Friday, July 29, 2011

Life after default

No... I don't do macro. More micro defaults:

The city of Vallejo California is exiting out of chapter 9 bankruptcy soon, all while Jefferson County, Alabama plays hardball with its bondholders in it's bankruptcy.

As I pointed out in the past, by comparable metrics of debt per household, Pittsburgh is so far past where Vallejo was as it entered bankruptcy.. and that was before any of the latest developments were factored in.


Blogger Bram Reichbaum said...


Saturday, July 30, 2011 11:57:00 AM  
Blogger Bram Reichbaum said...

"and that was before any of the latest developments were factored in."


The housing and credit crises. The great recession.

Three subpar pension fund investment years compared to the recessionary average.

State budget crisis + consolidated contemporary Republican state government.

Greece, Ireland and Italy.

Your links to Vallejo and Jefferson County both make municipal bankruptcy sound lovely. Like a minimum security luxury prison. Do you think we have time to evaluate whether the credit markets will be kind and forgiving to the City of Vallejo say, two years out?

Saturday, July 30, 2011 1:08:00 PM  
Blogger rich10e said...

This comment has been removed by the author.

Monday, August 08, 2011 11:21:00 AM  
Blogger rich10e said...

n 2003 as it became apparent that Pgh would be under Act 47 and then the ICA, I suggested and argued for municipal bankruptcy...back then eevryone was concerned about the negative image attached to the "B" that time I read an article about Orange county and how a couple years into its bankruptcy the people of OC had forgotten they were under bankruptcy and many surveyed couldn't remember the reasons for the it appears that bankruptcy is an acceptable and efficient remedy in returning fiscal stability to municipal gov't...Pgh's into year 7 and no end is in sight

Monday, August 08, 2011 11:24:00 AM  
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Wednesday, June 17, 2015 4:52:00 AM  

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