Who Is In Trouble : US Goverment Or California?

By: Aleph Blog Wednesday, May 20, 2009 10:37 AM

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Vote for next session

The next market session will close:

1) I may as well start out the evening with some predictions. I’m not an expert on this, but Chapter 9 of the bankruptcy code applies to municipalities, but not states. Given the problems with state & municipal pensions, we will probably see chapter 9 modified over the next two decades to allows states to default.

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