OT: Estimated state budget deficit reaches $25.4 billion

[Coronita]

[quote=BigGovernmentIsGood][quote=paramount]If California declared bankruptcy, at that moment wouldn’t all state issued bonds need to be paid? Assuming that is correct where would that money come from?[/quote]

Good lord. You conservatives never cease to amaze me with your ignorance. Please stop watching FoxNews, Rush Limbaugh, Glen Beck and other conservative sources that are making you more retarded by the day and learn to read fact-based news sources like Slate and HuffingtonPost.

From Slate:

Can a state declare bankruptcy? Can a country?

No and no. Chapter 9 of the U.S. bankruptcy code allows individuals and municipalities (cities, towns, villages, etc.) to declare bankruptcy. But that doesn’t include states. (The statute defines “municipality” as a “political subdivision or public agency or instrumentality of a State”—that is, not a state itself.) For one thing, states are said to have sovereign immunity, as protected by the 11th Amendment, which means they can’t be sued. In other words, they don’t need any protection from angry creditors who would take them to court for failing to pay their debts. As a result, states can simply borrow money ad infinitum.

Say the state can’t make its debt payments, and no one will lend it any more money. In that case, the federal government can step in and put the state into receivership. This would involve the assignment of an accountant to manage the state’s debt, overseen by a judge. It would be a lot like bankruptcy, except instead of following a structured set of steps—informing creditors, appointing creditors’ committees, a 120-day window to file a plan, etc.—a receiver has the authority to force creditors to renegotiate loans in a speedy fashion. However, the accountant in charge would not have the power to make decisions about the state’s budget, such as which programs needed to be cut and which taxes had to be raised. (No state has ever gone into receivership.)

http://www.slate.com/id/2246915/

If you have trouble with all the multi-syllable words, consult dictionary.com for help.[/quote]

I’m curious BGIG…Aside from having a Masters in Copy and Paste, what is your educational background? Just wondering if you want to go toe and toe with some of the conservatives you that constantly rail against. And in case you missed it… scoreboard buddy…the party you’re infatuated with lost the House. Get over it…..

[jficquette]

Here is an article discussing tax friendly places to retire.

Georgia is on the list. I lived for 16 years in Atlanta. In normal times Atl is pretty much a boom town with plenty of jobs.

I would look at living in North Georgia maybe 60-80 miles from downtown. Atl has 4-5 “downtowns” and you are never far from jobs.

Huntsville Alabama would be a great place too as would Birmingham.

http://www.kiplinger.com/tools/retiree_map/index.html?map=14#anchor

[jficquette]

Here is an article discussing tax friendly places to retire.

Georgia is on the list. I lived for 16 years in Atlanta. In normal times Atl is pretty much a boom town with plenty of jobs.

I would look at living in North Georgia maybe 60-80 miles from downtown. Atl has 4-5 “downtowns” and you are never far from jobs.

Huntsville Alabama would be a great place too as would Birmingham.

http://www.kiplinger.com/tools/retiree_map/index.html?map=14#anchor

[jficquette]

Here is an article discussing tax friendly places to retire.

Georgia is on the list. I lived for 16 years in Atlanta. In normal times Atl is pretty much a boom town with plenty of jobs.

I would look at living in North Georgia maybe 60-80 miles from downtown. Atl has 4-5 “downtowns” and you are never far from jobs.

Huntsville Alabama would be a great place too as would Birmingham.

http://www.kiplinger.com/tools/retiree_map/index.html?map=14#anchor

[jficquette]

Here is an article discussing tax friendly places to retire.

Georgia is on the list. I lived for 16 years in Atlanta. In normal times Atl is pretty much a boom town with plenty of jobs.

I would look at living in North Georgia maybe 60-80 miles from downtown. Atl has 4-5 “downtowns” and you are never far from jobs.

Huntsville Alabama would be a great place too as would Birmingham.

http://www.kiplinger.com/tools/retiree_map/index.html?map=14#anchor

[jficquette]

Here is an article discussing tax friendly places to retire.

Georgia is on the list. I lived for 16 years in Atlanta. In normal times Atl is pretty much a boom town with plenty of jobs.

I would look at living in North Georgia maybe 60-80 miles from downtown. Atl has 4-5 “downtowns” and you are never far from jobs.

