Death Ray actually said in the Gazetto that his plan is working- ROTFLMAO!! Now he is in "step 4" Residential. Just what Schenectady needs with hundreds of surplus houses. These DEM morons built 2 high rent apartments years ago. One went to the beauty school dean and the other is still not rented. No one wants to live in an urban hell hole with no markets, no stores, no retail and the worst schools Upstate. Incompetent hacks have convinced themselves they are doing a job.
Of course more lies about "thousands of jobs created". Where? Between Mayor McCheese and Death Ray Schenectady should have the lowest unemployment in the State. In reality, Schenectady County still has the highest unemployment rate in the Capital District. The same BS from the same BS artists over and over. End Metrograft-Dump any political idiot that says they still support this shell game.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
When bankruptcy happens, someone please call hospice for the city.
Denial is right. Keep the DEM implosion going! When is someone at the County going to tell Death Ray he is finished? We need an actual county planner. Not a Metrograft BS artist.
Pretty facades (if you're connected in the friends and family club the facades were paid in full by the Plex) do not equate to success. It's such an idiotic indication of how stunad sheeple are (how am I doing with that Benny).
All you have to do in the City is take a stroll in ANY direction out of Downtown to find some of the worst, crime ridden areas in Upstate NY.
Metroplex has put a coat of high-gloss on a pertrified pile of dung. A $100 million can of gloss. No benefit has come from it and the stink of failure cannot be covered up.
No benefit has come from it and the stink of failure cannot be covered up.
Well...People did benefit. Fat Morris made out pretty well. High bridge Development did well also. A few union workers made out pretty good. Stephen Waite with the phony Big House scam pocketed some of that cash.
Metroplex was highly successful in keeping the democrat campaign coffers flush with cash for YEARS.
FYI - Schenectady has more Unfunded Liabilities per person than Stockton CA
Pension Battle Looms Over Stockton, California Bankruptcy New American ^ | Tuesday, 02 April 2013 16:33 | Brian Koenig
Posted on Tuesday, April 02, 2013 6:58:10 PM by robowombat
Pension Battle Looms Over Stockton, California Bankruptcy Written by Brian Koenig
Following a burgeoning trend among cities across the country weighed down by hefty pensions and ever-increasing government spending, Stockton, California, has fallen into complete financial disarray, and a federal judge ruled Monday that the insolvent city is eligible for bankruptcy protection. Despite objections from creditors, who tried to block the bankruptcy filing because bankruptcy would mean that bondholders who financed city spending would get back from the city less than the principle that they are owed, U.S. Bankruptcy Judge Christopher Klein affirmed that Stockton may proceed with a plan to reorganize its debt, adding that creditors have acted in bad faith and have failed to subsidize their portion of the costs for negotiations. Klein insisted that the city "will not be able to perform its obligations to its citizens relating to such fundamental matters as public safety, as well as other basic governmental services," without the power of bankruptcy.
The impact Klein’s verdict will have on creditors will be significant, some critics say, as companies have already doled out tens of millions of dollars to the city. “The creditors got a big black eye today,” asserted Karol Denniston, an attorney involved in the legislation that directed the city’s mandated mediation for bankruptcy protection. “Now the stage is set for the real dogfight.” The judge intimated in his decision that the city may also have to reduce its payments to the city employees' pension fund so that the city can afford to pay its bills.
But the issue of whether federal bankruptcy law overrides California’s mandate requiring pension fund debts to be honored could spell trouble for the entire state, not to mention the rest of the country, analysts contend. "The fear is that there is going to be a run on the bank," said bankruptcy lawyer Michael Sweet, who has been following the contentious trial. "'Everyone is going to be cutting CalPERS [California Public Employees' Retirement System]' payments if Stockton is permitted to do it. California's $225 billion Public Employees Retirement System already is underfunded by $87 billion, which means there are more payments due to retirees than there is money in the system."
Last June, the port California city, with a population of about 300,000, became the largest in the country to go insolvent, leading to a halt on bond payments, a drastic cut in employee healthcare benefits, and further reductions on the city’s cash-strapped budget. During the three-day hearing, which concluded last week, Stockton officials blasted creditors for refusing to pay negotiation fees because the city omitted reductions to California’s employee pension plan in its plan for reorganization.
Similar to the financial misfortunes of other cities in the state, the $900 million aggregate that Stockton owes to CalPERS is the city’s largest debt. Assured Guaranty, one of the city’s most prominent creditors, says it guarantees "scheduled principal and interest payments when due on municipal, public infrastructure and structured financings," and that it remains dedicated to seeing the city emerge from its stagnant fiscal condition. According to a press release issued Monday, the company stated:
Assured Guaranty remains committed to working with the City to find a productive path forward that addresses the challenges facing the City. For example, Assured Guaranty has identified a number of practical solutions that will allow the City to emerge from bankruptcy in a much stronger position than when it entered and believes these solutions provide a realistic avenue to reach a consensual resolution with all stakeholders. Together with Stockton’s taxpayers and residents, Assured Guaranty has a substantial interest in seeing the City emerge from its financial predicament as a viable and sustainable governmental enterprise for the long term. Assured Guaranty looks forward to the City working with it and all the other stakeholders on a collective approach to achieve that goal.
Nearly two dozen other cities in the state, including San Jose and San Bernardino, are facing either bankruptcy or severe financial emergencies, as their bloated pension expenses draw heightened criticism. "This is just the beginning of a multi-dimensional — well, I can't say chess game because it's not a game," said attorney Karol Denniston, an expert on financial restructuring. "There's not one thing that will fix the pension system. The net message is you can't see a restructuring when the largest creditor isn't being restructured."
The question is, of course, who picks up the bill for the city’s fiscal disorder. Creditors, who poured tens of millions of dollars into bonds to help shoulder growing pension payment costs, have been left holding the bag. But the scenarios experts now draw are only a prelude to a nationwide calamity, as more and more states become weighed down by hefty pensions and reckless government spending.
According to Mac Slavo, writing for InfoWars.com, cities across the country will have to fire hundreds of thousands of workers, a trend that has been progressing over the last few years. “Then, entire States, likely starting with California, Illinois, and New York, will fall under the weight of billions of dollars in debt,” Slavo writes. “They will turn to the Federal government, who will happily engage the Federal Reserve to print more Bernanke Bucks to bail them out.”
The mounting debt loads on every level of government have become untenable, which will lead to a national unrest never before seen in the nation, Slavo adds: “The United States of America, in its entirety, will succumb to what can only be described as the largest sovereign debt collapse in the history of the world.”
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
A lot of these articles on Stockton don't go far enough, IMO, and leave the impression that the problems were all caused by workers who received a pension. They don't mention why the pension system is unfunded to that degree, which would spread some of the blame around. For instance, I'm pretty sure that Stockton leaders decided that being big time planners/developers/empire builders with other people's money was a lot more exciting than doing the jobs they were elected and paid to do. Sound familiar? Another problem is when you have voters who don't pay any taxes and employees who are a financial drain on the residents because they live elsewhere, and I'm pretty sure Stockton had both of those situations.
What is amazing to me is that the evidence of what is wrong with some of these practices is right there for all to see, but here in Schenectady we still have vultures draining the city to build a new one with more desirable (to them) residents. I think that the downtown crowd would just as soon see all thelongtime businesses leave because they are a refutation of the argument that there wasn't anything downtown before Metroplex came along and saved it, when the fact is that there has been no net gain and it isn't saved at all.
Logged
Death Ray actually said in the Gazetto that his plan is working- ROTFLMAO!! Now he is in "step 4" Residential. Just what Schenectady needs with hundreds of surplus houses. These DEM morons built 2
