paint a disturbing picture.
The data showed that in 2010, there were fewer jobs and they paid less. One exception is people making more than $1 million annually. This increased by 20 percent from 2009.>>
It goes to the soaring inequality we are seeing worldwide.
None of this is sustainable so why worry, just hedge accordingly.
A colleague of mine argues adamantly that municipalities cannot default because "state law says so." I think she is infested with logic antibodies...
Well, there's a partial truth in there. Not all, but a number of state constitutions require taxes to be raised if necessary to pay GO bond coupons.
What happens when the debt exceeds the recoverable tax base? Take your time...
Furlough Fridays become Door-to-door confiscation day?
Anyone who thinks states can outlaw default is An obvious Obama voter.
Yes, sort of like outlawing plate techtonics and bad weather.
Can we outlaw stupid while we're at it? Thx.
Before we declare all muni bonds to be bad, I'd like to know how long there have been problems in Harrisburg and Stockton. I wouldn't doubt if these cities have been knee-deep in fiscal problems for years. This was very true for Central Falls, RI, which was in financial problems for decades.
Not all muni bonds are bad. All that needs to happen is to quarantine all munis in NY, New England, the deep south, MI, CA, AZ and NV. Otherwise, the default prospects for the rest of the country are probably < 15%. It's quite bullish. :D
Stockton has been on a downward trajectory for years. It's a city that really belongs in Detroit. However, that being said, I wouldn't count it out. I've seen a lot of tantalizing signs of growth there in the past couple years. Lots of businesses have moved out that way to take advantage of the rock bottom rents. I5 (the main artery of California state) cuts right through Stockton. It's also got a port by way of the California Delta that opens up to the Pacific. Being in the middle of vast tracts of farmland, lots of agricultural products terminate there. It has lots of industry currently sitting dormant that will have lots of relevance in a new economy. Stockton may go under for now but I think it can come back as a strong center of commerce after the fall.
I am Chumbawamba.
Hunger will probably not be an issue in Stockton as you've pointed out. Weather, topography, (14' above sealevel), agriculture and central location between major travel routes (I5 and the infamous Hiway 99 straddle our east and west borders) including goods to / from the Port of Oakland and the (Uncle Warrens)railroad activity all contribute to it's future economic viability.
Personally, the "strength" of diversity has been overplayed in the community and has created division and subsequent suspicion, isolation and economic contraction.
Rather than "celebrating" our individual racial / cultural "uniqueness", a return to promoting common social goals of security, integration and prosperity would be a better exercise.
Until we can get a handle on the mortgage bifurcation madness and the ensuing 65-75% decline in local residential RE values, Our struggles will continue. The culprits of this debacle have yet to provide restitution to the aggrieved, (individually and collectively-as tax collections show), though they were made whole over 3 years ago.
Seek Justice, Love Mercy, Walk Humbly.
The drought of the last few years hit the Central Valley (and Stockton, by extension) hard. The growth you speak of may be due to the recent relief of that drought. Let's hope it holds. Seeing the miles and miles of dead farmland was heartbreaking.
The water wars between Western States in the years to come will be ugly, but inevitable.
"The Drought" meaning "The EPA making it illegal to use the water in the delta, to protect an invasive spieces bait fish with no inherent value."
Yeah, that was rough. but the data say Stockton is a crappy place to live anyway: http://www.city-data.com/crime/crime-Stockton-California.html
The EPA's suck-balls policy made the worst of a bad situation, meaning the diminished water from the actual drought went to protect the delta smelt rather than grow crops, yeah.
Great site, by the way.
The inherent value of the Delta Smelt is to give a convenient excuse for Delta area farmers to shut down the pumps sending their water to the infertile desert called the South Valley. Those welfare-billionaire farmers dried up Tule Lake a generation ago to make the desert bloom with water intnesive crops like cotton and alfalfa, dried up the Stanislaus River before it reaches the Bay (or the Delta) and now they want to reach into Nature's Switchboard for the California water system and dry up the only natural irrigation farming system in the state? Fuck them.
Everytime a Delta conservative farmer type starts to think they might be being robbed, these K Street types sidle up to them with this "Surely you wouldn't support a FISH," argument.
Can't the Fed just give them some loans to cover their payments?
or swap for some old road equipment (at brand new 2012 prices)?
What do you think Build America Bonds were?
A voluntary means of debt enslavement.
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