Posted on 09/12/2010 2:55:53 PM PDT by kcvl
The state of Pennsylvania has stepped in to help its capital city Harrisburg avoid a default by advancing next year’s state aid so that the money can be used to make a $3.3m bond interest payment due this week.
On Sunday, Ed Rendell, the governor of Pennsylvania, announced a $4.3m cash transfer and said missing the bond payment was “not an option”. “Harrisburg’s financial future is still very cloudy, and difficult decisions still need to be made to return this city to financial stability,” he said in a statement. “Allowing a missed bond payment, however, would not be a good decision.”
(Excerpt) Read more at ft.com ...
Fast Eddie is assuming (probably correctly) that this has no cost in any sense — we should certainly expect that Obama and the Dems will help out high-electoral-vote “blue” states like CA, PA, IL, et al if necessary.
And at the end of next year?
And the year after that?
Revolution is coming.
Why do I get the sinking feeling that somehow this humble, rural SC taxpayer will also get to "contribute" to Harrisburg's unionized public employees?
It’s not Rendell’s to say what is an option. The Legislature sets all spending and revenue measures.
This appears to be pure executive lawlessness.
Grrrrr! It's bad enough that they retire and move down here, bitch & moan about how backwards we are, vote for democrats..., but now we have to bail out their former gov't employers so they can continue receiving their retirement checks.
Yep. BTW, contrary to what the MSM would have you believe, PA is a VERY Republican state except for the “gimme” Democrats infesting Philadelphia and some of the other cities, the “for your own good” Democrats in its suburbs and the PA/NJ border, and some islands of virtual communism in university towns (e.g. Bucknell University).
Of course.
Another example of "Too Big to Fail." The REAL reason it was "not an option" is because once the first card fails, the whole house of cards may follow.
Everyone knows this - but the politicians and their whore bankers keeps whistling happy tunes, and hope the public is distracted for at least another day.
When the run on banks starts happening, they can call the Ghostbusters all they want.
No one will answer.
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