[PGR88]

Its why I actually hope for government bankruptcy.

IL, MA, CT, CA - and their progressive, thieving, corrupt governments will all go down the tubes first.

[z3n]

Its why I actually hope for government bankruptcy.

~~~~

“Too big to fail”

...and they know it.
Apparently mismanagement is only extreme carelessness and not gross negligence.

LOL I jest but then again I don’t.
They know there will be no consequences for themselves in negligent fiduciary responsibilities and the problems will get bailed out in the end anyway.

[Wally_Kalbacken]

For those playing along at home - here is a pointer: States cannot file bankruptcy. Municipalities and agencies of the state can file, but not states themselves. They are not eligible to be debtors under Chapter 9 of of the Bankruptcy Code.

When the crisis in Puerto Rico was being addressed in proposed legislation, Congress considered amending the Bankruptcy Code to allow territories to access Chapter 9. Democrats added amendments that would open it to "states or territories", and it was clear they were throwing a bone to President Obama's home state, and other Democrat fiefdoms. Bankruptcy reform efforts failed, but Congress was able to pass the PROMESA legislation which offered a Chapter 9-like process to Puerto Rico, without opening the door to Illinois, CT and CA.

[mewzilla]

Unless their state constitutions prohibit the state declaring bankruptcy. NYS’s does.