Should we declare bankruptcy?

[caomh]

Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, while Chapter 13 provides a reorganization process for the majority of private individuals with unsecured debts of less than $336,900.00 and secured debts of less than $1,010,650.00 as of April 1, 2007.

[victorio83]

I presume you are talking about the nation going bankrupt, rather than a family or individual. It's for sure that we are close to it, with that growing National Debt, the lack of jobs, the low Dollar, the printing of money, etc.

We are in such a sorry state that the Russian leader, Putin, made a remark about it when Bush and McCain were saber rattling over the invasion of Georgia.

This is what eight years of Trickle Down-Do Nothing- You're On Your Own government can do for you. However, if we declare bankruptcy, it would mean an end to foreign investment and the Stock Market depends upon all of this to survive. Already the vampires are sniffing at our public infrastructure and our buildings. The toll roads, some buildings, the ports, etc., are owned by foreigners.

Bankruptcy is not the answer. We are going to have to tighten our belts and put an end to the waste.

There are so many ways we could save money. Banish the Homeland Security Department. We already have agencies to handle all that. Cut out such programs as Faith Based Initiatives that have not helped anyone, and the Abstinence Program which has gobbled up money and not helped at all. No earmarks at all! Halt the War in Iraq! Halt the Giveaways, such as the yearly billion that went to Pakistan in exchange for nothing. There are many more useless, wasteful programs that could be cut. Our money should go to pay the National Debt and get ourselves back on an even keel.

[pascoe69]

No. Pay your debts and be more careful with credit cards and borrowing in the future.

[baigh75]

Well, unless China and all the other countries decide to follow our laws, we can't.

Reality is, it will be declared for us, sooner than later.

Our money will be worth nothing, milk will be $20 a gallon, gas $100 and then China & the OPEC nations will swoop in and buy everything for pennies on the dollar. Probably even rename the White House, the Red House.

Unless we get off our butts and realize that we cannot afford for our government to be everything to everyone, and refind our lost ethics and work ethic, it's going to happen sooner rather than later.

I know no one believes me. But then again, when asked two years ago what I thought the biggest issue in this election would be, I said the "economy". I was derided and laughed at.

Those that mocked me ain't laughing now.

Shut off your (not you personally Golden) Iphones, cable tv and internet people and realize NOTHING in life is free and we have sold our souls to oil cartels in the Mid East & of course, China.

Good luck to us all.

[jaren12]

For a large corporation its advisable, however the US have a large reserve and is able to get loans from various countries that have excessive foreign reserves. The US have already spent trillions of dollars in the two wars and a trillion or two to save itself from an economic tragedy/terrorism is more than justified. We all know where the problem lies - poor management, like bridges to nowhere or a useless defense system. No country in their right minds would even think of attacking the world's strongest nation.