alstry (35.71)

Another City Bankrupt

November 04, 2009 – Comments (3)

PLUNGING TAX RECEPITS DESPITE RISING TAXES

Chicago Metro Area Sales-Tax Receipts Plunge, Property Taxes Rise

AND CONDITIONS DETERIORATED EVEN FURTHER SINCE JUNE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

CITIES, COUNTIES AND STATES DRIVEN IN MASSIVE FINANCIAL DISTRESS

Prichard Alabama Files For Bankruptcy.

“I have looked at every opportunity available to obtain money to help fund the retirement plan for the City of Prichard. After careful review of all of our options, bankruptcy protection seems to be the only solution left at this time.

Over the past 50 years, the pension plan was amended by the Legislature more than fifteen times, and always the economic burden on the City was increased. This has been a long term problem that was unfortunately inherited by this administration.

AS THEY SAY ON ZERO HEDGE......On a long enough timeline, the survival rate for everyone drops to zero....and now time is running out.....after 50 years of prosperity, we have simply accumulated too much debt and too many entitlement obligations to keep the ponzi scheme going.

It is not hard to see....simply hard to accept.  For those of you that are regulars, let me repeat, it is not the end of the world, just the end of the world as you know it.

11.10.9...When you begin to Feel after knowing in 9.09.

In order to raise funds, government is now going after foreign bank accounts, contents of safe deposit boxes, raising property taxes despite falling home values.....soon income taxes will be increased, California already increasing withholding.......next Carbon Taxes just for living?????

Remember, when a politician is forced to choose between your money and his salary, your money will generally lose every time....and right now, politicians are watching revenue streams evaporate at unprecedented rates.

The real question is whether it is easier to fight your own citizens for money or convert your economy from a bankrupt domestic consumer economy into a world leading export military economy and try to generate revenues overseas?

It didn't seem to work too well in Iraq (unless you were a defense contractor)...but if you first don't suceed..........

Israeli General: Iran Facility Has No Civilian Use

Venezuela Says 2 Troops Slain Near Colombia Border

Israel Says Hezbollah 'Amassing Weapons' in Civilian Homes

Pakistan Taliban: 'We Are Prepared for a Long War'

Karzai Reaches Out to 'Taliban Brothers'

THERE IS NO INDUSTRY LIKE THE DEFENSE INDUSTRY WHERE REVENUES CAN BE GENERATED AS MASSIVELY OR QUICKLY IN SUCH A SHORT PERIOD OF TIME....it is the collateral damage that can sometimes be a bit painful for those on the wrong side of the game.