Patricia Quattrocchi's blog

October 14, 2008 - 11:10am

Union County Freeholders Do Business As Usual During Financial Crisis

Just two weeks ago the Director of Finance for Union County was quoted in an October 1st Star Ledger article regarding the impact that the current Wall Street goings-on would and had been having on county government. Director Caroselli said, "Thankfully, we issued bonds in February when market conditions were stronger"; he went on to explain that if the county needed cash now; it would be "really biting its nails". Because, very simply bonds are actually loans made by investors that government sells to finance their spending habits and spending at a rate of over $1 Mil. every day Union County has a pretty big habit. And is anyone in a buying mode right now?

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