The facts just don’t back up your continuing claims of an economic apocalypse, nor do the actions of the people who would truly be in the position to see such a thing coming.

You might as well break out some of those MRE’s and that freez-dried food you’ve been prepping with, since it will go bad long before you ever have a chance to make yourself a post-apocalypse warlord like in your fantasy life.

California is over a trillion dollars in debt just to it’s pensions, and the cities and counties are three to four trillion more. The funding of your pension is irrelevant, they are all going down, and you with them.

Like I wrote earlier, the math is simple, why are the RAGWUS feeders oblivious to math?

Intelligent people need to step forward and put a stop the crooks and thieves running the RAGWUS.

Niccolo must have knew the intelligence of the average RAGWUS feeder: “There are three classes of intellects: one which comprehends by itself; another which appreciates what others comprehend; and a third which neither comprehends by itself nor by the showing of others; the first is the most excellent, the second is good, and the third is useless.” Yes SKdog, you are in the third class. 🙂

“And the gravamen of the argument that the Capital Markets Creditors make is one of unfair discrimination. But that is not an eligibility question to be a problem at this stage of the case. To the contrary, it is a plan confirmation problem. And the City is going to have a difficult time confirming a plan over an objection and claim of unfair discrimination without being able to explain that problem away. And that problem is probably going to require me to get down into the nitty-gritty of the CalPERS situation. And I, at this point, have no clue how that’s going to come out, but that is the protection.”

If Stockton or San Bernardino were to default on their payment obligations, our government code permits CalPERS to initiate a statutory lien on the assets of the defaulting agency. Statutory liens can’t be discharged through Chapter 9, so that will be another hurdle the bond creditors need to overcome.

The comments you posted by Judge Klein clearly refer to an argument based on the prohibition against impairment of contracts under the state or federal constitutions. That is well settled law, as the judge notes. But he also noted there were much more complex questions than that in regards to CalPERS status both as a creditor and as a government agency holding funds in trust under both the state constitution and government codes. It’s not only the contracts clause of the state and federal constitutions that require CalPERS to ensure compliance by its member agencies. There are multiple provisions of the Government Code (particularly in the statutes regarding public pension acts) that make the same requirement without need or benefit of a contract. Since Chapter 9 prevents the federal bankruptcy court from approving a plan of adjustment that violates state law, it will be interesting to see what kind of arguments the creditors make to overcome that obstacle.