release saying that is not us and criticizes it. having said that, is there any chance these states will file bankruptcy or want to or would be allowed to file bankruptcy? i think the big thing to remember is that right now they can t file bankruptcy. the federal bankruptcy law allows cities, municipalities and counties to fail bankruptcy but does not allow states. in order for states to be allowed to file bankruptcy, the federal law has to change. having said that, the only way it can change is if congress does something. then they could only file bankruptcy if they chose to file bankruptcy. because they are sovereign states like cities, they can t be forced by a creditor into bankruptcy. they have to choose it themselves. certainly california wouldn t choose it now. greta: i thought the reason why the press release came out so quickly, at least my impression was, is because it
and criticizes it. having said that, is there any chance these states will file bankruptcy or want to or would be allowed to file bankruptcy? i think the big thing to remember is that right now they can t file bankruptcy. the federal bankruptcy law allows cities, municipalities and counties to fail bankruptcy but does not allow states. in order for states to be allowed to file bankruptcy, the federal law has to change. having said that, the only way it can change is if congress does something. then they could only file bankruptcy if they chose to file bankruptcy. because they are sovereign states like cities, they can t be forced by a creditor into bankruptcy. they have to choose it themselves. certainly california wouldn t choose it now. greta: i thought the reason why the press release came out so quickly, at least my impression was, is because it does it sends a terrible