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Massachusetts May Raise Tolls Amid Auction-Rate Woes

Discussion in 'Political Discussion' started by weswelker#83, Feb 19, 2008.

  1. weswelker#83

    weswelker#83 Rookie

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    Feb. 19 (Bloomberg) -- Drivers on the Massachusetts Turnpike may face higher tolls after the state was unable to sell auction-rate securities backed by a unit of Ambac Financial Group Inc.

    The Massachusetts Turnpike Authority was forced to delay refinancing $126.7 million it borrowed for the ``Big Dig'' because it bought bond insurance from troubled Ambac, state officials said today. The state agency is spending an additional $300,000 in interest a month as a result, undermining efforts to close a budget gap and avoid raising tolls.

    ``That is a very significant financial obligation, probably our biggest short-term problem,'' Alan LeBovidge, the turnpike authority's executive director, said at the state agency's monthly board meeting today.
    ``It's bad news,'' Rich told the board. ``The entire universe is selling auction-rate securities.''

    $35 Million Shortfall

    The turnpike authority faces a $35 million budget shortfall even after it raised tolls on Interstate 90 last month. The agency anticipated saving $17 million by refinancing some of the $2.2 billion in bonds it sold in 1997 and 1999 for the Big Dig, the most expensive public works project in American history.

    Full Article :
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aSsM5ENYiZHI&refer=home
  2. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    I use the Mass Pike quite a bit ... they got us by the balls on this one. Pretty hard to navigate Mass east and west quickly without the Pike ... all their major free highways run north and south:mad::mad::mad:

    edit: not really free as those that drive alot pay more
    federal taxes .. should have said non-toll highways.
    Last edited: Feb 19, 2008
  3. QuiGon

    QuiGon Banned

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    Wait... I thought they were tearing down the tolls when the Pike was paid for..? :confused:

    "There is nothing more permanent than a temporary tax." - Mitt Romney
  4. weswelker#83

    weswelker#83 Rookie

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    Tell me about it , i do have a commercial plate : every day i pay $5.25 T.W. tunnel !
    Last edited: Feb 19, 2008
  5. Real World

    Real World Moderator Staff Member

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    What a POS state we live in. Then people wonder why young people are leaving in droves.
  6. QuiGon

    QuiGon Banned

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    Including me. :D :D
  7. Real World

    Real World Moderator Staff Member

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    I've got lots of friends who skipped town. I'm in the demographic that has been fleeing. People just don't understand how awful this state is for people trying to make it.
  8. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Can't the Politically Correct Cool Dream Boy Governor step in and help.

    :bricks:
  9. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey


    Yeah Obi ... when Rhode Island goes back to 6% sales tax when the bank disaster gets paid off. these guys take ... take ... take.
  10. QuiGon

    QuiGon Banned

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    We are both in the demographic that has been fleeing... the demographic of "Taxpayers" :D
  11. Fogbuster

    Fogbuster Rookie

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    $14 Billion for a $2 Billion tunnel, 40 years of "paying off" a turnpike that was finished 35 years ago. How about an audit to see where all that money has gone??? How much of it is sitting off shore in some personal bank accounts??? Yeah, makes you want to spit nails, doesn't it.


    :mad:


    //
  12. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    Yeah, it does.
    I'm really pissed that the new governor hasn't made it a priority to get to the bottom of things. Instead, he more interested in building casinos so the poor can get poorer and the rich will get richer. Where have the last four or five carpet-bagging governors been while we get ripped-off by Bechtel-Parsons?
  13. Real World

    Real World Moderator Staff Member

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    Where's the 1,000 cops and the lower property taxes? This state is gross.
  14. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    How do you like living in Mass., RW?:D
  15. QuiGon

    QuiGon Banned

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    I can't speak for him, but I can say that I can't stand it. I have never personally known a single person that lived a significant amount of time in Massachusetts and also in another state and preferred Massachusetts. I'm serious... it's like 0-for-100...

    (Now here come all of this forum's moonbats telling me how wrong that statement is....)

    Now if you'll excuse me I need to call a tow truck to get my car out of a pot hole. :D Nice to see our tax and toll monies being spent so wisely..!! :D
  16. Real World

    Real World Moderator Staff Member

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    This state is awful. High taxes, even higher fees, massive croniism, union control, corruption, inefficiency, debt, the Kennedy's :)D)....

    Seriously, this state is gross. I have to echo what Obi is saying. We're in the same age demo, and I honestly don't know a single person that I talk to, who's in this same group, who likes it here. If you're an average Joe trying to make it, you've got a serious uphill battle ahead of you. A couple needs to make six figures combined in order to function in this state. A single person has no chance. It's pay rent if you can afford to, or live at home with mom & dad until you get married. Even then, you need six figures to buy a home (maybe), but where will that mortgage put you if you decide to have kids? GROSSSSSSSS!!!!! Oh, but hey, the tolls are going up on that "once it's paid for it'll be free" MassPike.
  17. sdaniels7114

    sdaniels7114 Rookie

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    I personally know slaves living Florida making $1.50/ft to install Ceramic tile and $2.00/ft for Marble and Granite. I get 6 & 8 here in this horrible, horrible state. I spent 5 years down there and would never go back.

    You and Real World really ought to move there. I'll stay here with the 300% higher wage, thanks.
  18. Real World

    Real World Moderator Staff Member

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    Well, I know lots of those same "slaves" who I visited in January, and let me tell you, if I were in my 20's I'd be down there with them. We didn't pay a cover, or pay to park at a single bar or club we went to. There wasn't a single pot hole anywhere we drove. People actually said hi to you when you walked around. A beer at the bar was $3, and not $6 or $7. No state income btw. Anyone know what a house cost in Florida? About a quarter to a third of what it costs here. Did I mention no state income tax?

    Here's the best part of what Sdaniels wrote. It proves my point. Everything costs more up here. To pay Mr Daniels the $6 or $8 per square means you have to make more here at home. It's cheaper in Florida. Why does Daniels have to charge more? Cuz he has to make more in this incredibly expensive state.

    300% higher wage with a 400% higher cost of living. :rolleyes: It's ok though, Deval is goign to lower my property taxes. :rofl:
  19. Fogbuster

    Fogbuster Rookie

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    .

    [size=+3]How about a good ol' fashioned Tax Revolt. Something like: [/size]



    [size=+5]"Taxation without representation is Tyranny!!! We won't pay until we get a say!! Show us the books or you're all a bunch of crooks!! " [/size]



    [size=+3]Got a nice ring to it!![/size]
    :D


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  20. sdaniels7114

    sdaniels7114 Rookie

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    My truck cost 30 grand and its getting old, so I'm to assume I can just trek on down to FL and pick up the new version for $7,500? Oh and gas must be running about $0.75 (according to your figures.) So as long as I fill up there it won't even cost me much to do so. Funny though, why is it that when I go to national company websites like Home Depot or Best Buy and type in that I'm from Florida they don't list their stuff at a 400% discount to what I'm used to spending? Sure I can get cigs and a tiny house ready to be swept away by the next Hurricane for cheap money; but I think I'll stick with making 2 or 3 times as much and just pay the 5% MA income tax.

    By all means go yourself though. I'd be happy to see one less miserable person clogging up our highways.

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