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MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....

 
Anonymous Coward
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08/19/2012 09:24 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
big bailouts coming...relax
Anonymous Coward
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08/19/2012 09:24 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Moody’s said that outlook is changing after the Chapter 9 Bankruptcy filings of Stockton, San Bernardino and Mammoth Lakes.

The Moody’s report is raising alarms for city leaders who fear it may trigger a market panic. ”Every city in the state is looking on with some concern,” said Dave Vossbrink, spokesman for the city of San Jose. ”Governments of all kinds borrow money, usually to build infrastructure that lasts a long time. It’s like getting a mortgage to build roads, a sewage plant, whatever it might be.” Mr. Vossbrink emphasized that San Jose has cut laid off cops and closed libraries.

Residents also recently voted to cut public pension benefits for city workers, but those cuts may not be enough prevent a downgrade.

[link to www.chrissstreetandcompany.com]






great work barack hussein obama (born in texas), mission accomplished!

ohappy
Anonymous Coward
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08/19/2012 09:30 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
All of the Moodys employees need to do some perp walking real soon for giving the investor sheep fraudulent data.....
Therion156
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08/19/2012 09:31 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
So my bro-in-law worked for school district in maintenance for 20 yrs., the district paid him a $116,000 bonus on top of pay & benefits for working 4 extra years.... now this guy is merely a low level maintenance worker with no special skills.....not even low level management! No, they all need to BK.... these clowns have sucked the tax payer & everyone & everything dry! This guy wouldn't make it in the real world and here the district rewards him with $116k bonus for a mediocre job, no talent & no marketable skills. I dont believe the property owners would approve if they knew this crap was going on! Yes and he belongs to a union.... remember this post next time you hear these clowns talk about the importance of education..it aint providing a quality education as much as it about providing nest eggs & pensions for district personnell.... at our expense & the expense of a quality educational system..
Anonymous Coward
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08/19/2012 09:33 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
The klaxon horn went off this evening for California municipal bondholders when Moody’s credit rating service issued a report stating that the plummeting financial condition of many California counties, cities, school districts and other government agencies will soon result in large numbers of municipal bankruptcy filings. Concerned about their own potential liability for providing high ratings that encouraged conservative elderly Americans to invest in risky bonds; Moody’s announced they will undertake a wide-ranging review of municipal finances because of the growing insolvencies.

The Moody’s report comes just two days after we reported that “CALIFORNIA SALES TAX REVENUE NOSE-DIVES BY 33.5%.” Stock brokers have often recommended California municipal bonds as very safe investments, due to historically low default rates and relatively stable finances. But Moody’s said that outlook is changing after the Chapter 9 Bankruptcy filings of Stockton, San Bernardino and Mammoth Lakes.

Moody’s is especially concerned with the growing attitude among many cash-strapped cities that filing bankruptcy to avoid paying bondholders, is politically more advantageous than cutting spending. As a result, Moody’s will re-assess the financial condition of all California cities, which issues about 20 percent of the municipal bond volume nationwide, “to reflect the new fiscal realities and the governmental practices.”

The Moody’s report said the credit rating service will also examine the outlook for municipal bonds in other troubled states. Robert Kurtter, Managing Director of public finance at Moody’s, would not say which states they will review, though Kurtter mentioned Michigan and Nevada as possibilities.

[link to www.chrissstreetandcompany.com]


damned
 Quoting: Anonymous Coward 21681179


homosexuals/lesbians.....let them all drown in bankruptcy....the Father will let it happen...these souls are an abomination to him....good riddance...let the earthquakes begin.....

Christians...get out of california...let the state sink into obilivion....they ask for it...say goodbye hollywood and your lesbo/homosexual worship capital of the world....big, big mistake for hollywood..promoting gays!
 Quoting: Anonymous Coward 21971133


Shut up, idiot.
Anonymous Coward
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08/19/2012 09:33 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Those cheering for California's demise, just remember, people move, they will go East and North. How long it will take before most realize they're screwed is anyone's guess. But it will happen. How long before other states are in the same boat? All of those items on store shelves proudly proclaiming 'From California', either depleting quickly or extreme in price just like everything else but on a higher scale. When will people learn it wasn't just the governments that did this to our country or the freeloaders? It was everyone that still spends beyond their means using credit? Fun ride.
fromSouthCarolina

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08/19/2012 09:34 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
What does this mean in the sense of what's gonna happen next? Are they just gonna go bankrupt and then nothing's gonna happen? Or are there gonna be riots and stuff happening?

