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Aug. 11th, 2008

But I am the Chosen One

The Largest Bankruptcy in the Nation's History

This is a rare public posting on what is mostly a Friends Only blog...

It is a political rant of a local nature, and while I don't condone airing the soiled linens publically, it seems that only public scrutiny, and a sincerely hacked off voting public who, one can only hope, will send these jokers packing, will achieve results.

Remember folks: Politicians are just like cockroaches; they prefer to do their business in the dark while you're not looking....

 I don't live in Jefferson County, Alabama. I pay taxes to *work* in Jefferson County as well as taxes to the City of Birmingham...though I don't live here and cannot vote in the local elections (Taxation without Adequate Representation, anyone?) 

I digress..There were "public hearings" this week for the residents of the county to hear three plan options. They were "public" as people were allowed to come: they could not ask questions, the commissioners themselves were not part of the panel, and more than a few protestors were asked to "leave".



The deal here is, the RSA can only buy the system if the County declares bankruptcy, thereby putting the sewer in recievership and taking control from the County Commission. Which appears to be the sticking point: Mr. Bronner has offered to sell the system back to the County, with no profit margin built in. But this quote, from one of the Commissioners really REALLY steamed me: "Why would we want it back?" Collins said. "Who would want to repurchase the sewer system unless he wants to pump a lot of cash into it?" (News article below--bolding is mine)



"Why would we want it back?" Collins said. "Who would want to repurchase the sewer system unless he wants to pump a lot of cash into it?"

*blinks* So, Madame Commissioner. The ONLY way you'll want this back is if more money is pumped into it? Why? So you can take somethign with value and trash it like you do everything else good in this county?

 I stand corrected: the Commission is a Haggling bunch of whores. 

Here's the truth: there is only so much time to get something done. The County's bonds have been downgraded to Junk--who's going to buy muni bonds here if they don't declare bankruptcy? Who in their right mind would see this bunch of con-artists as something to invest in? Bankruptcy is ugly, but bear in mind it's not the same as personal bankruptcy--and the time is coming very soon where bondholders will no longer grant you extensions and the bill collector will come knocking....