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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus_Long who wrote (48805)	6/5/2006 3:12:23 PM
From: Jim S	Read Replies (2) \| Respond to of 90947

The closest thing I can remember to a state going bankrupt was when NYC ran out of money and had to default on some bonds. Which turned out to be a wonderful thing for some big investors who got some fine returns on tax obligation bonds, and for the City itself because they were able to fire a bunch of deadwood employees and stop pay hikes for the rest of the employees. So, what would happen if a state like CA went bankrupt?