Cities in hock (Jack Bog's Blog)

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This page contains a single entry from the blog posted on December 3, 2010 7:44 AM. The previous post in this blog was One last 'dog. The next post in this blog is A quickie with Lame Duck Ted. Many more can be found on the main index page or by looking through the archives.

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« One last 'dog | Main | A quickie with Lame Duck Ted »

Friday, December 3, 2010

Cities in hock

Municipalities like Portland, who borrow money like it was going out of style and refinance like the rest of us shop for groceries, may find the well going dry.

Posted at 7:44 AM | Permalink

Comments (6)

At least Sam Adams, his creepy honor, already is presumably acquainted with bankruptcy attorneys.

He has some real-world experience after all.

Posted by Gen. Ambrose Burnside, Ret. | December 3, 2010 8:17 AM

Sam has already cashed the check and spent it. He/TriMet and all of govt is on a spending spree now 'cause they know the end is nigh on chep rates and easy bond sales.

It's the guys down the road (and the taxpayers) that will have to re-fi this debt that are screwed.

Posted by Steve | December 3, 2010 8:24 AM

The federal government has been a major force encouraging the escalating debt of state and local governments. It's like the big daddy drug pusher, staking them in early phases of projects like light rail which still lose lots of money beyond the Fed's stake.

Cut this flow of funds to DC and back, and keep the funds restricted to local area control. Cut the federal government back to just national security issues, getting it out of things like transportation, health care, and education.

Posted by Bob Clark | December 3, 2010 9:42 AM

Maybe the build-up is to get the politician's wish list of projects (high speed rail, light rail, Pearl District, Rose Quarter, green stuff) built now, then default on the loans, then cut the basic services and drastically raise taxes when there is no option.

By that time, the politicians will be off on consultant jobs making nice comfortable six figure salaries working for another government agency, while us schmoes have to pay up.

Maybe there should be a requirement that would prevent the Fred Hansen syndrome: Run your transit agency in the ground, then move to Australia. If you run the government, you're obligated to stay behind (or spend some quality prison time).

Posted by Erik H. | December 3, 2010 9:58 AM

Anybody know of an ETF or ETF's that short municipal bonds? Thanks.

Posted by Grady Foster | December 3, 2010 10:48 AM

Erik H.,
Like your ideas.
There needs to be accountability requiring responsibility other than just leaving with bonuses and a good bundle to retire and leaving the people with the problems and horrendous debt. Some kind of liability here, if they "mess up", they lose a portion or all of their bundle anyway. In some cases, prison time or solitary confinement for awhile to think about what they have done might be a deterrent. This flying free as a bird spending like mad without accountability is crazy-making. Taking this scene back to my view of basic community behavior, this would not be allowed, to drag the people/community down by "abusive financial behavior." People would see to it that these officials making unwise, unhealthy decisions would be out of their position pretty quickly by impeachment, peer pressure, or next and/or special election - OUT.
All this abuse as I see it is much easier to get away with when the community is so large.

Last July, 31, 2010 I commented on this blog:
. . . Debt swamping on cities may very well be the game of the decade with corporations swirling around to swoop down to take the cities assets as they bankrupt.
Sorry to be so negative about this, but what are we to think when our city is on a drive to put us further in debt.

