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Old 04-12-2010, 11:15 AM
 
Location: 112 Ocean Avenue
5,706 posts, read 9,596,896 times
Reputation: 8932

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For one thing, it could lead to speedier reform of the pension system, which many economists and politicians say is necessary if the city is to prosper long term.


"I've suggested it since 2005," former Mayor Richard Riordan said. "The city, the way it is going, is unsustainable. If they don't do it this year, they are going to have to do it in the next four or five years."


Of primary concern is the city's spiraling pension obligations, which are growing astronomically at a time when city coffers are running out of cash.
"Those will be over $1 billion a year," Riordan said. "The city will not be able to afford it."


Bankruptcy would put the city's pocketbook in the court's hands, which could allow a judge to cut benefits and pensions to powerful union workers - something the mayor and council members have refused to do.



Bankruptcy: L.A.'s best option? - LA Daily News




Filing bankruptcy would not be a good thing for elected officials in LA (or anywhere else). And nothing is more important to politicians than getting re-elected. Nothing.
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Old 04-12-2010, 11:38 AM
 
Location: Earth
17,440 posts, read 28,519,167 times
Reputation: 7477
Quote:
Originally Posted by think first View Post
For one thing, it could lead to speedier reform of the pension system, which many economists and politicians say is necessary if the city is to prosper long term.


"I've suggested it since 2005," former Mayor Richard Riordan said. "The city, the way it is going, is unsustainable. If they don't do it this year, they are going to have to do it in the next four or five years."


Of primary concern is the city's spiraling pension obligations, which are growing astronomically at a time when city coffers are running out of cash.
"Those will be over $1 billion a year," Riordan said. "The city will not be able to afford it."


Bankruptcy would put the city's pocketbook in the court's hands, which could allow a judge to cut benefits and pensions to powerful union workers - something the mayor and council members have refused to do.



Bankruptcy: L.A.'s best option? - LA Daily News




Filing bankruptcy would not be a good thing for elected officials in LA (or anywhere else). And nothing is more important to politicians than getting re-elected. Nothing.
Bad idea. Look at what happened to NYC, Detroit, and Cleveland in the 1970s. Particularly the police cuts which sent crime soaring.

NYC was able to bounce back because of Koch's leadership and because it is the most important city in America for good or bad. Detroit and Cleveland were not so lucky, were tied to industries that were already in decline, and became basket cases.

I have long predicted that LA could turn into Detroit and this would be a major step towards doing so.

IMO the solution is splitting up L.A. Too big to fail should mean too big to exist.
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Old 04-12-2010, 12:42 PM
 
Location: Northridge, Los Angeles, CA
2,684 posts, read 7,362,994 times
Reputation: 2409
Quote:
Originally Posted by majoun View Post
Bad idea. Look at what happened to NYC, Detroit, and Cleveland in the 1970s. Particularly the police cuts which sent crime soaring.

NYC was able to bounce back because of Koch's leadership and because it is the most important city in America for good or bad. Detroit and Cleveland were not so lucky, were tied to industries that were already in decline, and became basket cases.

I have long predicted that LA could turn into Detroit and this would be a major step towards doing so.

IMO the solution is splitting up L.A. Too big to fail should mean too big to exist.
See..that's the difference between NYC and the other two cities; the importance of NYC to the nation. Los Angeles is also important, but I fear that its not seen as that important for people living on the other side of the country, nor does it seem that the Federal Government really cares about what goes on out West anymore since the defense cutbacks of the early 1990s.

The good thing about LA's economic situation is that..it always has Entertainment to fall back on (20-25% of LA's economy). The bad thing about LA's economic situation...is that it always has Entertainment to fall back on.

In addition to obvious diversification, which I applaud the current efforts by the city for doing so, I would also like some of the services to be broken up and have the local districts take a bigger hand in what goes on. The way the city is set up right now feels like a gigantic robot, wanting to take over everything. Let the different parts of LA handle the more local problems, except for policing. It will take a lot of effort of the City government in terms of what to do.

Bankruptcy, IMO, is the wrong way to go about it. Spending freeze on everything? The Valley will probably leave before that even happens, and then there will the tax base come from?
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