At a time when the economy is so fragile, about the last thing we need to do is to convince the bond markets that States are about to tank.
Of course, the state of the economy is no concern for a corrupt piece of filth like Newt Gingrich, who gets by quite nicely on the rotting corpse of an economy that he did so much to help destabilize. And now the vulture is at it again, trying to destabilize the bond markets in order to….. you got it, smash public employee protections.
Let’s see….. vicious, unapologetic racist, merciless tormentor of the have-nots, serial philanderer, thief, Internet scammer, and all of it while he hides behind a cross. Yep. Newt is truly Rushpubliscum Presidential material if ever anyone was.
Legislation that would allow U.S. states to file for bankruptcy will likely be introduced in Congress within the next month, Newt Gingrich, the former speaker of the House of Representatives and a powerful Republican party figure, told Reuters on Friday.
Although Gingrich, considered responsible for the “Republican Revolution” of the 1990′s, is no longer in office, he has deep ties to Congress and is frequently named as a potential presidential contender in 2012.
For months he has championed letting states file for bankruptcy in order to handle their long-term budget problems despite resistance from states and investors in the $2.8 trillion municipal bond market.
“We’re faced with the danger that the states are going to try to show up and say to Washington: You have to give us money,” Gingrich said. “And I think we have to have an alternative that allows us to say no.”
While he declined to comment on who might introduce legislation, Gingrich said there was support in both the House and the Senate. He said lawmakers have been looking into the idea for three or four months.
Gingrich first publicly broached the idea in November, the same month the Republican party won control of the House in mid-term elections, largely on promises of reducing spending.
But the legislation will likely face an uphill battle with Democrats still in control of the Senate and the White House.
Because states are sovereign, they cannot declare bankruptcy as cities can, and most have provisions in their constitutions that make defaulting on debt next to impossible.
And California — a state which Gingrich said would likely turn to Congress for financial help along with New York and Illinois — said on Friday it has no interest in using bankruptcy to solve its fiscal problems.
California, the eighth largest economy in the world, would not benefit from the legislation, Treasurer Bill Lockyer said.
“States didn’t ask for it. We don’t want it. We don’t need it,” Lockyer said. “Bankruptcy would devastate states’ ability to recover from the recession and make the infrastructure investments that create good jobs.”
And that’s exactly why Newt is warm to the idea. Everything that wrecks the lives of the common folks causes more cash to flow into his coffers. The right wingers like to talk about an infinite economic pie, but they know better. That money is going to come from SOMEBODY, and it sure as hell won’t be the filthy rich, so why not make it even easier to devastate the lower classes?
I think I may hate this piece of shit worst of all. Mama Grifter, at least, can point to stupidity as an excuse.