Posted by clinamen | December 3, 2010 12:24 PM

In Vino Veritas

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
McKinley Springs, Bombing Range Red 2008
Trader Joe's Pinot Gris 2009
Montes Alpha, Cabernet 2007
Gran Sasso, Sangiovese, Terre di Chieti 2009
Garda, Classico Chiaretto Rose
Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
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
Dievole, Dievolino Sangiovese 2008
Laforet, Burgogne Chardonnay 2009
Columbia Winery, Merlot 2007
Bonterra, Cabernet 2008
Elk Cove, Pinot Gris 2009
Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
Cameron, Chardonnay
B.R. Cohn, Cabernet, Silver Label 2006
Graffigna, Cabernet 2005
Palo Alto, Reserve Red 2008
Menguante, Garnacha 2008
Lange, Pinot Gris 2009
Felsina Berardenga, Vin Santo 1997
Anne Amie, Pinot Gris 2009
McKinley Springs, Bombing Ramge Red 2007
Vieux Papes Red
Dionysius Chardonnay 2009
Haden Fig, Pinot Noir 2009
Vega Montan, Mencia 2008
Chateau la Vernede, Coteaux du Languedoc 2007
Mount Defiance, Hellfire (White) 2008
Root: 1, Cabernet 2008
Columbia Crest, Two Vines Pinot Grigio 2009
Columbia Crest, Two Vines, Vineyard 10 White, 2008
Columbia Crest, Two Vines, Vineyard 10 Rose, 2007
Abacela, Grenache Rose 2009
Avia Cabernet 2004
Lemelson Pinot Noir, Thea's Selection 2007
Chateau de la Roulerie, Rose d'Anjou 2009
Casal Garcia, Vinho Verde Rose
La Ferme Julien, Rose 2008
Cana's Feast, Bricco Red, 2006
Hogue, Genesis Merlot, 2008
Owen Roe, Sharecropper's Cabernet, 2008
Kim Crawford, Unoaked Chardonnay 2008
J. Scott, Pinot Noir 2008
Edmunds St. John, White, Heart of Gold 2008
Columbia Crest, Walter Clore Private Reserve 2006
Stevenot, Cabernet, Sierra Foothills, "Stanford" 2000
Portuga, Vinho Rose 2009
Taylor Fladgate, First Estate Reserve Porto
Franciscan, Cabernet, Napa 2006
Chaparral de Vega Sindoa, Garnacha 2008
Quinta da Aveleda, Vinho Verde 2008
St. Francis, Chardonnay Sonoma 2008
E. Guigal, Cotes du Rhone Blanc, 2007
Edmunds St. John, Bone-Jolly, Gamay Noir 2008
St. Innocent, Pinot Noir 2006
Jigsaw, Pinot Noir 2007
Chateau Ste. Michelle, Merlot, Indian Wells 2007
Charles Shaw, Chardonnay 2008
Edmunds St. John, Bone-Jolly, Gamay Rosé 2009
Cameron, Willamette Valley Chardonnay
Il Valore, Sangiovese, Giovane, Puglia 2008
Duck Pond, Chardonnay, Wahluke Slope 2007
Kim Crawford, Marlborough Pinot Noir 2008
Domaine du Pesquier, Cotes du Rhone 2005
Cantina Zaccagnini, Montepulciano d'Abruzzo 2006
Domaine Matrot, Chardonnay, Bourgogne 2007
David Hill, Oregon Sparkling Wine, Brut
Chandler Reach, Monte Regalo 2006
Elk Cove, Pinot Gris 2008
Kirkland, Columbia Valley Merlot 2008
D'Aragon, Old Vine Garnacha 2008
Columbia Crest, Walter Clore Private Reserve 2005
Pavin & Riley, Merlot 2006
David Hill, Estate Pinot Noir, Barrel Select 2006
Castle Rock, Paso Robles Cabernet 2006
Magnificent, Cabernet, Steak House 2008
Conundrum 2008
Beaulieu, Cabernet, Rutherford 1998
Saint Cosme, Cotes-du-Rhone 2007
La Granja, Tempranillo 360, 2008
Santa Rita, Mendalla Real Cabernet 2006
Columbia Crest, Grand Estates Merlot 2006
Andezon, Cotes-du-Rhone 2007
Collegiata, Montepulciano d'Abruzzo
Troon, Druid's Fluid 2008
La Granja, Tempranillo 2008
Monte Antico, Toscana 2006
Vieux Papes, Blanc de Blancs

The Occasional Book

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
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
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
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 54
At this date last year: 50
Total run in 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269