[pepsionice]

I think the next step is to issue pensions in two forms....one is a 50-percent deal in cash, and the other is a 50-percent deal in a IOU. The IOU will be good in five years. The judge will get upset and then you suggest a private meeting where the finances are laid out in front of the judge. There just isn’t anymore money, and if you raise taxes significantly....people will just leave the city. This is truly a lose-lose-lose situation. At least the IOU would have some value...if the guy lives long enough to see it conclude.

[alexander_busek]

I think the next step is to issue pensions in two forms....one is a 50-percent deal in cash, and the other is a 50-percent deal in a IOU. The IOU will be good in five years.

I have a counterproposal: Why not issue pensions in three portions: the first portion would be 33-1/3 percent in IOUs; the second portion would be 33-1/3 percent in coupons redeemable in five years for (more) IOUs; and the third portion would be 33-1/3 percent in "Obamadollars?"

Regards,