• 20 Cities That May Face Bankruptcy After Detroit
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[IMG]http://www.newsmax.com/CMSPages/GetFile.aspx?guid=80699c52-64ff-4e26-b4f0-b6908b32c085&SiteName=Newsmax&maxsidesize=600[/IMG] [QUOTE] A website on Tuesday published an article from a member of the Wall Street Journal editorial board highlighting that Gulf County ranks high among his “worry list” of potential municipal bankruptcies. The article, by Stephen Moore, a senior economics writer, and published on the Newsmax website, examines factors that led to the recent declaration of bankruptcy by the city of Detroit. Moore lists 20 cities that may face bankruptcy after Detroit.[/QUOTE] [URL="http://www.starfl.com/news/local-news/website-puts-county-among-top-potential-municipal-bankruptcies-1.183883"]http://www.starfl.com/news/local-news/website-puts-county-among-top-potential-municipal-bankruptcies-1.183883[/URL] [QUOTE] [B]1. Compton, Calif.[/B] Compton has teetered on the brink of bankruptcy after it accrued a general-fund deficit of more than $40 million by borrowing from other funds, depleting what had been a $22 million reserve. [B]2. East Greenbush, N.Y.[/B] A New York state audit concluded that years of fiscal mismanagement — including questionable employment contracts and illegal payments to town officials — left East Greenbush more than $2 million in debt. [B]3. Fresno, Calif.[/B] Fresno had the ratings of its lease-revenue bonds downgraded to junk-level by Moody's, which also downgraded its convention center and pension obligation bonds due to the city's "exceedingly weak financial position." [B]4. Gulf County, Fla.[/B] Fitch Ratings warned that Gulf County's predominately rural economy is "narrowly focused," with income levels one-quarter below national averages and economic indicators for the county also comparing unfavorably to national averages. [B]5. Harrisburg, Pa.[/B] Harrisburg is at least $345 million in debt, thanks largely to municipal bonds it guaranteed in order to finance upgrades to its problematic waste-to-energy trash incinerator. [B]6. Irvington, N.J.[/B] Irvington has a violent crime rate six times higher than New Jersey's average, with Moody's citing "wealth indicators below state and national averages and tax-base and population declines due to increased tax appeals and foreclosures." [B]7. Jefferson County, Ala.[/B] Jefferson County, home to the city of Birmingham, has been dealing with the collapse of refinancing for a sewer bond. It filed for bankruptcy protection in 2011 over a $3.14 billion sewer bond debt. [B] 8. Menasha, Wis.[/B] Menasha defaulted on bonds in 2007 it had issued to fund a steam plant which has since closed and left the city permanently in the red and, as of 2011, had $16 million in general fund revenue, but had $43.4 million in outstanding debt. [B]9. Newburgh, N.Y.[/B] Newburgh was cited by Moody's for "tax base erosion and a weak socioeconomic profile," with 26 percent of its population below the poverty line and its school district facing a $2 million budget gap. [B]10. Oakland, Calif.[/B] Oakland is trying to get out of a Goldman Sachs-brokered interest rate swap that is costing it $4 million a year. According to a recent city audit, Oakland has lost $250 million from a 1997 pension obligation bond sale and subsequent investment strategy. [B]11. Philadelphia School District, Pa.[/B] Philadelphia's school district, the nation's eighth-largest, faces a $304 million deficit in its $2.35 billion budget, and is seeking $133 million from labor-contract savings to prevent further cutbacks. [B]12. Pontiac, Mich.[/B] Pontiac, where the emergency manager has restructured the city's finances, was downgraded by Moody's, reflecting the city's history of fiscal distress and narrow liquidity. [B]13. Providence, R.I.[/B] Providence, rumored to be filing for bankruptcy for more than a year, experienced consecutive deficits through fiscal 2012, has a high-debt burden and significant unfunded pension liabilities, as well as high unemployment and low income levels. [B]14. Riverdale, Ill.[/B] The credit rating for Riverdale is under review by Moody's because the city has not released an audit of interim or unaudited data for the year that ended April 30, 2012. [B]15. Salem, N.J.[/B] Salem is under close fiscal supervision after it issued bonds to finance the construction of the Finlaw State Office Building, which was delayed by construction issues, and its leasing revenues are not enough to cover the debt payments and the maintenance fees. [B]16. Strafford County, N.H.[/B] Strafford County regularly borrows money to cover its short-term cash needs after it spent two-fifths of its budget on a nursing home, which lost $36 million from 2004 to 2009. [B]17. Taylor, Mich.[/B] Taylor has a large deficit and is vulnerable due to significant declines in the tax base, limited financial flexibility, and above-average unfunded pension obligations. [B]18. Vadnais Heights, Minn.[/B] The St. Paul suburb of Vadnais Heights had its debt rating downgraded to junk last fall by Moody's after the city council voted to stop payments to a sports center financed by bonds. [B] 19. Wenatchee, Wash.[/B] Wenatchee defaulted on $42 million in debt associated with the Town Toyota Center, a multipurpose arena, and has ongoing financial issues due to the default. [B]20. Woonsocket, R.I.[/B] Woonsocket faces near-term liquidity shortages necessitating an advance in state aid, a high-debt burden and unfunded pension liabilities, with Moody's citing the city's continuing difficulties in making spending cuts because of poor management and imprecise accounting.[/QUOTE] [URL="http://www.newsmax.com/US/cities-bankruptcy-after-detroit/2013/08/06/id/519081"]http://www.newsmax.com/US/cities-bankruptcy-after-detroit/2013/08/06/id/519081[/URL]
Wow, none of these are particularly surprising.
