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Nickelless
Administrator
USA
5580 Posts |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/19/2009 : 01:24:47
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And the protests are already starting in Berkeley.
No need to worry about incorporating this into the budget.. they never pass a budget on time anyway.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 11/19/2009 : 10:45:45
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Hoard will have to turn over his Hoard to the goofs in Sacramento.
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Trust the government? Ask an Indian. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 11/19/2009 : 10:48:21
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| Can you say bankruptcy? Oh ya, I forgot, they are too big to fail! |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 11/19/2009 : 10:50:25
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Actually, there is no authorization for states to do so under the United States Code.
Municipalities are explicitly authorized to declare bankruptcy 11 U.S.C. 109:
"(C) An entity may be a debtor under chapter 9 of this title if and only if such entity-
(1) is a municipality;
(2) is specifically authorized, in its capacity as a municipality or by name, to be a debtor under such chapter by State law, or by a governmental officer or organization empowered by State law to authorize such entity to be a debtor under such chapter;
(3) is insolvent;
(4) desires to effect a plan to adjust such debts; and
(5) (A) has obtained the agreement of creditors holding at least a majority in amount of the claims of each class that such entity intends to impair under a plan in a case under such chapter;
(B) has negotiated in good faith with creditors and has failed to obtain the agreement of creditors holding at least a majority in amount of the claims of each class that such entity intends to impair under a plan in a case under such chapter;
(C) is unable to negotiate with creditors because such negotiation is impracticable; or
(D) reasonably believes that a creditor may attempt to obtain a transfer that is avoidable under section 547 of this title."
11 U.S.C. 101(40), in turn, defines municipality as a "political subdivision or public agency or instrumentality of a State."
Given that municipalities are explicitly authorized to declare bankruptcy and states aren't, a bankruptcy judge would most likely conclude that Congress intended not to make bankruptcy relief available to states.
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 11/19/2009 : 10:52:34
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Nickelless
Administrator
USA
5580 Posts |
Posted - 11/22/2009 : 03:08:21
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| Just curious, Hoard and anyone else in CA, got any links on how the effects of the budget deficit are playing out in the streets, so to speak? What does California look like now in terms of what the state can or can't do or provide compared to, say, 10 years ago? I know that CA's condition isn't a direct correlation with the declining condition of the federal government since the feds can print useless fiat currency and California can't (not yet, anyway), but are there any articles comparing and contrasting California with the federal government? |
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California faces $20B deficits for years to come
Forum Locked
Posted - 11/18/2009 : 19:46:00
