Rush Limbaugh Sees Common Factor Between Bondholders, GM & and Stockton

The city of Stockton, California declared bankruptcy. What is the cause and how did they get to this point? Rush got to the heart of the matter.

"This is a city in bankruptcy because it cannot pay its promised pensions to union employees," he explained, adding that bondholders put up a fight saying that they were the ones suffering from the bankruptcy.

Rush responded to that argument: "Well, it's real simple, folks. The bondholders don't need the money. They are rich Wall Street maggots. They're investors."

He provided a deeper explanation of this as he brought up how Stockton now has something in common with General Motors. Could this be the start of a trend in California?

[via rushlimbaugh.com]