NBC Miami reports Miami Budget Begging for Bankruptcy
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Partial Transcript
Please click on the above link to see a very interesting video. The video is not embeddable.
Partial Transcript
I see no indication Los Angeles is about to declare bankruptcy anytime soon as Sarnoff suggests. However, it is perfectly clear that Los Angeles is indeed in pathetic shape and bankruptcy is the best option.The city of Miami is in such dire financial straits that commissioner Marc Sarnoff is using the "B" word, bankruptcy.
"We are not the only city, municipality to be going through this. It looks like Los Angeles sometime next week or the week after will be going bankrupt. It looks like there will be 30 more cities following suit."
Increases in public worker salaries is one of the main reasons why the budget is so tight. The average salary for a Miami city employee is $76,000. The average salary for a Miami city resident is $29,000.
Employee pensions are choking the budget too. In 2000, pension payouts cost taxpayers $16 million. In 2009 that number spiked up to $70 million.
Should the city go into bankruptcy, the commissioners and their politics would no longer be in charge of city finances, the judge would be.
[Sarnoff] "You no longer have 5 people making political solutions. You now have one person who is looking after the best interest of the taxpayer of the city of Miami, without any politics getting into his or her way."
The Judge could order union contracts be renegotiated. He or she could decide what creditors get paid or not get paid...
Commissioner Sarnoff offers 3 options to avoid bankruptcy.
1. Renegotiate those union contracts
2. Layoff about 800 city workers
3. Raise your property taxes
In this economic climate that last option is not likely at all
The same applies to Houston and many other large cities as well. I look forward to the day one of these big cities finally tells their public unions where to go. All it takes is one big city to start the ball rolling.
More Here..
Oil soaked beaches should push them over the cliff. Give it a year and it will be the new Somalia.
ReplyDeleteUnions = vomit.
ReplyDeleteu guys just hate unions. without unions communism would take hold in america. unions destroy communism. u guys don't appreciate that.
ReplyDelete19th century was the raging period for communism around the world.
unfortunately unions are getting out of control. there should not be unions for public workers. unions for private business is good. if unions demand too much, businesses would just file for bankruptcy. on the other hand, union for public workers would cause government to raise tax or be indebted which would lead to bankrupt/collapse of the nation. in addition, unions have lobbyists which bribe officials and help put politicians in office with campaign money. these politicians careless about the nation well being.
12:22
ReplyDeleteops, i meant 20th century
Communism/fascism already have taken over American or have you not been paying attention.
ReplyDeleteThere is no free market in America.
Corporate controlled government only.
Clandestine corporate Empire for profit with no moral boundaries. If it means killing 1.2 innocent people and occupying their land under false pretenses, fine.
Sheeple = good Germans x10
FDR paved the way for the Corporate State by creating more or less compulsory OFFICIAL patriotic industrial Unions in order to fight socialism. The stupid lefties and Commies of the day thought it was all their own work.
ReplyDeleteIt all worked very well when FDR went to war to destroy other competing imperialist powers in order to end the last depression .
After that, with America industry ruling the roost with industrial /military exports and neo-colonialist power of the world secured , America was able to bribe and subsidise its labour aristocracy with a cut from its vast imperialist profits. Creating a golden age , for the mostly White ,Unionised American workers, particularly the unionised Labour aristocracy workers in “defence” related industries like the car industries.
But in the international competition the ability of these workers to deliver an actual profit to capital has been lost. From the viewpoint of capitalism as the workers of America as a whole class, although they may in individual cases , no longer deliver up a real profit to capital . Even if some pay taxes they are an overpopulation of parasites paid more value than they create.
The Unions have been trading ever since the fifties and sixties on their successes in the Golden age. But since the early seventies the Unions have not been able to stop the proportional share of value going to labor in wages from falling in inflation adjusted terms. But as the Unions are an official patriotic mostly war mongering or war supporting part of the corporate state its leaders are often as corrupt as the politicians. In order to compete as a profitable capitalist economy wages must be reduced to normal for this world Third World levels of wages . With the collapse of the Ponzi economy and foreign supplied credit and with Treasury already looted ,this wage cutting and loss of benefits will be supported by “realistic” union leaders and supporters of “Austrian Economics” in order to restore profitability for capital and even be called real job creation to save America!
The Oil threatening Florida is an anti-semitic plot by the British designed to hand over Miami
ReplyDeleteand Psalm Beach to the Cubans and other Hispanics.
Sure, blame it on the unions. It couldn't be the housing market and falling revenues in property taxes and sales taxes. Couldnt be rising costs in fuel in the last several years. Couldnt be mismanaged funds and poor planning.
ReplyDeleteFlorida was alread in trouble once gas got to 3 dollars and above some time ago. There were cities that simply could not meet their budget. They were ready to cut police forces indefinitely and shut down the courts.
