william the wie
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- Nov 18, 2009
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So which will pull the plug and in what order of State, county or city is still in question. But some of the bonds outstanding literally cannot be downgraded further because they're on Negative watch at the lowest ratings above default according to at least one ratings agency. Therefore default should be soonish when some debt cannot be rolled over despite robbing Peter and Paul with perhaps Mary thrown in for good measure. So other than Chapter 3 anyone see any predictable consequences?