Wow,
Well the consensus has it as the BAILOUT is a waste of money... imagine that!
I caught the other article on there, and here it is:
Alabama County Votes against Record Bankruptcy
Commissioners in Alabama's most populous county voted against filing the largest municipal bankruptcy in U.S. history yesterday and the federal government refused to guarantee the county's
$3.2 billion sewer bond debt… Read More
$3.2 BILLION SEWER BOND?... this is similar to the PBS FRONTLINE special called
"TAX ME IF YOU CAN" how BANKS and FINANCIALS were using overseas leasing of such 'SEWERS' and writing OFF $100's of millions in expenses.
Appears to be a similar scheme and the county got caught with their pants down.
here's a link to the PBS Frontline special:
http://www.pbs.org/wgbh/pages/frontline/shows/tax/
Amazing, on the decision, because Municipalities have a special bankruptcy protections, far better than any individual bankruptcy filing.