Monday, September 29, 2008

Debt in Venice

or put another way... Can local government exist without borrowing?

as bad as the news today is, there may be another shoe to drop in the evolving financial markets miasma. One well-reported reason for the fear out there is the view that the credit crunch was extending not just to real estate and financial markets in themselves, but that routine lending to business was drying up which would then lead to broad based economic showdown. Not mentioned in that argument is the impact a lending draught could have on local governments across the country. See what is happening up in Erie right now. Could have a big impact if the Port Authority is looking to use any debt to get it though a cash crunch at the end of the year. That is not to say they are planning that in any way, but you have to wonder what they are planning for given the public statements that they will run out of money in a few months... Maybe we will be in the middle of a blizzard?

More National City news....

for public finance geeks... Jefferson County is planning on defaulting on it's bonds which will then have bond payments made up by bond insurer FGIC and FSA's woes are bringing down it's parent Dexia. I have mentioned the potential impact on some of the big loans in town if FSA follows some of the other big bond insurers of late.

and has anyone looked at how the credit market meltdown might impact any of the big projects slated for the region? Things like Don Allen or the Chelsea apartments in Oakland?

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