There are a lot of reasons to be glad you live in Nashville

And here is the latest: Jefferson County Alabama is considering bankruptcy as a way to reduce $3.2 billion in outstanding sewer debt. Proponents of a Chapter 9 filing suggest that it is the way to punish the folks that brought this misery down upon the good people of Birmingham, the investment bankers in New York. I am with Ben Cunningham on this one. Blaming your bankers for your debt is like blaming your bartender for your drinking problem.

Birmingham has a $3.2 billion dollar problem because it assumed control of large sections of an aging sewer system, got in trouble with the EPA and was mandated to perform about a $1 billion in repairs and improvements. Instead of going to the sewer rate payers and making a case for higher rates to pay for the mandated repairs, the County Commissioners went to Wall Street. Investment bankers love problems like this and came up with a way to avoid significant rate hikes. It seemed like a great idea. The investment bankers got their fee, the County got its money and the Commissioners avoided the wrath of the voters.

The political cowardice of the County Commission in avoiding the initial rate increase necessary to get the system in shape leaves Jefferson County with a $3.2 billion bill for work that should have cost 1/3 of that. Aren't you glad you live in Nashville?