Pennsylvania State Capital Mulls Bankruptcy

Pennsylvania State Capital Mulls Bankruptcy

PostBy: Black_And_Blue On: Thu Feb 04, 2010 11:43 am

Feb. 4 (Bloomberg) -- Harrisburg, the capital of Pennsylvania, will consider Chapter 9 bankruptcy protection along with tax increases and asset sales as options to address $68 million in debt service payments due this year, the chairwoman of a City Council committee said last night.

Every option, including tax and fee increases, bankruptcy and a state takeover through Pennsylvania’s Act 47 municipal oversight program will be considered, said Susan Brown-Wilson, chairwoman of the Budget and Finance Committee, which began a week of hearings last night to consider a 2010 spending plan.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aRLYN3..REz4

No one will be immune from the coming debt vortex.
Black_And_Blue
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: samhill On: Thu Feb 04, 2010 12:38 pm

All they have to do is let tollgate Ed take control, they won`t be able to drive to the casino without paying a toll.
samhill
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: smokeyCityTeacher On: Thu Feb 04, 2010 12:58 pm

samhill wrote:All they have to do is let tollgate Ed take control, they won`t be able to drive to the casino without paying a toll.


you got that right - Ed will make every road in PA a toll road.

Ed is still reeling from the snub he got on stim money as a result of his public backing of Hillary.

Soon Ed will be blaming Obama for PAs financial mess - instead of looking at his own legacy of corruption.
smokeyCityTeacher
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: Duengeon master On: Thu Feb 04, 2010 1:56 pm

IF THEY PASSED A LAW REQUIRING EVERY POLITICIAN TO BE LIABLE FOR WHAT THEY PASS, WE WOULD NOT BE IN THIS TROUBLE!!!
Duengeon master
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: acesover On: Thu Feb 04, 2010 3:04 pm

First the cities, then the states, then the federal goverment. These guys F---ed this country up with trade agreements. All sides are qual in this, Republican and Democrat.
acesover
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: Brian On: Thu Feb 04, 2010 3:15 pm

Read an artical in the Russian newspaper Pravda stating the U.S. will be bankrupt in the not to distant future. This was over a year ago. We are taxed to death why don't the politicans get it. Pennsylvania is right up there on top. No wonder the state can't attract any businesses. TAXES TAXES TAXES TAXES!!!!!!!!!!!!!!!
Brian
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: jpete On: Thu Feb 04, 2010 6:31 pm

It's my understanding that no municipality can claim bankruptcy because they always have to option of raising taxes.

When a person in bankrupt, their liabilities greatly exceed their assets and they have to way to increase their income.

That is not the case with cities and states.

The Federal government just raises it's own credit card limit and prints all the money it needs.
jpete
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: Brian On: Thu Feb 04, 2010 6:49 pm

And where do you think the money is coming from. Don't sell your guns.
Brian
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: wlape3 On: Thu Feb 04, 2010 8:43 pm

Well, Cheese steak Eddie strikes again! I sure hope the PA statehouse is his last political post. I must admit I voted for him for the first term and have regretted it . Voted for Lynn Swan second time around.
wlape3
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: smokeyCityTeacher On: Mon Feb 08, 2010 2:31 am

wlape3 wrote:Well, Cheese steak Eddie strikes again! I sure hope the PA statehouse is his last political post. I must admit I voted for him for the first term and have regretted it . Voted for Lynn Swan second time around.



STILLRZ! Swann was the most exciting receiver we ever had. Saw him and the whole Stillrz team play against my high school faculty in a game of hoops for charity.
smokeyCityTeacher
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: samhill On: Mon Feb 08, 2010 9:06 am

I could never figure out why the Republican party put Swann in as candidate, great guy but he had no political or really ambition what so ever. It was almost like a fixed election, out of the whole state there had to be someone that could have beat toll gate Ed, he wasn`t a popular Democrat. Makes one think that the big money fix was in.
samhill
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: Duengeon master On: Mon Feb 08, 2010 9:13 am

I watched Rendell destroy Philly and was powerless to stop him from doing it to the rest of us. :(

PALIN '12
Duengeon master
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: samhill On: Mon Feb 08, 2010 9:22 am

Thats exactly what I mean about Rendell, he was well known even way out west in Pittsburgh, not a powerful candicate IMO. My son knows Lynn Swann fairly well, goes to the same A.club & when he was in the race my son & others would ask him a few questions & he just seemed to be disinterested, even in the debate they had he did poorly.
samhill
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: Black_And_Blue On: Fri Feb 12, 2010 8:49 am

PA Pension Time Bomb Still Set to Explode in 2012. And to put it in perspective, PA's GDP is around $550B annually; compared to Greece at $350B. This needs to be emphasized to show readers we have our own European states residing within the United States.


http://www.fundmymutualfund.com/2010/02/harrisburg-pennsylvania-youve-got.html
Black_And_Blue
 
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Re: Pennsylvania State Capital Mulls Bankruptcy

PostBy: franco b On: Fri Feb 12, 2010 11:23 pm

Black_And_Blue wrote:
PA Pension Time Bomb Still Set to Explode in 2012. And to put it in perspective, PA's GDP is around $550B annually; compared to Greece at $350B. This needs to be emphasized to show readers we have our own European states residing within the United States.


http://www.fundmymutualfund.com/2010/02/harrisburg-pennsylvania-youve-got.html


When it gets bad enough the leaders will arise that know how to say no. That's what happened in Germany in 1933 and France in 1790. In 1776 we were blessed with a group of leaders of genius, but it seems we are throwing their gift away in a frenzy of political greed.

I grew up in the great depression when a great many suffered real hardship but the American spirit was never more real, unlike today with its sickness of spirit. Maybe we need to let the bad times roll to re learn again what is important.
franco b
 
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