tag:blogger.com,1999:blog-1588280325775325323.post6316278276226664566..comments2023-12-24T05:26:48.861-05:00Comments on The Pittsburgh Comet: Thursday: Anatomy of a ClusterfrackBram Reichbaumhttp://www.blogger.com/profile/05620172942925293407noreply@blogger.comBlogger30125tag:blogger.com,1999:blog-1588280325775325323.post-73096466013523188772010-12-26T17:24:18.163-05:002010-12-26T17:24:18.163-05:00When the squirrel of Canada wears a leather corset...When the squirrel of Canada wears a leather corset, the beast of the east will go into a coma because he ignored the warning label on the Viagra bottle.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-72901088218326891182010-12-26T16:53:53.319-05:002010-12-26T16:53:53.319-05:00Thought better of sounding the comment at this tim...Thought better of sounding the comment at this time. Enjoy your privileged cryptic bonus knowledge.Bram Reichbaumhttps://www.blogger.com/profile/05620172942925293407noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-43679527531262460502010-12-26T16:47:02.290-05:002010-12-26T16:47:02.290-05:00where'd the beast from the east go...back into...where'd the beast from the east go...back into hibernation??rich10ehttps://www.blogger.com/profile/11815670014265733834noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-85006738874359271322010-12-26T10:10:06.270-05:002010-12-26T10:10:06.270-05:00Thus spoke the Raven!!!Thus spoke the Raven!!!rich10ehttps://www.blogger.com/profile/11815670014265733834noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-52824602103579395632010-12-26T09:29:57.651-05:002010-12-26T09:29:57.651-05:00This too shall pass. All of the above will soon n...This too shall pass. All of the above will soon not mean anything. Darlene Harris isn't anyone's weak link. Luke Ravenstahl is a foolish young man.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-21747227683193143292010-12-26T01:01:36.080-05:002010-12-26T01:01:36.080-05:00The mayor wants no new debt . Council wants to re...The mayor wants no new debt . Council wants to retain city assets; therefore no lease, no sale. That is except to the parking authority with the creation of new debt. No deal there. Five on Council are willing to allow a state takeover. The mayor and the unions are opposed to that. Dowd says he wants to keep the pension plan in city hands and city assets in city’s hands. The Service Operating agreement would have done that. Shields and Rudiak sat in the back of council chambers chatting the day the Burgess Plan was presented! They never spoke openly at that meeting. If the Mayor’s in favor; Bill Peduto is against. Kraus says his constituents are opposed to the lease deal with the increasing rates. Well that was toned down. Smith is willing to compromise. Lavelle seems to be also. Harris seems like the person to go after to get the swing vote for any deal on the table. Shields and Peduto have been involved with council for 15 years each if not longer. Where’s this issue been? Blaming Wall Street and comparing them to vultures solves nothing. The non-profit community wants none of this and there will no $$ forthcoming. There are no white knights waiting to come to our rescue. The state takeover without some advanced $$$ to mitigate the increased municipal contribution while be especially burdensome on the back of the public. Services will get hit; taxes will be increased. Maybe a city council populated by a few career politicians and a handful of novice community based activists isn’t up to making the hard decisions needed to run a major city. Those decisions include allowing parking rates to increase and the public making rational decisions about that increase. Whether it’s to take the bus, ride their bike or car pool. I don’t even think owning parking is something the city should be doing. Sure, council doesn’t want to give up the revenues because spending taxpayer money is their raison d’être. Short of a post Christmas miracle, it looks like it’s a state takeover. I have to ask, the pension will be in receivership, the city is under Act 47 oversight with an independent board adding to the misery. Is the next step for a city with a still shrinking population, and an ever increasing financial debt, municipal bankruptcy?? And then unloading the pensions???Hmm, sounds like a plan.rich10ehttps://www.blogger.com/profile/11815670014265733834noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-4875759671859829022010-12-25T18:29:41.928-05:002010-12-25T18:29:41.928-05:00If you only watch the city channel then you see li...If you only watch the city channel then you see like 1/10th of the story.