Is Annapolis Bankrupt or About to Default? I Am Glad I am Not in Josh Cohen's Shoes... ~ Annapolis Capital Punishment

Monday, August 2, 2010

Is Annapolis Bankrupt or About to Default? I Am Glad I am Not in Josh Cohen's Shoes...

Please allow me to put on the "blogger's cap" for a moment and diverge from normative reporting. The following is speculation tempered with bits and pieces of conversations and emails with other local observers. I'm just sayin'.....First we get a credit line of ten million. But that's not enough. Then we work to get another credit line but the only line that may be counting in the next few weeks is the bottom line, or whether we will be able to pay our obligations such as payroll and a bond payment. If we go into default with Bank of America, as some are suggesting may happen, it might call the loan...or force the city to raise taxes. It could all be unfolding as we read this.
Meanwhile the longtime finance director suddenly decides to pursue a job in the private sector.

Indeed, all heck, or worse could break loose.  City services could come to a halt. The bus system would probably be shut down. Employees might go on strike. Protests! Thunder and lightning. Fire and brimstone! And if this happens, the political ramifications would be tremendous. First of all, the yachty and preppy capital of wealthy and Democratic Maryland (I hesitate to say Blue State as we are really a Red State with heavy Blue in the middle, making us more "purple") would be thrust in the national spotlight, what with its youthful mayor's promising political career darkened like a meteor after its fitful streak across the sky (Which reminds me--don't forget to watch the annual Perseid showers in a wek or so...).

This would be a black eye to just about all Democrats in Maryland and maybe elsewhere, many of whom are already about to kiss re-election goodbye as their Republican opponents--and even some Democrats run on a platform of fiscal conservatism.  It would most strongly impact the District 30 State Delegation, and would not leave House Speaker and Cohen mentor Mike Busch unscathed as Cohen has been allied and closely associated with all Democratic leaders and this would be more than just an embarrassment as Republicans would scramble to throw gasoline on the fire blaming Democrats, Democrats and Democrats who outnumber Republicans on Annapolis City Council 8 to 1.

I'm just sayin'.......or maybe we'll make our payments, cash flow will improve, Cohen's predictions of solvency and a return to fiscal control will come true, he'll emerge as a hero, get elected to higher and higher office, city services will improve and....

Bank of America will get paid off and nobody will be laid off

Maybe. There are a lot of "ifs" and if is the biggest word in the world.....Let us hope for the best and prepare for the worst, but how does one prepare?  Oh, and one other thing that might go wrong would be if our water treatment plant finally gave out which is what some have been predicting could happen almost anytime. OK. So that gives me an idea as to how to prepare.


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