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mattduke
Light Sweet Crude
Joined: Oct 28, 2005
Posts: 1546
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 Posted: Wed Oct 01, 2008 9:32 am Post subject: Alabama County Misses Bond Payment |
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| Alabama County Misses Bond Payment: link |
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joeltrout
Light Sweet Crude
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Joined: Sep 19, 2007
Posts: 1317
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| Posted: Wed Oct 01, 2008 9:41 am Post subject: Re: Alabama County Misses Bond Payment |
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I am sure there will be some if not several municipalities that default on their bonds in California over the next couple of years due to loss of property tax income. The amount of property tax revenue the State is losing is huge. California already has problems with their budget and we haven't even seen the recent events actually show up as problems in the budget.
Next year should be really interesting. I have actually moved money out of the municipal bond market for that reason.
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lizzybeth
Tar Sands
Joined: Mar 14, 2005
Posts: 24
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| Posted: Wed Oct 01, 2008 10:27 am Post subject: Re: Alabama County Misses Bond Payment |
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| I live in this county and believe me it is a huge mess. We do not have the money. This was all started by federal requirements that we improve our sewer system, as it was polluting our rivers a lot. Then the sewer repairs got taken over by criminals/officials. Much money was paid over what was needed. Then it got worse when the county tried these fancy financial options to lessen the interest. Lawsuits are flying and some people are already in jail, with more to follow, I'm sure. The sewer fees are up over 350%. Thank God we have a septic tank, but thee is even talk of making those pay a clean water fee. We have a bunch of lame, greedy people running this county and its largest city. |
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cube
Fusion
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Joined: Mar 12, 2005
Posts: 3824
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| Posted: Wed Oct 01, 2008 11:12 am Post subject: Re: Alabama County Misses Bond Payment |
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| joeltrout wrote: | | I am sure there will be some if not several municipalities that default on their bonds in California over the next couple of years due to loss of property tax income. |
I disagree.
California has the absolute highest standard in fiscal responsibility the world has ever known. Economically speaking NOTHING bad ever happens in California. 
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joeltrout Oct-2008: Dow 13,000 in three years
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3aidlillahi
Intermediate Crude
Joined: Mar 25, 2008
Posts: 890
Location: Alif Lam Mim
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| Posted: Wed Oct 01, 2008 12:07 pm Post subject: Re: Alabama County Misses Bond Payment |
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Who wants to bet that they try to shore up more money by passing another bond initiative?
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Riches are not from abundance of worldly goods, but from a contented mind. |
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benzoil
Heavy Crude
Joined: Aug 26, 2005
Posts: 447
Location: Windy City No Longer
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| Posted: Wed Oct 01, 2008 2:17 pm Post subject: Re: Alabama County Misses Bond Payment |
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| 3aidlillahi wrote: | | Who wants to bet that they try to shore up more money by passing another bond initiative? |
*shrug* Who'd buy it?  The market is frozen and even if it wasn't, Jeff county would have to offer insane interest to get people to take it.
All they're doing is praying for an angel now. The only way they can get money is if the state or federal government gives it to them. They're hosed.
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3aidlillahi
Intermediate Crude
Joined: Mar 25, 2008
Posts: 890
Location: Alif Lam Mim
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| Posted: Wed Oct 01, 2008 2:27 pm Post subject: Re: Alabama County Misses Bond Payment |
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*shrug* Who'd buy it? The market is frozen and even if it wasn't, Jeff county would have to offer insane interest to get people to take it.
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Since when did reality become a necessary component of government proposals? Have you seen our government in action lately?!?
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Riches are not from abundance of worldly goods, but from a contented mind. |
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benzoil
Heavy Crude
Joined: Aug 26, 2005
Posts: 447
Location: Windy City No Longer
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| Posted: Wed Oct 01, 2008 2:44 pm Post subject: Re: Alabama County Misses Bond Payment |
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| 3aidlillahi wrote: | | Quote: |
*shrug* Who'd buy it? The market is frozen and even if it wasn't, Jeff county would have to offer insane interest to get people to take it.
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Since when did reality become a necessary component of government proposals? Have you seen our government in action lately?!? |
Touche! They'll pump a trillion more dollars into this debacle and the economy will still crater.
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MyInvestorsPlace
Coal
Joined: Oct 07, 2008
Posts: 1
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