Forget about an RV

[dinarded]

Federal take over of states WITHOUT firing a shot! Pay CLOSE attention here folks!! It's happening RIGHT in front of us!

BANKRUPTCY FOR STATES STUDIED

CA DECLARES EMERGENCY

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.

http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?_r=2&src=busln

[MooCow]

Eff!

[hurricanewayne]

Federal take over of states WITHOUT firing a shot! Pay CLOSE attention here folks!! It's happening RIGHT in front of us!

BANKRUPTCY FOR STATES STUDIED

CA DECLARES EMERGENCY

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.

http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?_r=2&src=busln

please this is something that could happen but if RV comes soon it might not with many people holding Dinars when the RV hits spending by the people who have them will pick up and those states will do better.

[earjockey]

Here is a little diddy to lift your spirits.

http://www.youtube.com/watch?v=_W57aBMYKvU

[Halo9678]

IMHO,

The economic booster shot that will come from the RV (taxes and spending), while serendipitous in nature, will not be enough to cover the bankruptcy should it be declared. I see this as a method by the local governments to void their contracts with the pension holders and those who will be affected. The pensions go unpaid therefore the money goes unspent. My next question would be "what happens to the money that was not spent?" I figure there are some disable persons who just lost everything because they never saw this scenario ever coming to light. So who, or how, will they be compensated. "Economic Darwinism", perhaps? Not good.... Not good at all... Time to rethink that whole "diversify your portfolio" and "dual citizenship" concepts....

[one4dinar]

IMHO,

The economic booster shot that will come from the RV (taxes and spending), while serendipitous in nature, will not be enough to cover the bankruptcy should it be declared. I see this as a method by the local governments to void their contracts with the pension holders and those who will be affected. The pensions go unpaid therefore the money goes unspent. My next question would be "what happens to the money that was not spent?" I figure there are some disable persons who just lost everything because they never saw this scenario ever coming to light. So who, or how, will they be compensated. "Economic Darwinism", perhaps? Not good.... Not good at all... Time to rethink that whole "diversify your portfolio" and "dual citizenship" concepts....

You hit the nail on the head, Halo9678. So now we, the taxpayers are going to have to bail out the States, that the liberal legislators were spending like drunken sailors for years. States like Illinois, California, and New Jersey to name only a few.This is BS. While states like Texas, Oklahoma and Florida have no state income taxes but are conservative are doing well economically.

BAILOUT to me is an ugly word, used way too often as a way out.

Already diversified my portfolio and thinking hard about dual citizenship.

Edited January 21, 2011 by one4dinar

[Slaydadea]

Ever wonder what the States and Federal Reserve's credit score looks like? Be late on a couple house payments and I can predict yours. Good stuff Halo9678. Inspires some serious thought.

Edited January 21, 2011 by Slaydadea