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Belmont Club

Sixteen Ton to Sixteen Cents

October 28th, 2013 - 4:58 pm

Everybody has lost wealth in the “last half decade”, according to the New York Times, but especially African Americans. “All in all, Hispanic families lost 44 percent of their wealth between 2007 and 2010, the Urban Institute estimates, and black families lost 31 percent. White families, by comparison, lost 11 percent of their wealth.”

And its about to get worse. The bankruptcy of Detroit, America’s most African American major city, raises the question of how safe those Blue Model public pensions really are.  This was dramatically heightened by a report that the city could only pay sixteen cents on every pension dollar.

“On Friday, city financial consultant Kenneth Buckfire … a Detroit native and investment banker with restructuring experience, later told the court the city plans to pay unsecured creditors, including the city’s pensioners, 16 cents on the dollar. There are about 23,500 city retirees.”

The unions have disputed the low figure, claiming that it underestimates the earning potential of the remaining pension if you assume good times. “Now, as pensions, unions and residents rushed to meet a Monday deadline to oppose the Chapter 9 bankruptcy proceedings—the largest-ever municipal filing—the pensions are saying the emergency manager relied on a report that used overly conservative assumptions on the returns the funds earn on their investments, which led to the ballooning of their projected shortfall.”

But Buckfire says the cupboard is bare. “It’s a function of mathematics”. It was also the consequence of thinking the Good Times would last forever. Detroit was in the habit paying out ‘bonuses’ when the pension returns ticked above normal but not paying in when returns fell below the average. The NYT explained how that worked:

The city’s pension system made extra payments for decades to thousands of people, on the thinking that the base pensions were too small. The pension board thought it found the money for the extra payments by skimming off “the excess” when returns on investments exceeded the plan’s target — 7.9 percent in Detroit.

It was “heads I win, tails you lose”.  But even the coin they used to flip is gone now.  Detroit had been bleeding money from every pore. For example, Detroit is still paying $437.8 million on bond issues on schools that are vacant, derelict or have been demolished and will keep paying it until 2040.

DetroitSchools
It’s paying for abandoned buildings, grandiose projects that never were,or vacant lots.

Nor were they good custodians of money they borrowed. The Detroit Free Press reports ” A Wall Street deal backed by former Mayor Kwame Kilpatrick that helped push the city into bankruptcy bankrolled a three-year spree of alleged corruption, according to federal court records and pension officials.”

The spending cheated Detroit retirees out of more than $84 million, led to criminal charges against six people and compounded the impact of a money-losing Wall Street deal, which could eventually cost the city more than $2.7 billion.

Two point seven billion. Not much these days as things go, but as they say a few billion here,a few billion there and pretty soon your talking about a pretty deep hole. As if getting pension slashed from $50K to $8 a year  – 16 cents on the dollar — weren’t bad enough, the city employees are in danger of being helped by Obamacare. The pensioners have lost their municipal coverage in lieu of $125 to buy a policy on the President’s premier exchange. But instead of being thrilled and delighted the pensioners are in a state of panic.

Because of the city’s bankruptcy, these former public employees are already on the hook for huge cuts to their meager annual pensions, which average about $20,000 for general workers and $40,000 for police and firefighters.

Now, Detroit’s emergency manager, Kevyn Orr, has announced that to return the city to solvency, effective Jan. 1, he will stop providing coverage to 8,000 retirees under age 65. Instead, they will receive a $125 monthly stipend to use toward private plans from the exchange. (Spouses and dependents don’t get anything.) The hope was that the Affordable Care Act’s subsidies would kick in for unmarried retirees making from $11,490 to $45,960 and married retirees making from $15,000 and $62,040 annually, the cutoffs for eligibility. …

The hitch is that the Michigan exchange, like many of the 35 others run by the federal government after the states refused to build their own, has been beset by glitches. Enrolling has been a nightmare, although some reports suggest that “navigators” — trained professionals who help consumers navigate the website — have been having some luck in the last few days. Even if consumers manage to enroll, however, it’s unclear they will actually get coverage given that the exchange reportedly isn’t providing accurate enrollment information to underwriters….

Should that happen, Detroit retirees who have been kicked off the city’s coverage would have no option. They would have to join the ranks of the state’s 1.3 million uninsured. Unlike pensions, health-care benefits aren’t protected by the Michigan constitution.

