U.S. Cities Begin to go Bankrupt as Financial Crisis Goes Local
By Mike Adams, November 14, 2008 | Key concepts: Cities, Bankruptcy and Financial crisis
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U.S. cities are now asking for their share of the $700+ billion bailout money. Atlanta, Phoenix and Philadelphia are all begging for free cash from the Fed.
The number of institutions lining up with their hands out, asking for financial support from a bankrupt government just keeps increasing. What Americans seem to have forgotten in all this is the simple fact that there's no such thing as a free lunch. The money has to come from somewhere, and ultimately it's going to come out of the pockets of the People as the U.S. dollar collapses (or is abandoned) due to hyperinflation.
From News.yahoo.com: Three major American cities buffeted by the global financial crisis are requesting at least $50 billion in federal funds to help pay for infrastructure improvements, pensions and short-term borrowing.... more
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