Portland may follow rusted, busted Detroit

[dtom67]

1. Meredith Whitney made this call a year or two ago....

and was called an alarmist.

More WILL follow. Wall Street has been using the "Bain Capital " method on cities , instead of just small businesses. It is corporate raidership of Municipal governments. Or, if you prefer, check out John Perkins " confessions of an economic hitman " and apply those financial tactics to City governments. The goal is to loot public assets.


And ,of course, solidify 1% control over the populace.

Wall Street hitmen went in and sold pension fund managers complex derivatives investments that were sure losers. Zero Interest Rate Policy made this easy; would YOU put pension funds into Bonds that gave a near-zero return? What if you were offered an investment with a decent rate of return? What if that investment turned out to be a big pile of crap and you suddenly started to have problems meeting your pension payouts? Just issue municipal bonds ( underwritten by Wall Street , natch ) to meet your obligations. Can't pay those bonds that you issued? Issue some more! Jamie Dimon has your back...

until......

time to hand over the keys to the City........

Who says you cannot squeeze blood from a stone???

in a few years you will hear about " miracle success story" of Detroit. After all the poor people have been forced out and the Ritchey Riches have moved in......