Broke and uninsured. Not looking good for the pensioners in Motor City. But the pain may not be confined to them. Calls for the city to repudiate its debts and “let the banks pay for it” may raise the cost of borrowing for everyone. The Detroit Free Press notes.

Don't Pay the Bondholders But Lend Us Money

Don’t Pay the Bondholders But Lend Us Money

The Michigan Finance Authority is planning to sell $92 million of state aid revenue notes for the Detroit Public Schools on Tuesday. Experts point out that this will be the first bond deal to carry the Detroit name since the Motor City’s July 18 bankruptcy filing.

Oakland County’s upcoming sale involving more than $300 million in bonds for refinancing retiree health care debt is expected to be held in September and could be another indicator of the bond market’s sentiment toward Michigan. …

Some of the negative effect has already shown up. Saginaw County ($61 million), Battle Creek ($16 million), and Gennesse County ($54 million) pulled scheduled bond issues this month due to lack of demand and high interest premiums demanded by investors, because of the situation in Detroit.

The market doesn’t like the way Detroit emergency manager Kevyn Orr is treating holders of Detroit’s general obligation bond debt and in some cases are pricing in what they see as extra risk, bond experts say.

A rise in interest rates would have a negative effect on Michigan as a whole because a lot of public institutions have to borrow to keep going.

Moody’s noted that for Michigan school districts, concerns about the safety of municipal debt are emerging at the worst time.

“Every August, many Michigan school districts borrow money, mostly through the Michigan Finance Authority, a financing arm of the state, to cover payroll and other expenses for the coming school year”.

What to do? The problems of Detroit may foreshadow the fate of other Blue Model cities with similarly parlous finances. Not everyone may believe that the era of ‘free government money’ is over. But maybe reality finally doesn’t care what they believe.


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Top Rated Comments   
"So now there's some explaining to do."

You're darned right. The good people of Detroit will be asking a hell of a lot of questions about why the Republicans did this to them. They're going to demand accountability (dang that richie-rich, George W. Bush!!).

/end sarcasm

(Teresita is right. NOTHING will change the way the Democrat rank and file votes, and particularly not, for the 95% of knee-jerk-party-line-voting-Democrat-plantation Blacks.)
51 weeks ago
51 weeks ago Link To Comment
The people of Detroit, like many majority African American cities, took great pleasure in driving out their white populations, and ignoring Black-on-White crime. They took great pleasure in blaming all their problems on white racism. They damanded African American mayors, fire chiefs, police chiefs, school superintendents - basically, they demanded complete and total ownership of the city. And that is exactly what they got.

If they do not like the results, let them look in a mirror. No one held a gun to their heads and forced them to elect and re-elect the same corrupt and incompetent managers year after year and decade after decade.

And if they think they can force bond holders to forfeit their money which they loaned in good faith, well, yes, most likely they can. And I wish them the best of luck borrowing money in the future if they do.

51 weeks ago
51 weeks ago Link To Comment
So the Democrat these Democrats voted into office is saying take $125 a month or leave it. And next election, they will be returned to office, because everyone in Detroit votes straight Democrat, because it's a Democrat town. And the brats who voted Obama into office twice will find it that much harder to pay their $100,000 student loans because they have to buy health insurance now too. And come next election they will vote their Democrat congressmen back into office, and in 2016 they will vote for a Democrat president, because they are Democrat. No one ever said they were rocket scientists.
51 weeks ago
51 weeks ago Link To Comment
All Comments   (62)
All Comments   (62)
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"...In a bizarre quest to graft innovation on to anachronism, the Chinese Communist Party (CCP) is preparing to supply millions of its members with special cell phones that will instantaneously deliver the latest ideological instructions and propaganda themes while enforcing better “discipline” among increasingly decadent and corrupt party officials..."

http://www.theatlantic.com/china/archive/2013/10/chinese-communism-and-the-70-year-itch/280960/

Little Red Obamaphones.

