thank you for posting that werner. very interesting to read. -steve In a message dated 1/3/2011 1:46:03 P.M. Eastern Standard Time, wernera...@yahoo.com writes:
or.... Not learning from history and past mistakes. "...The City of Asbury Park is a seashore resort with a resident population of 15,000. It presents a familiar picture of optimistic and extravagant municipal expansion caught in the destructive grip of general economic depression: elaborate beachfront improvements, costs in excess of estimates, deficits not annually met by taxation, declining real-estate values, inability to refinance a disproportionately heavy load of short-term obligations, and, inevitably, default. Accordingly, in January, 1935, availing themselves of the New Jersey Municipal Finance Act, creditors applied to the Supreme Court of New Jersey to place the state Municipal Finance Commission in control of the city's finances."... _http://tinyurl.com/24sgcyg_ (http://tinyurl.com/24sgcyg) Happy New Year... Werner [Non-text portions of this message have been removed] ------------------------------------ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: asburypark-dig...@yahoogroups.com asburypark-fullfeatu...@yahoogroups.com <*> To unsubscribe from this group, send an email to: asburypark-unsubscr...@yahoogroups.com <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
