Sunday, November 16, 2008

Now everyone wants some free money

Things are getting worse!

State of Illinois not paying its bills:

State owes $4 billion in unpaid bills

Illinois’ backlog of unpaid bills has hit a record $4 billion, and Comptroller Dan Hynes said Thursday the situation is “potentially catastrophic” if allowed to continue.

In a letter to Gov. Rod Blagojevich and state legislative leaders, Hynes said the backlog will hit $5 billion in March, and it will take his office 20 weeks to pay bills once they hit his office. Often, state agencies hold on to bills for days or weeks before handing them over to the comptroller for payment.

Already, Hynes said, his office has had to expedite payments to two vendors who threatened to cut off services to the state unless they were paid. One provides food service to a state prison, and the other supplies gasoline to state police cars.

Texas Teachers pension has lost $25 billion, since September:

AUSTIN — The Teacher Retirement System of Texas has seen about a $25 billion market value drop since Sept. 1 in the nation's widening financial meltdown, making additional benefits next year for retirees appear unlikely.

Bill Harris, the system's chief investment officer, said however that 275,000 retired teachers and beneficiaries covered by the fund shouldn't fear a change in current benefits.

"These are short-term conditions. We are a long-term fund," Harris said.

Cities of Philadelphia, Atlanta and Phoenix begging for free money:
WASHINGTON (AP) - Three big city mayors asked the federal government Friday to use a portion of the $700 billion financial bailout to assist struggling cities.

The mayors sought help with their pension costs, infrastructure investment and cash-flow problems stemming from the global financial crisis.

The mayors—Michael Nutter of Philadelphia, Shirley Franklin of Atlanta and Phil Gordon of Phoenix—made their request in a letter to Treasury Secretary Henry Paulson.

Nutter said cities are facing an economic crisis not seen since the Depression and need help just like financial institutions.

"I want to make sure that cities and metro areas are at the table, that their voices are being heard, that our challenges and problems are well understood, so that we can get relief," Nutter said.

San Jose has tin cup out:
As cities around the United States start to scramble for a share of the $700 billion federal bailout package, San Jose Mayor Chuck Reed said Friday that he's working with leaders of other large California cities to make sure they're not left behind.

The stimulus package Congress passed last month wasn't designed to dole out money to governments, so it's far from clear whether San Jose will get a piece. But with $1.6 billion in unfunded retiree health care obligations, plus $500 million worth of local and regional road work to be done and $750 million in federal help sought to bring BART to the South Bay, Reed noted the city has a full slate of needs.

There are numerous other links/stories of Insurance companies, Home Builders, Retailers, Governmental entities, Auto companies, etc... All asking for something for nothing. What a sad country!

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