Goodyear: Alabama of Arizona


http://online.wsj.com/article/SB10001424127887323469804578525650887954408.html

Jefferson County Alabama is coming out of bankruptcy after many years of over borrowing (like Goodyear) and over spending (like Goodyear) by the local yokel public officials (like Goodyear) down in Alabama.
The outcome of this fiasco gives taxpayers an idea of the template that might be used by future courts to dole out “fair” punishment to voters like those in Jeff County (and Goodyear) for being so stupid as to keep re-electing a bunch of moron public officials who just kept adding to their overwhelming debt (like Goodyear).
In summary, here is what the courts just ruled in Jeff County:
1. Bond holders take a 30% haircut on their investments. That is, they lose one dollar of every three dollars they loaned Jeff County and they get to handle the re-financing. Oh yeah, most of the debt DOES NOT go away!
2. Taxpayers get hit with a 31% increase in their tax bills related to the debt that was forgiven.

Coincidence that these percentages are so close? I doubt it. How much more complicated math would you expect from some judge and a bunch of lawyers who never had to master algebra?

How would all you fixed income retirees living in Goodyear like to get a 31% increase in your property tax bills in order to pay for GEOrgia et al’s stupidity handling your money and borrowing to build unused stadiums, malls that don’t get built, and $12 mil dollar buildings that only appraise at $8 mil and then find the city is still “loaned up” under a slightly smaller mountain of debt?
Did you notice Goodyear increased your secondary property tax rate again this year in order to keep funding their debt?

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One Response

  1. F__k!

    Can l say that?

    Keep an eye on the voters reaction in AL if possible, I’d like to know what it is.

    James Howard

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