50 weeks ago
50 weeks ago Link To Comment
http://www.thenation.com/blog/176879/nsa-eavesdropping-president-obama

The ultimate feedback loop. A Nation article in which Bill Greider objects to Obama being spied upon, which would be as reprehensible as forcing him to buy Obamacare.
50 weeks ago
50 weeks ago Link To Comment
I like The Nation --that Katrina vanden Heuvel is a knockout in them clingy little numbers she wears for tv interviews
50 weeks ago
50 weeks ago Link To Comment
....We built this city...We built this city on Rap, and Soul...We built this city....
50 weeks ago
50 weeks ago Link To Comment
The "thug-ocracy" asserts itself and the media milquetoasts dance to the tune. Par for the course as far as the WH-cowardly and despicable on behalf of the Fourth Estate.

http://ace.mu.nu/archives/344565.php
50 weeks ago
50 weeks ago Link To Comment
"The bankruptcy arc is the blue arc, and the blue arc is almost all bankruptcy, now or soon enough. There isn't much of bankruptcy looming anywhere in the red center. Yet, as Teresita elegantly puts it, the worse it gets the stronger the blue stranglehold. This doesn't make a bit of sense, there's GOT to be an explanation." buddy larsen

There is an explanation. Several important aspects of human nature are the first part of the explanation;

“Man is not a rational animal; he is a rationalizing animal.” R.A. Heinlein

"Pike Bishop: A hell of a lot of people, Dutch, just can't stand to be wrong.
Dutch Engstrom: Pride.
Pike Bishop: And they can't forget it... that pride... being wrong. Or learn by it" dialog from the movie, The Wild Bunch

Pride and the rationalization of that pride are the human characteristics of the 'blue arc' equation.

But Edmund Burke's dictum holds true; "The people never give up their liberties but under some delusion" and therein lies the other half of the 'blue arc' equation; "the yammering, unceasing lies offered by shrewd, evil and self-serving men", which would be our leftists, whose goal is to dismantle capitalism, one brick at a time, and for them to become the new nomenklatura in a socialist 'democratic' state.

"Reason is poor propaganda when opposed by the yammering, unceasing lies of shrewd, evil and self-serving men. The capacity of the human mind for swallowing nonsense and spewing it forth in violent and repressive action has never yet been plumbed. Hand the people a scapegoat to hate. Let them kill a scapegoat occasionally for cathartic release. The mechanism is ages old. Tyrants used it centuries before the word "psychology" was ever invented. It works, too." R.A. Heinlein
(show less)
50 weeks ago
50 weeks ago Link To Comment
--superb selection of quotes, GB. I mean, absolutely impressive, to pull those out of the air right down onto the question. But maybe i just really like that movie, LOL.

Pike Bishop/Bishop Pike, the prophet-or-crazyman who built Grace Cathedral, made the cover of Time, and died wandering the Judean desert looking for signs, in 1969, the year the film was made.

Some of the doctoral candidates in linguistics at the local university --foreigners who love USA i say via observation --are reading


https://www.google.com/search?sourceid=ie7&rls=com.microsoft:en-US&ie=utf8&oe=utf8&q=book+democracy+the+god+that+failed&rlz=1I7GGLL_en

...they're trying to understand what it is that ails us.

and then there's

https://www.google.com/search?sourceid=ie7&rls=com.microsoft:en-US&ie=utf8&oe=utf8&q=macaulay's+1857+letter+on+democracy&rlz=1I7GGLL_en

...all coming to the same conclusion, i think. The only real question is, well, what now?
50 weeks ago
50 weeks ago Link To Comment
I must confess, I didn't pull those quotes out of thin air. I do however greatly appreciate that "brevity is the soul of whit" and that, when said concisely and astutely, a quote can get to the heart of the issue in a uniquely profound manner.

I collect salient quotes, so that I have them at hand to be quickly referred too when needed, a necessity for an excellent... but short memory ;-)
50 weeks ago
50 weeks ago Link To Comment
--i agree --what you'd otherwise have to laboriously set up (bye bye brevity) is instantly supplied by the personage of the quoted.

BTW, re Heinlein, take a look at this.

http://en.wikiquote.org/wiki/Robert_A._Heinlein

Yes it's the wikiquote but this is not the expected cafeteria --it's real salmagundi --a labor of love, by an editor of talent. Including the illos, and the postscript statements of eulogy by such as Ray Bradbury and Philip K. Dick.
50 weeks ago
50 weeks ago Link To Comment
This process of creeping socialism has happened so many times in human history, one must ask:

"Why didn't the Founding Fathers provide safeguards against socialism?".

The answer is (of course) that they did, e.g. members of the Senate were originally elected by the state legislatures and the President was elected by the electoral college. Only the House of Representatives was vulnerable to demagoguery. Unfortunately these protections were whittled away over the lifetime of the United States.

