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Old 02-26-2010, 07:13 AM   #21
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I'm not sure what shape Missouri is in, but they canceled their Highway letting yesterday. I don't know if that ever happened before. Evidently they didn't have to money.
What was it they were letting their highways do?
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Old 02-26-2010, 07:35 AM   #22
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We here in "Penn's Woods" (PA) have been saved:
First we got casinos with slots,
Next we allowed them to do table games,
We have added an additional lottery game,
Also raised income on liquor,
Now we are trying to “Toll” Interstate 80

Our state is soooo good to us, that the “GOV”
Wants to “Lower” our state taxes**

We love our “Honest” Caretakers

(** lower sales taxes; BUT apply taxes to items not currently being taxed – classified as necessities – food, clothing, labor, … etc.)

PS - the state is still "underwater"
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Old 02-26-2010, 07:43 AM   #23
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We don't often get to brag about North Dakota so I am going to take the opportunity. The state has a large budget surplus, unemployment below 5%, and low taxes. Mostly due to energy; we have oil, coal, and lots of wind energy. Things here, with the exception of nasty winters, are very good. I will not be leaving anytime soon.
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Old 02-26-2010, 07:51 AM   #24
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A State that ceases to exist may be a problem – otherwise the threat is default (like Argentina). This seems more likely in the case of municipalities that have limited or no taxing ability. States, especially large ones, have substantial – and mostly unused - power to tax. Illinois income tax is only 3% - immense upside.

Never underestimate the ability of politicians to find a way to kick the can down the road.
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Old 02-26-2010, 08:08 AM   #25
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"Maybe states will go the route of companies:"
- go bankrupt
- trash the pensions
- start over

You forgot the government bailout like GM...

What was the old saying about GM

"Whats good for GM is good for the country"

Here's one from today's WSJ about our former lieutenant GOV (who was appointed after our last two Governors were arrested) wanting to raise taxes and cut services...

Illinois Airs Plan on Deficit - WSJ.com
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Old 02-26-2010, 08:12 AM   #26
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And another good one on North Dakota's booming oil industry...

Oil Industry Booms—in North Dakota - WSJ.com

We need to do a lot more of this here, and Al Gore and the rest of the global warming bunch should be tried for treason

http://mensnewsdaily.com/sexandmetro...n-climategate/
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Old 02-26-2010, 09:40 AM   #27
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California has to have you all beat. 15B in the hole the last two years. 20B this year. A trillion in unfunded liabilities. Hard to figure how we'll ever get out of this.
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Old 02-26-2010, 09:49 AM   #28
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And another good one on North Dakota's booming oil industry...

Oil Industry Booms—in North Dakota - WSJ.com

We need to do a lot more of this here, and Al Gore and the rest of the global warming bunch should be tried for treason

Suit Against EPA May Lead to Criminal Prosecution in Climategate | Sex+Metropolis
Agree Completely, I'm old enough to remember the "next ice age" warnings of the mid 70s. The amount of grant money to be had by those screaming global warming has been enough to cause too many so called scientists to abandon science for advocacy.
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Old 02-26-2010, 11:35 AM   #29
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Eventually all these buildings, the good ones and the detestable, will be obsolete and replaced by Kindle type readers and electronic access. Then the street pople, ERs and people trying to get out of the rain will have to find another solution.
I live near the Kirkland ('burb of Seattle) library. The library has on the order of 20 to 30 public-access computers. I'm always amazed every time I walk into the library to see that every single computer is in use. This is doubly surprising to me given that Kirkland is a fairly upscale area. I don't see how a Kindle would satisfy this particular need.

My main use of the library is to read magazines. On my way to the grocery store (I almost always walk to the grocery store) I walk right by the entrance to the library, so it's very convenient for me to go to the library to read magazines. Once again, I don't see how a Kindle would satisfy this particular need of mine. Presumably, I would have to pay to read the magazines on a Kindle, and I probably would just stop reading them if I had to pay.

I'll probably get a Kindle or similar device eventually, but I still haven't figured out precisely which niche in my life the device will fill.
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Old 02-26-2010, 12:12 PM   #30
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I live near the Kirkland ('burb of Seattle) library. The library has on the order of 20 to 30 public-access computers. I'm always amazed every time I walk into the library to see that every single computer is in use. This is doubly surprising to me given that Kirkland is a fairly upscale area. I don't see how a Kindle would satisfy this particular need.
Dudester, I consider this a low priority use for public funds, and it is also very likely a very inefficient way to get computers into low income people's hands if somebody thinks that is an important goal. Give them vouchers and computer cafes will come roaring back. Remember Speakeasy, down on 2nd Avenue in Belltown? I much more pleasant environment to access a computer, read a paper and drink some espresso. And I bet baristas make much less in wages and benefits that city of Seattle library employees.

