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  • California's Permanent Crisis [View article]
    So what happens when the rubber meets the road in a few weeks...
    Assuming the State Legislators are still paralyzed & Arnie won't borrow the difference, does the State Treasurer get to pick who gets paid and who doesn't?
    If he pays the banks and bondholders, do the cops and professors just go home on furlough?
    If he pays the cops and pensioners, do the banks sue for default?
    If so, do they get to pick the liquidated assets they like?
    Jun 22 22:24 pm |Rating: +1 0 |Link to Comment
  • California's Permanent Crisis [View article]
    "Schwarzenegger returned the favor, giving Steinberg a metal sculpture of bull testicles "
    At least the Terminator hasn't lost his sense of humor.

    I still haven't been able to discover whether a state can lawfully declare bankruptcy. If not, what happens when the payments come in short (or not).
    Jun 21 13:39 pm |Rating: +2 0 |Link to Comment
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