It has been said that democracies have a life expectancy of about 250 years. Hoping that the United States could survive 300 years is like my hoping to see my 110th birthday.
50 weeks ago
50 weeks ago Link To Comment
I can't entirely agree. I can't think of a socialistic society prior to the founding of America, socialism came after their time. I do agree that the constitution provides a safeguard against socialism. I don't agree that the Senate being chosen by the State legislatures would prevent demagoguery. The President is still and has always been elected by the electoral college, there are calls to change to a popular vote but so far they have failed to gain traction. Despite the vulnerabilities of the House to demagoguery, I believe that the House is the only legal means for stopping the left. Here's why;

Every two years one third of the House stands for reelection. That makes its make-up amenable to change. House seats require much less campaign money than election to national office. The House by constitutional mandate controls the power of the purse.

All of this means that the House is particularly suitable for electing a conservative caucus of Tea Party/Libertarian constitutionalists, who could block BOTH the raising of taxes AND the raising of the debt ceiling.

That would FORCE the Federal government to live within its means and that would stop the growth of both the entitlement and regulatory State cold in its tracks. Since both are critical to effecting the leftist agenda, it would be a devastating tactical and strategic blow to that agenda.

Congress and the President would FINALLY have to prioritize spending and cut back the government and its entitlement programs. And they would finally have to take responsibility for their choices in prioritizing spending.

When the public, MSM, democrats and RINO's predictably screamed, that caucus could seize the moral high ground by firmly and calmly stating that it is a morally indefensible obscenity for one generation to steal from future generations. That adults of today do not have the right to steal from their children's children. And that it is the House's constitutional duty to act responsibly. When dems and the MSM scream that it must be negotiated, the caucus would respond that WHERE spending is cut is entirely negotiable but that IT WILL BE CUT IS NOT open to negotiation.

Let Obama and Congress explain why Obama's military golf course, the EPA, ATF, Dept.'s of Energy and Education are more important than Food Stamps, Soc. Sec., MediCare, Aid to Dependent Families, the US Military and the Border Patrol.

A government 'shutdown' shouldn't be feared, it should be sought... as the first shot in a declaration of war upon the left. That war starts in the House.
50 weeks ago
50 weeks ago Link To Comment
Geoffrey Britain asked:

"I can't think of a socialistic society prior to the founding of America, socialism came after their time."

The standard ancient example of a socialist is Tiberius Gracchus, refer to:

http://en.wikipedia.org/wiki/Tiberius_Gracchus

Modern socialists like to put Tiberius Gracchus up on a pedestal as a "man of vision" who was centuries before his time. Refer to the Wikipedia article for details:

http://en.wikipedia.org/wiki/Tiberius_Gracchus

Socialist societies in the ancient world are difficult to pin down because the definition of "socialist" gets stretched to the breaking point. If you define a socialist society as one where all property is distributed by the state and the economy is controlled by the state then arguably classical Sparta was socialist. The Spartan example is confused because only the Spartiates ruling Sparta had any real political status. Read the following information to see my point:

http://en.wikipedia.org/wiki/Spartiate

The Spartiates were a ruling elite while most of Spartan society were helots and little more than slaves. One could counter argue that Spartan society would be more accurately considered an oligrachy. However the counter-counter argument is that the Spartiate elite ruling that oligrachy was itself equals without property and effectively socialistic. This point could be further advanced by arguing that the Nomenklatura of the Soviet communist party where the Soviet analogs to the Spartiates.
50 weeks ago
50 weeks ago Link To Comment
--good comment, but brain fart @ para II, you meant the Senate. The correction improves your point, so it's 'against interest' and thus merely a limited, modified brain fart.
50 weeks ago
50 weeks ago Link To Comment
The scapegoats of course are the evil, greedy 'rich', the corporate 'running dogs' and "those who cling to their guns and bibles"...
50 weeks ago
50 weeks ago Link To Comment
It's "haves" versus "have-nots". The socialist demagogue gains power by transferring wealth through the coercive power of the state from the "haves" to the "have-nots". By doing so, the nation is weakened, there are even more "have-nots" and the demagogue gains even greater political power. It's a vicious circle until either the economy collapses or the "haves" are forced to violence to prevent all of their wealth from being stolen.
50 weeks ago
50 weeks ago Link To Comment
Yes, though the socialist demagogues intend to take the place of the 'haves'. Communism always ends up with an elitist nomenklatura class and a ruling 'politburo'. Reality cannot be escaped, there is always a hierarchy. The question is will the hierarchy be a hereditary (monarchy) dog eats dog (communism) or a capitalistic democracy (merit) based system. Not that each system doesn't produce unjust results and also produce exceptionally talented people at the top. Absent corruption, a capitalistic democracy produces the greatest long term merit based promotion. Capitalistic democracy's corrective is that wastrels who inherit naturally dissipate their inheritance and thus their ability to influence. Monarchies and Communistic systems have no self-corrective mechanism.
50 weeks ago
50 weeks ago Link To Comment
Communism sure is adaptable tho --if you want the office, just kill the guy in it --and then stay alive yourself, of course. The whole movement is set against hereditary structures in all forms --yet North Korea stands there succeeding by primogeniture and not a peep from a commie anywhere on the globe.
50 weeks ago
50 weeks ago Link To Comment
Even in a communist structure, the rules for the guy at the top of the pyramid differ. Communism is somewhat adaptable but advancement is determined by either mentorship or ruthlessness, which inherently limits those who might advance strictly through merit. Individual exceptions aside, communism lacks a self-corrective mechanism, which as a system greatly restricts its adaptability. The Soviets proved that reality.
50 weeks ago
50 weeks ago Link To Comment
Wretchard said:

