[BigGovernmentIsGood]

[quote=flu]
Yes, yes. I’m familiar with the CURRENT rules regarding only municipalities’ ability to file for the BK…BUT do you folks really believe that rules aren’t going to change? Please, have we not learned yet that government is freely changing these rules as needed? Fine line of definition between “state” and “municipality”… You think there wouldn’t be a way to redefine this, for instance, in a convenient way?[/quote]

Apparently you are not nearly as familiar as you think you are because it’s not a rule, but is the 11th Amendment that immunizes California from bankruptcy courts:

The Judicial power of the United States shall not be construed to extend to any suit in law or equity, commenced or prosecuted against one of the United States by Citizens of another State, or by Citizens or Subjects of any Foreign State.

Per Article V of the U.S Constitution, amending the U.S. Constitution requires 2/3 votes in both Houses of Congress and 3/4 approval by the States.

Thanks for making us all stupider with your post and demonstrating once again that this Onion article is closer to truth than fiction:

http://www.theonion.com/articles/area-man-passionate-defender-of-what-he-imagines-c,2849/

[BigGovernmentIsGood]

[quote=flu]
Yes, yes. I’m familiar with the CURRENT rules regarding only municipalities’ ability to file for the BK…BUT do you folks really believe that rules aren’t going to change? Please, have we not learned yet that government is freely changing these rules as needed? Fine line of definition between “state” and “municipality”… You think there wouldn’t be a way to redefine this, for instance, in a convenient way?[/quote]

Apparently you are not nearly as familiar as you think you are because it’s not a rule, but is the 11th Amendment that immunizes California from bankruptcy courts:

The Judicial power of the United States shall not be construed to extend to any suit in law or equity, commenced or prosecuted against one of the United States by Citizens of another State, or by Citizens or Subjects of any Foreign State.

Per Article V of the U.S Constitution, amending the U.S. Constitution requires 2/3 votes in both Houses of Congress and 3/4 approval by the States.

Thanks for making us all stupider with your post and demonstrating once again that this Onion article is closer to truth than fiction:

http://www.theonion.com/articles/area-man-passionate-defender-of-what-he-imagines-c,2849/

[BigGovernmentIsGood]

[quote=flu]
Yes, yes. I’m familiar with the CURRENT rules regarding only municipalities’ ability to file for the BK…BUT do you folks really believe that rules aren’t going to change? Please, have we not learned yet that government is freely changing these rules as needed? Fine line of definition between “state” and “municipality”… You think there wouldn’t be a way to redefine this, for instance, in a convenient way?[/quote]

Apparently you are not nearly as familiar as you think you are because it’s not a rule, but is the 11th Amendment that immunizes California from bankruptcy courts:

The Judicial power of the United States shall not be construed to extend to any suit in law or equity, commenced or prosecuted against one of the United States by Citizens of another State, or by Citizens or Subjects of any Foreign State.

Per Article V of the U.S Constitution, amending the U.S. Constitution requires 2/3 votes in both Houses of Congress and 3/4 approval by the States.

Thanks for making us all stupider with your post and demonstrating once again that this Onion article is closer to truth than fiction:

http://www.theonion.com/articles/area-man-passionate-defender-of-what-he-imagines-c,2849/

[BigGovernmentIsGood]

[quote=flu]
Yes, yes. I’m familiar with the CURRENT rules regarding only municipalities’ ability to file for the BK…BUT do you folks really believe that rules aren’t going to change? Please, have we not learned yet that government is freely changing these rules as needed? Fine line of definition between “state” and “municipality”… You think there wouldn’t be a way to redefine this, for instance, in a convenient way?[/quote]

Apparently you are not nearly as familiar as you think you are because it’s not a rule, but is the 11th Amendment that immunizes California from bankruptcy courts:

The Judicial power of the United States shall not be construed to extend to any suit in law or equity, commenced or prosecuted against one of the United States by Citizens of another State, or by Citizens or Subjects of any Foreign State.

Per Article V of the U.S Constitution, amending the U.S. Constitution requires 2/3 votes in both Houses of Congress and 3/4 approval by the States.

Thanks for making us all stupider with your post and demonstrating once again that this Onion article is closer to truth than fiction:

http://www.theonion.com/articles/area-man-passionate-defender-of-what-he-imagines-c,2849/

[BigGovernmentIsGood]

[quote=flu]
Yes, yes. I’m familiar with the CURRENT rules regarding only municipalities’ ability to file for the BK…BUT do you folks really believe that rules aren’t going to change? Please, have we not learned yet that government is freely changing these rules as needed? Fine line of definition between “state” and “municipality”… You think there wouldn’t be a way to redefine this, for instance, in a convenient way?[/quote]

Apparently you are not nearly as familiar as you think you are because it’s not a rule, but is the 11th Amendment that immunizes California from bankruptcy courts:

The Judicial power of the United States shall not be construed to extend to any suit in law or equity, commenced or prosecuted against one of the United States by Citizens of another State, or by Citizens or Subjects of any Foreign State.

Per Article V of the U.S Constitution, amending the U.S. Constitution requires 2/3 votes in both Houses of Congress and 3/4 approval by the States.

Thanks for making us all stupider with your post and demonstrating once again that this Onion article is closer to truth than fiction:

http://www.theonion.com/articles/area-man-passionate-defender-of-what-he-imagines-c,2849/

[BigGovernmentIsGood]

[quote=paramount]
BGIG: I’m thinking of a multi-syllable word that describes you perfectly and rhymes with troll. Can you guess what it is? If not, send me a PM and I’ll give you the answer.[/quote]

Incredible? But seriously though, where did you get the idea that all of California’s bonds would become immediately payable-in-full if California were to declare bankruptcy?

[BigGovernmentIsGood]

[quote=paramount]
BGIG: I’m thinking of a multi-syllable word that describes you perfectly and rhymes with troll. Can you guess what it is? If not, send me a PM and I’ll give you the answer.[/quote]

Incredible? But seriously though, where did you get the idea that all of California’s bonds would become immediately payable-in-full if California were to declare bankruptcy?

[BigGovernmentIsGood]

[quote=paramount]
BGIG: I’m thinking of a multi-syllable word that describes you perfectly and rhymes with troll. Can you guess what it is? If not, send me a PM and I’ll give you the answer.[/quote]

Incredible? But seriously though, where did you get the idea that all of California’s bonds would become immediately payable-in-full if California were to declare bankruptcy?

[BigGovernmentIsGood]

[quote=paramount]
BGIG: I’m thinking of a multi-syllable word that describes you perfectly and rhymes with troll. Can you guess what it is? If not, send me a PM and I’ll give you the answer.[/quote]

Incredible? But seriously though, where did you get the idea that all of California’s bonds would become immediately payable-in-full if California were to declare bankruptcy?

[BigGovernmentIsGood]

[quote=paramount]
BGIG: I’m thinking of a multi-syllable word that describes you perfectly and rhymes with troll. Can you guess what it is? If not, send me a PM and I’ll give you the answer.[/quote]

Incredible? But seriously though, where did you get the idea that all of California’s bonds would become immediately payable-in-full if California were to declare bankruptcy?

[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.

[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.

[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.

[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.

[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.

[Author]

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