Ghostsof1915 Posted April 15, 2020 Share Posted April 15, 2020 9 hours ago, milk and honey said: What happens to a city bankrupt? Was just thinking today to what would happen if Canada went bankrupt or couldn't borrow anymore money Didn't Detroit declare bankruptcy? 1 Link to comment Share on other sites More sharing options...
Lancaster Posted April 15, 2020 Share Posted April 15, 2020 2 hours ago, Ghostsof1915 said: Didn't Detroit declare bankruptcy? At least Detroit sort of have good reasons to default. Massive exodus of residents (30% of population remaining), socio-economic factors, the decline of the auto-industry in the area, etc. Vancouver on the other hand... they're just "keeping up with the Joneses". 1 Link to comment Share on other sites More sharing options...
skolozsy2 Posted April 15, 2020 Share Posted April 15, 2020 12 hours ago, milk and honey said: What happens to a city bankrupt? Was just thinking today to what would happen if Canada went bankrupt or couldn't borrow anymore money When a city goes bankrupt, the city's creditors, vendors, and debt holders basically take it right up the wazoo. No idea what happens when a country goes bankrupt though. I guess it really depends on who owns the country's debt. Link to comment Share on other sites More sharing options...
Sharpshooter Posted April 15, 2020 Share Posted April 15, 2020 Why Cities Can’t Go Bankrupt in Canada or Germany https://www.governing.com/columns/public-money/gov-municipal-debt-traps-nein.html Hope this answers a few questions. Link to comment Share on other sites More sharing options...
McBackup Posted April 15, 2020 Share Posted April 15, 2020 (edited) 14 hours ago, RowdyCanuck said: But oil makes more then like all those together and then to add insult alberta's beef and grain probably beats a few of those also. And media well Calgary has plenty of movies filmed over there and one of the best t.v shows heartland so yea it's not like our other industries don't punch above their weight class....but name another industry in oils weight class? Lol It's not a contest. I was just correcting a potshot about how the only vancouver industries are "drugs and real estate". Besides, yes nothing is in oils weight class, but it's a bad idea to base your economy so heavily on it in case the market goes sour. Look at it now. Yes there isnt a BC heavyweight like oil, but we have bad salmon runs, shows get cancelled, embargoes happen on shipping, etc, and the city isnt utterly devastated when one of those industries tanks. Edited April 15, 2020 by Bitter Melon Link to comment Share on other sites More sharing options...
Russ Posted April 15, 2020 Share Posted April 15, 2020 (edited) On 4/13/2020 at 9:13 PM, canucklehead44 said: Property taxes in Vancouver are comically low. How can people not afford $4K per year in property taxes when their house is worth $1.5M? Damn thats way cheaper than the valley and our houses aren't worth nearly that. Edited April 15, 2020 by Russ Link to comment Share on other sites More sharing options...
Russ Posted April 15, 2020 Share Posted April 15, 2020 (edited) 18 hours ago, Sharpshooter said: Translink is another entity that’s about to run out of money. Interestingly, they’ll need about $200-$250m to get the system running until mid-late summer to help essential workers get to work now, and the larger community later on, get the economy rebounding quickly once the lower mainland is in a position to do so. Radio was saying they are losing close to 1-2 mill a day, WTF! I knew TransLink was a money pit but didn't realize to this extent. Edited April 15, 2020 by Russ Link to comment Share on other sites More sharing options...
McBackup Posted April 15, 2020 Share Posted April 15, 2020 49 minutes ago, Russ said: Radio was saying they are losing close to 1-2 mill a day, WTF! I knew TransLink was a money pit but didn't realize to this extent. Makes the strike look great. Link to comment Share on other sites More sharing options...
RowdyCanuck Posted April 15, 2020 Share Posted April 15, 2020 5 hours ago, Bitter Melon said: It's not a contest. I was just correcting a potshot about how the only vancouver industries are "drugs and real estate". Besides, yes nothing is in oils weight class, but it's a bad idea to base your economy so heavily on it in case the market goes sour. Look at it now. Yes there isnt a BC heavyweight like oil, but we have bad salmon runs, shows get cancelled, embargoes happen on shipping, etc, and the city isnt utterly devastated when one of those industries tanks. Your right but they only feel a lil hurt cause a lot of industries share the weight but tourism is an even worse unstable industry then oil..... I don't know why your provincial government puts it before others.... but for all those reasons could be a good reason for a bank to call in the loans......it's dirty pool but business wise when's the next chance someone or a company will have at buying Van? Link to comment Share on other sites More sharing options...
