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Because Once You Drop By Bankruptcy Court, You Don't Stop: San Bernardino On Chapter 9 Deck
Meredith Whitney made her doomsday prediction. The nothing. Nothing. Then lots of glib muni expert pundits gloating because the Fed, the ECB, the BOJ, the BOE, the SNB, and of course, the central bank of Kenya, had managed to delay the inevitable by a year. Then some more nothing. Then suddenly Stockton, Mammoth Lakes, and now San Bernardino all file in the span of 2 weeks.
- SAN BERNARDINO, CALIFORNIA, WEIGHING CHAPTER 9 BANKRUPTCY - BBG
- SAN BERNARDINO COUNCIL TO DISCUSS ACTION, SPOKESWOMAN SAYS - BBG
- SAN BERNARDINO SPOKESWOMAN GWENDOLYN WATERS SPOKE IN INTERVIEW - BBG
There is a reason marginal events are oh so very important: because as Greece showed, and now one after another broke California municipalities are dropping like flies, one the precedent is there, the easiest thing to do is to just hit Print on that Chapter X petition. After all everyone else is doing it, and remember: he who files first, files best.
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When you take that California trip...
You'll get kicked, by Ben Bernenke's tricks.
..... it kinda rhymes.
It's the amazing appearing/disappearing duplicate!
Get Your Kicks (in the nuts) on Route 666
Aaaand another domino falls.
Can I confiscate Krugman's Nobel Prize in Economics and give it to Meredith Whitney? She has at least proven that she has mastered basic math. It's quite obvious she didn't attend Kalifornia schools.
In the immortal words of Peter, "Fucking...ehh..."
California is only the 8th largest economy in the world.
Like Greece is tied to the EU and the Euro, California is tied to the US and the Dollar.
California needs its own currency, the Crackma for example. Then Cali can continue to compete with Mexico and keep hiring gooberment employees to the tune of 2 for every non-goobermint parasite and most importantly print its own Crackma.
Haaaa!
L O L .... wicked funny.
This money would soon prove too strong, as it would be subject to constant dilution and intervention against fiat.
Anyone shorting the Mono Line Municipal Bond Insurers? isn't that what AMBAC originally was? What about AGO? Where's Reggie with a post about these?
Pull out a chart of PCQ. Ff so many california cities and counties are going to to BK, why is that turd trading at near 5 year highs? Also look at BAB, why is it so high?
Do those investors know something we don't? Have those bankruptcies been discounted?
It got the Pretty, and her Little Dog too.
These bankruptcies are the best news I've heard this year. Finally, some debt default and restructuring. This is exactly what we need on a worldwide scale. No bailouts but rather losses actually passed to investors. This is real progress in my opinion.
If you invest in government debt, at this point, you deserve to lose. It's evolution. The dumb ones get eaten and it upgrades the species.
The rare occurance of a municipality declaring bankruptcy is about to get a lot more common.
Sounds like California needs more bailout money, I mean stimulus money.
Meredith Whitney's hot.
Any questions?
http://www.youtube.com/watch?v=6w2pflwUews
http://www.youtube.com/watch?v=82AX4xJG4A0
http://www.youtube.com/watch?v=n62U2dElyWY
Since Reagan...the great bamboozler...conned the dumbest voting block on earth...otherwise known as "conservative voters"...the Congress has had a 65% to 70% CONSERVATIVE Congress...leading America to it's fastest decline in history. The corporate shit-eater conservatives have destroyed our Supreme Court, our Congress and our economy.