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To: KyrosL who wrote (72312)	2/1/2010 11:52:24 AM
From: Haim R. Branisteanu	Respond to of 74559

What do you do with a bridge to nowhere or a parking lot with no cars parking? and so on? Government debt is based on the cash-flow from taxes - as long as people live they will pay taxes so there is no big difference. the only thing that is different you can see and touch the walls of a stadium for example but no guaranty that you can pay for its upkeep from ticket sales – same with hospitals etc.,

To: KyrosL who wrote (72312)	2/1/2010 2:44:39 PM
From: Maurice Winn	1 Recommendation Respond to of 74559

It's called selling the family silver to drink gin: <Take a look what a city near bankruptcy is doing. Asset sales are integral to the process, and muni debt will probably emerge from the process not with much loss of principal. > The problem is the spivs drinking the gin, not the power stations, roads, water supplies and other valuable things. Until they are laid off, the money will continue to run out. Desperate debtors will do anything. Mqurice

To: KyrosL who wrote (72312)	2/3/2010 5:04:56 PM
From: rich evans	Respond to of 74559

What you say is true with respect to the debt existing. But these municipalities have huge unfunded liabilities for their pensions and healthcare. Once they have sold their assets to pay for their extrinsic debt, they then must figure out how to pay these unfunded liabilities. Only B/R will break these bad deals. Rich

To: KyrosL who wrote (72312)	2/4/2010 5:25:46 AM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 74559

Paterson says budget deficit is growing (OOUUUCCHHH!!!) Published: February 3, 2010 - 12:33 pm (AP) - New York Gov. David Paterson said Wednesday the projected deficit for the upcoming fiscal year has grown $750 million to more than $8 billion. The announcement comes as state Comptroller Thomas DiNapoli says Mr. Paterson's proposed budget relies on unrealistic revenue projections. The state's projected deficit for fiscal year 2010-2011 is now $8.2 billion. The problem is the recession, and changes in financial services sector compensation that brought in revenue lower than expected. The downturn has also increased demand for Medicaid services, which is driving more spending. Mr. Paterson will present a plan for closing the shortfall Feb. 9. Mr. DiNapoli warned Wednesday that Mr. Paterson's budget relies on billions of dollars from overly optimistic revenue and savings assumptions that may not happen. ©Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.