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Receivership.
May 25 19:16 pm
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All Comments by NC Trader »Design A Country Rescue Package Here (Comment Competition) [View article]
FDIC-type organization (read- federal government) comes in and liquidates assets and guarantees payment of debt at 75 cents on the dollar. (If I owned CA GO bonds, I would take 75 cents all day)
Bond holders, who have the greatest legal title to assets are protected to an extent.
Process is quick, reducing impact on the truly essential services for responsible, tax paying members of the state.
California serves as an example to the rest of the country and reduces moral hazard. (I'm looking at you NJ and NY)
It will never happen, but this is a thought exercise, right?