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| States going bankrupt? https://gladerebooted.net/viewtopic.php?f=8&t=846 |
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| Author: | Uncle Fester [ Sat Nov 14, 2009 5:08 pm ] |
| Post subject: | States going bankrupt? |
http://online.wsj.com/article/SB125814283469047497.html "I looked as hard as I could at how states could declare bankruptcy," said Michael Genest, director of the California Department of Finance who is stepping down at the end of the year. "I literally looked at the federal constitution to see if there was a way for states to return to territory status." This got me thinking, what happens if a state goes bankrupt? Are the other 49 now on the hook for them? Is it like when a city defaults, the state can take over a bit? Granted asking the Feds to manage the books for a state is like so many bad metaphors we could come up with. |
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| Author: | Kaffis Mark V [ Sat Nov 14, 2009 6:41 pm ] |
| Post subject: | |
Hmm. California wants to try to become a territory again. Cons: Would have to bail out California's debt and the rest of the country now gets to foot the bill for a huge portion of the populace. Pros: California no longer gets representatives, senators, or presidential votes. Pelosi is out on her ***. Wow. That's a toughie. Hold on, don't rush me. I'm thinking. |
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| Author: | Serienya [ Sat Nov 14, 2009 7:33 pm ] |
| Post subject: | |
Heh - the later Home Rule fight could be worse than DC's! |
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| Author: | Hannibal [ Sat Nov 14, 2009 8:07 pm ] |
| Post subject: | Re: |
Kaffis Mark V wrote: Hmm. California wants to try to become a territory again. Cons: Would have to bail out California's debt and the rest of the country now gets to foot the bill for a huge portion of the populace. Pros: California no longer gets representatives, senators, or presidential votes. Pelosi is out on her ***. Wow. That's a toughie. Hold on, don't rush me. I'm thinking. I'm attempting to contact Bugs Bunny so he can saw them off the end of the country. |
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| Author: | Rorinthas [ Sat Nov 14, 2009 10:28 pm ] |
| Post subject: | Re: States going bankrupt? |
Somehow I'm certain they'd find a way to shruck their debt and keep their control of the House, but maybe i'm just being cynical. |
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