38 Studios bonds: Don’t default and don’t repay

38 Studios bonds: Don’t default and don’t repay

In my last post I insisted that Rhode Island needed to keep its word and not default on the 38 Studios bonds. I know more now, and my conclusion has changed. After much discussion with Randall Rose of Occupy Providence, who educated me quite a bit, and Sam Bell of RIPDA, I looked into the [...]

RI needs to back its word on 38 studios debt

RI needs to back its word on 38 studios debt

Ever since 38 Studios went bankrupt some folks in the state have suggested that a “Moral” Obligation bond means you don’t REALLY have to pay the creditors, unlike a General Obligation bond. Nonsense. Both mean that the state will stand behind its word. If RI does’t, why would anyone ever believe what the state says [...]

Gov. Chafee delivers his State of the State speech.

State of the State Analysis: Some Highs, Many Lows

On the whole Governor Chafee’s speech was disappointing. The first big budget item: no increases in taxes or fees. So much for tax equity. In fact the corporate tax rate is to go down from 9% to 7%. There are more millions for many worthy projects/areas: K-12 education, higher education,  infrastructure, property tax relief, and [...]