Meck Deck passes along an interview with former L.A. Mayor Richard Riordan, who warns that many cities face financial failure in the next couple of years:
“If a government can’t sell bonds, they might as well close the door,” Riordan said. “If you can’t do that, you’re out of cash, you’re out of business.”
As Locker Room notes, the federal government doesn’t help matters when it declares Greensboro’s thriving downtown a ‘recovery zone’ to encourage more borrowing to –oh, I don’t know —-build a luxury hotel that will benefit the greater good, but especially the Ole Asheboro Neighborhood.
This is the type of thinking got everyone in trouble to begin with, isn’t it?
