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16 US Cities Facing Bankruptcy If They Don't Make Deep Cuts In 2011
Business Insider ^ | December 21, 2010 | Gus Lubin and Leah Goldman

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 ...


TOPICS: Business/Economy; Local News
KEYWORDS: 0bamasfault; bankrupt; bankruptcy; bonds; broke; cities; debt; deficit; obamasfault; pension; pensions; spending; unions
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All solid blue cities with the exception of Cincinnati, Ohio.

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.

1 posted on 12/21/2010 4:17:24 PM PST by Zuben Elgenubi
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To: Zuben Elgenubi
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.

Of course the first slated for the chopping block will be "essential" services.

Reminds me that I need to buy more ammo.

2 posted on 12/21/2010 4:22:08 PM PST by EGPWS (Trust in God, question everyone else)
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To: Zuben Elgenubi

America: Exporting jobs, importing illegal labor and insane deficits and spending.

The outcome is a mathematical certainty.


3 posted on 12/21/2010 4:22:22 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: EGPWS
"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.

4 posted on 12/21/2010 4:25:07 PM PST by Soothesayer9
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To: Toddsterpatriot; Mase; expat_panama

I blame NAFTA. There, I’m done, and ready to whine elsewhere.


5 posted on 12/21/2010 4:26:10 PM PST by 1rudeboy
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To: Zuben Elgenubi
The coincidence of these cities being liberal haven USA is uncanny to say the least.
6 posted on 12/21/2010 4:27:37 PM PST by EGPWS (Trust in God, question everyone else)
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To: 1rudeboy
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.

7 posted on 12/21/2010 4:28:49 PM PST by RegulatorCountry
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To: Zuben Elgenubi

I think LA is planning a strategic default...the unions won’t accept anything less.


8 posted on 12/21/2010 4:28:59 PM PST by BurbankKarl
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To: Zuben Elgenubi

Camden, NJ, Harrisburg, PA and Philadelphia PA not in this list????


9 posted on 12/21/2010 4:29:00 PM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: 2banana

Camden, NJ is on the list but not Harrisburg PA nor Philly (yet)


10 posted on 12/21/2010 4:30:46 PM PST by Zuben Elgenubi
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To: F15Eagle

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.


11 posted on 12/21/2010 4:33:25 PM PST by Frantzie
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To: BurbankKarl
I think LA is planning a strategic default...the unions won’t accept anything less.

Arbitration being a last resort may become a reality just before death.

12 posted on 12/21/2010 4:35:12 PM PST by EGPWS (Trust in God, question everyone else)
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To: Zuben Elgenubi

Camden, Paterson and Newark going bankrupt? I’m shocked! Shocked, I tell you!


13 posted on 12/21/2010 4:35:16 PM PST by Mase (Save me from the people who would save me from myself!)
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To: RegulatorCountry

Your tears nourish me.


14 posted on 12/21/2010 4:35:18 PM PST by 1rudeboy
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To: Zuben Elgenubi

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.


15 posted on 12/21/2010 4:36:01 PM PST by I_Like_Spam
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To: Zuben Elgenubi

2011 will be the year of the municipal default.

2012 will be the year several states default?


16 posted on 12/21/2010 4:36:21 PM PST by flowerplough (Thomas Sowell: Those who look only at Obama's deeds tend to become Obama's critics.)
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To: Zuben Elgenubi

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.


17 posted on 12/21/2010 4:40:46 PM PST by Brilliant
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To: Zuben Elgenubi
Camden and Patterson are toast.

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.

18 posted on 12/21/2010 4:41:37 PM PST by PA-RIVER
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To: Zuben Elgenubi
No big deal. I'm sure the RINOS will simply pass a few more trillion dollar “stimulus” packages so the cities can hire bunches more useless bureaucrats.
19 posted on 12/21/2010 4:46:21 PM PST by Cementjungle
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To: 1rudeboy
Your tears nourish me.

Scratch Dubai, sounds as if you'd find the Pashtun to be a better fit.

20 posted on 12/21/2010 4:48:46 PM PST by RegulatorCountry
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To: RegulatorCountry

You are touchy today, need a hug?


21 posted on 12/21/2010 4:50:05 PM PST by 1rudeboy
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To: flowerplough
2011 will be the year of the municipal default.

2012 will be the year several states default?
Yep. Because Democrats will never cut expenses. They only look to tax.
22 posted on 12/21/2010 4:51:02 PM PST by Minus_The_Bear
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To: 1rudeboy
You are touchy today, need a hug?

Definitely Pashtun for you.

23 posted on 12/21/2010 4:51:15 PM PST by RegulatorCountry
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To: Frantzie
TV keeps the idiots who watch confused and docile.

Or, it makes former viewers so insane that they continually post the same message endlessly on Free Republic.

24 posted on 12/21/2010 4:51:53 PM PST by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: RegulatorCountry

Why? Did a Pashtun man leave you for another man? Or a goat, maybe?


25 posted on 12/21/2010 4:53:15 PM PST by 1rudeboy
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To: Windflier
I think Network has aired a few times on TV. Maybe it made a deep impression, lol.
26 posted on 12/21/2010 4:53:15 PM PST by RegulatorCountry
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To: Brilliant

There’s going to be a lot of angry armed cops in 2011 and 2012.


27 posted on 12/21/2010 4:54:12 PM PST by Zuben Elgenubi
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To: 1rudeboy

I’ll just leave you to marinate in your fetid imagination, rudester.