Last Edited by fromSouthCarolina on 08/19/2012 09:40 PM
luke
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08/19/2012 09:38 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
So my bro-in-law worked for school district in maintenance for 20 yrs., the district paid him a $116,000 bonus on top of pay & benefits for working 4 extra years.... now this guy is merely a low level maintenance worker with no special skills.....not even low level management! No, they all need to BK.... these clowns have sucked the tax payer & everyone & everything dry! This guy wouldn't make it in the real world and here the district rewards him with $116k bonus for a mediocre job, no talent & no marketable skills. I dont believe the property owners would approve if they knew this crap was going on! Yes and he belongs to a union.... remember this post next time you hear these clowns talk about the importance of education..it aint providing a quality education as much as it about providing nest eggs & pensions for district personnell.... at our expense & the expense of a quality educational system..
 Quoting: Therion156 1609255


Wow Just Wow! 116K bonus just for cleaning up garbage and fixing a few knick knacks here and there.

Shit! Those leechers needed to be purged.
Anonymous Coward
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08/19/2012 09:41 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


It's not that easy. In such an environment it would be very difficult to borrow money. Also, the bondholders will lose an incredible amount of wealth, most of the money raised for gov. debt actually comes from individuals, retirement funds and investment funds, and if they lose big they will not have money to invest in future debt.....
 Quoting: Anonymous Coward 21681179


People never cease to amaze me. If you gamble, you may lose. That the rub. No one who invests in the stock market is used to losing. Bonds are stable, low yield, yada yada. Bottom line, you're throwing your dice at the craps table, hoping you'll make more money.

By going into bankruptcy, they'll be able to re-negotiate the unsustainable union pensions that are killing our cities. Just because some union website decides they want to promise some government employees a retirement of bliss, doesn't mean private taxpayers HAVE to pay for it.

Yes, it will be harder to borrow. But maybe they'll actually have some money after they bankrupt and won't have to!

Moody's should have done this 2 years ago. I remember hearing about a "unique, one of a kind, bond auction", to buy California bonds, commercial on the radio about a year ago. I almost spit my coffee out. I felt so badly for the sheep who watch American Idol and don't read.
Judethz
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08/19/2012 09:43 PM

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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
The klaxon horn went off this evening for California municipal bondholders when Moody’s credit rating service issued a report stating that the plummeting financial condition of many California counties, cities, school districts and other government agencies will soon result in large numbers of municipal bankruptcy filings. Concerned about their own potential liability for providing high ratings that encouraged conservative elderly Americans to invest in risky bonds; Moody’s announced they will undertake a wide-ranging review of municipal finances because of the growing insolvencies.

 Quoting: Anonymous Coward 21681179


skidrowkitty Just think of all those poor ex municipal employees whose pensions need funding
and get back to work you ungrateful swine. worshipwhip
 Quoting: Judethz


Since the employees, some of them anyway, are deciding on the bk, they probably do it in a way that protects their own pensions.

Here's something useful the banks CAN do. Bring this to light, file lawsuits, whatever to prevent the government employees from protecting themselves in this crisis.
 Quoting: Anonymous Coward 19852008


piglip That's a very selfish and callow attitude you have there. Just thinking of yourself.
Anonymous Coward
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08/19/2012 09:47 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
who in their right mind would put money into a municipal bond instead of gold?
Anonymous Coward
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08/19/2012 09:48 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
So my bro-in-law worked for school district in maintenance for 20 yrs., the district paid him a $116,000 bonus on top of pay & benefits for working 4 extra years.... now this guy is merely a low level maintenance worker with no special skills.....not even low level management! No, they all need to BK.... these clowns have sucked the tax payer & everyone & everything dry! This guy wouldn't make it in the real world and here the district rewards him with $116k bonus for a mediocre job, no talent & no marketable skills. I dont believe the property owners would approve if they knew this crap was going on! Yes and he belongs to a union.... remember this post next time you hear these clowns talk about the importance of education..it aint providing a quality education as much as it about providing nest eggs & pensions for district personnell.... at our expense & the expense of a quality educational system..
 Quoting: Therion156 1609255


I hear this stuff about how much these guys make but people forget it costs 500,000 dollars for a 2 bedroom shack in Cali.

