We've been bemoaning the City of Portland's dangerous addiction to bonds for years now, but the topic's currently gaining nationwide attention because municipalities all over the country are so deeply in debt that some serious defaults seem likely.
Voters have wised up to the failings of many grand, politically inspired projects, and when given the chance they've defeated new taxes and borrowing for them. But much state and local debt now exists in independent authorities whose borrowings are not subject to voter approvals. Some of these agencies have operated recklessly....
Taxpayers are only slowly realizing that their states and municipalities face long-term obligations that will be increasingly hard to meet. Rick Bookstaber, a senior policy adviser to the Securities and Exchange Commission, recently warned that the muni market has all the characteristics of a crisis that might unfold with "a widespread cascade in defaults." If that painful scenario materializes, it will be because we have too long ignored how some politicians have become addicted to debt.
Go by streetcar, my friends.
Comments (31)
I wonder how many lobbying groups that benefit from bond financing DON'T frequent the Arlington Club?
Is there a difference in the high that a smokehound gets from going into a crack house, and the high our elected officials get from going to the bond market? It would be interesting to see actual studies on brain activity from the two actions...
For politicians there seems to be an overwhelming need or want to leave a legacy, or to have their name eternally attached to some large public project. As if that is the measure of one's success while serving regardless of the long term financial impact.
That need may be driven by the same ego that caused them to seek the notoriety of elected office in the first place.
I agree with MSF that it would be interesting to compare the brain activity of certain leaders to drug addicts, or better yet to compulsive gamblers.
"the high our elected officials get from going to the bond market"
To be more accurate, I think it is the high from spending other people's money.
I mean what's the downside, they get unelected, but still have a floating sidewalk or building or street named after them like they actually had anythging to do with paying for it.
Tell this to TriMet before they vote to approve their budget and proceed with the madness called Milwaukie Light Rail.
At their board meeting on Wed the 23rd or e-mail them.
Why? Because it's not funded. Every dime for this $1.4 Billion ($200 million/mile) boondoggle will be borrowed against future operating and basic services revenue at every level.
Washington County Richard Van Beveren, Pres.
Portland Tiffany Sweitzer
Westside Steve Clark
Portland Consuelo Saragoza
Portland Dr. T. Allen Bethel
Multnomah County Lynn Lehrbach
Clackamas County Hakeem Olanrewaju
Here are the board member e-mail addresses. Do something.
And don't forget the huge waste of money being spent right now to fund the totally unneeded EPA LT2 rule. This rule requires us to build expensive facilities (that must be maintained forever for a organism that is not detectable in our water supply). LT2 rule was essentially written by former City Water Bureau staff. Joe Glicker being one of them, who now works for one of the private companies that are getting the lucrative contracts.
And is a good buddy of Randy (I flew back to NYC to make backroom deals with the Paulsons)...
BTW, "Gil Kelley may have been shown the door when he was Portland planning director, but he's in demand elsewhere to explain the city's growth management practices."
OK I just have to ask... I find your posts almost always very insightful, but did you lose a bet or something where you are forced to write "go by streetcar" at least once a week? Because seriously... up the creativity a bit, big guy.
Jack didn't 'creative up' the Go by Streetcar™ slogan - he's making fun of this ridiculous edifice found in the Pearl District, probably paid for with tax dollars through some ridiculous financing scheme involving Urban Renewal:
Because seriously... up the creativity a bit, big guy.
Posted from 74.120.152.133
OrgName: City of Portland
OrgID: CITYOF-152
Address: 1120 SW 5th Ave
Address: Room 450
City: Portland
StateProv: OR
PostalCode: 97204
Country: US
Is there a difference in the high that a smokehound gets from going into a crack house, and the high our elected officials get from going to the bond market?
Wow, nothing like a city employee posting from a city computer, on a city connection, during city business hours; to astroturf a blog that is critical of the city.
I don't think that means Shore is in BTS him or herself; I think all it means is that he/she posted from a computer using an IP address assigned to the City; BTS is just the administrator of the network that assigned the address.
But definitely a City employee, and one who should know better than to read and post to blogs on taxpayer time.