While the results are less than surprising, I'm disappointed that 2 more Michigan cities are about to go under. Taylor's right next to Detroit too, not much more than an hour from it, and I'm pretty sure that Pontiac is close by as well. That's definitely going to put a strain on the shreds of economy Michigan still has.
woah what i'm in vadnais heights right now, and it's filled with and surrounded by rich white little shits, and it's going bankrupt?
[QUOTE=Smas;41774886]While the results are less than surprising, I'm disappointed that 2 more Michigan cities are about to go under. Taylor's right next to Detroit too, not much more than an hour from it, and I'm pretty sure that Pontiac is close by as well. That's definitely going to put a strain on the shreds of economy Michigan still has.[/QUOTE] Yeah Pontiac is north of Detroit in Troy. It has one of the best venues for concerts too, The Crofoot.
Michigan is going to blaze the trail on using bankruptcy to fuck retirees out of their pensions, then all of these other cities are going to follow. Reneging on promises made to people who worked for the government their entire lives is going to get a lot more common in the next decade.
What does that graffiti say on that sign? Sand?
Have cousins that live in Newburgh, NY. They are well above the poverty line though. They spend crazy money on a lot of shit. They throw a lot of parties too. They would love to move somewhere else though. It's a town that's never really come off to me as nearly bankrupt tbh.
Newburgh is the murder capital of New York.
[QUOTE=Olas;41774906]Yeah Pontiac is north of Detroit in Troy. It has one of the best venues for concerts too, The Crofoot.[/QUOTE] Almost all of Pontiac public schools are closed down or closing down though and the kids there are forced to relocate where they go to school
[QUOTE=dwt110;41775021]Newburgh is the murder capital of New York.[/QUOTE] I live right near Newburgh. I always hate having to drive through there.
[QUOTE=Olas;41774906]Yeah Pontiac is north of Detroit in Troy. It has one of the best venues for concerts too, The Crofoot.[/QUOTE] the crofoot is awesome if pontiac goes under i wonder if that means it'll have to close :(
Lol, Oakland. I made a train connection there once, it was scary.
woonsocket lmao what a name
how is Pontiac going under and Flint not
[QUOTE=Man in the Moon;41774935]What does that graffiti say on that sign? Sand?[/QUOTE] Sold
[QUOTE=Paul McCartney;41774784]Wow, none of these are particularly surprising.[/QUOTE] I'm a bit concerned about Jefferson County AL, being a resident of huntsville alabama( about two hours north), people fleeing from there will bolt to here to try and get jobs.
No surprise Woonsocket is going bankrupt. the city looks like the ghettos and all the major chains are moving away. the only chains that seem to still be there are fast food joints. and what's so funny about the name Woonsocket?
apparently the Philadelphia School district is a city now?
[QUOTE=Roll_Program;41775653]Lol, Oakland. I made a train connection there once, it was scary.[/QUOTE] Oakland's nice... in a few areas
Straight outta Money
[QUOTE=Covict Joe;41775893]No surprise Woonsocket is going bankrupt. the city looks like the ghettos and all the major chains are moving away. the only chains that seem to still be there are fast food joints. and what's so funny about the name Woonsocket?[/QUOTE] Providence is pretty bad too, didn't they have the highest crime rating in the whole state last year?
I live right on the border of Taylor. I didnt know it was facing bankruptcy.
[QUOTE=fishyfish777;41775734]how is Pontiac going under and Flint not[/QUOTE] Have you been to Pontiac lately?
[QUOTE=Beelzebub;41775622]the crofoot is awesome if pontiac goes under i wonder if that means it'll have to close :([/QUOTE] I don't think it will, at least not anytime soon. It's frequently booked and it's a nice venue so unless Pontiac manages to get worse than Detroit I don't see it closing.
[QUOTE=Covict Joe;41775893]No surprise Woonsocket is going bankrupt. the city looks like the ghettos and all the major chains are moving away. the only chains that seem to still be there are fast food joints. and what's so funny about the name Woonsocket?[/QUOTE] it's gonna be like year 400 a.d. all over again.
I live 5 minutes south of Newburgh, that place is fuuuuuuuucked. [editline]9th August 2013[/editline] [QUOTE=Chaotic Lord;41775293]I live right near Newburgh. I always hate having to drive through there.[/QUOTE] Hey me too!
Not trying to be an asshat, but a lot of those cities could easily be bulldozed and replaced with greenfields. That being a massive improvement over what they are. Lets speed up the process.
[QUOTE=NO ONE;41774994]Have cousins that live in Newburgh, NY. They are well above the poverty line though. They spend crazy money on a lot of shit. They throw a lot of parties too. They would love to move somewhere else though. It's a town that's never really come off to me as nearly bankrupt tbh.[/QUOTE] I live in Middletown, which is 40 minutes off from Newburgh and it's basically a poverty stricken shithole. Lots of murder, tons of incest and "gang" violence and shit like that. It's crime rate is so infamous I know some websites in Hong Kong that sell Newburgh police patches.
[QUOTE=Binladen34;41776666]Not trying to be an asshat, but a lot of those cities could easily be bulldozed and replaced with greenfields. That being a massive improvement over what they are. Lets speed up the process.[/QUOTE] Well I agree with you - but they'd need to ship off the inhabitants...
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