I think I see the problem here.

Central Falls, Rhode Island is declaring bankruptcy. There’s a lot of hand wringing and boohooing in the article. Horrible economy, Wake up call, years of economic distress! Oh the humanity.

But buried down in the article, the copy editor let this slip by:

“It’s too bad, because Central Falls has always been a progressive city,”


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7 Responses to I think I see the problem here.

  1. Mike W says:

    Inevitable. All progressive systems fail the same way.

  2. Bubblehead Les says:

    But by Declaring Bankruptcy, they don’t have to pay back the money they Robbed from the Tax Payer, now do they?

  3. Kevin Baker says:

    Les, they never had to pay back the money they stole, it’s the money they “borrowed” through bonds (that they’d have paid with more stolen money) they don’t have to pay back now.

  4. Old NFO says:

    And now they get to void all the contracts, pension fund payments, etc… Fun, Fun…

  5. Lissa says:

    Bet the author is real surprised when jail rates go up and crimes go down.

  6. Jess says:

    From what I read, the culprit was unfunded pensions. Imagine that.

    Bankruptcy will allow a judge to decide who gets paid, and who doesn’t. If it’s like most, there is what’s called the “plan”. In reorganizations, this requires a general consensus on what is an acceptable percentage of compensation. If the majority aggree to 5% and the judge slams down the gavel, you get a nickle on every dollar.

  7. TJP says:

    Is anyone familiar with RI law? I’d like to see if this is actually legal. I am very skeptical.

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