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San Bernardino Could Make Three California Cities to File Bankruptcy; Unions are Culprit

JimofCT Wrote: Jul 11, 2012 8:16 AM
Cities, then states then the government systems like "postal service, social security, Fannie may and freddie mac etc and ultimately the Federal government will not be able to meet its salaries, debt and fund the absolutely necessary functions and activities of the executive, legislative and judicial branches. Unless spending is dramatically reduced so as to reduce debt by paying it down and no loonger borrowing for each budget year our future generations will not be able to sustain this ecoonomy and this government..
kbright Wrote: Jul 11, 2012 11:12 AM
Spending is not the only problem, Paying down the debt is a, or should be a major concern so that so much accumulated interest is not being paid. Every time the Federal Reserve prints money we pay interest on it.

Under our legitimate government ONLY congress has that capability, but sold us out to "big banking". In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank which was, and still is illegal.
Reginald10 Wrote: Jul 11, 2012 4:19 PM
We need a Constitutional Amendment, to the effect that Congress may not delegate its power or authority to any other entity.

If bureaucrats could not make "laws", then Congress would determine whether CO2 was a "pollutant" or not, not the EPA.
And if only Congress can issue money, then the Fed couldn't.
Charles SWVA Wrote: Jul 11, 2012 9:12 AM
"no loonger borrowing"" no LOONger borrowing seems like a Freudian slip. Very good.

When you see headlines like this: San Bernardino, California, Weighs Chapter 9 Bankruptcy, you know 100% without a doubt the city is bankrupt, and the only question pertains to the filing.

From the Bloomberg headline story ....

San Bernardino may become the third California city in two weeks to file for municipal bankruptcy protection, as it struggles with declining tax revenue, growing employee costs and ill-timed public-works projects.

The City Council is to consider authorizing the city attorney to file a Chapter 9 petition at a meeting late today, said Gwendolyn Waters, a spokeswoman. A decision was possible tonight, though unlikely,...
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