www.washtimes.com/upi/20050913-084248-8471r.htm:

Mayor says New Orleans now bankrupt Sep. 13, 2005 at 9:02AM New Orleans Mayor Ray Nagin says the hurricane-devastated city is bankrupt and is scrambling for loans to pay its employees through the end of the year.      "Technically today we're out of cash," Nagin told reporters in Baton Rouge. "The city is bankrupt ... We have no money."      He said the city spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff, the New Orleans Times Picayune reported Tuesday.      However, Nagin was emphatic state and federal officials would not railroad through city reconstruction until it had passed city muster.      "I don't want anybody outside of New Orleans planning nothing as it relates to how we're going to rebuild this city without us signing off on it," Nagin said.

Nagin continues to lead by example.  Can somebody please photoshop Nagin onto that pic of someone holding up a Red Cross debit card?

At least the truth of the inefectual/corrupt leadership of NO and LA are coming out, Unfortunantly it had to be at the expense of the populace during a crisis

Like it wasn't before???

Quoted: Like it wasn't before???

What Nagin really means is that he is out of stuff to steal and would like to legislate himself a swiss account number.

Quoted:
Like it wasn't before???
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What Nagin really means is that he is out of stuff to steal and would like to legislate himself a swiss account number.

+1  Without any graft coming in he is broke.  He'll be selling confiscated guns to gang bangers soon.

WTF, does this man have no shame?

How about this?
link

Quoted: Quoted: Like it wasn't before??? What Nagin really means is that he is out of stuff to steal and would like to legislate himself a swiss account number.

Well Said. That guy is totally out of control. I am suprised nobody has told him to tone down. He makes an ass out of himself everytime he's on TV. I wonder how much he's walking away with during this crisis.

Where are those "snipers" in NO when you need them?  


Khem

Why all the welfare people went to Houston, TX?

Good Luck Houston and Texas with getting them back to New Orleans.

Didn't they just get like $100 billion or some shit.  Where is the money going to???

Quoted: At least the truth of the inefectual/corrupt leadership of NO and LA are coming out, Unfortunantly it had to be at the expense of the populace during a crisis

"Unfortunately"???  People get the government they DESERVE

Where did the money go? Nagin bought a house in Dallas!

I'm betting that the cops who deserted are still getting paid.

Quoted: At least the truth of the inefectual/corrupt leadership of NO and LA are coming out, Unfortunantly it had to be at the expense of the populace during a crisis

And unfortunately no one cares as long as Bush can be "blamed".  The race card is getting a good workout these days.

I can't believe he has no shame. A bigger person would bow their head and resign.

You have given the people nothing.....at least give them your resignation!!

Quoted: I can't believe he has no shame. A bigger person would bow their head and resign. You have given the people nothing.....at least give them your resignation!!

What are you talking about?!?  The poor man did everything he could!  This entire mess is Bush's fault!!!  

Quoted: Didn't they just get like $100 billion or some shit.  Where is the money going to???

Hopefully not anyone in the state or local government.

How come even this high official can't speak proper English?

"I don't want anybody outside of New Orleans planning nothing . . ."

So I guess he's saying we should plan SOMETHING?

The bankruptcy in question, is it the continusing moral one, or a new financial one?

And does anyone know how LA gets most of its taxes, are they property or sales?

There isn't a major city on the planet that could remain solvent when 80% or more of its tax base is destroyed and the rest damaged, it's residents have all fled or been relocated, and its businesses all shut down.

No tax revenue, no money to pay the debts, let alone the employees. Every city in America functions on debt, issues bonds to pay for large projects with long term benefits for its residents, now those public works are gone but the debt remains.

NOLA affects everyone. It's not only the biggest port complex in the USA, it's the port that serves the entire Mississippi river inland shipping system, the only port in the nation equipped to unload oil supertankers, and the area that services a large chunk of our domestic oil and gas production. The people who run these industries need a community to live in, housing, services, and so on.

NOLA has always been and always will be the most critical link in the US shipping chain, without it we can't efficiently export grain or import commodities to the heartland.

I hate the thought of having my tax dollars go to rebuilding as much as you do, but if the feds don't get involved in sorting this mess out, what already looks like a likely recession will turn into a certain depression. Everybody is to blame for this, because nobody took securing our most strategically important city seriously, and the entire government, red and blue alike, functions on the same model of debt finance.

That makes us vulnerable, and Katrina's going to hurt everybody whatever the politicians decide to do.

New Orleans = economic blackhole.

Dont you just love knowing for that the next decade billions and billions of your money is going to be pouring into that city?

Quoted: And unfortunately no one cares as long as Bush can be "blamed".

And he (Bush)just invited the blame.

Probably wouldn't be a bad thing if NOLA defaulted on its munis, people need to understand government bonds carry risk, if we guarantee all this debt nationwide at all levels of government with federal taxpayor money then NOLA won't be the problem, the US as a whole will, not that it isn't already.

Debt instruments as legal tender is the real issue, it's a really bad idea with a really dismal track record throughout history.

