The biggest U.S. municipal bankruptcy in history

[mriddick]

http://www.bloomberg.com/news/2011-11-09/alabama-s-jefferson-county-files-for-u-s-s-biggest-municipal-bankruptcy.html

Expect more of this in the coming years.

[Schuetzenman]

Birmingham AL is now in the midst of a bankrupt county. Nice!

[btcave]

Too big to fail...

The municipal bond bubble is starting to burst. There willl be many more to come.

[bum_whisperer]

The biggest one to date. kalifornia hasn't had it's bubble burst yet. The rest of the country will get to pick up their tab though, if we're not already.

[Warthogg]

Harrisburg Files for Bankruptcy Protection - WSJ.com
online.wsj.com/.../SB1000142405297020400230457662675299792...
Oct 13, 2011 – After months of contentious debate among city and state officials, Harrisburg, Pa., filed for municipal bankruptcy protection,



Prichard, Alabama, Finally Defaults On Pensions; Many ...
www.minyanville.com › Markets
Dec 23, 2010 – It's only a matter of time before a major city decides to do what Prichard, Alabama, and Vallejo, California, did: declare bankruptcy to shed ..


Anyone have any questions about where the United States of America is headed ??


Wart

Waiting to see what happens when the 'Too Piggy to Fail' cities come up....like Chicago and New York.

[Warthogg]

two other cities -- Vallejo, California and tiny Central Falls, Rhode Island -- have declared bankruptcy in recent years since the onset of the U.S. financial crisis.


Wart

[El Jefe]

Illinois has been borrowing money to pay state pensions for a couple years now. Yeah, like that's sustainable.:dammit:

[mriddick]

The biggest one to date. kalifornia hasn't had it's bubble burst yet. The rest of the country will get to pick up their tab though, if we're not already.I'm not sure there's any political mandate for the rest of the nation to do that in any major way. About all I can see happening is the states pushing the envelope on what the fed has to already pay (part of unemployment, welfare and the rest) but no direct bailout where other states are going to cover the operating costs of another. I would expect subcontractors, suppliers and pensioners to take the biggest hit right off the bat.

[Warthogg]

I'm not sure there's any political mandate for the rest of the nation to do that in any major way. About all I can see happening is the states pushing the envelope on what the fed has to already pay (part of unemployment, welfare and the rest) but no direct bailout where other states are going to cover the operating costs of another. I would expect subcontractors, suppliers and pensioners to take the biggest hit right off the bat.


.....but no direct bailout where other states are going to cover the operating costs of another.


Maybe grab a fresh coffee, roll a new joint and contemplate the above for a few minutes. The Fed .gov - meaning ALL the states and taxpayers - will pay the operating losses of the piggy.

Is too easy to visualize our new president - be that Barry Obama or Mitt Obama - telling their teleprompters bailing out piggy states is good for the country.



Wart

[Warthogg]

Illinois has been borrowing money to pay state pensions for a couple years now. Yeah, like that's sustainable.:dammit:

We should first try and sell Cook County (Chicago) to the Chinese. Should that effort fail, we should then find out how much the Chinese would charge to take Cook County off our hands.


Wart

As China is no longer communist but now socialist there would be no disruption in governing style as Cook County is also socialist.

[mriddick]

Maybe grab a fresh coffee, roll a new joint and contemplate the above for a few minutes. The Fed .gov - meaning ALL the states and taxpayers - will pay the operating losses of the piggy.

Is too easy to visualize our new president - be that Barry Obama or Mitt Obama - telling their teleprompters bailing out piggy states is good for the country.



Wart

Give me an example of an argument that's going to move middle America to come to IL, OH or CA's rescue? Really who cares if a bunch of ex-firemen go on welfare instead of getting their pension? Who's going to pay more in taxes so CA doesn't have to sell off land and buildings it owns or pay xerox for copiers it's leased? American's don't like paying taxes for what they get, they will refuse to pay it for stuff others want, especially when it's viewed as they put themselves into that position.

I could see some very minor stuff being done, some guarentees, some time being given but mostly these states will stew in their own mess, simply becauase you'll never get a bailout through the house or Senate.

