Give States a Way to Go Bankrupt
Original post made by dublinmike, Dublin, on Jan 21, 2011
I wholeheartedly disagree with allowing States to declare BK. It's bad for the state's ratings and for vendors that do business with the State.
From my 20+ years in lending one thing I have seen, if they declare BK once will that entity do it again? I have seen individuals do it and I bet lunch in Downtown Pleasanton that states will do it again. States must fight their way through this mess.
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