"A rise in interest rates would have a negative effect on Michigan as a whole because a lot of public institutions have to borrow to keep going.'

if interest rates go up (and they must eventually) then it's "game over" for the entire United States.

Do the math yourself if you have any doubts (I did it myself last week based on data downloadable from the web). If interest rates go to what they were before the economic melt down of 2008 then the federal government will be paying more for interest on the debt than for national defense. If interest rates go to what they were in 1983 then every nickel received in taxes would go to paying off the debt. At that point, we're in the same situation as the spendthrift with credit card debt who is spending his entire paycheck to make the minimum credit card payment.

Socialists misrepresenting themselves as economists (Paul Krugman) will say that the solution is to increase national productivity such that income tax revenue is increasing faster than indebtedness. This fantasy solution ignores past history, the demographics of the baby boomers going into retirement, the depletion of cheap energy, collapse of American manufacturing, etc. I suspect that Obamacare is the "straw that breaks the camel's back".

Of course, on top of everything else, there is the "elephant in the room" which is the $1 trillion/year worth of money printing by the Fed to prop up the stock markets. If the Fed stops printing money then the stock markets go into immediate cardiac arrest.

We are in a chess game where we are behind by a queen and two rooks. All that remains is for the king to be maneuvered into a corner and it's checkmate.
50 weeks ago
50 weeks ago Link To Comment
Naw, naw, naw... we'll just print a couple more Queens and a dozen Rooks on our new Obama3DPrinter!
50 weeks ago
50 weeks ago Link To Comment
Since the rule is you can't move into check, you have a chance at stalemate, yet.
50 weeks ago
50 weeks ago Link To Comment
You say this in jest, but maybe that's what Bernanke is doing with the money printing. He saw that we were heading for checkmate and opted instead to buy us some time to eventual stalemate.

I think Bernanke was wrong. To carry the analogy further, Bernanke should have accepted checkmate with good grace and then insisted upon a new game.
50 weeks ago
50 weeks ago Link To Comment
--you know, you're right --the queen and two rook advantage is ideal for the stalemate coup against the force reality, via position. All king has to do be unable to move, yet not in check. That's the Fed, alright. Or the Dollar. And the Dollar --the Fedsury. So it will buy stuff still, tho according to its price, the real yield on the 10 yr bond, it has no net current value.

Thus the very telling balls-out attack on JPM --the admin needs to keep us a step away from bank runs in order to keep up the charge in its 'exogenous event' battery-powered death-ray gun.
50 weeks ago
50 weeks ago Link To Comment
>>>Socialists misrepresenting themselves as economists (Paul Krugman) will say that the solution is to increase national productivity such that income tax revenue is increasing faster than indebtedness.<<<

Which solution is physically impossible due to crony capitalism, irrational state regulation, and the Governing Party's hatred of anyone but their own in group profiting.

Subotai Bahadur
50 weeks ago
50 weeks ago Link To Comment
In battlespace prep news, a couple of articles that dovetail together pretty nicely.

