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Thread: Jefferson County (Birminham) in Alabama faces bankruptcy

  1. #11
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    Re: Jefferson County (Birminham) in Alabama faces bankruptcy

    Quote Originally Posted by Aunt Spiker View Post
    I'm stunned.

    Just how does a county head towards bankruptcy anyway? I didn't know it was possible to force a bankruptcy on the whole populous that pays the taxes - hope it doesn't ruin their credit, too.
    it's chapter 9 of the bankruptcy code:
    ... reorganization of municipalities (which includes cities and towns, as well as villages, counties, taxing districts, municipal utilities, and school districts).
    Chapter 9

    it has been used less than 500 times
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Jefferson County (Birminham) in Alabama faces bankruptcy

    Quote Originally Posted by Aunt Spiker View Post
    I'm stunned.

    Just how does a county head towards bankruptcy anyway? I didn't know it was possible to force a bankruptcy on the whole populous that pays the taxes - hope it doesn't ruin their credit, too.
    Two rating agencies have already declared their bonds 'junk bonds'.

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    Re: Jefferson County (Birminham) in Alabama faces bankruptcy

    Quote Originally Posted by Frolicking Dinosaurs View Post
    BBC News - Jefferson County in Alabama faces bankruptcy

    In 2008, the GOP's Tea Party branch took control in Jefferson County, Alabama, and ushered in a host of Tea-Party type changes - including the loss of about 40% of tax revenue. Is this a fluke or will it happen elsewhere (like in VA which just saw a similar take-over in its state congress)?
    You might want to recheck your facts on Va. also. I live there and I have not heard about the takeover of the state by the Tea Party, in the recent election, Republicans picked up one Senate seat, with a probable second in recount. I have not heard about our fiscal crisis. Va is a balanced budget state, and is pays as it goes.

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    Re: Jefferson County (Birminham) in Alabama faces bankruptcy

    Quote Originally Posted by Frolicking Dinosaurs View Post
    Two rating agencies have already declared their bonds 'junk bonds'.
    the sewer bond worked out to over $4800 per resident
    not a good muni bond investment

    let me scare some folks
    the portion of the accumulated debt owed by each American citizen is over $47,900
    (that's over $133,100 per taxpayer!)

    are we bankrupt, and just don't realize it?

    U.S. National Debt Clock : Real Time
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Jefferson County (Birminham) in Alabama faces bankruptcy

    Quote Originally Posted by justabubba View Post
    the sewer bond worked out to over $4800 per resident
    not a good muni bond investment

    let me scare some folks
    the portion of the accumulated debt owed by each American citizen is over $47,900
    (that's over $133,100 per taxpayer!)

    are we bankrupt, and just don't realize it?

    U.S. National Debt Clock : Real Time
    I am pretty sure one party realizes it.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Jefferson County (Birminham) in Alabama faces bankruptcy

    Quote Originally Posted by Blue_State View Post
    I am pretty sure one party realizes it.

    too bad it is lost on most of the other 300 million who need to understand it
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

  7. #17
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    Re: Jefferson County (Birminham) in Alabama faces bankruptcy

    Quote Originally Posted by justabubba View Post
    the sewer bond worked out to over $4800 per resident
    not a good muni bond investment

    let me scare some folks
    the portion of the accumulated debt owed by each American citizen is over $47,900
    (that's over $133,100 per taxpayer!)

    are we bankrupt, and just don't realize it?

    U.S. National Debt Clock : Real Time
    allow me to build on your work:

    that only counts actual current past tense borrowing - if we were to use normal accounting procedures, as is required of every business, we would be required to list our future liabilities as well. For the short version - take the numbers bubba just posted, and add a zero at the end.

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