[Warthogg]

Give me an example of an argument that's going to move middle America to come to IL, OH or CA's rescue? Really who cares if a bunch of ex-firemen go on welfare instead of getting their pension? Who's going to pay more in taxes so CA doesn't have to sell off land and buildings it owns or pay xerox for copiers it's leased? American's don't like paying taxes for what they get, they will refuse to pay it for stuff others want, especially when it's viewed as they put themselves into that position.

I could see some very minor stuff being done, some guarentees, some time being given but mostly these states will stew in their own mess, simply becauase you'll never get a bailout through the house or Senate.



Give me an example of an argument.....



Hard to do as I so much want you to be correct.


Wart

TARP

[bum_whisperer]

Give me an example of an argument that's going to move middle America to come to IL, OH or CA's rescue? Really who cares if a bunch of ex-firemen go on welfare instead of getting their pension? Who's going to pay more in taxes so CA doesn't have to sell off land and buildings it owns or pay xerox for copiers it's leased? American's don't like paying taxes for what they get, they will refuse to pay it for stuff others want, especially when it's viewed as they put themselves into that position.

I could see some very minor stuff being done, some guarentees, some time being given but mostly these states will stew in their own mess, simply becauase you'll never get a bailout through the house or Senate.

You really think your president will let pelosi, boxer, swinestein and other shitbirds of the same feather have their state that's too big to fail suck it up on their own? I can hear him now saying that the party of no and the bitter clingers don't want to help one of the UNITED states in a time of need. When he doesn't get his way, he'll exec. order it or some shit like that. It's all fucking political and if you deny that, your head is as far up your fourth point as tank-munkey's.

Liberals never are held to account for their fuck ups. All they give a shit about is fucking, getting fucked up and stupid shit like Hollywood and sports. As long as those needs are met, they could care less who has to foot the bill.

[mriddick]

You really think your president will let pelosi, boxer, swinestein and other shitbirds of the same feather have their state that's too big to fail suck it up on their own? I can hear him now saying that the party of no and the bitter clingers don't want to help one of the UNITED states in a time of need. When he doesn't get his way, he'll exec. order it or some shit like that. It's all fucking political and if you deny that, your head is as far up your fourth point as tank-munkey's.

Liberals never are held to account for their fuck ups. All they give a shit about is fucking, getting fucked up and stupid shit like Hollywood and sports. As long as those needs are met, they could care less who has to foot the bill.
Then just tell me how he can legally do it? There's only so much a President can do through policy and decree, for real money (and it's going to take alot of real money for just NY, CA, OH and IL) there's no way around Congress and no Congressman is going to vote his state's treasure to help those states out of a mess they made for themselves. Such a request couldn't make it out the Senate let alone the house.

[American Rage]

I bet a liberal judge will make them all raise taxes in order to payoff the unions that broke them in the first place.

Happy times

[bum_whisperer]

Then just tell me how he can legally do it?

Same way he legally ramrodded healthcare at us, the same way he selectively enforces containing the borders and the same way he sells guns to Mexican cartels. It's all legal because nobody has to answer for it.

[Warthogg]

I bet a liberal judge will make them all raise taxes in order to payoff the unions that broke them in the first place.



(It is my understanding Chapter 9 for municipalities and Chapter 11 for corporations are some what analogous.)

Dubya Bush and Barry Obama used loan timing and Chapter 11 to fleece the secured creditors and pay off the unions in the GM and Chrysler bankruptcies..

I'm thinking that in Chapter 9 municipalities will give more attention to 'bond holders' and less to unions.


Wart

[mriddick]

Same way he legally ramrodded healthcare at us, the same way he selectively enforces containing the borders and the same way he sells guns to Mexican cartels. It's all legal because nobody has to answer for it.

So you're saying the Dems will get a super majority in Congress by running on a platform of having the nontroubled states sending their money to troubled states? I don't see that happening.

[bum_whisperer]

So you're saying the Dems will get a super majority in Congress by running on a platform of having the nontroubled states sending their money to troubled states? I don't see that happening.

Since when does Congress have anything to do with Executive Orders? Congress wasn't needed to go to war in Libya. Obama has stated that he's just going to have to bypass congress anyway. I'm not impressed with a congress that won't impeach him for what he has done thus far.