Category: Cities

Harrisburg’s quest for the Holy Grail: Part 4, How’d you get to be king?

23 May, 2013 (13:27) | Bonds, Cities, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News | No comments

[Continued from yesterday's Part 3 and the preceding Part 1 and Part 2.]   By:David A. Smith   After a decade of borrowing, the latter half of which consisted of borrowing to pay debt service on previous unwise borrowing, the voters of Harrisburg had had it – in 2010, they voted out Mayor Reed, and [...]

Harrisburg’s quest for the Holy Grail: Part 3, None shall pass

22 May, 2013 (09:00) | Bonds, Cities, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News | No comments

[Continued from yesterday's Part 2 and the preceding Part 1.]   By:David A. Smith   By now in our story of Harrisburg’s steps into insolvency, we’ve reached the point where Mayor Stephen Reed, whose political dominance was so great that candidates for city council ran as part of a “Reed team,” had persuaded the city [...]

Harrisburg’s quest for the Holy Grail: Part 2, Good idea, oh Lord!

21 May, 2013 (15:58) | Bonds, Cities, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News | No comments

[Continued from yesterday's Part 1.]   By:David A. Smith   God: What are you doing now? Arthur: I’m averting my eyes, oh Lord.    Oh, don’t grovel.  If there’s one thing I can’t stand, it’s people groveling.   When yesterday’s post ended, longstanding Harrisburg mayor Stephen Reed, who had already embarked on an ambitious program [...]

Harrisburg’s quest for the Holy Grail: Part 1, All the kings said I was daft

20 May, 2013 (12:34) | Bonds, Cities, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News | No comments

By:David A. Smith   Father: One day, lad, all this will be yours!   Herbert: What, the curtains?   But I don’t want land   It began with a failing incinerator, and an ambitious politically invincible mayor.   Tomorrow, Tuesday May 21, Harrisburgers will vote in the most important mayoral primary in thirty years (in this [...]

Month in Review: March, 2013

17 May, 2013 (14:29) | Bankruptcy, Banks, Cities, Crime, Cyprus, Detroit, Euro, Land use, Month in review, New York City, Post Office, ratings agencies, Slums, Urbanization | 1 comment

By:David A. Smith   [Previous Months in Review available here: Feb 13, Jan 13, Dec 12, Nov 12, Oct 12, Sep 12, Aug 12, Jul 12, Jun 12, May 12]   During March, the Department of Justice sued Standard & Poor’s, an action that was five billion dollars’ worth of overdue, and included legislation with [...]