Cleveland, Oh - Bankrupt

I was heading home tonight from work listening to 700 WLW . And the story being talked about is how Cleveland Ohio is broke. Anyone else know anything about this?

Like ... the whole city will be foreclosed ...

madness

[edit on 31-10-2008 by SGSPatriot]

reply to post by SGSPatriot


They (lenders) most likely can't foreclose a city.
What will likely happen is that city will default, some debts
will be written down, other will remain, and taxes will go up
while quality of services will decline.

JP Morgan, Citi, Merill and other were involved in these
municipal deals. Essentially they misrepresented the facts
causing naive or corrupt city officials to sign these unsustainable
financing deals. While banks will get government money
through bailout, watch municipalities raise taxes and pray.

Cool .. thanks

That clears up a few things for me .. but I still would like to know is how city officals could let it get this bad.. or the government for that matter

Take a number man. I believe there are like 19 whole states that are 'bankrupt' including California of all places, haha. It's gonna get real ugly.

I agree..

Ive been looking into Commune living, but still and idea ..

Anyone have suggestions

Another bastion of liberalism can't provide for the people by spreading out the wealth. Wonder what is the cause of the U.S. heading for bankruptcy. Oh, wait. Don't tell me. It's the liberal spending policies of GWB.

Municipal officials were duped or paid.
Government is lobbied heavily by those who dupe to keep
this scheme (and many others) legal or at least half-legal and
unmonitored.

Originally posted by kyred
Another bastion of liberalism can't provide for the people by spreading out the wealth. Wonder what is the cause of the U.S. heading for bankruptcy. Oh, wait. Don't tell me. It's the liberal spending policies of GWB.

Short on cash? .. Lower taxes and increase spending!!

Only in the mind of a Liberal does that make sense.