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Plans to allow states to file bankruptcy?

Started by Adios, January 21, 2011, 06:28:23 PM

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Adios

January 21, 2011, 06:28:23 PM
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.



While there are several serious hurdles that make this unlikely, it is still unsettling that it is even being considered.
http://www.msnbc.msn.com/id/41188877/ns/business-the_new_york_times/

The Good Reverend Roger

#1
January 21, 2011, 06:29:51 PM
Hee hee!  Fat contracts are still getting signed, but they won't have to pay pensions. 
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Adios

#2
January 21, 2011, 06:30:24 PM
Quote from: The Good Reverend Roger on January 21, 2011, 06:29:51 PM
Hee hee!  Fat contracts are still getting signed, but they won't have to pay pensions. 

And those nasty unions......

Jasper

#3
January 21, 2011, 07:12:36 PM
It's the keyword usage that worries me.  States do not feel "crushing debt".  The people who rely on state money feel it.

Sooooo...  Fuck those guys, I guess.

Slyph

#4
January 22, 2011, 09:53:44 AM
Did you know it's mostly red states whose income exceeds their outgoings? That's alright. Neither do Republicans. That must be why they call them "red" states hurr hurr hurr.

Jasper

#5
January 23, 2011, 04:08:14 AM
Well, I'm pretty sure OR and CA are in the red too these days. 

Jenne

#6
January 23, 2011, 07:15:01 PM
Schwarzenegger PLAYED with the idea of filing BK for CA, but I don't see Brown doing it.  ...but I've been wrong about this sort of thing before.
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