Huntsville Alabama would be a great place too as would Birmingham.

http://www.kiplinger.com/tools/retiree_map/index.html?map=14#anchor

[Anonymous]

[quote=surveyor][quote=BigGovernmentIsGood][quote=EconProf]True conservatives want to limit government power, expand personal freedom, and allow businesses and individuals to create and prosper or fail according to their own merits.[/quote]

LMFAO! Please name one of these magical ‘true conservatives’. [/quote]

That would be the American voters who sent that message to the Democrats and Republicans.[/quote]

Just when I thought your answers couldn’t get any more shallow…

[Anonymous]

[quote=surveyor][quote=BigGovernmentIsGood][quote=EconProf]True conservatives want to limit government power, expand personal freedom, and allow businesses and individuals to create and prosper or fail according to their own merits.[/quote]

LMFAO! Please name one of these magical ‘true conservatives’. [/quote]

That would be the American voters who sent that message to the Democrats and Republicans.[/quote]

Just when I thought your answers couldn’t get any more shallow…

[Anonymous]

[quote=surveyor][quote=BigGovernmentIsGood][quote=EconProf]True conservatives want to limit government power, expand personal freedom, and allow businesses and individuals to create and prosper or fail according to their own merits.[/quote]

LMFAO! Please name one of these magical ‘true conservatives’. [/quote]

That would be the American voters who sent that message to the Democrats and Republicans.[/quote]

Just when I thought your answers couldn’t get any more shallow…

[Anonymous]

[quote=surveyor][quote=BigGovernmentIsGood][quote=EconProf]True conservatives want to limit government power, expand personal freedom, and allow businesses and individuals to create and prosper or fail according to their own merits.[/quote]

LMFAO! Please name one of these magical ‘true conservatives’. [/quote]

That would be the American voters who sent that message to the Democrats and Republicans.[/quote]

Just when I thought your answers couldn’t get any more shallow…

[Anonymous]

[quote=surveyor][quote=BigGovernmentIsGood][quote=EconProf]True conservatives want to limit government power, expand personal freedom, and allow businesses and individuals to create and prosper or fail according to their own merits.[/quote]

LMFAO! Please name one of these magical ‘true conservatives’. [/quote]

That would be the American voters who sent that message to the Democrats and Republicans.[/quote]

Just when I thought your answers couldn’t get any more shallow…

[Anonymous]

[quote=flu]I’m curious BGIG…Aside from having a Masters in Copy and Paste, what is your educational background? Just wondering if you want to go toe and toe with some of the conservatives you that constantly rail against. And in case you missed it… scoreboard buddy…the party you’re infatuated with lost the House. Get over it…..[/quote]

C’mon flu, you know it’s not cool to pull the “what’s your education?” card.

That copy and paste was actually quite informative. I had a hunch that states could not declare bankruptcy (since it doesn’t make sense in many ways), but I didn’t know for sure. I think a few of us learned something from that post.

Funny how BGIG gets everybody so riled up. Maybe if some folks figured out that he’s got some troll in his blood…

[Anonymous]

[quote=flu]I’m curious BGIG…Aside from having a Masters in Copy and Paste, what is your educational background? Just wondering if you want to go toe and toe with some of the conservatives you that constantly rail against. And in case you missed it… scoreboard buddy…the party you’re infatuated with lost the House. Get over it…..[/quote]

C’mon flu, you know it’s not cool to pull the “what’s your education?” card.

That copy and paste was actually quite informative. I had a hunch that states could not declare bankruptcy (since it doesn’t make sense in many ways), but I didn’t know for sure. I think a few of us learned something from that post.

Funny how BGIG gets everybody so riled up. Maybe if some folks figured out that he’s got some troll in his blood…

[Anonymous]

[quote=flu]I’m curious BGIG…Aside from having a Masters in Copy and Paste, what is your educational background? Just wondering if you want to go toe and toe with some of the conservatives you that constantly rail against. And in case you missed it… scoreboard buddy…the party you’re infatuated with lost the House. Get over it…..[/quote]

C’mon flu, you know it’s not cool to pull the “what’s your education?” card.

That copy and paste was actually quite informative. I had a hunch that states could not declare bankruptcy (since it doesn’t make sense in many ways), but I didn’t know for sure. I think a few of us learned something from that post.

Funny how BGIG gets everybody so riled up. Maybe if some folks figured out that he’s got some troll in his blood…

[Anonymous]

[quote=flu]I’m curious BGIG…Aside from having a Masters in Copy and Paste, what is your educational background? Just wondering if you want to go toe and toe with some of the conservatives you that constantly rail against. And in case you missed it… scoreboard buddy…the party you’re infatuated with lost the House. Get over it…..[/quote]

C’mon flu, you know it’s not cool to pull the “what’s your education?” card.

That copy and paste was actually quite informative. I had a hunch that states could not declare bankruptcy (since it doesn’t make sense in many ways), but I didn’t know for sure. I think a few of us learned something from that post.

Funny how BGIG gets everybody so riled up. Maybe if some folks figured out that he’s got some troll in his blood…

[Author]

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