Not a single red cent to any foreign nation until....

Started 8 months ago | Discussions thread
angrywhtman
Contributing MemberPosts: 835
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Re: If it was just Detroit then maybe Don, but...
In reply to Don_D, 8 months ago

Don_D wrote:

angrywhtman wrote:

Don_D wrote:

angrywhtman wrote:

Don_D wrote:

lylejk wrote:

There's more then a dozen other states that are going to fall shortly too. We have to help our own first period. What good is it if we help another country when our own falls?

Not so sure about that; however going bankrupt for a city or even a state is not the worst thing that can happen. It can be a cleansing process that removes excesses and the entity can emerge stronger.

LOL! Then why was the EU so concerned over Greece? Why didn't they let Greece default? Do you know how many times larger Calfornia is GDP wise in comparison? States defauling would crash the dollar for good. 1939 would look like a walk in the park.

Apparently Detroit is going bankrupt without many repercussions.

As Lyle correctly pointed out, there are several states that are on the bubble. If one of these states declares bankruptcy would destroy the bond market. The only way out of that mess would be to print more money causing inflation. Listen we're in the toilet and its been flushed and with each hiccup along the way we get closer and closer to the drain. If there was indeed an event horizon we already passed it and it's only a matter of time before the wheels fall off the cart. YOu need to get out of your delusional state.

Detroit has bonds, yet it's default is not causing panic in the bond market.

Surely you must realize that Detroit is not the only city in America that is straddled with significant debt and near bankruptcy? There are numerous states, cities and municipalities that are near collapse from all of their unfunded liabilities. Detroit in and of itself may not impact the Bond Market but its a sure bet that if another major city or state declares it would indeed have a negative impact.

CA was in really bad shape financially (60 B deficit) and now, a few years later they are running a surplus.

I was not aware of Prop 30. This said I do know that there is somewhat of an exodus from California by business and the weathly to escape the high tax rates. Californias surplus is not sustainable thorugh taxes alone. Folks will just get up and leave.

The housing market has turned around in most states. Try to buy a house in Newport Beach or NYC or Sarasota.

I think this is a mixed bag of results. There are some positive signs and there are equally negative signs. Here is an interesting summary article.

http://www.npr.org/2013/03/21/174873797/you-be-the-judge-is-the-housing-market-really-improving

All of these are good signs.

Our representatives in Congress do need to address our long term commitments to Medicare and SS. We need to vote out of office the do-nothings.

Agree 100%

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