What Happens When a State Goes Bankrupt?

[roo_ster]

Some brief and to-the point questions & answers regarding this topic:
http://www.nationalreview.com/corner/252795/what-happens-when-state-goes-bankrupt-richard-epstein

[Monkeyleg]

So, if everything in CA has to go, can we at APS get together and bid on, say, San Diego? It's a nice community, but I always hated the politics. If we can buy it cheap, though, and kick out the liberals, it would be great.

[Brad Johnson]

Dibs on Tahoe.

Brad

[AJ Dual]

Does the CHP still have any of those HK 94's? 

[Ben]

Hey, if the state goes bankrupt, maybe I don't have to move after all. I can buy my city for pennies on the dollar and turn it into a fiefdom where an armed citizenry is a requirement. :) 

I will also ban priuseses.

[vaskidmark]

While ML was posting, I was trying to compose a series of questions about the effects of buying (at discount) the obligations of an entire state.

I got bogged down in trying to figure out how to have a direct impact on the budgeting process since a State is not a publically traded entity like GM.  With the GM bailout We the People had quite some say in how the company handled itself - or at least our elected representatives and POTUS did.

While it is commonly accepted that elections are in fact bought, we continue to pretend it is not really that blatant that some entity could/would raise the scratch and purchase an entire State outright.

The other thought running around the innertubes is whether or not the rest of the States could throw one or more of the defaulting States out of the Union.  Talk about getting voted off the island!

Thoughts?  Speculations?

As for you yahoos thinking of buying up limited real estate - have you forgotten that the State will still have the power and ability to tax your holdings?  Forget buying up this or that city/county.  If we're going to do it, we need to buy the whole State.

stay safe.

[zahc]

The other thought running around the innertubes is whether or not the rest of the States could throw one or more of the defaulting States out of the Union.  Talk about getting voted off the island!

My friend has repeatedly expressed his opinion that the rest of the union should cede CA to the Chinese.

[Angel Eyes]

My friend has repeatedly expressed his opinion that the rest of the union should cede CA to the Chinese.

They'll have to fight Mexico for it.

[TechMan]

Hey, if the state goes bankrupt, maybe I don't have to move after all. I can buy my city for pennies on the dollar and turn it into a fiefdom where an armed citizenry is a requirement. :) 

I will also ban priuseses.

So you won't let Al "Climate Master" Gore's son in your fiefdom?

So, if everything in CA has to go, can we at APS get together and bid on, say, San Diego? It's a nice community, but I always hated the politics. If we can buy it cheap, though, and kick out the liberals, it would be great.

A little to close to the Narco violence from Mexico.  Can we go with another decent size city that is between San Diego and LA?

[Ben]

So you won't let Al "Climate Master" Gore's son in your fiefdom?

I won't let Al in. In fact one of the ginormous mansions he owns is in my future fiefdom. I shall use it as my Grand Palace.

[280plus]

A little to close to the Narco violence from Mexico.  Can we go with another decent size city that is between San Diego and LA?

I'd rather head a little farther north than LA. The Napa Valley wouldn't be a bad addition to my real estate portfolio.

[Perd Hapley]

I will also ban priuseses.

The gun is good. The Prius is evil.

[Angel Eyes]

The gun is good. The Prius is evil.

 

[280plus]

The gun is good. The Prius is evil.

See? We agree on stuff once in a while. Scary as that may be. 

[brimic]

1. Sell california back to Mexico with the stipulation that all california residents will be considered Mexican citizens after the sale.
2. Close the borders.

[Regolith]

1. Sell california back to Mexico with the stipulation that all california residents will be considered Mexican citizens after the sale.
2. Close the borders.

That's a horrible thing to do to Mexico...

[dm1333]

I'd rather head a little farther north than LA. The Napa Valley wouldn't be a bad addition to my real estate portfolio.

I'm putting in a bid on Nancy Pelosi's winery so you are going to have to exclude that portion of the valley.  My first change is going to be the addition of a rifle range and the tasting glasses will be pint sized. 

[charby]

I'm putting in a bid on Nancy Pelosi's winery so you are going to have to exclude that portion of the valley.  My first change is going to be the addition of a rifle range and the tasting glasses will be pint sized. 

and the wine will become brandy.

[Harold Tuttle]

I will abide with an APS acquisition of Yountville Napa CA

[dm1333]

I'm not even sure that Pelosi has built a winery there yet, but the thought of gunfire ringing out over the hills on Zinfandel Lane does bring a smile to my face.  Maybe I can just sell the grapes to a juice company, we can serve beer instead of wine, and people will come from all across America to say that they shot there.

[Sawdust]

I'll take the Santa Ynez Valley and Hollister Ranch.

Sawdust

[cassandra and sara's daddy]

hmmmm the money in texas is looking a lil funny right now too

http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/1024dntexbudgetmess.274b11d.html

[Ben]

I'll take the Santa Ynez Valley and Hollister Ranch.

Sawdust

You are invading my fiefdom good sir. But kind ruler that I am, I shall allow you Hollister Ranch while I take Chamberlin Ranch. I shall even grant you pig hunting privileges. 

[Sawdust]

I grew-up in your current fiefdom (go Chargers!). 

I accept your kind benevolence, and will grant you all of the wine you can drink from the Santa Ynez!

Sawdust

[280plus]

I supppose I could share some of the wine. It's only Californian anyways...