Here comes the start of small towns, major cities to go BK ... Wall Street's Tax on Main Street

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Here comes the start of small towns, major cities to go BK … Wall Street’s Tax on Main Street

Here comes the start of small towns, major cities to go BK … Wall Street’s Tax on Main Street

NY TIMES – Gretchen Morgenson

AMID all the talk of debt and default in Washington last week, tiny Central Falls, R.I., went bankrupt.

Like many states and cities in these hard economic times, Central Falls — population: 19,000 — was caught short by hefty pension obligations and weak tax revenue. It may not be the last municipality to file for bankruptcy. Jefferson County, Ala., is now on the brink of it, thanks to a sewer bond issue gone wildly bad.

But while pensions and the economy are behind many of municipalities’ troubles, Wall Street has played a role, too. Hidden expenses associated with how local governments finance themselves are compounding financial problems down at city hall.

[NY TIMES]

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One Response to “Here comes the start of small towns, major cities to go BK … Wall Street’s Tax on Main Street”

  1. lies is all they tell says:

    this is because all the cities and counties are ignoring the cause. if they would help each homeowner avoid foreclosure property values would stall. but the continue purge of properties is killing florida (and all over) but we get no assist more of the same bs everyday. the county i live in instaed of keeping homeowners in their homes buys foreclosed homes (at a hefty discount i am sure) and qualifies new buyers????? why not spend that money to keep families in their homes and stableize economy hmmmmm

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