Recently I have been reading that republicans are looking for   
    changes to the law that will allow states to go bankrupt. Their   
    intention is to eliminate public sector pensions.   
      
    Now, aside from the fact that public sector workers did earn   
    those pensions, there are a few other traps in that thinking.   
      
    Did it ever occur to any of them that a state going bankrupt   
    could, and maybe would have to, wipe out all their bonds?   
    Highway bonds, construction bonds, school bonds, etc.   
      
    Did it occur to anyone that a state going bankrupt might leave   
    an opening for the creditors, including the pension funds, to   
    apply to force the state to take every available avenue to avoid   
    it?   
      
    Indiana leased the administration of their toll road to a South   
    American country for a very large sum. That company raised tolls   
    and are making a profit. Could the state be force to cancel the   
    lease? The Chicago Skyway was similarly leased, could that lease   
    be canceled?   
      
    Next step... could those laws be used to allow the federal   
    government to go bankrupt? If so, wouldn't all military pensions   
    and medical care be on the same chopping block as the civilian   
    pensions? Wouldn't all legislators and governors, current and   
    former, state and federal, and presidents, also lose their   
    pensions and other benefits?   
      
    Think that one over.   
      
      
      
   BOB KLAHN bob.klahn@sev.org   http://home.toltbbs.com/bobklahn   
      
   ... Time is the best teacher, but it kills off all its students.   
   --- Via Silver Xpress V4.5/P [Reg]   
    * Origin: Doc's Place BBS Fido Since 1991 docsplace.tzo.com (1:123/140)