McBackup Posted April 15, 2020 Share Posted April 15, 2020 6 minutes ago, RowdyCanuck said: Your right but they only feel a lil hurt cause a lot of industries share the weight but tourism is an even worse unstable industry then oil..... I don't know why your provincial government puts it before others.... but for all those reasons could be a good reason for a bank to call in the loans......it's dirty pool but business wise when's the next chance someone or a company will have at buying Van? Tourism is unstable. Thats exactly my point. Its a good idea to have a diverse economy, because if the majority of your province's money comes from a single source, when that turns its going to cause a lot of hardship. That way when it happens its not nearly as devastating. Link to comment Share on other sites More sharing options...
RowdyCanuck Posted April 15, 2020 Share Posted April 15, 2020 9 minutes ago, Bitter Melon said: Tourism is unstable. Thats exactly my point. Its a good idea to have a diverse economy, because if the majority of your province's money comes from a single source, when that turns its going to cause a lot of hardship. That way when it happens its not nearly as devastating. Van is safe but the rest of b.c isn't as lucky though but this is a van thread. Your right though but all those good things you listed make buyers eyes light up.....China buying Van wouldn't be the worst thing right? Link to comment Share on other sites More sharing options...
Sharpshooter Posted April 15, 2020 Share Posted April 15, 2020 5 hours ago, Russ said: Radio was saying they are losing close to 1-2 mill a day, WTF! I knew TransLink was a money pit but didn't realize to this extent. Yeah, roughly $2.5m a day. Link to comment Share on other sites More sharing options...
Gurn Posted April 15, 2020 Share Posted April 15, 2020 2 hours ago, Sharpshooter said: Yeah, roughly $2.5m a day. Is that $2.5 mill in potential revenue, or actual operating losses? $2.5 doesn't sound like an outrageous amount given the huge hit in the revenue stream. Link to comment Share on other sites More sharing options...
Sharpshooter Posted April 15, 2020 Share Posted April 15, 2020 5 minutes ago, gurn said: Is that $2.5 mill in potential revenue, or actual operating losses? $2.5 doesn't sound like an outrageous amount given the huge hit in the revenue stream. Operations 1 Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted April 16, 2020 Share Posted April 16, 2020 On 4/15/2020 at 6:09 AM, Russ said: Radio was saying they are losing close to 1-2 mill a day, WTF! I knew TransLink was a money pit but didn't realize to this extent. Bear in mind, they're taking a huge hit in revenues (only people that ride the Skytrain are likely to be paying fares right now). It would be like if the Canucks didn't charge anybody to buy their tickets. Even with the TV/PPV/merchandising, etc.....they would be losing a huge chunk of cash. Link to comment Share on other sites More sharing options...
JM_ Posted April 16, 2020 Share Posted April 16, 2020 On 4/14/2020 at 10:09 PM, Ghostsof1915 said: Didn't Detroit declare bankruptcy? its not the end of the world. So Vancouver stiffs its creditors for a while, its not the worst thing that could happen. Link to comment Share on other sites More sharing options...
Gurn Posted April 16, 2020 Share Posted April 16, 2020 1 hour ago, Jimmy McGill said: its not the end of the world. So Vancouver stiffs its creditors for a while, its not the worst thing that could happen. sounds ok, as long as you aren't a creditor. 1 Link to comment Share on other sites More sharing options...
JM_ Posted April 16, 2020 Share Posted April 16, 2020 9 minutes ago, gurn said: sounds ok, as long as you aren't a creditor. true dat. But them's the times we're in. The city is trying to create a bit of a panic, not sure thats the best approach. Link to comment Share on other sites More sharing options...
Gurn Posted April 16, 2020 Share Posted April 16, 2020 7 minutes ago, Jimmy McGill said: true dat. But them's the times we're in. The city is trying to create a bit of a panic, not sure thats the best approach. They are going with the squeaky wheel, first in line approach. Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted April 17, 2020 Share Posted April 17, 2020 21 hours ago, Jimmy McGill said: its not the end of the world. So Vancouver stiffs its creditors for a while, its not the worst thing that could happen. Heh, didn’t prevent a guy from being elected President. Link to comment Share on other sites More sharing options...
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