Shore, speaking of being creative, why did your Homer Williams steal "go by streetcar" for one of his Pearl Condo Buildings? I guess he isn't creative either. Please post back on your own dime and time.
If the morons at City Hall had half a technical clue, they'd be running web log analysis to find out what their darling employees were doing online on the taxpayers' dime. Pretty simple to do actually....
Perhaps they were online providing enterprising and curious bloggers with inside information?
So, I'd guess Lucs wants to cut off the flow of information from City Hall, even if it doesn't come from the marionettes of SamRand Trust (a holey owned subsidiary of Goldschmuck Enterprises).
Godfry.... you are close to being a troll here... I just don't think that city employees should be playing on blogs if there is real work to do and given the cuts in the city's budget I suspect there is real work to do. There are after hours ways to do all kinds of posting... If you care at all about fiscal responsibility, you can see the logic in this....
Sorry for cus sing on your blog. I can't contain my displeasure at our city government, so no more commenting from me. Thanks for the interesting read.
"forget the huge waste of money being spent right now"
Steve:
What are they spending it on? They are only doing studies and reports and this justifies a 30% increase in water in tow years?
One example: Last year, Leonard used an emergency ordinance to move forward with over a $130 million project for the Powell Butte Reservoir Tank, just in case we would not get an exemption from EPA on the LT2 Rule.
That's my point, they shake the ratepayers down for a 30% increase (which at ext/int revenue = $224M '09-'10) and then reg compliance is like $3M per period - Just in case.
I'd love to see PGE to try something of this magnitude.
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
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14 Hands, Hot to Trot White Blend
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Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
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La Vielle Ferme, Rose 2011
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Nobilo Icon, Pinot Noir 2009
Lello, Douro Tinto 2009
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Buenas Ondas, Syrah Rose 2010
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Penelope Sanchez, Garnacha Syrah 2010
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Atalaya do Mar, Godello 2010
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14 Hands, Hot to Trot Red 2009
Rodney Strong, Cabernet, Sonoma 2009
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Portuga, White 2010
La Bourgeoisie, Red 2009
Januik, Red 2009
Three Rivers, River's Red 2008
Kirkland, Alexander Valley Merlot 2008
Muga, Rioja Rose 2010
Quinta das Amoras, Vinho Tinto 2009
Mauro Molino, Barbera d'Alba 2009
Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
Chateau Ste. Michelle, Pinot Gris, Columbia Valley 2009
L'Hortus, Rose de Saignee 2010
Maculan, Pino & Toi 2008
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Lange, Pinot Gris 2009
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Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
Trader Joe's Coastal Chardonnay 2009
Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
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Laforet, Burgogne Chardonnay 2009
Columbia Winery, Merlot 2007
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Elk Cove, Pinot Gris 2009
Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
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Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
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Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
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Sharon Creech - Walk Two Moons
Keith Richards - Life
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Mark Herrmann - The Curmudgeon's Guide to Practicing Law
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Evelyn Waugh - Brideshead Revisited
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Penda Diakité - I Lost My Tooth in Africa
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Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
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David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
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Road Work
Miles run year to date: 21
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In 2005: 149
In 2004: 204
In 2003: 269
Comments (31)
I wonder how many lobbying groups that benefit from bond financing DON'T frequent the Arlington Club?
Posted by David E Gilmore | June 15, 2010 7:05 AM
Maybe the city should just sell the heroin the cops found the other day?
Posted by portland native | June 15, 2010 7:07 AM
Is there a difference in the high that a smokehound gets from going into a crack house, and the high our elected officials get from going to the bond market? It would be interesting to see actual studies on brain activity from the two actions...
Posted by MachineShedFred | June 15, 2010 7:21 AM
Sometime before Obama's term expires expect the mother of all giveaways to states/counties/municipalities.
These guys will get bailed out so they can dig an even deeper hole with more bad ideas.
Posted by Steve | June 15, 2010 7:32 AM
For politicians there seems to be an overwhelming need or want to leave a legacy, or to have their name eternally attached to some large public project. As if that is the measure of one's success while serving regardless of the long term financial impact.
