State transportation bonds unsalable.

lawnchair · Intermediate Crude Joined: Oct 20, 2004 Posts: 793

State of Maine told that "there is simply no market for bonds of this size at this time".

Maine Today (Press-Herald)
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Ferretlover

Governments, from city level up, are going to have to do some reassessing of their priorities, and spending habits.
Too bad that it takes a financial situation as serious as this one to make them wake up and take action.
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NeoPeasant

Maybe this is a good thing. In the post peak era of declining VMT it is time to stop expanding road capacity on credit and start maintaining the most important parts of the existing infrastructure on a pay as you go basis.
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cube · Fusion Joined: Mar 12, 2005 Posts: 3824

Revi · Fusion Joined: Apr 25, 2005 Posts: 3538 Location: Maine

We don't have much suburbia here in Maine. There are miles of roads to nowhere however that have been maintained until now.

They are used to get wood out of the forests. A lot of them will go back to gravel roads I suppose.

It will be really bad for the state's roads if we can't fix them. I think we'll be in real trouble in a year or two. They are in really bad shape now.

This is just a symptom of the credit crisis. Here in Maine we never really had good times, so the slide into depression won't be much of a shock.

It's going to happen where you live soon. Then it will really get interesting.
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TommyJefferson

nobodypanic · Intermediate Crude Joined: Jun 02, 2008 Posts: 621

TommyJefferson

evilgenius

I think what will happen on the State and Municipal level is very interesting. Already, for instance, in Colorado the governor said (I heard it on the radio) that spending will have to come down right away, except for the current road projects.

I am expecting there to develop a huge problem with the number of police that local municipalities are employing. I don't think that they can crack down and write enough tickets to cover the loss of the ability of the municipalities to sell bonds. They are bound to try it for a while, though. I guess we are going to see things like every other week trash collection. What does everybody think is coming?

nobodypanic · Intermediate Crude Joined: Jun 02, 2008 Posts: 621

nobodypanic · Intermediate Crude Joined: Jun 02, 2008 Posts: 621

Lanthanide

Revi · Fusion Joined: Apr 25, 2005 Posts: 3538 Location: Maine

I think the depression is not going to be any fun at all, but what are we going to do about it?

I hope they fix some of the roads around here before the money runs out completely. They are hard to drive on now.

Wait until the base is wrecked. You can only patch them for so long, and then if it breaks through to the base you may as well just chip the road up and start over. We're getting there. I predict that they will only keep a few major roads and let the rest go soon.
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Deep in the mud and slime of things, even there, something sings.