Everything Going Bankrupt????
December 18, 2008
– Comments (13)
AUTOS
Bush won't leave auto 'catastrophe' for ObamaOrderly bankruptcy of car makers on the table, White House says
I guess that is better than a disorderly bankruptcy.
CITIES
RIO VISTA, Calif. -- California may soon have more bankrupt towns on its hands.
The city of Vallejo, Calif., gained national attention earlier this year by filing for Chapter 9 bankruptcy protection. Now, two neighbors are fighting to avoid the same fate, as the state's economic crisis spreads.
Isleton and Rio Vista, small towns roughly 50 miles northeast of San Francisco, say they have begun consulting with bankruptcy lawyers as they draw up plans to deal with their mounting budget crises. The towns' leaders say they hope to avoid bankruptcy, but concede the move may eventually be their only option.
"We're strapped for cash and by the end of March or early April we may not have enough money to pay for payroll," says Hector De La Rosa, Rio Vista's city manager.
http://online.wsj.com/article/SB122954346309915189.html
In fairness to the inflation/deflation deliberations.........rampant bankruptcies occur in either environment......however, in hyperinflation.......especially a hyperinflationary depression.....practically everything goes bankrupt.....including you and me.
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