That need may be driven by the same ego that caused them to seek the notoriety of elected office in the first place.
I agree with MSF that it would be interesting to compare the brain activity of certain leaders to drug addicts, or better yet to compulsive gamblers.
Posted by Gibby | June 15, 2010 7:52 AM
or for our local boys and girls...hangin' with the Paulsons and other so called famous folks...
Posted by portland native | June 15, 2010 8:05 AM
"the high our elected officials get from going to the bond market"
To be more accurate, I think it is the high from spending other people's money.
I mean what's the downside, they get unelected, but still have a floating sidewalk or building or street named after them like they actually had anythging to do with paying for it.
Posted by Steve | June 15, 2010 8:14 AM
Tell this to TriMet before they vote to approve their budget and proceed with the madness called Milwaukie Light Rail.
At their board meeting on Wed the 23rd or e-mail them.
Why? Because it's not funded. Every dime for this $1.4 Billion ($200 million/mile) boondoggle will be borrowed against future operating and basic services revenue at every level.
Washington County Richard Van Beveren, Pres.
Portland Tiffany Sweitzer
Westside Steve Clark
Portland Consuelo Saragoza
Portland Dr. T. Allen Bethel
Multnomah County Lynn Lehrbach
Clackamas County Hakeem Olanrewaju
Here are the board member e-mail addresses. Do something.
olanrewh@trimet.org lehrbacl@trimet.org bethelt@trimet.org sweitzet@trimet.org vanbever@trimet.org sclark@commnewspapers.com
consuelo.c.saragoza@co.multnomah.or.us
Posted by Ben | June 15, 2010 8:45 AM
To pay off the bonds they might cut service on the streetcars as well as other basic services. Then we'll be walking while we pay off the debts.
Posted by Don | June 15, 2010 9:34 AM
And don't forget the huge waste of money being spent right now to fund the totally unneeded EPA LT2 rule. This rule requires us to build expensive facilities (that must be maintained forever for a organism that is not detectable in our water supply). LT2 rule was essentially written by former City Water Bureau staff. Joe Glicker being one of them, who now works for one of the private companies that are getting the lucrative contracts.
And is a good buddy of Randy (I flew back to NYC to make backroom deals with the Paulsons)...
Posted by Ralph Woods | June 15, 2010 10:16 AM
BTW, "Gil Kelley may have been shown the door when he was Portland planning director, but he's in demand elsewhere to explain the city's growth management practices."
http://www.oregonlive.com/environment/index.ssf/2010/06/former_portland_planning_direc.html
Posted by Gardiner Menefree | June 15, 2010 10:51 AM
OK I just have to ask... I find your posts almost always very insightful, but did you lose a bet or something where you are forced to write "go by streetcar" at least once a week? Because seriously... up the creativity a bit, big guy.
Posted by Shore | June 15, 2010 11:05 AM
"Go by streetcar" is so apropos it could replace "The city that works".
Posted by Shannon | June 15, 2010 11:43 AM
Jack didn't 'creative up' the Go by Streetcar™ slogan - he's making fun of this ridiculous edifice found in the Pearl District, probably paid for with tax dollars through some ridiculous financing scheme involving Urban Renewal:
http://pdxhistory.com/assets/images/gobystreetcar.jpg
This sign is clearly intended to mimic the "Go by Train" sign atop Union Station, a few blocks away:
http://static1.px.yelpcdn.com/bphoto/igbsTS43p_rwX5IK6JNVEw/l
Posted by MachineShedFred | June 15, 2010 11:55 AM
Because seriously... up the creativity a bit, big guy.
Posted from 74.120.152.133
OrgName: City of Portland
OrgID: CITYOF-152
Address: 1120 SW 5th Ave
Address: Room 450
City: Portland
StateProv: OR
PostalCode: 97204
Country: US
NetRange: 74.120.152.0 - 74.120.155.255
CIDR: 74.120.152.0/22
OriginAS: AS12102
NetName: CITY-OF-PORTLAND-OR-USA
NetHandle: NET-74-120-152-0-1
Parent: NET-74-0-0-0-0
NetType: Direct Assignment
NameServer: NS1.PORTLANDOREGON.GOV
NameServer: NS2.PORTLANDOREGON.GOV
Comment:
RegDate: 2009-12-10
Updated: 2009-12-10
Posted by Jack Bog | June 15, 2010 12:20 PM
To add to Jack's posting, per the city's directory:
Technology Services, Bureau of
1120 SW 5th Avenue, Room 450, 97204
Phone: 503-823-5198
Can anyone get more specific than this?
