60 Minutes Segment On The States' "Day Of Reckoning"

Posted by Gregor Gregersen on 22 Dec 2010

The documentary offers a realistic glimpse into the fiscal nightmare many US states face whose bond rating has been cut to Junk.

The State Governor of Illinois was particularly candid [we paraphrase] "If it [fiscal situation] were any worse... what  difference would it make. None of us can pay it back anyhow.".

Many State employees and contractors doing business for US states have not been paid for over 6 months.  In some instances State Police officers are being refused service at gas stations as state credit cards are no longer being accepted.

Nevada even sold the state supreme court, the state capital and  state legislative buildings to private investors and then rented them back on a 20 year lease  to raise cash.

See the full video at: http://www.youtube.com/watch?gl=SG&hl=en-GB&v=nP3b0_fnPxQ