Craig Daily Press

taxslave (Anonymous) says…

Municipal Market `Fire in the Disco' Burns Borrowers (Update1)
By William Selway and Martin Z. Braun

July 3 (Bloomberg) -- MBIA Inc. and Ambac Financial Group Inc. lost their AAA credit ratings. The biggest hospital in Sarasota, Florida, is paying the price.

David Verinder, chief financial officer of the Sarasota Memorial Health Care System, received daily e-mail messages last month informing him that interest costs on an $83 million bond issue were rising to 1.45 percent, to 1.75 percent, to 3.25 percent, to 5.9 percent, and finally to 9 percent by June 24, a more than fivefold increase.

``When rates started going up as quickly as they were, it certainly caused a great deal of stress,'' Verinder said.

The daily increases by Wachovia Corp. had nothing to do with the financial health of Sarasota Memorial. Hospitals, airports, school districts and local governments around the country have been socked with spiraling interest bills on many of the $80 billion of insured variable-rate bonds. When units of MBIA and Ambac, the two largest bond insurers, lost the top ratings from Standard & Poor's and Moody's Investors Service last month, the institutions they insured did too.

The downgrades are the latest blow to the $2.66 trillion municipalbond market, which is on track to have its worst yearly performance since 1999, according to Merrill Lynch & Co.'s Municipal Master Index. The index fell 0.08 percent in the first half of 2008, taking reinvested income into account.

On Our View: Show some thought for reason

taxslave (Anonymous) says…

btw, Bush signed an EO yesterday declaring a "State of Emergency" over the economy along with Iran/NK. He can enact martial law whenever he wants with this EO. I'm signing off.

On Prepare For $7 "Seven" Dollar/Gallon Gas

taxslave (Anonymous) says…

Anyone who buys into this market must be made of steel, gold is the play. The S&P will probably go to 1050 or so...the DOW, below 10,000. Gas will be 5 bucks by July 4th, I predict. That's 1 week away.

On Prepare For $7 "Seven" Dollar/Gallon Gas

taxslave (Anonymous) says…

How to budget. First off, we don't raise taxes for the rec center. We re-think the taxes for the hospital until the hospital secures financing. They have plenty of explaining to do to the public. We table this silly talk of taxes for a rec center at the present time as well.

We're intelligent people and we can figure this out. First off, we have plenty of electricity. How about we buy a few electric shuttles. We run them on the every half hour from say the OP to Columbine. It's a start.

Second, we're going to all have to show up at the council meetings and bring these people up to date with reality and demand accountability.

Gas will go to 7 bucks a gallon directly.

On Prepare For $7 "Seven" Dollar/Gallon Gas

taxslave (Anonymous) says…

A vote for either of these candidates is a wasted vote, more of the same, two wings off the same bird. These candidates were brought to you by the media and the Foreign Relations Committee. In an interview with Brian Lamb, McCains mother said, "It's his turn, you all have to just hold your noses and vote for him". His turn? A monarchy? um hum.

Remember, you're being fed "sound bites" on everything. Not many people have the time to do what I do, staying informed takes time and lots of it.

Oil up over 141/barrell this morning, gold up another 10 bucks and it's not even 5am. We are looking at 7-8/gal. gas.

I'm hoping Ron Paul joins Chuck Baldwin on the Constitution Party ticket......that's where I'll be making my mark.

On Supreme Court Rules CORRECTLY !

taxslave (Anonymous) says…

Giving up my coffee would hurt worse than giving up my gun....not, but real close.

On Cathy Hamilton: Coffee study shakes up habits

taxslave (Anonymous) says…

It's worse than I first predicted the 6 bucks/gal a few months back...it may go to 8 bucks.

Listen up city, county, state, CDP....are we prepared for the reality in the near future?

The banks are imploding on WS this morning and oil is headed NORTH....gold is headed NORTH (told ya so), and the American economy is in serious trouble.

Seriously, everyone, are we budgeted for this?

On Prepare For $7 "Seven" Dollar/Gallon Gas

taxslave (Anonymous) says…

It just occurred to me that guns would be banned under Martial Law, EO51....I knew it was too good to be true.

On Supreme Court Rules CORRECTLY !

taxslave (Anonymous) says…

Ok, somethings wrong because something is right.

DC gun ban struck down......Individual right to bear arms prevails.

On Supreme Court Rules CORRECTLY !

taxslave (Anonymous) says…

Hearing starts at 8am local time. Freedom Phoenix will broadcast the hearing live.

Stay frosty

On Supreme Court Rules Today On 2nd Amendment