. When a company goes under, the business is shut down. If Stockton goes under, what are they going to do....roll up the streets and make everybody move? Nope, the income source is still there. It’s just a matter of who is going to get screwed. Are the politicians who caused this losing any money or going to jail? Nope. They get away clean. We’re all thinking that bankruptcy is going to teach these Democrat politicians in California a lesson. The lesson they will actually learn is to declare bankruptcy and screw the people who loaned them money. Just watch and see how many Democrat politicians go to jail and how much the government employees retirement gets cut. These people have nothing better to do all day than sit around and think of ways to steal money.
“The lesson they will actually learn is to declare bankruptcy and screw the people who loaned them money”
With the exception of CALPERS. If you invest in something that CALPERS is in you get the same rate of return but you assume all the risk. They are a “senior investor” so they will get paid first.
NOTE: To the uninitiated, bonding means borrowing..... with endless taxation to pay it off....... w/ interest.
Why did Stockton love those bond issues? B/c it meant big bucks for politicians---bonding companies make money til the end of time AND as a payoff to politicians for throwing money their way---numerous financial bombs are secretly planted to payoff politicans bigtime.
At the state level, Californians hase a busy bee state Treasurer---Bill Lockyer---who loves putting those Wall Street bonding deals together-----saddling Cali business and individual taxpayers with billions in taxes.
How very easy it is for conniving pols to get for themselves a gigantic piece of those billion dollar bond pies.
Rmember---Wall Street knows how to make money disappear faster than a cream puff at a Weight Watchers weigh-in.