bankruptcy for states a "trojan horse"

[ronbuck]

www.coyoteblog.com/

From the blog:

"There seems to be discussion in Washington about creating a legal framework for state bankruptcies. My guess is that any law that might be passed will simply be a Trojan Horse.

A lot of people (including myself) would like the idea of the tough provisions applied to individuals who are bankrupt being applied to states. Unfortunately, it is wildly unlikely that this is actually what we will get. Any such law would likely just be a bailout program renamed “bankruptcy” to make it more palatable to the public, a transfer of obligations from state to federal taxpayers without any real imposition of discipline or cleanup of long-term obligations like pensions. Heck, this is exactly what happened at GM, and that was just a private company....."

This guy has a pretty good idea of how government operates! LOL