See this link for a primer on the most important issue you’re ignoring. Especially read this further link to a Duke Law Review article in one of the comments. The first part of the Duke paper really lays out the basis for the whole reason the bond cap is in the damn Constitution!!!!! It also illuminates the reason it’s so important – i.e. the economic collapse trigger that exacerbated the Depression (and others before that).
I’ve tried to articulate it to many over the years, to no avail. But, I could not believe it when The Nerve published this letter …. The MSM won’t touch it…
Stories abound about good men and women, altruistic and persistently working for responsible government, tragically ground up and spewed out from the gears of corrupt government. These unfortunate (people) tried to stand up for truth and reason, but stood alone in the crossfire, with no help from anyone, especially the press. The Fourth Estate is an abject failure.
The bond industry greases its way, and grinds up whatever’s in its way. These stories are rich in many facets of corruption, from the bond attorneys yearly payday (see comments to the article above), to gross misuse of county C-fund money (one whole year’s worth for an entire county went to pave the parking lot of one of these white elephants).
I deeply respect what you do, but until this fundamental crisis begins to come to light, I can’t read another article on who’s kissing who, or who got caught doing what – that’s minutiae that will never matter in the big picture. You’ll face attacks from those inside the industry – big law firms, to the cheaply greased knaves at the bottom (typically councilmen, admin, the press, and anybody who might raise opposition).
These machines of profit are formidable – they’ll steamroll any opposition, using whatever means necessary. Some are swayed by cash, others are as cheap as a little flirting from the lead blonde (remember Margaret Pope?). Ignorance and apathy are their cloak, and any opposition still remaining gets appeased. The bait is varied. The last few years is: Barack Obama’s whatever/stimulus program is ending, and this deal has to be in place by the end of this month! Or my favorite: “For a a limited time, the interest rate subsidy from the federal government is 45 percent! (on a rate that is 45 percent higher than market on a worthy municipal bond).”
Anyway, it’s a writer’s paradise. You can’t make this sh*t up.
Anon: Thank you for putting this on FITS radar. I have forwarded your email to several of my most trusted fiscal sources in the hopes of quantifying this issue and providing some context for our readers. Obviously this website has been very vocal in opposing specific state and local referendums – but you are correct, it is a much bigger issue and FITS has yet to scratch the surface.