In like a lion
The City of Portland usually puts out "annual disclosure information" about many of its outstanding debts every year around March 1. Hmmm, March 1 has come and gone this year, and gosh, the city website still has last year's documents up there.
Gosh, I sure hope nothing's wrong.
| Posted at 8:51 AM | Permalink |
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Comments (10)
What could go wrong? When the condo market was super hot, our leaders decided it needed a helping hand. They could be Junior Donald Trumps with better haircuts! So now that the national real estate bubble has burst, freezing credit markets of all shapes and sizes, we're left out in the cold. To paraphrase our beloved leader Condi Rice, "Nobody could have imagined that real estate wouldn't keep right on selling through the roof."
But let's be fair: It's not like we had a big bubble bursting in the 90s to warn us this could happen. Oh wait....There was that Internet thing. Never mind.
Posted by Bill McDonald | March 4, 2008 10:32 AM
Randy has a better haircut than Trump?
Posted by cc | March 4, 2008 11:55 AM
CHAPTER 9: MUNICIPAL BANKRUPTCY RELIEF
http://govinfo.library.unt.edu/nbrc/report/22chapte.html
Posted by Becky | March 4, 2008 12:14 PM
I don't think we're there yet. But we're on our way, and Mayor Sam Adams will greatly hasten our arrival.
Right now, the problem is that Portland's ongoing credit card swipes have at least temporarily "been declined."
Posted by Jack Bog | March 4, 2008 12:33 PM
Every time you post a story about Portland's finacial woes, I become a little more hesitant of ever moving into Portland's city limits. The city's fiscal irresponsibility is something I don't ever want to have to pay for.
Posted by John | March 4, 2008 1:23 PM
John: There are lots of other nearby communities that you might consider moving to. And most of them don't have the fiscal problems that Portland and Multnomah County have. Just look for a nice home that meets your needs in Washington or Clackamas County and you'll do just fine. About the time the Sellwood Bridge collapses should be about the time that Portland goes into the fiscal toilet.
Posted by Dave A. | March 4, 2008 4:28 PM
Will the sudden drop in evaluations cause my ears to pop?
Posted by Abe | March 4, 2008 6:59 PM
Sam the Tram sure knows how to declare bankruptcy, his own and I hope not Portland's. But then having a mayor with no fear of bankruptcy he'll just have no hesitation to ask the taxpayers for more taxes to bail us out. Gosh, he's already doing that.
Posted by lw | March 4, 2008 7:05 PM
It has sh*tty news in it, so it will probably come out shortly after the election in May.
Posted by none | March 4, 2008 9:44 PM
"It has sh*tty news in it"
There is plenty of sh*tty news that never comes out. At CoP, PDC, OHSU, Metro, TriMet and the Port.
Posted by Stan | March 4, 2008 10:26 PM