California is Wall St.’s “Worst Run State” for 2 years running
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California is Wall St.’s “Worst Run State” for 2 years running

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    Senior Member Gravyboat's Avatar
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    Default California is Wall St.’s “Worst Run State” for 2 years running

    Huh, big surprise....

    “California is 24/7 Wall St.’s “Worst Run State” for the second year in a row. Due to high levels of debt, the state’s S&P credit rating is the worst of all states, while its Moody’s credit rating is the second-worst. Much of California’s fiscal woes involve the economic downturn. Home prices plunged by 33.6% between 2006 and 2011, worse than all states except for three. The state’s foreclosure rate and unemployment rate were the third- and second-highest in the country, respectively. But efforts to get finances on track are moving forward. State voters passed a ballot initiative to raise sales taxes as well as income taxes for people who make at least $250,000 a year. While median income is the 10th-highest in the country, the state also has one of the highest tax burdens on income. According to the Tax Foundation, the state also has the third-worst business tax climate in the country.”

    The Best and Worst Run States in America: A Survey of All 50 - 24/7 Wall St.
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    Quote Originally Posted by Gravyboat View Post
    Huh, big surprise....

    “California is 24/7 Wall St.’s “Worst Run State” for the second year in a row. Due to high levels of debt, the state’s S&P credit rating is the worst of all states, while its Moody’s credit rating is the second-worst. Much of California’s fiscal woes involve the economic downturn. Home prices plunged by 33.6% between 2006 and 2011, worse than all states except for three. The state’s foreclosure rate and unemployment rate were the third- and second-highest in the country, respectively. But efforts to get finances on track are moving forward. State voters passed a ballot initiative to raise sales taxes as well as income taxes for people who make at least $250,000 a year. While median income is the 10th-highest in the country, the state also has one of the highest tax burdens on income. According to the Tax Foundation, the state also has the third-worst business tax climate in the country.”

    The Best and Worst Run States in America: A Survey of All 50 - 24/7 Wall St.
    Yea, but the weather is good..................................

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    and you can speak 16 languages here. We are the most unAmerican state in the union.

    America is the land of equal opportunity, not equal success.
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    Quote Originally Posted by Fullup View Post
    and you can speak 16 languages here. We are the most unAmerican state in the union.
    Having not been to all 57..err...50 states, I'll have to take your word for it. However, I was a Texan for a short time and I can report it was night and day compared to CA. Those folks take their state's heritage and freedom very seriously. I don't know that it gets any more American on a Texas fourth of July night. People can talk all the shit they want about Texas, but I don't think there's a place of more liberty-loving people concentrated than in Texas.
    Last edited by Gravyboat; 12-04-2012 at 03:27 PM.
    Freedom Without Authority is Anarchy.
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    Willard's here now and will fix things right quick...
    Last edited by shueman; 12-04-2012 at 04:19 PM.

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    Quote Originally Posted by Gravyboat View Post
    Having not been to all 57..err...50 states, I'll have to take your word for it. However, I was a Texan for a short time and I can report it was night and day compared to CA. Those folks take their state's heritage and freedom very seriously. I don't know that it gets any more American on a Texas fourth of July night. People can talk all the shit they want about Texas, but I don't think there's a place of more liberty-loving people concentrated than in Texas.
    Been thinking about living in Texas, pretty hard to move from family here in CA.
    Sad part about CA is the people here do talk all the shit they want, but its about California. Hands out, screw everyone else...... Seems like the people running the State are all actors themselves, just like Obama. Might as well hire a Tom Cruise or Jay Leno to run it. Oh well, the rest of the Nation had better beware, "As California goes, so goes the Nation".

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    Quote Originally Posted by Gravyboat View Post
    Having not been to all 57..err...50 states, I'll have to take your word for it. However, I was a Texan for a short time and I can report it was night and day compared to CA. Those folks take their state's heritage and freedom very seriously. I don't know that it gets any more American on a Texas fourth of July night. People can talk all the shit they want about Texas, but I don't think there's a place of more liberty-loving people concentrated than in Texas.

    Taking pride in where you live? What a travisty.

    I agree and I miss the pride of their birthright.

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    Quote Originally Posted by shueman View Post
    Willard's here now and will fix things right quick...

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    Quote Originally Posted by Fullup View Post
    and you can speak 16 languages here. We are the most unAmerican state in the union.
    Not to mention CARB's influence on the EPA!
    "An armed society is a polite society. Manners are good when one may have to back up his acts with his life"

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    Instead of trying to solve problems the legislature is just grabbing money where ever they can get it. Starting Jan 1st, the State is going to charge an additional 1% on all wood and engineered wood products. It smells like a tax to me.

    California to collect 1% fee on lumber and wood products - latimes.com

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    how about this? gives new meaning to "left coast".

    -----------------------------------------------------------------------------------------------------------------------------------------

    School District Owes $1 Billion On $100 Million Loan
    by Richard Gonzales
    December 7, 2012

    More than 200 school districts across California are taking a second look at the high price of the debt they've taken on using risky financial arrangements. Collectively, the districts have borrowed billions in loans that defer payments for years — leaving many districts owing far more than they borrowed.

    In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school.

    Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it.
    Why would you leave $25 million on the table? You would never leave $25 million on the table.
    - Charles Ramsey, school board president, West Contra Costa School District

    "We'd be foolish not to take advantage of getting $25 million" when the district had to spend just $2.5 million to get it, Ramsey says. "The only way we could do it was with a [capital appreciation bond]."

    Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments. Instead, CABs allow districts to defer payments well into the future — by which time lots of interest has accrued.

    In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.

    'The School District Equivalent Of A Payday Loan'

    Ramsey says it was a good deal, because his district is getting a brand-new $25 million school. "You'd take that any day," he says. "Why would you leave $25 million on the table? You would never leave $25 million on the table."