Ha
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Old 02-26-2010, 01:31 PM   #31
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Agree Completely, I'm old enough to remember the "next ice age" warnings of the mid 70s.
Newsweek is not a peer-reviewed journal.
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Old 02-26-2010, 02:25 PM   #32
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Newsweek is not a peer-reviewed journal.
Granted it's not a peer reviewed journal, however, there were well known scientists at the time that wanted to cover the north pole with ash in order to gather heat.
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Old 02-26-2010, 02:38 PM   #33
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I googled to find out if a state has ever declared bankruptcy. In short, the answer is No.

In the course of the search, I found this article wonderful interview with Felix Rohatyn, the financier who worked to keep NYC out of bankruptcy.

Expert who helped New York City avoid bankruptcy in 1975 has some advice for California - Los Angeles Times
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Old 02-26-2010, 04:23 PM   #34
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Granted it's not a peer reviewed journal, however, there were well known scientists at the time that wanted to cover the north pole with ash in order to gather heat.
What well known scientists? Where did they state such a solution and where did they state the belief of an ice age? Peer-reviewed primary sources, please; not Newsweek or Time.
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Old 02-26-2010, 05:39 PM   #35
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What well known scientists? Where did they state such a solution and where did they state the belief of an ice age? Peer-reviewed primary sources, please; not Newsweek or Time.
Unfortunately, for me, I have not saved articles from 35 years ago and cannot recall names. I just remember reading articles in some magazine. It may have been "Popular Science" for all I know. Anyway, I remember being surprised that the person behind the ash on the poles idea was a name I recognized from some well known science magazine. At the time I had subscriptions to "Scientific American", "National Geographic", "Sky and Telescope", and a few others. But, no, I cannot give you what you are asking for. My opinion has not changed re the global warming craze.
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Old 02-26-2010, 08:45 PM   #36
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Would this administration bail out CA if it goes belly up? From my local view it's a foregone conclusion that we will not be able to get out of this on our own.

BTW, a former employee that I still chat with by phone called me a month or so back and said he got a FTB letter telling him that his wages are going to be garnished due to failure to pay his taxes for the last 5 years. HAHAHAHA, he has not worked for 5 years and now lives in Hawaii.

Desperate, much!
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Old 02-26-2010, 10:07 PM   #37
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What well known scientists? Where did they state such a solution and where did they state the belief of an ice age? Peer-reviewed primary sources, please; not Newsweek or Time.
Since you mentioned Newsweek here is their 1975 article. It's amazing how like today this article sounds even though the argument is 180 degrees out of phase.
Attached Files
File Type: pdf coolingworld.pdf (293.9 KB, 17 views)
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Old 02-26-2010, 10:30 PM   #38
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I'm not sure what shape Missouri is in, but they canceled their Highway letting yesterday. I don't know if that ever happened before. Evidently they didn't have to money.
I looked this up--Missouri postponed highway work because Congress has yet to okay federal highway funding. So maybe this problems isn't really a state issue but a federal one.

Highway funding void puts Missouri projects on hold | KY3 News, Weather, Sports - Springfield, MO | Local News
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Old 02-27-2010, 08:11 AM   #39
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I looked this up--Missouri postponed highway work because Congress has yet to okay federal highway funding. So maybe this problems isn't really a state issue but a federal one.

Highway funding void puts Missouri projects on hold | KY3 News, Weather, Sports - Springfield, MO | Local News
Well, if we don't have the money, maybe we should cut back some. I asked about the tarp money and that was blown through last year. I would assume all that gas tax money should at least be able to fund maintenance.
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Old 02-27-2010, 08:59 AM   #40
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How, exactly, would a government entity the size of a State go Bankrupt. Would it stop paying its debts and have a special Court take over the operations? Would the Legislature be required the seek permission before voting or simply be declared null and void.

All in all, this doesn't seem such a bad thing, does it?

On the other hand, it could only invite a whole new infestation of Weasels.
A state may not not be a debtor under the U.S. Bankruptcy Code (i.e. "file bankruptcy" as that term is commonly used). A municipality may be a debtor (a Chapter 9 case) only if specifically authorized by state law (See 11 U.S.C. Sec. 109). The City of Bridgeport, CT tried to file a bankruptcy petition about 19 years ago and, at the urging of the State of CT, was thrown out of court.

I think the short answer is that the state simply stops paying its obligations. To the best of my knowledge, during the Great Depression only one state (Arkansas, I think) defaulted on its General Obligation bonds. There have been no state defaults since. And municipalities rarely default. See this Moody's special report http://www.moodys.com/cust/content/c.../102249_rm.pdf which was admittedly published prior to the latest crash, but has some good historical information.
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