Friday, November 14, 2008

Big City Mayors want Piece of Pork Pie

The list includes Philadelphia, Phoenix and Atlanta who want wheel barrels full of that the $700 billion Troubled Asset Relief Program.

"Paulson said on Nov. 12 such requests are beyond the scope of the bailout.

Cities' revenue has plummeted amid the turmoil on Wall Street, plunging home values and the economic slowdown. The stock market crash has also saddled pension funds with losses that will force local governments to set aside more money for retirement payments.

The Bush administration has rebuffed requests to use the financial rescue plan, known as the Troubled Asset Relief Program, to help state and local governments. The Treasury last month rejected a plea by Alabama's largest county to guarantee its bonds and help it avert bankruptcy. "


Not that details like that matter to a money czar like Paulson. He's already changed course once on the particulars of the bailout. Instead of buying up congressionally mandated bad debt, the Fed will dump more cash into the banking system.

Something that's already been done, to no avail.

Congress is currently debating whether to bail out the Big Three auto makers, so several Detroit area mayors want to belly up to the Public's pork trough while it's hot.

Chicago (hi, barry!) may stick its hand out soon, too. And New Jersey. And California (someone has to pay for all those social services going to the illegals).


But the real question is "who's going to rescue poor ol' Circuit City"?

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