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Old 01-30-2009, 03:09 PM
 
215 posts, read 1,533,800 times
Reputation: 109

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Fox29 WFLX TV, West Palm Beach, Florida-California facing bankruptcy (http://www.wflxfox29.com/Global/story.asp?S=9732552&nav=menu98_3 - broken link)

So what happens if California files Bankruptcy?
What is the worse that will happen?
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Old 01-30-2009, 03:27 PM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,734,875 times
Reputation: 17831
What happened to Orange County when it filed bankruptcy?

ORANGE COUNTY'S BANKRUPTCY: THE OVERVIEW; Orange County Crisis Jolts Bond Market - New York Times
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Old 01-30-2009, 03:35 PM
 
Location: SF Bay Area
18,980 posts, read 32,631,650 times
Reputation: 13630
I dunno but part of me wants Ca to have to file bankruptcy b/c our "leaders" are too inept to fix the mess this state has become. They just need to start over again and learn something about fiscal responsibility. I'm tired of band aid approaches, quick fixes, BAILOUTS, etc..that NEVER solve anything in the long run. This state needs a complete overhaul in its govt and maybe bankruptcy is the best thing that could happen to CA for its LONG TERM health.
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Old 01-30-2009, 04:13 PM
 
Location: SoCal
14,530 posts, read 20,112,106 times
Reputation: 10539
California won't file for bankruptcy. I don't think that's even possible.

Eventually, and probably rather soon, the Democrats and Republicans will sort it out, deals will be made, and the new budget will be signed.

In the mean time some state services will go dark, some state employees will get reduced wages or temporary layoffs, and the taxpayers will be inconvenienced by the unavailability or postponement of some services or in some cases longer lines.

Oh yeah, and if you're due a state tax refund it will be delayed until the state legislature sorts it out.

My bet is that the heat will be turned up quite a lot beginning next week (Monday, February 2nd) and I expect it will be settled before the end of the month.
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Old 01-30-2009, 04:18 PM
 
1,664 posts, read 3,955,870 times
Reputation: 1879
Quote:
Originally Posted by RockhetHD View Post
Fox29 WFLX TV, West Palm Beach, Florida-California facing bankruptcy (http://www.wflxfox29.com/Global/story.asp?S=9732552&nav=menu98_3 - broken link)

So what happens if California files Bankruptcy?
What is the worse that will happen?
We all get into our old fords and head back to Oklahoma............
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Old 01-30-2009, 04:42 PM
 
Location: South Bay
7,226 posts, read 22,189,154 times
Reputation: 3626
Quote:
Originally Posted by Dean Trails View Post
We all get into our old fords and head back to Oklahoma............
steinbeck is rolling over in his grave!
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Old 01-30-2009, 04:52 PM
 
Location: Northern Arizona
1,248 posts, read 3,508,330 times
Reputation: 631
When California declares bankrupty (and they have to do it like Michael Scott on The Office), the Big One will strike and Yuma, Las Vegas and Quartzite will all become highly desired beachfront locales.
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Old 01-30-2009, 05:10 PM
 
409 posts, read 1,830,184 times
Reputation: 301
prop 13
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Old 01-30-2009, 05:20 PM
 
11,715 posts, read 40,441,334 times
Reputation: 7586
Quote:
Originally Posted by sav858 View Post
I dunno but part of me wants Ca to have to file bankruptcy b/c our "leaders" are too inept to fix the mess this state has become. They just need to start over again and learn something about fiscal responsibility. I'm tired of band aid approaches, quick fixes, BAILOUTS, etc..that NEVER solve anything in the long run. This state needs a complete overhaul in its govt and maybe bankruptcy is the best thing that could happen to CA for its LONG TERM health.
The problem is the people who created the situation will be the last to feel the pain. Taxes will get raised. Anyone owed money by the state will get screwed. The idiots that ran the state into the ground will keep their jobs or just trade jobs around in Sacramento like they always do. They need to spend some time in the pillory for this.
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Old 02-01-2009, 04:41 PM
 
Location: Under a bridge.
3,196 posts, read 5,395,026 times
Reputation: 982
A state government cannot declare bankruptcy. There is absolulty no provision in law for it.
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