Posted on 02/10/2010 4:41:39 PM PST by NormsRevenge
Republican U.S. Senate candidate Carly Fiorina said Wednesday that she knew states are prohibited by federal law from declaring bankruptcy despite her comments the day before that bankruptcy "should always be considered" as an answer to California's fiscal problems.
Fiorina also called the fact that California can't declare bankruptcy a "technicality." Her comments Tuesday, made in the city of Colton, has spurred speculation about whether she was familiar with the federal law.
The Riverside Press-Enterprise quoted Fiorina saying, ""Whether that is the right approach now, I don't know. I think bankruptcy, as a possibility, at the very least focuses the mind on what has to be done to salvage a situation."
When asked by The Bee on Wednesday whether she knew states couldn't declare bankruptcy, Fiorina answered, "Sure, I knew, but what cold comfort is that to all these California voters who may not know that technicality but who are sitting here knowing that by any common-sense definition, this state can't pay its bills.
(Excerpt) Read more at sacbee.com ...
The more appropriate word may be ‘insolvency’.
Once a sales bimbo, always a sales bimbo.
Come on repubs, we can do far, far better.
Look closely at what she did to a formerly impressive electronics company...that now gets its profits from printer ink.
Perhaps the CA legislature should think about cutting spending.
“Look closely at what she did to a formerly impressive electronics company...that now gets its profits from printer ink.”
Yeah but she was rated as one of the worlds smartest and most powerful women.
really
I can’t wait to see her TV ad for this.
I doubt that was the word she was searching for, but that is certainly the right word. I don't see how California can become anything other than insolvent in the coming years, perhaps even months.
Strangely enough, California is an example of populism run amok. The non-discretionary spending that they are now saddled with comes in large part from their ballot initiatives. They've got a mess on their hands, with no real way of solving it. Of course, that ignores the fact that the strength of the government service unions keeps them from solving their problems, even if the ballot initiatives weren't there.
Call it what you want, insolvency, bankruptcy whatever - it's still an unavoidable financial Armageddon coming down the pike.
Carly the HP destroyer is a moron.
But is she a bigger moron than Boxer? I am beginning to think its a toss up.
When CA defaults on its bills and bonds it will be bankrupt. Legal or not.
If they actually think they can force the state to raise taxes to cover it..they are wrong. The people won’t pay more.
I had the displeasure of meeting her once in Boise. Trust me, she is an idiot...
What you are missing is that all those spending initiatives may be suspended by the same 2/3 vote in the Legislature that is needed to pass a budget. This is an inconvenient fact that the Legislature likes to ignore so that they have a scapegoat. The fault lies solely with the rate they have grown spending beyond all reason. Under Arnold, spending grew faster than under Davis.
Chuck Devore is the man for the job.
I must admit that I haven't lived in California in over a decade, but I thought at least some of those initiatives couldn't be "de-funded" with anything short of a Constitutional convention. If I'm wrong, I apologize.
Compare the ticker for HP vs. DELL. The strategic changes Fiorina was most criticized for have paid off hugely.
Carly is a joke in the Silicon Valley and every technology CEO out there. She thinks she has a chance?
Really?
Maybe there should be a prerequisite to running for Congress, Senate, President or Governor...
Successfully and profitablly running a major corporation.
WITHOUT BEING IN THE RED.
She’s right. Congress can easily change that law. And even if they don’t, CA can simply refuse to pay its debts.
I don’t think Carly is getting *any* traction. None, zero, at least as far as I can see.
California can't be forcefully liquidated or restructured is the point. Nobody can lay claim to assets to satisfy debts after default which is what bankruptcy is.
She destroyed a viable slow growth steady company.
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