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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 (48808)	6/5/2006 4:55:06 PM
From: Jim S	Read Replies (2) \| Respond to of 90947

Laz, I'm sure your memory on the NYC debacle is better than mine. As I remember it, Senator Pat Moynihan (sp?) and company pretty much blackmailed Nixon into agreeing to the bailout. Even then, it wasn't an infusion of fed money into the city, it was essentially the use of federally guaranteed private loans, so the feds more or less "cosigned" the loans. And there were some taxpayer bonds involved I think, too. If I'm wrong, it sure won't be the first time! I agree that it isn't likely the feds will be able to do much to bail out CA, if for no other reason than the magnitude of the funding that would be required. I wonder what trhe effects of a CA bankruptcy would be? Obviously, state employees would be in trouble, and there would be ripples through the economy as they were forced to recall home and business mortgages, which would create havoc on the artificially inflated real estate market. And state-owned/controlled functions, like their electrical distribution and purchase system, would cause huge price increases for residents of the state. But beyond that, I don't know what the impact would be outside the state. It's an interesting thing to wonder about, though.

To: Lazarus_Long who wrote (48808)	6/7/2006 7:27:07 PM
From: Geoff Altman	Read Replies (1) \| Respond to of 90947

Long term, getting the 800-pound gorillas off its back could just what is needed. I've been catching all the political ads running here in San Diego. When I see one that ends with "backed by the Teachers union, Police, Firemen and the rest of those unions I mentally cross that candidate off. The unions have to bite the bullet just like everyone else in California.