States to File Bankruptcy?

If this does happen and the states are allowed to declare Bankruptcy, And there Debt is taken care of bye the Banks, (I.E. The Fed) would that give The Fed Ownership of all state Property? or am i missing something?

Cause from what i know with Private Bankruptcy, Once you File for Bankruptcy you cant own Properties right?

I think this a very bad idea to even consider, Please post comment and views on this matter cause im not completely Understanding this i dont think...


www.msnbc.msn.com...

I suggest buying municipal bonds from states like California, Illinois, and New York.

This message brought to you by your MSM outlet. Where we look out for our government and nothing else.

Now people, I suggest you think about what I just said!

Who has told you what the HELL is going on.

And WHO has been telling you there is NOTHING to worry about and to invest in crap that you now know was wrong.

Please apply your common sense and understand the implications!

the state do not have the money to pay for their contractual obligations, of which the pensions are a big part. now, what they ain't telling ya, don't want to tell ya was those pension funds were heavily invested in the fraudulend cdo's that have now turned into worthless paper!
so, well, the money isn't there, and there are two options...
the us laws do not allow the fed gov't to bail them out really...
the state constitutions do not allow for them to just default on these obligations.
and well, while those at msnbc seem to be thinking the fed will fork over the dough (they can legally do it), the fed says they will not.
so, well, I guess they could go after the fraudsters that ripped us all off so badly, but well...there hasn't been any arrests as of yet, they are still hoping that congress will make all the fraud legal with a stroke of a pen, so I wouldn't count on any of that money that was defrauded actually coming back into the picture, although I really do hope I am wrong!
there isn't much wiggle room here....
and most of the states are in deep financial trouble.
so which do you prefer?
the fed doing yet another billion dollar bailout, which will be like saying that those contracts to the unions that promised those huge benefits, which are still growing, well....no one can intervene legally to get them under control....well...we have to deflate the dollar even further, and bail out the states and local gov'ts.
or, well, we, the taxpayers can just suck it in, and watch our taxes skyrocket, so the precious gov't employees can earn even more money and get even better benefits year after year (they already are much higher paid that the rest of us workers, and they already recieve benefits that far overshadow what most of us are getting in our non-public service jobs....
or well, we can go and change each state constitution, so that they can default on this debt (come on, the money isn't there, and if the fed gov't feels that it can just up and renag on the social secuirty, it is gonna have a hard time convincing us boomers that the gov't worker's pensions and benefits are set in stone!!).
maybe companies have been through bankruptcy, had their debts renegotiated, some forgiven, and well, maintained enough assetts to continue on in the business....
if it takes a bankruptcy to get these "civil servants" benefits package cut down to something more maneagable. well.....I think that is the way to go. because right now, it's more like we are the servants to the "civil servants" who are getting what seems to be royalty treatment when compared to the taxpayers that are footing the tab!

I mean, seriously....
crap like this:
www.nytimes.com...
will cause a revolt sooner or later, and if a bankruptcy court is the only way to stop these insane automatic increases that were built into the contracts years ago when they didn't seem that insane to stop them, then that is where it should go! of course, the unions could always grow a brain, and look at the true state of things and agree to accept less....of course the gov'ts could stop spending like drunking sailors and use the money they have more wisely, of course the wall street crooks could develope a concious and return some of their ill gotten gains, but well, that is all just asking for too much!!!

reply to post by dawnstar


What I find funny about such a thing ... and it is funny!!!! People / companies the CREDIT BUREAU look down on people who have to file bankruptcy, yet a company or A STATE does it and its all good .... lets move along.

Whats good for the goose is good for the gander ............................ its all monopoly money anyway.