I drive through Harrisburg every time I go to New Hampshire. It's always fun to point out the state's capital dome to my son... for the two or three seconds it can be seen from the freeway.
From the road, Harrisburg is NOT an attractive city. Run down, VERY urban, slummy. It makes Scranton and Wilkes-Barre seem stylish by comparison. But, what can you tell from the road? Really, nothing more than that it's not a place where I'd care to stop.
Oct. 12, 2011, 10:36 a.m. EDT
Harrisburg, Penn. files for bankruptcy
By Deborah Levine
NEW YORK (MarketWatch) -- Harrisburg, Penn. officials said Wednesday that the city council narrowly approved plans last night to file for bankruptcy protection under Chapter 9, according to media reports. The state capital has been struggling under $300 million in debt tied to an incinerator. Councilman Brad Koplinski said the bond insurance company Assured Guaranty Ltd., which backed much of the city's incinerator debt, has to step up with at least $100 million in concessions to make any plan to resolve the debt work, according to a report. A spokesman for Mayor Linda Thompson said that the council's actions could accelerate the state approving a takeover of Harrisburg. Municpal bond defaults remain very low and bankruptcy filings are rare. From 1999 to 2009, only 10 rated entities failed to make debt-service payments, according to Fitch Ratings.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
| 