Posted by John Rettig | June 15, 2010 12:32 PM
Is there a difference in the high that a smokehound gets from going into a crack house, and the high our elected officials get from going to the bond market?
Crack is less addictive.
Posted by John Rettig | June 15, 2010 12:34 PM
Portland should adopt a new approach.
"Go By Honesty"
Posted by Ben | June 15, 2010 1:22 PM
Wow, nothing like a city employee posting from a city computer, on a city connection, during city business hours; to astroturf a blog that is critical of the city.
Thanks for wasting even more taxpayer money.
Posted by MachineShedFred | June 15, 2010 1:27 PM
Hey Shore...care to comment now you've been LoJacked? Very funny....good job Jack.
Posted by Ricardo M. | June 15, 2010 1:57 PM
Can anyone get more specific than this?
I don't think that means Shore is in BTS him or herself; I think all it means is that he/she posted from a computer using an IP address assigned to the City; BTS is just the administrator of the network that assigned the address.
But definitely a City employee, and one who should know better than to read and post to blogs on taxpayer time.
Posted by Eric | June 15, 2010 2:15 PM
Eric, that's how Leonard spends most of his day, in addition to lunch with Paulson.
Posted by Dean J. | June 15, 2010 2:45 PM
Shore, speaking of being creative, why did your Homer Williams steal "go by streetcar" for one of his Pearl Condo Buildings? I guess he isn't creative either. Please post back on your own dime and time.
Posted by lw | June 15, 2010 3:25 PM
As much as I LOL when Shore was "LoJacked," I'd hate to stop seeing all the insight public employees contribute to this blog.
Posted by dhughes609 | June 15, 2010 5:11 PM
If the morons at City Hall had half a technical clue, they'd be running web log analysis to find out what their darling employees were doing online on the taxpayers' dime. Pretty simple to do actually....
Posted by LucsAdvo | June 15, 2010 6:52 PM
Perhaps they were online providing enterprising and curious bloggers with inside information?
So, I'd guess Lucs wants to cut off the flow of information from City Hall, even if it doesn't come from the marionettes of SamRand Trust (a holey owned subsidiary of Goldschmuck Enterprises).
Niiiiiice. That's real public-spirited of you.
Posted by godfry | June 15, 2010 7:30 PM
"forget the huge waste of money being spent right now"
What are they spending it on? They are only doing studies and reports and this justifies a 30% increase in water in tow years?
Posted by Steve | June 15, 2010 7:59 PM
Godfry.... you are close to being a troll here... I just don't think that city employees should be playing on blogs if there is real work to do and given the cuts in the city's budget I suspect there is real work to do. There are after hours ways to do all kinds of posting... If you care at all about fiscal responsibility, you can see the logic in this....
Posted by LucsAdvo | June 15, 2010 8:08 PM
Sorry for cus sing on your blog. I can't contain my displeasure at our city government, so no more commenting from me. Thanks for the interesting read.
Posted by Tigard-bound | June 15, 2010 9:13 PM
"forget the huge waste of money being spent right now"
Steve:
What are they spending it on? They are only doing studies and reports and this justifies a 30% increase in water in tow years?
One example: Last year, Leonard used an emergency ordinance to move forward with over a $130 million project for the Powell Butte Reservoir Tank, just in case we would not get an exemption from EPA on the LT2 Rule.
Posted by clinamen | June 15, 2010 9:51 PM
"just in case"
That's my point, they shake the ratepayers down for a 30% increase (which at ext/int revenue = $224M '09-'10) and then reg compliance is like $3M per period - Just in case.
I'd love to see PGE to try something of this magnitude.
Posted by Steve | June 16, 2010 10:21 AM