"pyotr filipivich" wrote in message
...
I missed the Staff meeting, but the Memos shoed that Jim Stewart
wrote on Fri, 11 Jan 2008 12:50:59 -0800 in
rec.crafts.metalworking :
F. George McDuffee wrote:

Oil hits 100$/bbl, gold hits 900$/oz, governmental debt at all
levels and the trade deficit continues to rapidly mount, and
California [as the first domino] is on the verge of bankruptcy.

Got a cite that California is "on the verge
of bankruptcy"?

Ummm, it is run by Democrats??

pyotr

Dick Cheney once said, "Reagan proved that deficits don't matter." Only he
didn't. They do.

The US cannot go bankrupt because its debts are denominated in its own
currency. States can go bankrupt, when they follow the contemporary
Republican, which is to say the Reagan/Cheney, economic philosophy.

While the US can't go bankrupt, its economy can wind up looking like it is.
The distinction won't matter.

--
Ed Huntress