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alstry (< 20)

The Mother of All Mother FU viruses



April 23, 2009 – Comments (0)

NO NOT GM.........but that is a biggie.

Bankruptcy — it's not just for banks and auto manufacturers anymore.

Pacific Grove's Budget and Finance Advisory Committee is cautiously probing the implications of the city declaring a Chapter 9 bankruptcy as a solution to its budget woes and entitlement obligations.

The committee Thursday heard a brief report from City Attorney David Laredo, who left with a list of questions to be answered at its May 21 meeting, according to committee member and former Councilwoman Susan Nilmeier.

Talk of municipal bankruptcy has been in the air since U.S. Bankruptcy Judge Michael McManus ruled last month that the city of Vallejo, which filed for Chapter 9 bankruptcy protection in May 2008, has the authority to void its existing union contracts.

The judge contended that Congress did not extend the same projection to public employees that it did to those working in the private sector under Chapter 11 bankruptcy rules.

Cities, McManus said, have broader authority to break existing union agreements than private companies.

First Vallejo, now Pacific Grove....what is next????  Jefferson County????

The problem facing these municipalities are similar problems facing almost every municipality in America.  Counties too.........Not to mention States.  Millions upon millions of jobs are at risk.

I know you Fairy Fools don't want to believe it....but practically every city, county and state in America is facing dire financial constraints and many on the brink of bankruptcy.....never have we had a systematic problem like this in American history.  I know Alstry is an alarmist....but you are Fools if you believe some fictional blogger on a blogging website....go and ask your mayor, or governor, or controller might be shocked by the answer.

We are rapidly approaching the eye of Alstrynomic's most famous theory of concentric contraction.  Expect now when companies announce workforce reductions, no longer will it only be 5 or 10%...expect 20 and 30% reductions to become more commonplace.......

You have been warned.....Prepare...Don't Fear.

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