Detroit, Chicago, Philly, Baltimore, Athens, Portugal, Spain, Cyprus, Ireland, San Bernardino, Harrisburg, all bankrupt because the welfare state and the primacy of the people have bankruptcy as the certain result. Politicians know people will vote their pocketbooks so they purposely create dependency and pose as the Savior who will rescue the sinners. More dependents, more votes, and the fiddling goes on.
New York City is $200 million short in 2013. New York and Mayor Bloomberg are spending $200 million more then they know they will collect in taxes. Bloomberg engaged in shakedowns of companies to get more tax money but when those companies leave to avoid more blackmail, there will be no more cards to play. Bloomberg, the alleged financial wizard also doubled New York city’s debt to $100 Billion. But the fiddler must be paid.
Never mind says Bloomie, I won’t have to pay it. What a shame that Madoff doesn’t have these criminal politicians for company.