[vision-master]

$this->bbcode_second_pass_quote('Serial_Worrier', '')$this->bbcode_second_pass_quote('deMolay', 'L')ooks like Indiana is getting into the city bankruptcy business. "Bill Would Allow Indiana Cities To Declare Bankruptcy" from article, this would allow a state manager to take control of the city or town, and cut spending, lay off and dismantle pensions etc. http://www.courier-journal.com/article/ ... 043/-1/rss

[Serial_Worrier]

$this->bbcode_second_pass_quote('deMolay', 'N')o serial worrier, I think that the spending has to stop, until the books are in balance again. If that means laying off public sector workers, I guess that is what would have to happen. If it means ending funding for special programs, then that is what should be done. Governments have been on a mad spending spree for 40 years, using tax dollars to buy votes. If the public sector workers have to have their contracts renegotiated then guess what, welcome to the real world. If the military has to close 800 of its 1000 bases, then guess what, get it done. No money means No money. The cheque has bounced. The Gold Card has been denied. The jig is up.

[Serial_Worrier]

$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('Serial_Worrier', '')$this->bbcode_second_pass_quote('deMolay', 'L')ooks like Indiana is getting into the city bankruptcy business. "Bill Would Allow Indiana Cities To Declare Bankruptcy" from article, this would allow a state manager to take control of the city or town, and cut spending, lay off and dismantle pensions etc. http://www.courier-journal.com/article/ ... 043/-1/rss

[vision-master]

$this->bbcode_second_pass_quote('', 'L')aying off public sector workers def saves money, because they go from unemployment benefits down to welfare after a time which are far less costly then their current salaries. But let's not pretend that more then a small % of them will find private sector work. They're parasites.

[Keith_McClary]

$this->bbcode_second_pass_quote('deMolay', 'N')o serial worrier, I think that the spending has to stop, until the books are in balance again. If that means laying off public sector workers, I guess that is what would have to happen.

[Serial_Worrier]

$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('', 'L')aying off public sector workers def saves money, because they go from unemployment benefits down to welfare after a time which are far less costly then their current salaries. But let's not pretend that more then a small % of them will find private sector work. They're parasites.

[Serial_Worrier]

$this->bbcode_second_pass_quote('Keith_McClary', '')$this->bbcode_second_pass_quote('deMolay', 'N')o serial worrier, I think that the spending has to stop, until the books are in balance again. If that means laying off public sector workers, I guess that is what would have to happen.

[vision-master]

$this->bbcode_second_pass_quote('Keith_McClary', '')$this->bbcode_second_pass_quote('deMolay', 'N')o serial worrier, I think that the spending has to stop, until the books are in balance again. If that means laying off public sector workers, I guess that is what would have to happen.

[Serial_Worrier]

$this->bbcode_second_pass_quote('vision-master', 'Y')ou can't default on public workers pensions, they are covered and guaranteed by State Statues/ laws.

[mattduke]

$this->bbcode_second_pass_quote('', '[')b]Bill would allow Indiana cities to declare bankruptcy

A plan backed by Gov. Mitch Daniels would allow local governments in Indiana to ask for a state takeover and declare bankruptcy if necessary.

[the48thronin]

$this->bbcode_second_pass_quote('Serial_Worrier', '')$this->bbcode_second_pass_quote('vision-master', 'Y')ou can't default on public workers pensions, they are covered and guaranteed by State Statues/ laws.

[SeaGypsy]

$this->bbcode_second_pass_quote('', 'v')ision-master wrote:
You can't default on public workers pensions, they are covered and guaranteed by State Statues/ laws

[Tyler_JC]

$this->bbcode_second_pass_quote('', '
')- soak the rich(back to 1955 tax rates)
- one-time asset tax on millionaires, say 25%

[Serial_Worrier]

$this->bbcode_second_pass_quote('Tyler_JC', 'A')nd set off the greatest capital flight in world history.

The minute something like that is even talked about in Congress, trillions of dollars would flood out of the US into private bank accounts in the Cayman Islands or Switzerland. Trillions more would NOT be invested by foreigners in US assets and the entire economy would collapse in a matter of weeks.

One of America's primary advantages over its competitors is its strong protection of property rights and its low tax regime.

If you remove that, America becomes Argentina very quickly.

In 1950, where could you invest your money and expect a high risk-adjusted return? What about in 2010?

[Keith_McClary]

Here's the legalities in the US:
Municipal Bankruptcy: State Authorization Under the Federal Bankruptcy Code

[Serial_Worrier]

$this->bbcode_second_pass_quote('Keith_McClary', 'H')ere's the legalities in the US:
Municipal Bankruptcy: State Authorization Under the Federal Bankruptcy Code

[SeaGypsy]

$this->bbcode_second_pass_quote('Keith_McClary', 'H')ere's the legalities in the US:
Municipal Bankruptcy: State Authorization Under the Federal Bankruptcy Code

[Pretorian]

$this->bbcode_second_pass_quote('Serial_Worrier', '')$this->bbcode_second_pass_quote('deMolay', 'N')o serial worrier, I think that the spending has to stop, until the books are in balance again. If that means laying off public sector workers, I guess that is what would have to happen. If it means ending funding for special programs, then that is what should be done. Governments have been on a mad spending spree for 40 years, using tax dollars to buy votes. If the public sector workers have to have their contracts renegotiated then guess what, welcome to the real world. If the military has to close 800 of its 1000 bases, then guess what, get it done. No money means No money. The cheque has bounced. The Gold Card has been denied. The jig is up.

[Revi]

The problem is that when the checks stop people get really angry. I wonder what the plan is when they stop sending the checks out? That would really create problems. I think they will use the softer, inflationary route.
It would be a lot less contentious.

If the price of commodities is any guide they may have started already.

http://money.cnn.com/2010/12/27/markets ... /index.htm

[deMolay]

Check out this new site. "Ill. is Broke" If you click on the spread sheets for pensions for Public employees, you will see why they are broke. Policeman, Firefighters, Labour can retire at 50 and be paid out over $1M in pension benefits for each retiree. Meanwhile the tax revenue is collapsing and the Gov. Wants to borrow another 20B this year to keep the game going. Ill. is now well over 100B in debt. Totally unsustainable. Tough decisions ahead. Do you keep paying the millionaire pensions, and quit maintaining infastructure like bridges, roads, schools etc. And keep raising taxes and seizing property to maintain these super pensions. http://www.illinoisisbroke.com/pensionmillionaires.aspx