Which state will fail first, IL or CA?
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Interesting question. Bankruptcies have been scaling-up. We’ve moved from personal, to business level, to the big banks, and even cities declaring bankruptcy. It’s logical at some point an entire state will declare bankruptcy. What then? Does the state go into receivership? Who runs it? It’s all very weird.
“It’s logical at some point an entire state will declare bankruptcy.“
They’ll have to change Federal law to do that.
L