And the insane sales tax
property tax
income tax
capital gains tax

When you take all that shit out a six figure salary isnt shit there because of the cost of living.
Anonymous Coward
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08/19/2012 09:53 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
calitards have no clue about the fact that 90 % of america does not live in california or really gives a shit about them. prolly cause they don't comprende no workee no eatee fuck you and your too big fail mentality just collapse and don't come here , unless you are sturdy obedient and don't mind 15 hours of manuel labor in our fields.
Muzzle

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08/19/2012 09:55 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


It's not that easy. In such an environment it would be very difficult to borrow money. Also, the bondholders will lose an incredible amount of wealth, most of the money raised for gov. debt actually comes from individuals, retirement funds and investment funds, and if they lose big they will not have money to invest in future debt.....
 Quoting: Anonymous Coward 21681179



So true. So what happens when retirement funds are invested in these bonds that are not repaid? Taxpayers are on the hook for the state retirement benefits. No future debt, but taxes go up! Big time.
 Quoting: Anonymous Coward 22248634


And when the vast majority have not the money to pay their taxes?
What then?

Last Edited by MuzzleBreak on 08/19/2012 09:59 PM
In his book, "Between Two Ages," Brzezinski wrote: "The technetronic era involves the gradual appearance of a more controlled society. Such a society would be dominated by an elite, unrestrained by traditional values."

MuzzleBreak
Mr. Toppit

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08/19/2012 09:56 PM

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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Romney 13% may find his malibu mansion under seige by mobs of unemployed government workers. They could reassess his taxes retroactively.

But then again I hear he's spending more time in NH.
Anonymous Coward
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08/19/2012 09:57 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Those cheering for California's demise, just remember, people move, they will go East and North. How long it will take before most realize they're screwed is anyone's guess. But it will happen. How long before other states are in the same boat? All of those items on store shelves proudly proclaiming 'From California', either depleting quickly or extreme in price just like everything else but on a higher scale. When will people learn it wasn't just the governments that did this to our country or the freeloaders? It was everyone that still spends beyond their means using credit? Fun ride.
 Quoting: Anonymous Coward 12855720


move where ? no you won't states will enact impossible to meet standards to allow you to get citizenship. if you go down better be on the first wave out or one badass walking dude motherfucker cause riots - no gurantee fuel deliveries ) you shit in your nests and you can stay there
Anonymous Coward
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08/19/2012 10:01 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


It's not that easy. In such an environment it would be very difficult to borrow money. Also, the bondholders will lose an incredible amount of wealth, most of the money raised for gov. debt actually comes from individuals, retirement funds and investment funds, and if they lose big they will not have money to invest in future debt.....
 Quoting: Anonymous Coward 21681179



So true. So what happens when retirement funds are invested in these bonds that are not repaid? Taxpayers are on the hook for the state retirement benefits. No future debt, but taxes go up! Big time.
 Quoting: Anonymous Coward 22248634


And when majority have not the money to pay their taxes?
What then?
 Quoting: Muzzle


Taxpayers are only on the hook to pay the retirement benefits if the city does NOT go into bankruptcy. If the city goes into bankruptcy the city has to go through a structured settlement. That is what's going on right now with the cities that have bankrupted. The union lawyers are scrambling like roaches crawling out of a freshly opened crawlspace for 1st dibbs of the structured settlements.
Anonymous Coward
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08/19/2012 10:20 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
This should be good for a 100 point gain in the stock market (scam market) tomorrow.
Anonymous Coward
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08/19/2012 10:26 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


It's not that easy. In such an environment it would be very difficult to borrow money. Also, the bondholders will lose an incredible amount of wealth, most of the money raised for gov. debt actually comes from individuals, retirement funds and investment funds, and if they lose big they will not have money to invest in future debt.....
 Quoting: Anonymous Coward 21681179



So true. So what happens when retirement funds are invested in these bonds that are not repaid? Taxpayers are on the hook for the state retirement benefits. No future debt, but taxes go up! Big time.
 Quoting: Anonymous Coward 22248634


And when the vast majority have not the money to pay their taxes?
What then?
 Quoting: Muzzle


Go ahead and pay off your house so you have nothing to bargain with at the Assessors office. If the bank owns your house they will think twice about raising taxes, if you own it outright shut up and pay up. Afterall you can't move anyway because either your under water or over leveraged.
Leave the house on the banks balance sheet !
Anonymous Coward (OP)
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08/19/2012 10:27 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
What does this mean in the sense of what's gonna happen next? Are they just gonna go bankrupt and then nothing's gonna happen? Or are there gonna be riots and stuff happening?
 Quoting: fromSouthCarolina


[link to www.jsmineset.com]
Anonymous Coward
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08/19/2012 10:34 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


Righto, I suppose you are correct. I mean in a logical world, the market would price their debt far far higher in terms of interest rates than they enjoy presently.

