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If you are a Municipal bond holder, you may soon find out what it means to have been a General Motors bond holder--a fool.
"To disrupt our services because we can’t make a bond payment would just be unconscionable. And as a leader I couldn’t do it.
So explained Linda Thompson, the mayor of Harrisburg, Pa. She was explaining the citys refusal to repay part ($3.29 million) of the $288 million it owes for an incinerator it bought. The total obligation for the incinerator comes to roughly $6,000 per citizen of the city. It is a debt that cant be repaid and should have never been lent."
The governor of Pennsylvania, a State as bankrupt as California, is going to "bail out" the bond holders--this year.
This is a discussion going on everywhere in California. Lots of bonds and no money to pay they back.
Stop loaning money to fiscally irresponsible governments--if you do, do not cry when you lose your money. Stupidity does not deserve to be bailed out by the poor and middle class.
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"To disrupt our services because we can’t make a bond payment would just be unconscionable. And as a leader I couldn’t do it.
So explained Linda Thompson, the mayor of Harrisburg, Pa. She was explaining the citys refusal to repay part ($3.29 million) of the $288 million it owes for an incinerator it bought. The total obligation for the incinerator comes to roughly $6,000 per citizen of the city. It is a debt that cant be repaid and should have never been lent."
The governor of Pennsylvania, a State as bankrupt as California, is going to "bail out" the bond holders--this year.
This is a discussion going on everywhere in California. Lots of bonds and no money to pay they back.
Stop loaning money to fiscally irresponsible governments--if you do, do not cry when you lose your money. Stupidity does not deserve to be bailed out by the poor and middle class.
More...