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-54291271462991868992010-12-24T17:05:07.375-05:002010-12-24T17:05:07.375-05:00Of all the possible sources on the 5th floor, I fi...Of all the possible sources on the 5th floor, I find City Channel Pittsburgh to be the most reliable. ;)Bram Reichbaumhttps://www.blogger.com/profile/05620172942925293407noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-70785974015939577182010-12-24T13:37:48.248-05:002010-12-24T13:37:48.248-05:00I just wish Bram would at least try to find some o...I just wish Bram would at least try to find some other sources on the fifth floor.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-91745705608475006552010-12-24T10:04:23.509-05:002010-12-24T10:04:23.509-05:00this thread evokes the fairytale of new york, perh...this thread evokes the fairytale of new york, perhaps...<br /><br />cheers from the drunk tank!n'atnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-12364222353057002010-12-24T09:24:03.643-05:002010-12-24T09:24:03.643-05:00Merry Christmas from the cheap part of the 14th Wa...Merry Christmas from the cheap part of the 14th Ward.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-83456823242393727932010-12-23T23:59:28.152-05:002010-12-23T23:59:28.152-05:00MH:
Of course not. You live somewhere between CM...MH:<br /><br />Of course not. You live somewhere between CMU and the Homestead Grays Bridge!<br /><br />Merry Christmas!!!Rexnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-2275410848555489532010-12-23T21:19:18.056-05:002010-12-23T21:19:18.056-05:00All will tremble in fear before the people who liv...All will tremble in fear before the people who live on streets without potholes and who usually manage to send a flyer listing who you should vote for in the primary if you bother to vote in the primary and you didn't toss the flyer with the Val-u-Pak coupon book and the thing that looks like a credit card bill but is probably "checks" that cost $50 from the first if you used one.<br /><br />Meh. I'm sure it matters for some districts, but Ravenstahl didn't even hit 50% in my area.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-67127146265938368932010-12-23T21:05:08.535-05:002010-12-23T21:05:08.535-05:00Darlene Harris is a disgrace.Darlene Harris is a disgrace.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-11785873284620202162010-12-23T20:09:02.656-05:002010-12-23T20:09:02.656-05:00MH 12:24 - Nah, seriously! Three among them were...<b>MH 12:24 - </b> Nah, seriously! Three among them were not the party-endorsed candidate on their initial elections, and may not have ingratiated themselves to that august body since. Others who had earned the endorsement in the past may find things a little choppy.Bram Reichbaumhttps://www.blogger.com/profile/05620172942925293407noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-34264838581906328582010-12-23T15:47:19.767-05:002010-12-23T15:47:19.767-05:00F-Dzerzh - Yes it was that absolutely. Probably w...<b>F-Dzerzh -</b> Yes it was that absolutely. Probably weary of feeling so like Sturm Brightblade.Bram Reichbaumhttps://www.blogger.com/profile/05620172942925293407noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-67071758404280600572010-12-23T15:38:21.866-05:002010-12-23T15:38:21.866-05:00Bram, was your use of "Solamnic" some ki...Bram, was your use of "Solamnic" some kind of Freudian slip birthed of a long-repressed adolescent fascination with the <a href="http://www.dragonlance.com" rel="nofollow">Dragonlance</a> pulp fantasy genre? Or did you mean to say "Solomonic"?Felix Dzerzhinskyhttps://www.blogger.com/profile/07860738558123466207noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-32667978604889185222010-12-23T15:30:32.312-05:002010-12-23T15:30:32.312-05:00Anonymous 10:39 am - At which points exactly? I t...<b>Anonymous 10:39 am -</b> At which points exactly? I thought it was pretty even-handed. Though that might not be the kind of credibility you're after.<br /><br />Well, the indented five points weren't SUPER even-handed in themselves, I'll grant you -- that's because I sensed there was an uneven presumption growing that it should be be super easy for the mayor to cave in at this point and "be the bigger man". A little history lesson in how Council contributed to this cold, hard impasse was warranted, if only to make certain he gets the proper amount of credit if he breaks it.Bram Reichbaumhttps://www.blogger.com/profile/05620172942925293407noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-28329066051035743242010-12-23T14:56:43.942-05:002010-12-23T14:56:43.942-05:00Of course the Parking authority does what the mayo...Of course the Parking authority does what the mayor wants, how naive are you people. I know for a fact that one of the so-called independent authority board flipped at the request of the mayor the day before the vote <br /><br />Ps, are you sure you don't mean the "assembled forces" of the mayor and pnc bank"?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-26463282031619745782010-12-23T13:36:29.569-05:002010-12-23T13:36:29.569-05:00Specifically, you're suggesting that the parki...