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I wrote this a few years ago (OMG, 2011) and thought of it when I read that Illinois is about to default on its debt. People thought I was either joking or barking mad. To be honest, I wasn't joking. I suppose I'll leave it to others to decide if I'm barking mad. Sadly, California never recovered. We have somehow kept the sheriff waiting at the door. But, damn, I'll be angry if Illinois beats us to bankruptcy court, and once again California will be second
Jack Durish: Bankruptcy and state sovereignty
Posted from ocregister.com
Bankruptcy
Finance
Economics
Posted >1 y ago
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If state, local, or even federal governments can't pay their debt they need to be held accountable. We should have a full fledged audit to see where each and every tax dollar went and how it was spent. Those who were in charge of the purse strings should be held accountable as well. Imprison a few officials and see how fast they can balance the budget.
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