NYT: New Orleans Running Out of Options as It Scrambles for New Loans

[Pirate Smile]

NEW ORLEANS, Feb. 25 — Somehow, some way, at some point in the future, city officials here will need to pay back all the money they are borrowing. In the meantime, though, the Mardi Gras parades must still be protected, the police must still patrol the streets and the garbage must be picked up.

And so, even though the city has already racked up $120 million in debt, officials here are scrambling for loans of as much as $200 million more so that New Orleans can continue to pay its bills through the end of the year.

"We can't keep borrowing money," said Oliver M. Thomas Jr., the president of the New Orleans City Council. "But the need for fire protection doesn't just go away. At some point, we need to rebuild our parks and restart recreation programs as children and families start coming back."

Youth programs, however, are the least of the city's problems right now. With its credit rating downgraded to junk-bond status, it is not clear how the city will even find the money to maintain its most critical services, like police and fire protection. Though the city has already laid off nearly half its work force, New Orleans still needs $150 million to $200 million in 2006 to fill the huge hole that Hurricane Katrina blew in its budget, said Reginald Zeno, the city's finance director.

http://www.nytimes.com/2006/02/26/national/nationalspecial/26fiscal.html?_r=1&oref=slogin

[Akoto]

1. What really makes me sad about this is ...

Consider how much could have been invested into restoring this city and assisting its residents, had we not poured our surplus into pointless wars. Now we borrow even more to perpetuate the conflict, and leave New Orleans to fend for itself.

[niyad]

3. and let us not forget that paying for that war is what stole the money

from the urgently needed work on the levees, which might not have failed had they been repaired and upgraded when they were supposed to be. if it weren't for that, we might not have lost an entire city.

[bullimiami]

2. someone please find bush saying how we have to GIVE the money to iraq

and that it CANNOT be a loan, CANNOT be paid back.

What bastards.

[yourout]

4. Bushco has absolutely no intention of rebuilding New Orleans.

No profit in it for them so no reason to do it.

[David Dunham]

5. Soon it will be an all rich, almost all white city -- a Bush paradise.

[Gman]

6. It is not neglect nor is it accidental on the part of the federal govt

that this is happening to NOLA. Make no mistake about the fact that this is completely intentional. They know, among many other things that Mary Landrieu barely was reelected due in large part to the AA vote in NOLA. There are so many political as well as RW socially experimental reasons this is happening to NOLA.

[951-Riverside]

7. I guess its safe to say if Russia hit US with a nuke we'd be down for good

[SoCalDem]

8. When it becomes Disney-fied and republicans are in charge

there will be plenty of money..:(

[FloridaPat]

9. A nice start would be 1 weeks worth of money from Iraq invasion.

[NIGHT TRIPPER]

10. They can't take New Orleans out - it might look bad now but watch

Even during the Civil War New Orleans, even when occupied, resisted the entire time...
Think of this as an occupation underway--
All from an intentional MIHOP with the lack of Hurricane assistance after Katrina/prep money for the levees taken back before Katrina/etc.,--
They wanted an opportunity to down the place so they could then take the place.
It's going to end up about as successful as Iraq.

It may take time --but there are many ultra wealthy prominent famiies,
and may "underground networks" they will have to contend with.

Sorry but nice try--it aint over til it's over--!!!

.