Quote:
Originally Posted by PennBF
It is absolutely astonishing that anyone would wish for and want to be governed by a "non elected" person over representation by persons elected by the people. It is impossible to discuss this since it is so foreign to what we all stood for and fought for. It is totally possible that we as resident will be assessed in the thousands of dollars because of a failure to apply the proper accounting system taxable controls. Enough said..  |
The constituents of these cities having "representation by persons
elected by the people" could only
wish their cities and economies were run as orderly, beautified, and as
solvently as TV is. They can only
wish their home market values were as healthy as they are in TV. People here from the Stockton, CA area can tell you how great a job their "elected by the people" politicians have been doing.
9 American Cities and Counties Going Broke
"....Other municipalities have excessive liabilities that they are unable to meet. Central Falls, RI, declared bankruptcy in August due largely to its bloated pension plan.
Strafford County, NH, spends two-fifths of its budget on a single nursing home. It funds residents' Medicaid, but is not receiving full reimbursement from the state, causing multi-million dollar deficits.
Other cities have simply made bad investments. Harrison, NJ, built a $200 million sports arena that has not brought in the amount of money the city was expecting.
Similarly, Salem, NJ, built a large office building downtown with the intention of leasing office space. But construction delays caused lease payment delays and money has been taken from the debt fund numerous times.
24/7 Wall St. has looked at the nine municipal bodies with the worst credit ratings assigned by Moody's, not including school systems, rated Ba2 and lower. To get a sense of how these areas are doing, we also included most recent median household income figures from the Census Bureau. This level of credit rating implies a substantial risk of default for investors who bought these bonds with the expectation of being repaid.
This is 24/7 Wall St.'s list of Nine American Cities and Counties Going Broke......"
9 American Cities and Counties Going Broke - Yahoo! Finance