The states and cities relied on the Bubble Economy too...
They could be the "last straw" for our Zombie Economy...later this year... Even worse than the banks going under.
The grim fact is that someone had better be thinking about setting up a social safety net...ASAP...
Addtionally...We need to free up some of the money that is being hoarded by the rich and the multinationals... who looted the economy...with the FEDs guidance and help over the last 20 years....
After the last depression in the 30's...the marginal income tax for millionaires went to 90% and stayed there for 30 years...!
Too much money is LOCKED UP in the hands of multi-nationals and the mega-rich... They aren't spending it on "plant and equipment"...because the public is too poor to buy anything...!
We need to go into 1932 mode here...quickly... The wheels are coming off everyday ...
