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[–] Cheesebooger ago 

The hand rubbing intensifies and more debt is created

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[–] grandusalenius ago 

In Puerto Rico they created " La junta" ( congress) to deal with something similar.

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[–] lettersofmarque 0 points 1 point (+1|-0) ago 

We just take more of your money. Sincerely, the state of Illinois.

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[–] Goathole 0 points 1 point (+1|-0) ago 

They raise taxes in the form of bonds and then continue on their destructive path of spend and waste.

A few surgically exercised executions of state and government officials would fix this problem. It's amazing how people manage to do the right and honest thing when there are consequences.

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[–] BlancoCanyon 0 points 1 point (+1|-0) ago 

A state hasn't gone bankrupt yet, but cities have. Similar results, I'd assume.

https://en.wikipedia.org/wiki/Detroit_bankruptcy

Creditors will be paid pennies on the dollar.

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[–] Cadster 0 points 1 point (+1|-0) ago  (edited ago)

nope.

they will just issue bonds for some big bank to gobble up at around 20 cent on the dollar. the bank then later writes off at 100% (dollar for dollar)

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[–] Orangishlemon 1 point 1 point (+2|-1) ago 

In California we just call it business as usual.

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[–] BTCKek__cheef_jnkbx 0 points 1 point (+1|-0) ago 

tthey are waiting for you in the elevator

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