Tag Archives: uk economy

Stacy Summary: Hopefully those record bankers’ bonuses will trickle down to us peasants soon and all will be well.

• UK economy falls 5.6 percent on year

Headline updates:

• States failing to keep up with unemployment claims

• Is Detroit heading for bankruptcy?

• State raids on city coffers may bankrupt city (must read / Savers vs Speculators)
  

“We may have to declare bankruptcy – that’s how serious this is,” said City Administrator Troy Butzlaff. “This is something the system can’t endure. We just avoided bankruptcy by doing all the right things; by cutting back, by getting concessions from staff, by cutting $4.5 million over last year’s budget.”

As the new state budget bills approach a vote by the legislature, the city is urging residents to print and clip out “deficit dollars” posted on placentia.org, the city’s Web site, and send them to Gov. Arnold Schwarzenegger in protest of plans to hijack what would amount to $2.5 million from local coffers.

In a release, city officials called the funds grab “stealing” and argued it was unconstitutional.