It primarily means two things: First, it means emergency rules will allow the state to do things like break contracts, terminate employees who would normally be protected--e.g. government employees, civil service workers, tenured professors, ignore federal mandates, etc. Second, it means that some creative financing measures will occur. The state will take an unusually long time to pay its bills, sell off or "privatize" assets like prisons, toll roads etc., raise government fees or other fees. States don't really go bankrupt, it's pretty unlikely that your income taxes and/or property tax rates will soar.
What happens when a state goes bankrupt?
- Thread starter peilthetraveler
- Start date
They need to fire and rehire everybody.
http://www.pacificariptide.com/paci...es-that-vallejo-can-void-union-contracts.html
Bankruptcy Judge Rules That City of Vallejo Can Void Union Contracts
In a groundbreaking ruling as well as a rare victory for common sense and the overall good of taxpayers, BANKRUPTCY JUDGE RULES CALIF. CITY CAN VOID UNION CONTRACTS.
In the first ruling of its kind, a bankruptcy judge held the city of Vallejo, Calif. has the authority to void its existing union contracts in its effort to reorganize, holding public workers do not enjoy the same protections Congress gave union workers at private companies.
http://www.pacificariptide.com/paci...es-that-vallejo-can-void-union-contracts.html
Bankruptcy Judge Rules That City of Vallejo Can Void Union Contracts
In a groundbreaking ruling as well as a rare victory for common sense and the overall good of taxpayers, BANKRUPTCY JUDGE RULES CALIF. CITY CAN VOID UNION CONTRACTS.
In the first ruling of its kind, a bankruptcy judge held the city of Vallejo, Calif. has the authority to void its existing union contracts in its effort to reorganize, holding public workers do not enjoy the same protections Congress gave union workers at private companies.
I'm quite sure that'l have to pass the Federal 9th Circuit Court of Appeals in CA.
Good luck.
barak hussein will ram cali through a 363 sale, selling everything to tata motors, ensuring that the public employees union gets 55% of everything. then he'll arrange for $500B of DIP financing out of the federal deficit.
Then SocGen, BNP Paribas, credit lyonese, Deutsche and Goldman will get another $200B via AIG on CDS's on Cali's debt.
Then there'll be public outrage over the fact that traders or people with old retention contracts get bonuses (because THAT's fucking outrageous, you know).
...
Then SocGen, BNP Paribas, credit lyonese, Deutsche and Goldman will get another $200B via AIG on CDS's on Cali's debt.
Then there'll be public outrage over the fact that traders or people with old retention contracts get bonuses (because THAT's fucking outrageous, you know).
...
Wow...someone dug this post out from 2008. That was a while ago. But guess what...I still see these jokers out building new sidewalks a few miles from where i live. Some are also getting brand new brick walls too. But at least they are doing it in some of the older areas now. But I still think its messed up that they will pay the DOT to fix things that dont need fixing and then wonder why they ran out of money for the disabled and elderly.
Such a simple concept that so many can't understand or don't want to understand.
Just like the county I live in. During the past 15 yrs, it has always been one of the fastest growing counties in the entire country. Common sense tells you, ok we've had a massive influx of people here and a huge amount of construction over the years, so obviously the tax BASE has grown enormously. But now, county officials are whining that they can't pay bills and need to raise property taxes by 30%. WTF.
The basic problem, imo, is so many of these political hacks have absolutely no experience in business, even running a simple business and and keeping a budget. Hell, some of them probably can't even balance a checkbook. How can we expect them to run a damn county, city or state?
This is exactly what I expected to happen, SKYNET foreseen the best way to eliminate the human race, is to first put a peon into movies, graduated into government, and finally into people's pockets "IOU's". Thereby starving everyone to death.
Hasta La Vista, after HyperInflation of course.