<i>Specifically, you're suggesting that the parking Authority should have borrowed $330 million ($220 to bail out the City's pension and an additional $110 million to pay off their current bondholders - because short of paying them off the Authority could borrow no new money) </i><br /><br />I'm not suggesting that. This got a bit sidetracked. I'm just suggesting that the Parking Authority isn't really an independent actor. Nothing beyond that. I remain opposed to any filling of the pension fund outside of some set of pension reforms. <br /><br />From my point of view, the only benefit of the council's plan would come if we defaulted on the bonds. The people who buy the bonds are entitled to think differently.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-91245569615081626652010-12-23T13:34:20.397-05:002010-12-23T13:34:20.397-05:00Yep, I checked the law, and the appointing authori...Yep, I checked the law, and the appointing authority can remove the Board members at will.<br /><br />So that does seem how it could play out--if the Mayor ordered the Board to approve a plan and it refused, he could fire the people voting against and appoint people who promised to vote for.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-55900697388204742612010-12-23T13:29:17.250-05:002010-12-23T13:29:17.250-05:00MH:
Does not any board with a fiduciary responsib...MH:<br /><br />Does not any board with a fiduciary responsibility have the legal obligation to consider whether or the impacts of a desired act would seriously hurt their organization's ability to conduct business?<br /><br />Specifically, you're suggesting that the parking Authority should have borrowed $330 million ($220 to bail out the City's pension and an additional $110 million to pay off their current bondholders - because short of paying them off the Authority could borrow no new money) when the revenues to be generated by the parking rate increases would likely have generated a $110 million shortfall on the debt service over 17 years, especially when Council's best answer for that question was, "We think this will work, we THINK the revenues will be sufficient, we THINK the bonds SHOULD be tax-free" and then said "Don't take our word for it..."<br /><br />With most of the bond insurance agencies themselves going bankrupt, who would insure a bond of this nature? Without bond insurance, the City would likely have had to guarantee the debt, leaving the City's taxpayers on the hook for the debt (which isn't working too well in Harrisburg at the moment).<br /><br />And just the mention of this Plan in the press sparked a very nasty letter from the Authority's current bond insurance agency insuring the current debt (as in --um, wtf do you think you're doing and how exactly do you plan on paying off this new debt and how exactly will you do the necessary capital improvements if you borrow this new money, and, this is really important, WHERE IS YOUR PROOF?)<br /><br />We have to stop talking about the Council-Controller Plan as if any financial professional has averred to its' veracity, because no such testimony exists.Rexnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-13147990690549084792010-12-23T12:37:43.428-05:002010-12-23T12:37:43.428-05:00The Authority is governed by a five member Board (...<i>The Authority is governed by a five member Board (the "Board"); appointed by the Mayor of the City of Pittsburgh to serve without compensation for staggered terms of five years at the pleasure of the Mayor. </i><br /><br />The above quote is from the authority's web site. "At the pleasure of" usually means they can be replaced by the mayor at will, but I'm not a lawyer.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-64576577982806228902010-12-23T12:27:51.377-05:002010-12-23T12:27:51.377-05:00Well, it is relevant because the Parking Authority...Well, it is relevant because the Parking Authority actually has veto power over any plan involving the parking assets. So figuring out what they would be willing to do or not do seems rather important, no?<br /><br />Specifically, again I gather the assumption in some circles is that if the Mayor told them to accept the Council-Comptroller plan, they would. I am less confident that is actually true.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-72926173890402924652010-12-23T12:24:12.867-05:002010-12-23T12:24:12.867-05:00to those five Council members who are likely to be...<i>to those five Council members who are likely to be challenged by the assembled forces of mayoral allies, the city and county Democratic party, ...</i><br /><br />Given that all five are part of the city and county Democratic party, this seems a bit over-reaching. Unless the Politburo or whatever they call it has really kicked them out.MHnoreply@blogger.com