Skip to comments.16 US Cities Facing Bankruptcy If They Don't Make Deep Cuts In 2011
Posted on 12/21/2010 4:17:16 PM PST by Zuben Elgenubi
2011 will be the year of the municipal default. At least that's what analysts like Meredith Whitney predict, as do bond investors that have been fleeing the muni market.
There are many reasons to be worried. First, the expiration of Build America Bonds will make it harder for cities to raise funds.
(Excerpt) Read more at businessinsider.com ...
San Diego, NYC, San Jose, CA, Cincinnati, Honolulu, San Francisco, Los Angeles, Washington DC, Newark NJ, Detroit, Reading PA, Camden NJ, Hamtramck, Mich. , Central Falls, R.I., Paterson, N.J. and Chicago IL.
Need a FReep on the comments.
Of course the first slated for the chopping block will be "essential" services.
Reminds me that I need to buy more ammo.
Watch Day of the Dead. Fending off 3000 zombies with nothing but a couple of shotguns is a lot harder than it sounds. Better have some minefields, cannons, flamethrowers and some ex-commandos while your'e at it.
I blame NAFTA. There, I’m done, and ready to whine elsewhere.
Well, hie thee to Dubai, then. I hear flats are going for a quarter of their '07 peak. And, they like you. They really, really like you.
I think LA is planning a strategic default...the unions won’t accept anything less.
Camden, NJ, Harrisburg, PA and Philadelphia PA not in this list????
Camden, NJ is on the list but not Harrisburg PA nor Philly (yet)
Drooling idiots/sheep who watch TV and ALL TV helped get the muslim elected and keep him in power. Even Al Waleed’s Fox took campaign ads and were happy election night when the messiah one.
TV keeps the idiots who watch confused and docile.
Arbitration being a last resort may become a reality just before death.
Camden, Paterson and Newark going bankrupt? I’m shocked! Shocked, I tell you!
Your tears nourish me.
Pittsburgh isn’t on the list?
This town has a huge pension liability problem and has been designated as a distressed municipality, has a kid mayor who looks mature next to the juvenile attitudes among the city council, who refuses even to address the question rejecting any solutions proposed out of hand.
2011 will be the year of the municipal default.
2012 will be the year several states default?
A better question than which cities are on the list is who’s pension fund will go under because it is invested in municipal bonds.
I heard crime is skyrocketing in Newark.
Chicago is screwed going forward, the Mayor sold off all revenue streams to make budget.
Obamas base is sinking into the abyss.
Scratch Dubai, sounds as if you'd find the Pashtun to be a better fit.
You are touchy today, need a hug?
2011 will be the year of the municipal default.Yep. Because Democrats will never cut expenses. They only look to tax.
2012 will be the year several states default?
Definitely Pashtun for you.
Or, it makes former viewers so insane that they continually post the same message endlessly on Free Republic.
Why? Did a Pashtun man leave you for another man? Or a goat, maybe?
There’s going to be a lot of angry armed cops in 2011 and 2012.
I’ll just leave you to marinate in your fetid imagination, rudester.
An impression like a ten ton metal stamping press to the brain.
If anyone is looking for evidence that Democrats don’t know how to govern, just show them this list. Amazing.
And I’ll relish the fact that I scored a point, Regulator.
States in Fiscal Peril http://www.pewcenteronthestates.org/report_detail.aspx?id=56044
Wimpy has eaten a lot of hamburgers and now it’s Tuesday.
Dan Diego turned red this year.
It is obvious to decent people that liberals “unintended consequences” are devastatingly massive.
What I wonder about is, who will they blame?
Because, they will NEVER blame themselves.
And next is, who will believe them when they next try to squirm out of the implosion that will come?
“Dan” - San. I hate when that happens.
Hadn’t thought of it that way. Wouldn’t miss the city politicians, though, so have at em.
Vallejo, California is not on the list.
Why would you blame NSFTAS?
Blame unions and lawyers and teachers
NAFTA pays for its self
Cincinnati has been a RAT bastion for decades. Hamilton County was RED until 10 years ago. Since then, RATS have even taken over the County Commission. Cincinnati used to be THE model of professional City Manager form of government. That started eroding in the 70s, and today, it is run by UBER-RATS who have under-funded pensions for decades so they could buy votes. Their spending habits are as bad as Detroit. It’s a disgrace.
Stupid, but true.
What,Cleveland’s not on the list?
All the Union jobs and the rest are all going to other countries. YEAH NAFTA working real well for Mexico and the United States. (Sarcasm off)
We were sold the B.S. line that it was going to make us all prosperous. Now look at Mexico it’s a failed state according to the Pentagon and CIA. Look at the trouble our country is in. Mexico is freaking disaster.
You really are a one trick pony, aren't you?
You isolationist antitrade union loving folks are all wet.
The Democrat Party and the democrat party alone is responsible for the current economic debacle. Acting in concert across state (Eliot Spitzer Attorney general Of New York) and Federal lines ( Barney Franks and Chris Dodd) The banking business was forced to self destruction.
To talk of NAFTA being a problem is ludicrous in comparison.
$2tn debt crisis threatens to bring down 100 US cities
Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the US economic recovery.
More than 100 American cities could go bust next year as the debt crisis that has taken down banks and countries threatens next to spark a municipal meltdown, a leading analyst has warned.
Meredith Whitney, the US research analyst who correctly predicted the global credit crunch, described local and state debt as the biggest problem facing the US economy, and one that could derail its recovery.
“Next to housing this is the single most important issue in the US and certainly the biggest threat to the US economy,” Whitney told the CBS 60 Minutes programme on Sunday night.
“There’s not a doubt on my mind that you will see a spate of municipal bond defaults. You can see fifty to a hundred sizeable defaults more. This will amount to hundreds of billions of dollars’ worth of defaults.”
Well some don’t see this as bad even though there’s been fraud ...
Banks Look to Profit on Muni-Bond Fears
Bank of America Muni Bid Rigging Payments May Be `Tip of the Iceberg’
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