Why Public Education Is Gonna Be Hurting Even More

From "Ask Fleck" today:

"One of the consequences of the failure of banking institutions is that many public entities such as cities, counties, school districts and mosquito abatement districts were invested in their debt. For example, Menlo Park City School District, which has a reputation for fiscal responsibility, is furious that they were hit with a $3.5 million loss when Lehman Brothers collapsed. By law school districts are required to keep their money with the county who acts as their banker. San Mateo County, who had invested 5.7% of its funds in Lehman Brothers debt, held funds for 1000 such entities including San Mateo Community College District which lost $25 million, Sequoia Union High School District which lost 5.5 million and Redwood City School district which lost 1.1 million. Public schools here in California have already been cut to the bone financially. It is extremely difficult for these organizations to raise money because any new tax requires a 2/3 majority vote."

Heh. "Mosquito abatement district" sounds so much like an insult of a podunk exurban aspirational SUV-commuting McMansion bedroom community now overrun by brown lawns and green pools. Not that there really exist such things, but if there were I guarantee you I would be first in line to contribute to said dead grass as a consequence of drinking from said pools. Mmmm... Greenwater...