Mayor Bell--An Idea From Mayor Rahm

Mayor Bell take note...Rahm Emmanual is doing what he has to to get his city back in the black. This is great!!

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try nbcchicago.com and look for the story that way. Sheesh, never had this problem here before.

We are all born ignorant, but one must work hard to remain stupid.-Ben Franklin

In his effort to balance the city’s budget, Mayor Rahm Emanuel has now reached the digging-for-change-under-the-car-seat level: he’s threatening to fire city employees with unpaid parking tickets, red light camera tickets and water bills.
City workers owe nearly $3 million in fees and fines. They have 30 days to pony up or enter a payment program that can last as long as a year. If they don’t, the Department of Revenue will garnish their wages, and they can be suspended from their jobs. Those who owe more than $1,000 could be fired. It’s a violation of the Municipal Code for city or sister agency employees to owe the city debt.
Here’s the schedule of punishments:

Past-Due Amount Disciplinary Action
$1,000 and over Discharge
$500 to $1,000 29-day suspension
$250 to $500 15-day suspension
Below $50 10-day suspension

We are all born ignorant, but one must work hard to remain stupid.-Ben Franklin

Not surprising. Administrators in those sorts of positions are scraping up all possible weapons to use against an entrenched base of otherwise un-fire-able employees. Of course, this is the same city that allowed a union rep to 'work' in a job position for one day just to qualify to collect a pension. Power will continue to concentrate, and there's always a price to be paid for that. Hopefully the city's taxpayers won't have to continue being hooked for that.

Vanity Fair has a great article on how the municipalities are going bankrupt. It focuses on California but it's a good case study for the extremes in the country and the type of people it will take to bring solutions.

Think Toledo is bad? Look at Vallejo, CA.

MikeyA

Toledo didn't have the time or money to really take advantage of the Great American Housing Bubble. True, we did have a huge housing bubble around here, purely evidenced by rising housing prices while businesses were fleeing and while wages were falling. Housing prices are always linked to incomes for wholly obvious reasons. But we didn't go through such astounding multiples of house prices to incomes, as did Florida, Arizona, New York, California, even Colorado.

Don't forget Virginia. GZ.

As much as the OWS people blame Wall St. the bubbles and collapse were fueled by stupidity.

My wife worked as a early childhood caregiver from 2004-2006 in NoVA. One of her coworkers came in all excited and had bought a 300k home with an APR with her boyfriend. Facts: The coworker made at most 30k per year. The boyfriend made at best 40k per year. The boyfriend said he was not ready to get engaged.

Here's the stupidity: 1) never use an APR 2) never buy anything jointly with someone who's not related to you or not willing to marry you 3) Buying anything over 10 times your salary or 5 times a combined salary

Needless to say the home was on the foreclosure list when we returned to NoVA two years later.

However many I know in Toledo are prone to making these exact same mistakes. Toledo itself acts as the "Cone of Ignorance"

MikeyA

Alright, and Virginia. The GAHB happened everywhere, even in states like Montana, and in fact in any state like AZ, UT and NV that could accommodate "equity locusts" streaming out of California. "Equity locusts"* were people who used their free HELOC money (stolen fair and square from the banks) to go into neighboring areas to keep up the over-bidding process, often acquiring more than one house.

In states like the list we've populated in our discussion here, it wasn't difficult to find people who had up to 8 houses in play. The bankers let things become that ridiculous, letting paper gains fuel other paper gains, usually called by that old name "leverage", until the entire system crashed from the intrinsic lack of what we used to call "value".

Of course, if you every discuss things like this on ToledoTalk, you'll run into a "Cone of Censorship", because we have a lot of people looking to escape Toledo yet can't get d*ck in equity extraction for "their" houses. The terrible propaganda hand of the REIC (real estate industrial complex) is absolutely everywhere, and it affected buyers, sellers, appraisers, realtors, mortgage brokers, bankers, securities investors. regulators, politicians, media editors, etc.

* Toledo is now experiencing "investor locusts", often foreigners, streaming in to buy up "cheap" foreclosures and other such properties to turn around and flip or rent out. They will also come to sorrow, as prices and population in Toledo continue to fall, thus dragging down rents. As jobs continue to flee, this is the only possible future.

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