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The United States Is NOT Bankrupt, I Tell You! It's Just Insolvent.

By Joseph McDaniel, Esq.

Interesting article in Bloomberg suggests that the United States is bankrupt, which is ridiculous.

Insolvent, sure! Bankrupt? Hey, even States can't currently file bankruptcy cases. The United States? There's no statute which would permit it.

But I volunteer to be the Trustee! And the First Meeting of Creditors will be a lot of fun, I promise!

Note: if we hire a turnaround expert to fix the United States, the way a bankruptcy guy would fix a corporation, I move that we hire the nice lady who wrote this article, Mary Meeker. She correctly identifies the issue in the U.S. Economy: we have a spending problem.

Kind of like all of those Americans who practice "retail therapy".

Full post as published by Arizona Bankruptcy Attorney Blog on February 26, 2011 (boomark / email).