““Philadelphia, 5th Largest City in US is Effectively Bankrupt; Mayor Holds Closed Meeting With Wall Street to Discuss Asset Sales,” Mike Shedlock, registered investment advisor writes:
You know a city is in deep trouble when its mayor invites Wall Street but not the press and not private citizens to a closed meeting to discuss the future, including a sell-off of city assets.
Philadelphia Mayor Michael Nutter, whose municipality has the lowest credit rating of the five most-populous U.S. cities, did just that.
My translation: Philadelphia is bankrupt. However, that easily discernible fact will of course be denied until it officially happens.
Shedlock adds, “Gutless Mayor Michael Nutter does not even have the decency to let the public or the press hear what is going on. Instead he invited Wall Street to a private tour of Philadelphia’s assets, hoping to sell assets and stave off the inevitable.”
Well, free speech and open dialogues aren’t exactly Democrat Mayor Mayor Nutter’s top priorities these days.
As Shedlock writes, Philadelphia is going bankrupt for the same reasons that Stockton and other cities are tanking: “it is safe to assume untenable union wages and pension benefits are at the heart of it all. A 47.6% funded pension is rather telling in and of itself.”
Read the whole thing.
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