With the gop controlling the House, there will be no bailout if California goes bankrupt. So, could anyone explain to me what form that bankruptcy would take. Would a court take over payments to creditors? Would a judge decide who to pay. Would all the pensions be void? What would actually happen? I ask because California is technically bankrupt, just waiting to file the papers.
Arnie just signed a late budget full of smoke & mirrors and rosy revenue projections. It also included several billion dolars from the feds that you and I know ain’t gonna happen now.Over the last few years of budget deficits, all the easy cuts have been made. I’m gonna guess CA will run out of money early net year and Moonbeam will be face with only hard choices. I amxious to see what he’ll do.
Obama has been bailing out CA, NY, IL and a few other with the Building America Bonds cap. The US Govt pays 35% of the interest and backs the bonds.
So CA, IL and NY have been able to go their merry way.
What will happen? The House GOP will say no, the TV news media will demonize the GOP, show children starving etc etc. This may force the GOP to cave. The GOP then bails em out a little and then the whole house of cards - formerly known as America - crashes.
Keep watching TV folks because your viewership supports them and monthly cable & sat TV supports them as well. .