Surrealism in city hall
Monday evening’s City Council agenda included several resolutions to authorize sale of municipal bonds in order to refinance some of the city’s debt at lower rates of interest. (Oak Ridge recently attained a very favorable bond rating, making it possible to borrow at better interest rates than the city was able to get earlier.)
Two weeks ago, when the agenda was being drawn up, the proposal to refinance some debt looked pretty mundane. After the financial crisis that has unfolded over the past 9 days, though, it felt downright surreal to be talking matter-of-factly about selling millions of dollars’ worth of bonds.
Here’s hoping that “normal” returns to our money system soon…
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Very well said. I too think of the financial crisis, or is there one?
Just how bad would it be to let those who made this find how to live with it? Also, just how does a financial broker fall into the mix? Looking how many knew of the problems but let it go, this knowledge was known in the investment world, yet our money was still put into such corrupt businesses.
Here’s to tomorrow, thanks FAnnie.
Comment by Ray Kircher — September 25, 2008 @ 6:05 pm