28 posted on 12/21/2010 4:55:20 PM PST by RegulatorCountry
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To: RegulatorCountry
I think Network has aired a few times on TV. Maybe it made a deep impression, lol.

An impression like a ten ton metal stamping press to the brain.

29 posted on 12/21/2010 4:55:31 PM PST by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: Zuben Elgenubi

If anyone is looking for evidence that Democrats don’t know how to govern, just show them this list. Amazing.


30 posted on 12/21/2010 4:56:10 PM PST by Rocky (REPEAL IT!)
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To: Windflier
Or, it makes former viewers so insane that they continually post the same message endlessly on Free Republic.

LOL

31 posted on 12/21/2010 4:56:14 PM PST by BookmanTheJanitor
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To: RegulatorCountry

And I’ll relish the fact that I scored a point, Regulator.


32 posted on 12/21/2010 4:56:22 PM PST by 1rudeboy
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To: Zuben Elgenubi

States in Fiscal Peril http://www.pewcenteronthestates.org/report_detail.aspx?id=56044


33 posted on 12/21/2010 4:57:51 PM PST by anglian
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To: Zuben Elgenubi

Wimpy has eaten a lot of hamburgers and now it’s Tuesday.


34 posted on 12/21/2010 5:00:08 PM PST by JPG (A new sheriff is on her way and she's ready to cleanup Dodge.)
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To: Zuben Elgenubi

Dan Diego turned red this year.


35 posted on 12/21/2010 5:01:43 PM PST by blkmontecarlo
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To: Rocky

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?


36 posted on 12/21/2010 5:04:20 PM PST by TruthConquers (Delendae sunt publicae scholae)
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To: Zuben Elgenubi

“Dan” - San. I hate when that happens.


37 posted on 12/21/2010 5:04:33 PM PST by blkmontecarlo
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To: Zuben Elgenubi

Hadn’t thought of it that way. Wouldn’t miss the city politicians, though, so have at em.


38 posted on 12/21/2010 5:05:39 PM PST by Brilliant
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To: Zuben Elgenubi

Vallejo, California is not on the list.


39 posted on 12/21/2010 5:09:54 PM PST by DFG (1 useless man is called a disgrace, 2 are called a law firm, 3 or more are called Congress)
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To: 1rudeboy

Why would you blame NSFTAS?
.

Blame unions and lawyers and teachers

NAFTA pays for its self


40 posted on 12/21/2010 5:12:37 PM PST by bert (K.E. N.P. N.C. D.E. +12 .....( History is a process, not an event ))
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To: Zuben Elgenubi

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.


41 posted on 12/21/2010 5:14:48 PM PST by SC_Pete
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To: bert
Don't get me wrong, it might have been fewer than 24 hours ago that people were explaining to me that free trade agreements make governments spend more money than they take in.

Stupid, but true.

42 posted on 12/21/2010 5:18:21 PM PST by 1rudeboy
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To: Zuben Elgenubi

What,Cleveland’s not on the list?


43 posted on 12/21/2010 5:32:58 PM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: blkmontecarlo
Dan Diego turned red this year.

Don't see it, we still have Susan Davis and Filner. Where did we gain?
44 posted on 12/21/2010 5:40:53 PM PST by Foolsgold (L I B Lacking in Brains)
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To: Soothesayer9; EGPWS

What about some Slim Whitman or perhaps a Yoko Ono album played through loudspeakers?

If a video player is available, this may do it, though it may be against the Geneva Convention:

http://www.youtube.com/watch?v=AiMvXCp2Qvo


45 posted on 12/21/2010 6:11:41 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: bert

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.


46 posted on 12/21/2010 8:52:15 PM PST by Sprite518
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To: Bullish; CJ Wolf; houeto; Quix; B4Ranch; Whenifhow; Silentgypsy; blam; FromLori; Lurker; ...
Southern-cities-seems-to-be-unexpectedly-missing ping.

"Economic Holocaust" ping.

Increasing volume ping list watching the slow motion Economic Holocaust.

FReepmail me if you want on or off
The Comedian's "Economic Holocaust" ping list...


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

47 posted on 12/21/2010 9:04:45 PM PST by The Comedian (Government: Saving people from freedom since time immemorial.)
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To: Frantzie; Windflier
TV keeps the idiots who watch confused and docile.

You really are a one trick pony, aren't you?

48 posted on 12/22/2010 5:48:38 AM PST by houeto (Government derives its just powers from the consent of the governed.)
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To: Sprite518

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.


49 posted on 12/22/2010 6:02:00 AM PST by bert (K.E. N.P. N.C. D.E. +12 .....( History is a process, not an event ))
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To: The Comedian

Only 16?

$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.

snippet..

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.”

http://www.guardian.co.uk/business/2010/dec/20/debt-crisis-threatens-us-cities

Well some don’t see this as bad even though there’s been fraud ...

Banks Look to Profit on Muni-Bond Fears

http://online.wsj.com/article/SB10001424052748704862604576029722777299778.html

Bank of America Muni Bid Rigging Payments May Be `Tip of the Iceberg’

http://www.bloomberg.com/news/2010-12-08/bank-of-america-deal-in-muni-case-may-be-tip-of-the-iceberg-.html?source=patrick.net#related_categories_tags_top


50 posted on 12/22/2010 7:03:53 AM PST by FromLori (FromLori)
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