BREAKING NEWS: LOS ANGELES HAD IT'S CREDIT DOWNGRADED TODAY -- WILL BECOME MORE EXPENSIVE TO BORROW MONEY (Villaragiosa a FUCKING FAILURE, Indeed!)

HELLO TO DUMB, IMMATURE, LOSER CITY COUNCILMEMBER GRIEGGY-POO SMITH, ERIC (GARSHADY) GARCETTI AND THE REST OF YOU DUMB LOSERS WHO JUST ACHIEVED HISTORY.

AND NOW...ZUMA DOGG FAVORITE FUCKING STORY EVER!!! THERE IS NO DOUBT VILLARAIGOSA IS THE ULITMATE FAILURE!!! HE NEEDS TO HAVE THAT TATTOOED ACROSS HIS CHEST!

L.A. credit rating takes a hit in light of grim budget outlook

November 24, 2009 | 6:15 pm

Los Angeles is about to pay a price for its financial woes.

The city’s credit was downgraded today by Fitch Ratings on $2.94 billion in debt, meaning that borrowing money will become more expensive for Los Angeles as it grapples with a $98-million current-year budget shortfall and faces the prospect of graver fiscal woes in the years ahead.

The financial ratings service credited Mayor Antonio Villaraigosa and the City Council for taking aggressive action to whittle down the budget gap (TOO MUCH, TOO LITTLE, TOO LATE), but added it wasn’t enough and that the ratings outlook for the city remains negative. Fitch Ratings, in a statement released today, said the “city’s economic decline, as evidenced by high unemployment, sales tax weakness, assessed value losses and high home foreclosure ... will impede financial recovery." [WHO TOLD YOU SO...WHO WARNED YOU TO TAKE PRUDENT ACTION -- BEFORE, DURING AND AFTER. I LOOK DOWN ON YOU GRIEG SMITH, MORE THAN ANYONE ON COUNCIL BECAUSE YOU WERE SO POPMPOUS, ARROGANT AND FLIPPANT...BUT MOSTLY WRONG -- AND YOU LOST BIG TO ZUMA DOGG ON THAT ONE, SON. NOW SHUT UP AND SIT DOWN, SMITH! YOU ARE NOW A "FOREVER LOSER" TO ZUMA DOGG (ESPECIALLY AS GOLD IS AT A RECORD $1175, YOU DUMB SCHMUCK!)

“It signals that we have some very difficult choices to make in the future," said Administrative Officer Miguel Santana, the city’s top budget official. “We simply cannot be spending at the rate that we have in the past." [WOW, this guy sounds like an insightful genius. Did he study all night to come up with that meaningless quote?]

Tomorrow, Santana is scheduled to brief the council on the downgrade, as well as the city’s financial status. [JUST ANNOUNCED: ZUMA DOGG WILL BE ATTENDING THE COUNCIL MEETING TO RUB IT IN UNTIL THEY ARE REDUCED TO TEARS!]

Council President Eric Garcetti said the rating downgrade shows that the city still needs to make sweeping structural changes to its $7.05-billion budget. [STARTING WITH MAKING SURE THE CHIEF ARCHITECT, GARCETTI, IS NEVER ELECTED MAYOR!] Even after winning concessions from city unions, including pay cuts and an early retirement program, the city still faces a $98-million shortfall in the current budget year and a $408-million budget gap next year.

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