You say communism is fascism. Is corporate America any different? all of our countries today have some fascist element to it.
People like to blame everything on one simple bogeyman.
we are so screwed
ReplyDeletethe white shoe boys did a good ob destroying america
next well be at war ww3
and the morons post saying it cant happen
as the whole thing is falling apart around you .
2:09,
ReplyDelete"The Oil threatening Florida is an anti-semitic plot by the British designed to hand over Miami
and Psalm Beach to the Cubans and other Hispanics."
Seriously dude... how do you dream up this stuff?
but but but
ReplyDeleteLos Angeles just enacted a timely boycott of all things Arizona
Give it time, vatos
Coffers empty, Big Mex protecto
Viva la raza, putos y putas
Pinche gueros
mi little gueritos, you will see
That's what they call priorities yo
Many Unions, as well as groups of any kind, are started for political purposes. This especially is becoming evident today more so than any other time before.
ReplyDeleteMany of you Illumnati guys (believers) clearly don't know what Communism is. You guys all used to believe the Liberal fabrications of Bush being similar to Hitler (which Bush wasn't really all that bad come to think of it). The people who first started the "Truth"ers movement were just moron Liberals who wanted to demonize Bush anyway they could.
Communism is just a ranging degree of Socialism. Communists (the left version of Hitler) is what is happening today; destroyed free market, individuals being forced to succumb to the collective, groups like Unions calling the shots and taking away personal interests, and of course spiritualism/religion being targeted and mocked (Communists love Darwinians and Atheists).
12:22 and 12:49 - you guys are a bit out there.
- 12:22, Unions are a major force of Communism and the drive to pull a country into a Communist state. How on Earth do Unions stop Communism? By demanding human rights and benefits for workers? Of course, that's the Socialist way...
- 12:49, can you offer any evidence about that number being killed by our soldiers outside of internet videos made by David Icke or Alex Jones? If you can, then can you tell me in what ways those people are not in better shape today than when Suddam was running things outside of saying the media has me believe it?
Anyways I would suggest everyone get with your families, get food, water, guns, and ammo. WHEN it happens - avoid risky behaviors and dangerous confrontations, try to give everyone respect, keep reserved and be observant before engaging in communication, try to be emotionally cool, try also to get into shape so you can run and endure things more.
Most people are going to be so terrified they'll become violent. Others who will just plain be terrified will be looking to cool headed and sober minded people for comfort and direction.
1:30,
ReplyDeleteFractional reserve banking 101: ALL debt notes (what you call "money" [what a joke]) enter the "monetary" system as... DEBT!!!
Get that?
YES, you can print money (issue more debt) to paper over spiraling deficits. But you know what? One day, ya gotta stop, because the interest payments-alone will take you down, never mind the principal. Besides, at that junction, no one will loan you anything at any price, including the Fed. And that's when you're SCREWED. And to make matters worse, the Dollar is worth way less too.
It's pay now (cut cut cut) or pay waaaaaay more later.
Unless the bankers reinstate Glass-Steagall, do something about outsourcing and begin lending again to business and industry, America is FINISHED. Depression II, complete with all manner of mayhem, is a done deal.
Now get back on Prozac and keep quiet.
Bankruptcy, like so many other terms these days, has become meaningless and empty. It no longer carries the weight and stigma it once did. Like everything else these days, it's irrelevant and just something to say in an attempt to explain what cannot be explained with human forms of communication.
ReplyDelete448 where are some of these bloggers from mars
ReplyDeletebush wasnt all that bad compared to who
the devil
where are all those high paying jobs
because they sure arent in america anymore
last 4 presidents were duds
we are so screwed
and so many trolls on here
how about creating jobs goverment not disorganizeing
people who speak the truth
bush wasnt all that bad
its like compareing balled tires after an accident
well this one had a little tread
a corrupt goverment has no chnace just delusion
of a future
katrina is bushs what gulf is to obama
leaders more like folllowers
i would never listen to anything that they say
you have to be insane
unions the states are made with power
to serve and protect
more like to steal and destroy freedom
threw hi taxes because we are better than you
use to be your state job
was guranted with benefits
now we al deserve 100 grand vacations golden parachutes what a joke
and walll street destroyed america threw corruption in congress the houseing debacle
we are so screwed
4:48,
ReplyDelete"Anyways I would suggest everyone get with your families, get food, water, guns, and ammo. WHEN it happens - avoid risky behaviors and dangerous confrontations, try to give everyone respect, keep reserved and be observant before engaging in communication, try to be emotionally cool, try also to get into shape so you can run and endure things more.
Most people are going to be so terrified they'll become violent. Others who will just plain be terrified will be looking to cool headed and sober minded people for comfort and direction."
Great advice!!
