EconomicPolicyJournal.com: Soros Funding Paul Volcker to Develop Plans for Handling a US Financial Crisis

EconomicPolicyJournal.com: Soros Funding Paul Volcker to Develop Plans for Handling a US Financial Crisis

Both Volcker and Ravitch are expecting serious financial problems for state governments. Reports WSJ:

Now, they are working together as they focus on a looming crisis at once local and global in scope: the financial distress of U.S. states...

Ravitch worries Congress will try to balance the federal budget with billions of dollars in state aid cuts.

A Democrat who was named lieutenant governor in 2009, and served until the end of 2010, Mr. Ravitch also predicts that municipal bond holders will have to share with taxpayers and public workers the pain in correcting the problems. "What we are seeing in Europe is that everyone has to throw something into the pot to avoid catastrophe," Mr. Ravitch recently told a group of municipal analysts.

So they are putting together a task force to prepare for the crisis. WSJ again:

They hope their task force, which examines five states, California, Illinois, New York, Virginia and Texas, will illuminate issues the public doesn't fully grasp...

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