First, Bill Whittle on his spiffy new website:
The Reptile
https://www.billwhittle.com/commentary/reptile

Grayson is just the latest of the energy-saving, 60-watt IQ, hate-filled failure mongers that make up the progressive movement, and it is crystal clear to me that the goal of these socialists is precisely the same as their ideological predecessors in the National Socialist German Workers Party, or the in the Union of Soviet Socialist Republics. Jews, kulaks – it was blacks for most of the duration of the Democratic party – somebody has to be found to be a scapegoat for the awful, unbearable fact that if you continue to spend more than you take in, you will go broke – although Progressive donors keep a crack team of left-wing economic researchers hard at work on this problem until it is solved in... never.

And then from Angelo Codevilla (author of the well-known and excellent "America’s Ruling Class" essay)
The War On Us
http://www.libertylawsite.org/2013/10/27/the-war-on-us/

Increasingly, the US government’s many police forces (often state and local ones as well) operate militarily and are trained to treat ordinary citizens as enemies. At the same time, the people from whom the government personnel take their cues routinely describe those who differ from them socially and politically as illegitimate, criminal, even terrorists. Though these developments have separate roots, the post-9/11 state of no-win war against anonymous enemies has given them momentum. The longer it goes on, the more they converge and set in motion a spiral of civil strife all too well known in history, a spiral ever more difficult to stop short of civil war. Even now ordinary Americans are liable to being disadvantaged, hurt or even killed by their government as never before.

...

Persons who possess the greatest power have the larger opportunity to direct blame and distrust, even mayhem, onto those they like least. Since the mid- 1990s, authoritative voices from Democratic President Bill Clinton to Republican New York Mayor Michael Bloomberg, echoed by the media have intoned a familiar litany: America is beset by racism, sexism, homophobia, and religious obscurantism, by domestic abuse, greed, and gun owners. These ills are not so different from those found in backward parts of the world where we fight “extremism” in order to fight terrorism. Indeed these ills argue for fighting extremism, indeed for nation-building in America as well as abroad. Who in America embodies extremism? Who is inherently responsible for social ills, including terrorism? Who will have to be re-constructed? No surprise: the ruling class’ political opponents: the conservative side of American life.


It's coming, wreckers, capitalist roaders, and Kulaks...
50 weeks ago
50 weeks ago Link To Comment
Your math is wrong: 16 cents on the dollar for $50,000 is $8,000, not $8.

Just sayin'
50 weeks ago
50 weeks ago Link To Comment
Which co inki dinkly is just about the exact amount it will cost the average pensioner to purchase health insurance that will end up being useless in the procurement of healthcare but extremely efficient in separating the pensioner from his wallet.
50 weeks ago
50 weeks ago Link To Comment
Fixed.
50 weeks ago
50 weeks ago Link To Comment
"...the plan’s target — 7.9 percent in Detroit." SEVEN POINT NINE???? Who in the world would use 7.9% as the long term expected ROI for a pension investment portfolio? 4.5 to 5% is more realistic, and that on a 50 plus year horizon. Sheesh.

As a retiree with an appetite for bonds, I long, long, long ago eliminated US Bonds, Blue State/Muni bonds and any corporate bond with HQ in a blue state. Working well so far, Texas Munis et al paying well at 5+%.

ta
50 weeks ago
50 weeks ago Link To Comment
Yeah, my eyes bugged out on that 7.9% thing as well. I would have considered that as outright fraud if shown that in a prospectus.
50 weeks ago
50 weeks ago Link To Comment
Unfortunately, many other places make the same assumption. Such as the gigantic CalPers, now possessing $265 billion to administer. Current estimate 7.5%, previous ones higher.
50 weeks ago
50 weeks ago Link To Comment
NYC defaulted by giving the bondholders shiny new bonds for their old dirty bonds, at a lower interest.

That put off sensible investors enough so that they stayed completely out of municipal bonds ever since.

Full faith and credit doesn't mean anything once it's in a court.

Live and learn, or not.
50 weeks ago
50 weeks ago Link To Comment
OldSalt said: NOTHING will change the way the Democrat rank and file votes, and particularly not, for the 95% of knee-jerk-party-line-voting-Democrat-plantation Blacks.

And yet, it's the duty and opportunity for any Republican candidate to at least *try*, rather than write them off as Romney did in word and deed. A politician in general should *attempt* to get the votes of 100% of possible voters. How - I dunno. And if it just can't be done, well, then things are tough all over I guess. But I think it can be done, well enough for government work, as they say.
50 weeks ago
50 weeks ago Link To Comment
Give Bobby Jindal a shot at it.
50 weeks ago
50 weeks ago Link To Comment
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