this is what scared the shite out of me tonight

[KILL THE WISE ONE]

http://www.msnbc.msn.com/id/41188877/ns/business-the_new_york_times/?GT1=43001

Senator John Cornyn, a Texas Republican, has asked the Federal Reserve chairman, Ben Bernanke, about the possibility of drawing up a bill allowing states to go bankrupt.

we could not allow the bush tax cuts for the rich to expire, but we sure can plot to screw over the retired.

[Sherman A1]

1. Yup!

We are so very screwed

[CC]

2. I am seriously looking

at other countries to live in. I just don't want to be around for the fall of this one.

[yurbud]

3. And we can't get the Fed to lend to states at the ultra low rate they give Wall St.

[Electric Monk]

4. Heaven forbid AIG goes bust, but California? Meh

/do I need a sarcasm slimey? (smiley)

[xchrom]

5. recommend

[lonestarnot]

6. What about we're fucked haven't you been getting for the last 10 - 30 years?

[KILL THE WISE ONE]

10. oh i have been seeing it coming but ... going after the parents pension

is just further and faster then I an currently prepared to deal with. I do not make the kind of money that is going be required to cover that.

[charlie]

7. Hey!

Remember how we gasped when Orange County went bust? It'd happened to podunk municipalities before, but Orange Freaking County?

When we reviled Ivan Boesky, Michael Milken, and Charles Keating? We knew all the bad guys by name!

How we swooned when we learned bailing out crumbling S&Ls could cost up to 2 hundred billion dollars?

...and we called the 80s the Decade of Greed. How fucking quaint.

[WinkyDink]

9. And the Bush Empire gained m(B?)illions from the Silverado S&L.

[woo me with science]

8. Sick. Sick and hollow. nt

[spinbaby]

11. What does this do to state bonds?

My elderly mother has almost all her retirement money in a Pennsylvania bond fund because that's supposed to be a "safe" investment. If Pennsylvania goes bankrupt, what does this do to the bonds? Should I encourage her to diversify?

[KILL THE WISE ONE]

13. in my opinion - diversify now nt

bond holder will get screwed - most of us do not even know if we hold these types of bond in our mutual funds.

[The Backlash Cometh]

12. They display a total unwillingness to accept responsibility for their actions,

and then turn around to change the laws to avoid being held accountable.

Republicans are deplorable.

[Shagbark Hickory]

14. The states are too big to fail, I thought.