....soon Baltimore will be bankrupt and I can see it coming.
If Detroit does get a Washington bailout, look for dozens more large and small cities to declare bankruptcy and demand their 'fair' share from Santa Washington.
I wrote to my Rep about the very first bailout bill in 2008 that, once you start with the bailouts, where does it end? He responded by inking a comment on his standard reply that he agreed. [He had voted for the first one, but didn't vote for the follow-up ones.]
City bailouts will turn into a disaster. Although the FED can just print more money, even that 'bill' will eventually come due.
posted on 07/21/2013 6:44:54 AM PDT
For some reason, Jay Carney indicated bailouts would not be forthcoming. I'd guess, Obeyme must feel it would doom mid-term elections for Dems, so it'll have to wait.
The coming dominoes would certainly present a problem. I don't see an answer, other than a healthy haircut to existing pension plans.
posted on 07/21/2013 7:04:01 AM PDT
(NBCNews et al is in the tank and should be embarrassed)
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