We’ll be Seeing More of This
Things don’t look so good for Harrisburg PA. Here’s what CNN has to say:
The capital city Pennsylvania is broke and will be skipping this month’s multi-million dollar bond payment.On Sept. 15, Harrisburg, Pa., was scheduled to make a $3.29 million payment on the bonds it issued to build a trash plant. But, the cash-strapped city doesn’t have the dough.
Vallejo CA previously filed bankruptcy, and I suppose that is possibility for Harrisburg. We’re likely to see a lot more headlines like this. The economy will be too weak too long to bailout many governments.