It's time to face facts guys, and the music. NO ONE IS GOING TO BAIL US OUT!
And why should they? Minneapolis spent a billion dollars of money we didn't have on stuff we didn't need. It's that simple. Here are our choices at this point: 1. Raise taxes until everyone moves out of town. 2. Reduce services until everyone moves out of town. 3. Stop paying some of the municipal bondholders (who don't pay taxes anyway.) Stockholders have lost over $7 trillion. Now it's the bondholders turn to lose. Our debts are up to $2.2 billion including interest according to the City's 12/31/2001 financial reports. How do I spell relief? D-E-F-A-U-L-T SO WHAT if we get a black eye from the credit rating agencies. They are going to downgrade us anyway. And, if they had done their job - we wouldn't be in this pickle (I think we should sue them for breach of fiduciary duty.) Besides, it's going to take us several years to pay off our LEGITIMATE debts - so we won't need to borrow in the near term anyway. Think about it. Vicky Heller Cedar-Riverside and North Oaks TEMPORARY REMINDER: 1. Send all posts in plain-text format. 2. Cut as much of the post you're responding to as possible. ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
