Posted on 01/03/2016 6:22:48 PM PST by SeekAndFind
Edited on 01/03/2016 6:24:00 PM PST by Admin Moderator. [history]
As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.
(Excerpt) Read more at zerohedge.com ...
Long-term democrat rule + public unions + free sh*t army = misery, ruin and bankruptcy
Excerpt...
While there are five states with significant challenges (Illinois, Connecticut, Hawaii, New Jersey, and Kentucky) , the majority of states have debt service-to-revenue ratios that are more manageable.
Amazing-u just gotta keep looking for the next 5-knot worth it . It’s like RINOS lying to us.
Hawaii and Illinois. Schadenfreude.
The longer Obama stays in a place the more screwed it is.
Hawaii and Illinois as well a Puerto Rico....maybe the Chinese will simply buy them.
So much for lefty liberal democrat accounting. Dey be borrowin themsevs out a poverty!
Detroit writ large.
The lefty birds are coming home to roost:
Buahahahahahahahahahahahahaha!
Bernie “Santa Claus” Sanders as President will add a few more states to the list.
Warning: This list is from Zero Hedge. ZH is an interesting site, but every article there predicts some disaster of some kind somewhere.
“Illinois, Connecticut, Hawaii, New Jersey, and Kentucky.”
I don’t think we’ve seen anything yet.
Am I looking at the graph wrong or is Texas worse off than California?
Really, you want to tell me there are THAT many tax-paying citizens to support a teacher or sheriff retiring at age 55, with platinum bennies and a 100K+ per year "pension"?
You are reading it correctly. The graph has to do with pension and health care. California is messed up in multiple other ways that the graph does not capture—such as overall state debt. California’s is twice Texas on a per capita basis.
Thank you for explaining.
Isn’t that stupid senator, Mitch something or other, from Kentucky. Tells you why the state is dumping. The rest can’t survive.
I don't like McConnell but a greater problem is that Kentucky has had Democrat governors for 36 of the last 40 years. The good news is that Matt Bevin is now the governor and he can/will get the KY going in the right direction.
Puerto Rico is a US territory, who also can repudiate debt at any time, and is already being punished by the financial markets. Their only smart choice is to go ‘fine then, you want to charge us double or triple what like debt is charged elsewhere due to our ‘risk’ of defaulting? Then we'll default. Good thing you charged us through the nose.’
The only other ‘solution’ is for us to sink billions into the pockets of bankers. I for one don't care to bail them out yet again, especially when they're charging extraordinary rates of interest and financial fees to ‘mitigate their risk.’
Puerto Rico, learn from Greece, default, move on. You know the US will loan you money.
We need a Constitutional amendment that says no state can expect other states to bail it out financially. And, any state that runs up a significant amount of debt (a certain ratio per person could be decided on) should lose its voting rights in Congress until the situation is rectified. That would ensure that the blue states wouldn’t be able to pass laws to fleece the rest of us.
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