Pennsylvania state capital declares bankruptcy
 

The city -- whose finances have been ravaged by the costs of upgrading a once-mothballed trash incinerator -- filed late Tuesday to seek protection from creditors. The city reportedly owes around $310 million.

Some economists had warned of a looming spate of municipal bankruptcies this year as tax and property revenues fell with the economic downturn and the federal government's $787 billion stimulus package faded.

In the end Harrisburg's efforts to avoid being the first in that chain of dominos appears to have been hampered by politics as much as debt levels.

http://www.google.com/hostednews/afp...a5ec101a16.1d1

adapt or die.

What happens to bonds issued by a city that declares bankruptcy?

.

who knows. this is new territory.

There will be more. Sacrmento is probably next.

trash incinerator fail.

Thank god I don't live in Penn...wait...shit.

Harrisburg goes bankrupt over $310 million? Is there twelve people living in this "city"?

Nope, read your link - 50,000 people. Oh, well. I'm sure that the very same politicians that created the problem will solve it; with the help of useless lawyers who'll bill the city for hundreds of thousands of dollars it doesn't have.

My dog could run any city on the face of the earth better than any living politician can. Fuck them all!

Not dogs! I mean politicians and lawyers.

It took 32 years but Harrisburg finally melted.

.

:1orglaugh:1orglaugh

I wonder if anyone outside of the state knows what you're talking about.

france

http://en.wikipedia.org/wiki/Three_Mile_Island_accident

Adult webmasters are some smart people :thumbsup

:321GFY the French

I did but only because I grew up in the tiny state to the south.

So that's $6,200 per person? For comparison, in the last two years the feds have added about $20,000 per person in new debt. That's added to the $25,000 built up from 1776 to 2009.

:( oh well

awesome :disgust

they are going after EVERYONE who owes any sort of back taxes (made a post about my wife's issue and she owes $41). Its NOT the incinerator, its the retarded ass mayor Thompson who did this :mad:

Reed was in office until 2010, partially to blame for this incinerator mess, but Thompson, a recovered drug addict and arrested for prostitution in her early days (shes all grown up, so its ok now) totally fucked everything.

City spends way to much money on bullshit but blames everything else. could of easily be turned around, but nope.

At my house (I live in the county and have a Harrisburg address) I pay $7,200 in property tax. 5 miles down the road, similar house is $4,400...

ok i was reading it's illegal for them to go bankrupt so what now?

The first of many.

I love PA but Harrisburg feels like hell on earth.

P.s. PA is a commonwealth not a State ;)