But we live in a fantasy world anymore.
 Quoting: Anonymous Coward 961432


Before 1995 it was easy to write off but, you tards are forgeting about the CDS's written under the CDO's

If these sre triggered the money printing to pay them will be insane !
Anonymous Coward
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08/19/2012 10:36 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


It's not that easy. In such an environment it would be very difficult to borrow money. Also, the bondholders will lose an incredible amount of wealth, most of the money raised for gov. debt actually comes from individuals, retirement funds and investment funds, and if they lose big they will not have money to invest in future debt.....
 Quoting: Anonymous Coward 21681179



So true. So what happens when retirement funds are invested in these bonds that are not repaid? Taxpayers are on the hook for the state retirement benefits. No future debt, but taxes go up! Big time.
 Quoting: Anonymous Coward 22248634


Well that is where they are in a bit of a quandary now isn't it, at 9.75% sales tax where I live, and the state takes roughly 10%+ income tax off my paycheck, plus the Fed's stealing, why work, and they know that, so say goodbye to city, county, and State retirement funds, they are going to steal it one way or an other, just ask San Diego, they did.
Anonymous Coward
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08/19/2012 10:46 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
I hope the state workers get very reduced pensions or none at all.
Anonymous Coward
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08/19/2012 11:02 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
I hope the state workers get very reduced pensions or none at all.
 Quoting: Anonymous Coward 529006


Remember it isn't their fault. It's the UNION'S fault. If you were working and someone told you, "hey you're gonna get a sweet deal when you retire" , would you say no? Well some people on this site might, but most people will quietly take the deal, hands down.
Anonymous Coward
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08/19/2012 11:16 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
right on 21971133
 Quoting: hershy 798256


But what about the New Madrid? Lot of rednecks in them parts.
Anonymous Coward
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08/19/2012 11:17 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Director of public finance at Moody’s, would not say which states they will review, though Kurtter mentioned Michigan and Nevada as possibilities.

Isn't Nevada where that pos Obamacare pusher Harry Reid is?
Anonymous Coward
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08/19/2012 11:40 PM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Director of public finance at Moody’s, would not say which states they will review, though Kurtter mentioned Michigan and Nevada as possibilities.

Isn't Nevada where that pos Obamacare pusher Harry Reid is?
 Quoting: Anonymous Coward 842983


Moody's would be extremely irresponsible to not let potential and current bondholders of California debt know the true state of this circus we call the bond market.

A buck fifty says nothing will happen. Moody's fakes a move, politicians and Union leaders scramble to pay them off to stfu.

Moodys execs get their house in the Hamptons. Life goes on.



Wash, rinse, repeat........
Anonymous Coward
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08/20/2012 12:12 AM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


Righto, I suppose you are correct. I mean in a logical world, the market would price their debt far far higher in terms of interest rates than they enjoy presently.

But we live in a fantasy world anymore.
 Quoting: Anonymous Coward 961432


Before 1995 it was easy to write off but, you tards are forgeting about the CDS's written under the CDO's

If these sre triggered the money printing to pay them will be insane !
 Quoting: Anonymous Coward 22162470


Right, if the contracts would work as they are "designed". But really, nowadays, terms are as easily changed on the fly as the derivatives were originally written. They were written, and sold for the purpose of allowing the banks to leverage themselves up to and above 50:1 and to make insane transaction fees.

Most of that stuff is fraudulent and the fed will just absorb the bulk of the fraud, tell me how that is printing money when the fed just absorbs all that fantasy crap but never has to reveal what or much it is holding on its "balance sheet". The fed is the ultimate black hole.
Anonymous Coward
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08/20/2012 12:17 AM
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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
And L.A. whats to ban Medical Marijuana collectives?

How bout Putting A TAX COLLECTOR IN EACH AND EVERY COLLECTIVE IN THE STATE!

also have a dummy bribe program to WEED out the dishonest collectors..

OR?

YA..here comes the money doom ba-bay
Nikola Tesla

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08/20/2012 12:20 AM

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Re: MOODY’S WARNS OF MASS CALIFORNIA MUNICIPAL BANKRUPTCIES....
Some cities going bankrupt now is actually a good thing. Next year they are back and then can take on new debt.
 Quoting: Anonymous Coward 22223638


It's not that easy. In such an environment it would be very difficult to borrow money. Also, the bondholders will lose an incredible amount of wealth, most of the money raised for gov. debt actually comes from individuals, retirement funds and investment funds, and if they lose big they will not have money to invest in future debt.....
 Quoting: Anonymous Coward 21681179


Expect to see angry citizens take to the streets with torches and pitchforks.

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