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Cory Booker got out of Dodge before the full effect of his incompetence hit. Which left Ras Baraka to finish the job his Marxist anti-Semite father started in 1967. Amiri Baraka (nee LeRoi Jones) lit Newark on fire. His son has succeeded in burning Newark's finances.
The city of Newark — its finances already under state control — has been hit by a major credit downgrade relegating some of its outstanding debt to junk bond status.
The move targeting the state's largest city comes amid growing questions by Wall Street over the financial strength of at least five other struggling municipalities — including Atlantic City, Paterson, Union City, Asbury Park and Kearny — in the wake of New Jersey's own fiscal troubles.
The debt of both Atlantic City and Paterson have also been downgraded below investment grade by Moody's Investors Service. The three other municipalities were rated as an increased risk.
Among the downgrades announced in the past week by Moody's included a drop in Newark's general obligation unlimited tax rating affecting $374 million in debt, to Baa3 from Baa1, indicating substantial credit risk. Another $39 million of general obligation limited tax bonds dropped from Baa2 to Ba1, a rating considered junk bond debt.
What do Newark and those 5 other towns have in common?
Decades and decades of Democratic Party rule.
Yeah, I'm wearing my shocked face too.
Where Democrats reign, despair, decay, disinvestment, and now downgraded debt inevitably follow.
For his part, Mayor Baraka disclaimed any responsibility, and threw his predecessor under the bus.
Newark officials said they were dismayed by the downgrades, but called the city's weakened financial position a "legacy of prior administrations." The city's new business administrator, Jack Kelly, said Mayor Ras Baraka — who was elected last year — had been in office less than eight months when Moody's requested a credit review.
"The majority of the city's two previous year ending deficits were caused by overestimating revenues to close budget gaps. When these overly optimistic revenues didn't materialize, both the 2013 and 2014 budget years ended with deficits," Kelly said.
Well, Cory Booker was busy running for Senate, so getting Newark's budget in order probably wasn't on his to-do list. Meanwhile, his designated seat-filler, Luis Quintana, didn't even really try to get anything done.
Of course Booker sang the same song as Baraka when he tweeted into town — all this stuff is Sharpe James' fault!
And, if you're old enough to remember when James took over, he blamed Ken Gibson, who I recall "inherited a mess" from Hugh Addonizio.
Excuses, Newark's always got 'em, in a never-ending supply.
How's that song go? Meet the new boss, same as the old boss.
What amazes me is that the people of Newark keep falling for it. They got the government they apparently wanted, and it's failure is their failure.
Because I assure you, they'll definitely get fooled again.
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