Wednesday, July 11

Bankruptcy of cities as a preference cascade?

San Bernardino joins Stockton, California in filing for bankruptcy.

Back in my last career we had a saying: Where there's one, there's two. Does anyone on the planet think we're not gonna see another California city go bankrupt?

Then consider this: If you were a city looking for some of that sweet, sweet federal bailout money, would you think your chances would be better under Obozo or a President Romney? Then if you're a mayor or council leader and are aware enough to see that bankruptcy is inevitable, would you wait til the election to file, or would you decide maybe August or September would give you a better chance at some last-second vote-bribing legislation from a desperate Obozo and his Democrat flying monkeys?

And as many commenters have noted, who will the Dems call on to bail out bankrupt cities and states (invariably run by Democrats)? Why, all U.S. taxpayers, of course.

Thus will the endless money train funneling public-employee unions and pensions be permitted to continue, like a plague of locusts, devouring all productive businesses in one city/county/state before moving the vacuum cleaner hose to the next.

While a huge majority may want to stop this robbery, once the Constitution was shredded by King Barry, no other mechanism exists--short of civil war--to accomplish that.



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