The MAIN problem is not the unions or other scapegoats but the Fractional Reserve banking system (Federal Reserve) it is a PONZI scheme with other PONZI schemes like Pensions, Social Security, MediCare, welfare, Government itself are build upon.
ReplyDeleteThe reason they are against gold, silver, and free energy (Tesla) is that those can be outside their debt control and power.
Finally, buying votes is no longer an option in Miami and razing property tax a NO NO, instead there will be lower property tax income.
ReplyDeleteYES to bankruptcy and NO to ABNORMAL high wages and pensions for city employees.
YES to higher government productivity with far less people.
Bankruptcy sure is a fine capitalistic tool.
Those who make 29K p/year solute you and may DEFLATION continue.
Go Miami!
Oh boy, this is really good! LMAO
ReplyDeleteWe have been hearing the same old shit for two years now.
BUY GOLD
THE SKY IS FALLING
CITIES GOING UNDER
Funny thing is, here we are TWO PHUCKING YEARS LATER and life goes on
yawn-----------
Small business is so screwed. I just found out to do a $8k contracting job I will have to purchase $2k in insurance cert addons, increased coverage over the state limit, permits, etc.
ReplyDeleteThe game is rigged. Only the giant Corps and banks will be left standing. Those that bought out all the politicians and changed the laws to favor themselves.
Hardworking Americans who are self-employed and the backbone of new ideas are done. We are being misc fee'd and taxed to death.
Unions started off as good and became bastardized...They became greedy and pretty much killed the golden goose.
ReplyDeleteCompanies were good up to a point, then profit margins became the new thing and cost cutting and cheating became the hot thing.
Problem is that it's not a few companies that do it but all of them and so at this point everyone is trying to steal as much as they can because they know the other guy isn't playing fairly or stopping...Hence a big ass crash is coming.
The rich will be middle class...The middle class will be poor...The poor will be violent, uneducated serfs...AND as for the super rich?...They'll get away with it.
My only smile is many who think they are rich and above it are just one paper asset destruction day away from being at ground level along with most of us...And they will get ate alive.
Think about your realtor/middle management/banker executive/financial advisor having to fix his own car or try to make some money besides paper pushing...Those are the people that it will hit the hardest.
They are NOT prepped to be poor...Their Credit cards useless/No available loans/Cash reserves down and their worthless ETFs or stocks down to nothing...Now that my friends is "Divine Comedy." :)
4:48 you are almost as delusional as the rest.
ReplyDelete"Unions are a major force of Communism and the drive to pull a country into a Communist state."
What is this, the 50's? Are you Joe McCarthy? Who actually believes that crap?
Who actually believes any of this crap
ReplyDeleteIt's about 95% heresay
4% inuendo
1% fact
2 years Later & here we are
2 yearsw from now & we'll still be here
Enjoy !
2;44 6 months from now you'll be living under a cardboard box on Main St USA..using the library internet...dumb Main Stream reading News loser
ReplyDelete3:02 suffers from demetia, I feel sorry for this idiot as I will be living on easy street 6 months from now, he will be broke spending all his money on beans and bullets that will never need to be used
ReplyDelete643 IS A MIND CONTROLLED SHEEPLE, SOON WILL BE SHEARED, NICE DISINFO, NOT MANY ARE BUYING IT, EXCEPT FOR AMERICAN IDOL MORONS LIKE YOURSELF
ReplyDelete445 chinga tu madre Pendejo
ReplyDeleteNow, that's not nice, papi.
ReplyDeleteNice guide! thank you!/I love it ! Very creative ! That's actually really cool Thanks.
ReplyDeleteTires Miami
The City of Miami has no money crunch, don't be fool by these politicians. They have enough money it is just being spent in areas is easier to ignore than correct. The administration is a runaway train and who you "think" should be running it - is simply MIA. I would say 90% is I don't see it, I don't have to deal with it. Get a REAL team of auditors not the joke of Victor Igwe whose pockets are also deep...check out his 2,000+ ill banked hours, or hefty contract, or Pricilla Thompson hefty deal with 45 days of vacation each year, pension city paid, or Julie Brue who was one of the only exempt employee allowed to rollover her 401K to City Pension - no questions asked. Folks wake up - the city has lots of money how they are spending it is foolish....we are about to start hearing the whining again.........I hope the Fed's really step in, performs 100% clean house - get rid of; the employees (all), the politicians (maybe keep Sarnoff), get rid of all unions, get rid of all the payroll/employee policies (full of loops and $$$), civil service rules (more loops and $$)...I mean scrape it ALL - and then start a new city..
ReplyDeleteThe edges of the streets and the bike lanes were still full of slush, forcing me to take the lane. The rising sun created massive glares on the wet roads and snow, making it hard for me to see and surely hard for drivers to see me.Tires Miami
ReplyDelete