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Thursday, January 8, 2009

Municipal bond world: rotten to the core?

So say lots of people in law enforcement. What does that tell us about a city like Portland, which is absolutely drunk on borrowing money, and pays lots of hangers-on to help it do so?

Comments (5)

I don't know about this, man. Do you have any evidence that the city is "drunk on borrowing money"? Have you done any research before making these wild claims?

Not to worry. The SEC is on the case.

Borrowing at a rapid rate is not the only weak pillar underneath Portland central. The other is the heavy dependence on outside subsidies. The state and federal governments are continually pumping subsidies into downtown Portland at the expense of other Oregon communities and other rural areas. Another weak pillar is the support provided by state planners restricting land development outside the city of Portland which serves to lessen the competition for Portland in attracting out-of-state rich folk immigration. There's going to be a point where the play on Portland is going to lose momentum, and that's when you don't want to be a Portland property owner.

Do you think our Edwards could be involved in this municipal bond fund mess and recipient of some of these payoffs or benefits? A trip or two?

"Not to worry. The SEC is on the case."

Not to worry. Bill Richardson is accused, so now the story will get buried very fast.

For us, I just don't see anyone in CoP (except maybe Blackmer) sharp enough to make a score off of this. The only thing I think Randy/Sam see is one more piggybank to bust into for the Sim City projects.

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