L.A. Teetering on Bankruptcy, Former Mayor Says

Money News ^ | 05/05/10

[TigerLikesRooster]

L.A. Teetering on Bankruptcy, Former Mayor Says

Wednesday, 05 May 2010 02:20 PM

By: Dan Weil

California’s finances have deteriorated rapidly since the beginning of the financial meltdown in 2007, and now it’s really getting bad.

“Los Angeles is facing a terminal fiscal crisis: between now and 2014 the city will likely declare bankruptcy,” former mayor Richard Riordan wrote in a Wall Street Journal opinion piece.

“Yet Mayor Antonio Villaraigosa and the City Council have been either unable or unwilling to face this fact.”

Riordan’s column was co-authored by Alexander Rubalcava of Rubalcava Capital Management.

The basic problem: pension and retiree healthcare costs will jump by about $2.5 billion annually during the next four years if city officials don’t take any action, the duo point out.

[TigerLikesRooster]

Teetering

Question is how long it will be teetering before falling face-down. The longer it takes, the worse it would get.

[TigerLikesRooster]

P!

[Dallas59]

Hollywood stars have a bunch of doe....tax them about 45 percent more.

[Drango]

They have a million dollar Caligraphy budget. I kid you not

http://blogs.laweekly.com/ladaily/city-news/council-calligraphy-budget/#

[freedumb2003]

I live in L.A. All I ask for my tax dollars is:

* Cops
* Street maintenance
* Electric and gas
* Firefighters
* Prisons

If they would have concentrated on services people need across the board instead of doing all this welfare crap, there would not be a budget crisis.

[oyez]

As long as they ignore the real problems, like over-blown local governmental retirement entitlements and the grip of governmental employee unions, this deficient will remain.

[freedumb2003]

>>Hollywood stars have a bunch of doe<<

A deer? A female deer?

[RckyRaCoCo]

So the Lakers will be wearing Los Bancarrota jersey’s?

[TigerLikesRooster]

tax them about 45 percent more

First deny all tax credits and tax shelters to them, and tax them to death.:-)

[Lancey Howard]

I’ve been reading all this “teetering” stuff about Los Angeles and California for years now.
So why won’t they just go belly up already and be done with it?

[Tamar1973]

If all the illegals in AZ run to CA to avoid deportation, LA’s collapse might be sooner than ever imagined.

[BAW]

Los Angeles is facing a terminal fiscal crisis:

Seems to be a lot of this going around. The prescription for fiscal health is the same as it always has been . . don't spend so much.

[SoConPubbie]

If they would have concentrated on services people need across the board instead of doing all this welfare crap, there would not be a budget crisis.

That would require leadership where the issue of Illegal Immigration is concerned, but that goes counter of the real agenda of Democrats, to overwhelm the US with millions of easily controlled voters who will perennially have their hands-out for tax-payer provided benefits that the Democrats will be only too glad to provide in exchange for their votes.

I fear the only thing that is going to save California is either a true Holy-Ghost led revival, or lacking that, for California to crash and burn, literally.

[SoConPubbie]

While Riordian is correct, I don’t have much respect for this liberal Republican.

He is a prime example of what is wrong with the California GOP leadership, they are Greedy Republicans, they only care about their pocket book, in all other issues, they are left-wing.

[ErnstStavroBlofeld]

The city is increasing water and power rates to increase revenue.

[SoConPubbie]

As long as they ignore the real problems, like over-blown local governmental retirement entitlements and the grip of governmental employee unions, this deficient will remain.

It's the services wasted on Illegal Aliens they need to focus on first, they'll get rid of about a billion a year just by denying services to illegals.

[TigerLikesRooster]

Cali Pubbies is close to overtaking N. England Pubbies for years. Soon, even Romney would be deemed unelectable by CA Pubbies.:-)

[max americana]

I live/work in Hollywood and the Kobe worship here is ridiculous. But if it’s the lakers vs the Los Soles, I hope we kick their ass big-time and their illegals-loving team owner.

I’ve heard the LA is bankrupt rhetoric since November and I’d love for it to crash soon because I just got my state refund anyways..

[TigerLikesRooster]

Soon they may charge you for CO2 molecules you exhale.

[ErnstStavroBlofeld]

I know. If they start doing that, they will have a full revolt among ratepayers.