Monday, February 8, 2010

SCREWS TIGHTENING ON L.A. CITY COUNCIL AS TWO CREDIT AGENCIES EXPRESS CONCERN OVER CITY HALL INACTION (More ZD, I Told You So's!)

For some reason, Zuma Dogg has never felt better. Maybe that's cause after four years of heading down to council (with emphasis on the past two years of budget warnings), IT ALL SEEMS TO BE WORTH IT NOW!
That smug, punk Eric Garcetti and walking organized crime-ring-style Mayor Villaraidouchebag have REALLY DONE IT NOW, and I will be SHOCKED if people aren't dragged out in hand-cuffs over this. HOW DOES A CITY LOSE IT'S ENTIRE TREASURY??? (Enron execs didn't get away with it, Bernie Madoff didn't get away with it, AND NEITHER WILL YOU!) But for now, it's satisfying enough to watch Eric "One Big Happy Family of Angel's" Mayoral Dreams go down the drain with Wendy's & Jan's, too!

LOOOOOOOOOOOOOOOOOOOOOOOSERRRRRRRRRRRRRRRRS!!!

AND NOW YOU'RE ABOUT TO BE DOWNGRADED OVER YOUR COMEDIC LACK OF LEADERSHIP FOR ALL THE REASONS, "I TOLD YOU SO!" Oh, Zuma Dogg is laughing IN YOUR FACE SO HARD, hope my spit isn't flying in your face, Garpussy and Doucharaigosa.


STILL BETTER THAN EVER BECAUSE OF LU PARKER AND YOUR YOGA LESSONS, NOW PUNK MAYOR?


Credit rating agencies voice concern about L.A.'s budget crisis


Representatives from two credit rating agencies expressed concern Monday about Los Angeles' precarious financial position and the City Council’s indecision on budget cuts last week.

In a memo to Mayor Antonio Villaraigosa and City Council members, City Administrative Officer Miguel Santana said Fitch Ratings told one of his aides they were monitoring a number of factors that could lead them to downgrade the city’s credit rating. They included the erosion of the city’s reserves, the city’s structural deficit and the failure of city officials to reduce the size of the city’s workforce.

Later Monday afternoon, Moody’s Investors Service also told city budget analysts they were concerned that the council had not adopted certain midyear budget adjustments to deal with a $212-million shortfall. Next year, the city’s deficit is expected to rise to $484 million.

Last November, Fitch downgraded the city’s credit rating on $2.94 billion in debt — a move that made it more expensive for the city to borrow money.

Santana’s memo quoted a representative from Fitch stating Monday that there was “an amazing opportunity for the elected officials to show leadership and for a valid reason. According to the press, though, they can’t seem to step up and make decisions. So if it can’t be done now, then when?”

On Tuesday, the council plans to revisit the three-year budget plan outlined by Santana.
Villaraigosa, who last week ordered the elimination of 1,000 jobs, is expected to make a guest appearance at the council meeting to lay out his plan to deal with the budget crisis.

-- Maeve Reston at Los Angeles City Hall

twitter.com/LATimesReston

You Go Maeve! (Your name is harder to spell than Greig Smith with that extra, superfluous and beuracratic, dumb "i" he uses, but I can let it slide in your case.)

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