Quoted: There isn't a major city on the planet that could remain solvent when 80% or more of its tax base is destroyed and the rest damaged, it's residents have all fled or been relocated, and its businesses all shut down. No tax revenue, no money to pay the debts, let alone the employees. Every city in America functions on debt, issues bonds to pay for large projects with long term benefits for its residents, now those public works are gone but the debt remains.

note:  These statements are based about how taxes work in Nebraska, LA is probably different, but the basics remain.

We are just over two weeks into the disaster.  This 80% tax base that left would have already paid it's property taxes for the current six month period (or had the money in escro), their income taxes would have been paid for the previous quarter, and there is no way that sales taxes could have been collected and distributed to the state, county and city already.

Unless he has some huge expenses that are being paid out then where is the money at?  And when we talk expenses we must consider that most of the recovery is being paid by the feds.  His city is shut down so even if the PD could provide its overtime numbers, there's nobody in finance to cut the checks.

I don't intend to be arguementative, it just really shocks me.

Morally?  

Quoted: Quoted: There isn't a major city on the planet that could remain solvent when 80% or more of its tax base is destroyed and the rest damaged, it's residents have all fled or been relocated, and its businesses all shut down. No tax revenue, no money to pay the debts, let alone the employees. Every city in America functions on debt, issues bonds to pay for large projects with long term benefits for its residents, now those public works are gone but the debt remains. note:  These statements are based about how taxes work in Nebraska, LA is probably different, but the basics remain. We are just over two weeks into the disaster.  This 80% tax base that left would have already paid it's property taxes for the current six month period (or had the money in escro), their income taxes would have been paid for the previous quarter, and there is no way that sales taxes could have been collected and distributed to the state, county and city already. Unless he has some huge expenses that are being paid out then where is the money at?  And when we talk expenses we must consider that most of the recovery is being paid by the feds.  His city is shut down so even if the PD could provide its overtime numbers, there's nobody in finance to cut the checks. I don't intend to be arguementative, it just really shocks me.

You can be bankrupt and still have money in your checking account.

It shouldn't shock you at all, the nation has been walking a tightrope for quite some time. It's a complicated subject, but the US is not in a strong financial position, we're dependent on debt inflation to keep everything going. A shock like this will have more serious financial implications than just the bankruptcy of one city, it's going to take a while for the effects to filter through and become known.

The problem isn't the hurricane, it's the weak position we were in before it hit. There was always going to be something, some shock that was outside the bellcurve of likely possibilities that the financial system hedged against, it just wasn't known what it would be.

Katrina may or may not be significant enough to create problems with derivatives in the financial sector, but even before Katrina hit there was an emergency meeting of the major players scheduled for the 16th by the fed, because they finally caught on there was going to be an issue and they needed to get it on the record they were concerned.

Quoted: www.washtimes.com/upi/20050913-084248-8471r.htm: Mayor says New Orleans now bankrupt Sep. 13, 2005 at 9:02AM New Orleans Mayor Ray Nagin says the hurricane-devastated city is bankrupt and is scrambling for loans to pay its employees through the end of the year.      "Technically today we're out of cash," Nagin told reporters in Baton Rouge. "The city is bankrupt ... We have no money."      He said the city spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff, the New Orleans Times Picayune reported Tuesday.      However, Nagin was emphatic state and federal officials would not railroad through city reconstruction until it had passed city muster.      "I don't want anybody outside of New Orleans planning nothing as it relates to how we're going to rebuild this city without us signing off on it," Nagin said. Nagin continues to lead by example.  Can somebody please photoshop Nagin onto that pic of someone holding up a Red Cross debit card?

I don't care...

Quoted: New Orleans Mayor Ray Nagin says the hurricane-devastated city is bankrupt and is scrambling for loans to pay its employees through the end of the year. "Technically today we're out of cash," Nagin told reporters in Baton Rouge. "The city is bankrupt ... We have no money." He said the city spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff, the New Orleans Times Picayune reported Tuesday.

Ha Ha Ha! Now that puts "government welfare" in perspective, doesn't it? Good riddance, 'Nawlins 'gubment is no good anyway. Maybe TX should annex the coastal areas of LA.

You mean they don't have an emergency reserve?  They probably did but Nagin/Blanco/Landreuix stole it.

Time to  transfer the NOPD to the state patrol to keep them on payroll, I think. The ones that stayed deserve that at least.

Quoted: WTF, does this man have no shame?

I doubt it. You need a conscience and a sense of right and wrong to feel shame.

Those are two things which liberals seem to be genetically predisposed NOT to have.

Quoted: Quoted: And unfortunately no one cares as long as Bush can be "blamed". And he (Bush)just invited the blame.

Ugh... how could he just cave like that???

Quoted: Quoted: Quoted: And unfortunately no one cares as long as Bush can be "blamed". And he (Bush)just invited the blame. Ugh... how could he just cave like that???

Because he has more character in the dump he tok this morning than the entire Left can muster over the span of a month.

Remember the little note Eisenhower wrote one rainy morning in June, 1944? Same idea.

"I don't want anybody outside of New Orleans planning nothing as it relates to how we're going to rebuild this city without us signing off on it," Nagin said.

The grammatical errors aside...

Yeah, you've shown such competence BEFORE the hurricane and during the cleanup, you should get sigh off authority on the rebuild.