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Thread: Path Is Sought for States to Escape Debt Burdens

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    Path Is Sought for States to Escape Debt Burdens

    Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

    Unlike cities, the states are barred from seeking protection in federal bankruptcy court. Any effort to change that status would have to clear high constitutional hurdles because the states are considered sovereign.

    But proponents say some states are so burdened that the only feasible way out may be bankruptcy, giving Illinois, for example, the opportunity to do what General Motors did with the federal government’s aid.

    Beyond their short-term budget gaps, some states have deep structural problems, like insolvent pension funds, that are diverting money from essential public services like education and health care. Some members of Congress fear that it is just a matter of time before a state seeks a bailout, say bankruptcy lawyers who have been consulted by Congressional aides.

    http://www.nytimes.com/2011/01/21/bu..._r=1&src=busln

    Oh man, what a scary scary idea. Letting states declare bankruptcy? BAD JUJU.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by MrVicchio View Post
    http://www.nytimes.com/2011/01/21/bu..._r=1&src=busln

    Oh man, what a scary scary idea. Letting states declare bankruptcy? BAD JUJU.
    What choice is there? None. The states have to be given protection from creditors. It's the only reasonable thing to do. Let a Bankruptcy Court judge decide what is fair and what is unreasonable.

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by Albert Di Salvo View Post
    What choice is there? None. The states have to be given protection from creditors. It's the only reasonable thing to do. Let a Bankruptcy Court judge decide what is fair and what is unreasonable.
    Do you realize they let even a single SINGLE state do this, and the municipal bond market would collapse. How does that help anyone?
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by Albert Di Salvo View Post
    What choice is there? None. The states have to be given protection from creditors. It's the only reasonable thing to do. Let a Bankruptcy Court judge decide what is fair and what is unreasonable.
    Yeah, let one man control the market. What's the difference between this and a dictatorship?
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    Re: Path Is Sought for States to Escape Debt Burdens

    WikiLeaks cables: Iran has cleared major hurdle to nuclear weapons | World news | The Guardian

    Apparently the Chinese have been helping out these folks, and now see where we are.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by MrVicchio View Post
    Do you realize they let even a single SINGLE state do this, and the municipal bond market would collapse. How does that help anyone?
    But what exactly is the alternative? A federal bailout?
    Last edited by Kandahar; 01-21-11 at 08:28 AM.
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    Re: Path Is Sought for States to Escape Debt Burdens

    Beyond their short-term budget gaps, some states have deep structural problems, like insolvent pension funds, that are diverting money from essential public services like education and health care. Some members of Congress fear that it is just a matter of time before a state seeks a bailout, say bankruptcy lawyers who have been consulted by Congressional aides.
    Isn't socialism vunderful? Expand government and promise the world...

    Spend, spend, spend, spend, spend... whine about proposed cuts, spend, spend, spend, spend...whine about proposed cuts... spend, spend, spend... call The Tea Party a bunch of racist, bigot ne'er-do-wells.

    How long did it take for this fiasco to implode the states? 40-years? About par with what happened with the post war Commi countries.

    And the Libs have the gall to ask for more socialist crap like ObamaKare? Yes one is Federal, and we are talking about states... but it's the same road to destruction.

    ****ing incredible.

    As for the solution? First cut and gut down to the bone and into the bone.
    Last edited by zimmer; 01-21-11 at 10:07 AM.
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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by American View Post
    WikiLeaks cables: Iran has cleared major hurdle to nuclear weapons | World news | The Guardian

    Apparently the Chinese have been helping out these folks, and now see where we are.
    Hmm wrong thread maybe?
    PeteEU

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by Kandahar View Post
    But what exactly is the alternative? A federal bailout?
    That is the only solution. The very fabric of the US at stake here.. if the other states or/and Feds dont help save states in trouble, then what is the freaking point of the US any more?

    Problem is to fix this issue, the states, politicians and so on have to come out of the total denial they are in.. all options including tax's going up, must be on the table.... and I think pigs will fly before that happens.
    PeteEU

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by Albert Di Salvo View Post
    What choice is there? None. The states have to be given protection from creditors. It's the only reasonable thing to do. Let a Bankruptcy Court judge decide what is fair and what is unreasonable.
    States had better be able to find an alternative. The bond market is collapsing right now due to these rumors. It's a matter of time before nobody's going to buy their debt paper whether they declare or not. It would be a complete disaster. Would the Chinese buy our national debt if bankruptcy of states became possible? That's an unspoken warning that the Fed could do the very same thing. What a freakin' mess.

    Quote Originally Posted by Kandahar View Post
    But what exactly is the alternative? A federal bailout?
    I cannot imagine that happening. What does that solve? Just gives more time for another run-up to the stratosphere.

    Quote Originally Posted by zimmer View Post
    Isn't socialism vunderful? Expand government and promise the world...

    Spend, spend, spend, spend, spend... whine about proposed cuts, spend, spend, spend, spend...whine about proposed cuts... spend, spend, spend... call The Tea Party a bunch of racist, bigot ne'er-do-wells.

    How long did it take for this fiasco to implode the states? 40-years? About par with what happened with the post war Commi countries.

    And the Libs have the gall to ask for more socialist crap like ObamaKare? Yes one is Federal, and we are talking about states... but it's the same road to destruction.

    ****ing incredible.

    As for the solution? First cut and gut down to the bone and into the bone.
    If public sector unions will not renegotiate their onerous contracts, they will be ultimately responsible for something a whole lot worse than The Great Depression.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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