Category: Pennsylvania

Another one bites the dust? Part 4, Climbing out of the hole

9 April, 2010 (10:01) | Chapter 9, Cities, Harrisburg, Municipal finance, Pennsylvania, Sovereign bankruptcy, Speculation, US News |

[Continued from yesterday’s Part 3 and the previous Part 1 and Part 2.]   By: David A. Smith   By now, it’s clear that the Fiscal Times‘s story of Harrisburg‘s bond problems is only the beginning of another lengthy and protracted tale, full of words and fury and signifying writedowns.  The city has two huge […]

Another one bites the dust? Part 3, When you’re in a hole, stop digging

8 April, 2010 (10:20) | Chapter 9, Cities, Harrisburg, Municipal finance, Pennsylvania, Sovereign bankruptcy, Speculation, US News |

[Continued from April 1st Part 2 and the previous Part 1.]   By: David A. Smith   The more I dug into the Fiscal Times-inspired story of Harrisburg‘s spectacular insolvency, the more grimly fascinating it became.  We’ve now reached bottom – the city cannot patch its debt service hole through normal operations, and the mayor […]

Another one bites the dust? Part 2, How deep a hole?

2 April, 2010 (11:32) | Chapter 9, Cities, Harrisburg, Municipal finance, Pennsylvania, Sovereign bankruptcy, Speculation, US News | 1 comment

[Continued from yesterday’s Part 1.]   By: David A. Smith   Yesterday we scratched the surface of Harrisburg, Pennsylvania‘s financial troubles, as presented in The Fiscal Times – whereupon I got interested in the city’s finances, and started searching around the Web for particulars, coming across the city’s 135-page FY 10 budget (pdf):   Uh, […]

Another one bites the dust? Part 1, Digging the hole

1 April, 2010 (11:12) | Chapter 9, Cities, Harrisburg, Municipal finance, Pennsylvania, Sovereign bankruptcy, Speculation, US News |

 By: David A. Smith   Sovereign bankruptcy is breaking out all over, affecting the Eurozone (Greece, with Spain to follow), nations (Dubai, maybe backed by Abu Dhabi), states (California), and cities (Harrisburg, PA).  This is a tragedy with no villains, and as far as I can see, no happy ending whatsoever. As reported in The […]