Bankruptcy For States Studied

[danefan]

Read this this morning.

God help us if this happens.

The muni-bond market would collapse and a huge portion of this country's retirement savings would be obliterated.

Thank god for political deadlock. I cannot imagine the Republicans in the House will let this happen.

The Republicans in the House will lose their jobs if they bail out California, Illinois and New York public employee unions.

as I said above. No "bailout" needed. Just a modified restructuring that treats pensions and muni-bonds as secured creditors.

Either way (status quo or modified bankruptcy)I think we're better off without of bailouts then letting states write off bond obligations
and/or pension obligations.

[native]

it's pathetic... the fault for this **** is being passed on to public servants whose only crime was, for the most part - working for below market wages for their skills for their careers. now THEY are being vilified, instead of the candy ass politicians who RAIDED THEIR PENSION FUNDS RATHER THAN MAKE HARD DECISIONS ABOUT TAXING AND SPENDING.

this is **** retarded... the ultimate in passing the buck. We're reaching the logical conclusion of Republican tax and spend policies... decrease revenues and never really cut spending - they call it starving the beast - and now we're bankrupt... pathetic.

Who paid for this rant? AFSCME?

[BDKJMU]

Maybe you can educate me, but most SS privatization plans are based on the tax payer having the market risk in the privitized portion. The problem here is that the states have a defined payout which far exceeds their ability to pay so they were reliant on the market to cover there asses. When the market tanked, their asses were exposed.

But I wait to be educated.

it's pathetic... the fault for this **** is being passed on to public servants whose only crime was, for the most part - working for below market wages for their skills for their careers. now THEY are being vilified, instead of the candy ass politicians who RAIDED THEIR PENSION FUNDS RATHER THAN MAKE HARD DECISIONS ABOUT TAXING AND SPENDING.

this is **** retarded... the ultimate in passing the buck. We're reaching the logical conclusion of Republican tax and spend policies... decrease revenues and never really cut spending - they call it starving the beast - and now we're bankrupt... pathetic.

Below market my arse. I'm sure you'll be able to trot out a few examples, but as a whole, give me a break.

[BDKJMU]

How dare those unionized government workers demand to be able to retire with dignity. Next thing you know their gonna ask for a 40 hour work week and overtime. What in the hell is wrong with them?

How dare someone demand they not be able to retire in their 50s with a majority of their salary with Cadillac health care plans while the rest of the working stiffs in the private sector who are working for less for longer without a defined benefit plan have to be taxed through the nose to pay for it.....

[kalm]

How dare those unionized government workers demand to be able to retire with dignity. Next thing you know their gonna ask for a 40 hour work week and overtime. What in the hell is wrong with them?

How dare someone demand they not be able to retire in their 50s with a majority of their salary with Cadillac health care plans while the rest of the working stiffs in the private sector who are working for less for longer without a defined benefit plan have to be taxed through the nose to pay for it.....

Class Warfare! Wealth envy! :rofl