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Thread: Path for States to Go Bankrupt Discussed

  1. #1
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    Exclamation Path for States to Go Bankrupt Discussed

    Seems the very quiet talk about this is starting to be heard. Looks like it will be sooner rather than later at this point.

    http://www.nytimes.com/2011/01/21/bu...html?src=busln
    “I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue.” Barry Goldwater.

    Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats.H. L. Mencken

  2. #2
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    “All of a sudden, there’s a whole new risk factor,” said Paul S. Maco, a partner at the firm Vinson & Elkins who was head of the Securities and Exchange Commission’s Office of Municipal Securities during the Clinton administration.
    DUH! Master of the understatement. Oh and this:

    I've always wondered what the 1920's and 1930's were like, but I never wanted to see it from the German perspective.....


    www.johngaltfla.com

  3. #3
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    lol, ya. If you have a state pension...

    You won't.

  4. #4
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    Quote Originally Posted by rondaben View Post
    lol, ya. If you have a state pension...

    You won't.
    Or an employment contract.

  5. #5
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    As this gets louder, muni bonds will be worthless long before the bankrupt filings ever happen. I am sure no one here holds such sorry paper.
    Firearms Manufacturer, Tacticalmachining.com

  6. #6
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    I'd wager there's some sort of Federal "Insurance" company that covers municipal and state pension funds and stuff, and all those will get sucked into the Fed, and they'll take them over.

    No matter what, your gov contract does not constitute a right to enslave me or my children to pay for it.


    Earl

  7. #7
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    Quote Originally Posted by Earl Sinclair View Post
    I'd wager there's some sort of Federal "Insurance" company that covers municipal and state pension funds and stuff, and all those will get sucked into the Fed, and they'll take them over.

    No matter what, your gov contract does not constitute a right to enslave me or my children to pay for it.


    Earl
    Nope.

    No such insurance exists.

    The only insurance is a guarantee by the states to tax the dog snot out of the citizens to pay the bondholders back.

    It's that bad. But I warned about that in 2008. Now it is showtime.
    I've always wondered what the 1920's and 1930's were like, but I never wanted to see it from the German perspective.....


    www.johngaltfla.com

  8. #8
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    From the linked article:

    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.
    ---
    "If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be." - Thomas Jefferson, 1816

  9. #9
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    Quote Originally Posted by niceguy View Post
    From the linked article:
    Sound familiar?

    http://www.thetreeofliberty.com/vb/s...0&postcount=40

  10. #10
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    http://video.foxbusiness.com/v/45052...ylist_id=87185

    This is a video on Fox News this AM with Stuart Varney openly talking about state bankruptcy. If they are being this open about it, WOW.

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