    But that doesn't make the arrangement a good deal, says California State Treasurer Bill Lockyer. "It's the school district equivalent of a payday loan or a balloon payment that you might obligate yourself for," Lockyer says. "So you don't pay for, maybe, 20 years — and suddenly you have a spike in interest rates that's extraordinary."
    It's so irresponsible, that if I were on a school board — which I was, 40 years ago — I would get rid of that superintendent.
    - Bill Lockyer, California state treasurer

    Lockyer is poring through a database collected by the Los Angeles Times of school districts that have recently used capital appreciation bonds. In total, districts have borrowed about $3 billion to finance new school construction, maintenance and educational materials. But the actual payback on those loans will exceed $16 billion.

    Some of the bonds can be refinanced, but most cannot, Lockyer says.

    Perhaps the best example of the CAB issue is suburban San Diego's Poway Unified School District, which borrowed a little more than $100 million. But "debt service will be almost $1 billion," Lockyer says. "So, over nine times amount of the borrowing. There are worse ones, but that's pretty bad."

    A Statewide Problem

    The superintendent of the Poway School District, John Collins, wasn't available for comment. But he recently defended his district's use of capital appreciation bonds in an interview with San Diego's KPBS Investigative Newsource.

    "Poway has done nothing different than every other district in the state of California," Collins told the program.

    And he's right. In some cases, districts are on the hook to pay back anywhere between 10 and even 20 times the amount they borrowed.

    But Lockyer says it distresses him to hear school officials defend these bonds.

    "It's so irresponsible, that if I were on a school board — which I was, 40 years ago — I would get rid of that superintendent," Lockyer says.

    Back in the '90s, the state of Michigan banned capital appreciation bonds altogether. But Lockyer says California needn't go that far. He supports a series of reforms such as capping the payback of debt to four times the amount borrowed. Otherwise, says Lockyer, these bonds will be paid well into the future, by the children of today's students.

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    Remember, these are the very people in charge of teaching our children things like MATH!!!!!



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    Quote Originally Posted by bp298 View Post
    how about this? gives new meaning to "left coast".

    -----------------------------------------------------------------------------------------------------------------------------------------

    School District Owes $1 Billion On $100 Million Loan
    by Richard Gonzales
    December 7, 2012

    More than 200 school districts across California are taking a second look at the high price of the debt they've taken on using risky financial arrangements. Collectively, the districts have borrowed billions in loans that defer payments for years — leaving many districts owing far more than they borrowed.

    In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school.

    Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it.
    Why would you leave $25 million on the table? You would never leave $25 million on the table.
    - Charles Ramsey, school board president, West Contra Costa School District

    "We'd be foolish not to take advantage of getting $25 million" when the district had to spend just $2.5 million to get it, Ramsey says. "The only way we could do it was with a [capital appreciation bond]."

    Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments. Instead, CABs allow districts to defer payments well into the future — by which time lots of interest has accrued.

    In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.

    'The School District Equivalent Of A Payday Loan'

    Ramsey says it was a good deal, because his district is getting a brand-new $25 million school. "You'd take that any day," he says. "Why would you leave $25 million on the table? You would never leave $25 million on the table."

    But that doesn't make the arrangement a good deal, says California State Treasurer Bill Lockyer. "It's the school district equivalent of a payday loan or a balloon payment that you might obligate yourself for," Lockyer says. "So you don't pay for, maybe, 20 years — and suddenly you have a spike in interest rates that's extraordinary."
    It's so irresponsible, that if I were on a school board — which I was, 40 years ago — I would get rid of that superintendent.
    - Bill Lockyer, California state treasurer

    Lockyer is poring through a database collected by the Los Angeles Times of school districts that have recently used capital appreciation bonds. In total, districts have borrowed about $3 billion to finance new school construction, maintenance and educational materials. But the actual payback on those loans will exceed $16 billion.

    Some of the bonds can be refinanced, but most cannot, Lockyer says.

    Perhaps the best example of the CAB issue is suburban San Diego's Poway Unified School District, which borrowed a little more than $100 million. But "debt service will be almost $1 billion," Lockyer says. "So, over nine times amount of the borrowing. There are worse ones, but that's pretty bad."

    A Statewide Problem

    The superintendent of the Poway School District, John Collins, wasn't available for comment. But he recently defended his district's use of capital appreciation bonds in an interview with San Diego's KPBS Investigative Newsource.

    "Poway has done nothing different than every other district in the state of California," Collins told the program.

    And he's right. In some cases, districts are on the hook to pay back anywhere between 10 and even 20 times the amount they borrowed.

    But Lockyer says it distresses him to hear school officials defend these bonds.

    "It's so irresponsible, that if I were on a school board — which I was, 40 years ago — I would get rid of that superintendent," Lockyer says.

    Back in the '90s, the state of Michigan banned capital appreciation bonds altogether. But Lockyer says California needn't go that far. He supports a series of reforms such as capping the payback of debt to four times the amount borrowed. Otherwise, says Lockyer, these bonds will be paid well into the future, by the children of today's students.
    I like how the government offered 25 mil to these districts if they bought bad bonds. Which would then enrich said buddies and people in government that know what kind of farce this is. Regular citizens can't keep up with the amount of garbage being passed on a regular basis to make sense of any of this stuff. Then the taxpayer will bail out the school/state while the people that wrote it into law laugh all the way to the bank. This is why the federal government needs to stay out of education and do it's original charter in which it was empowered.

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    About five years ago I learned of a project that was going to take place here in Boise Idaho. It is called "The Village" and its in Meridian. It is the largest all inclusive shopping center with food,bars, clothing, sports center on and on... built in the state of Idaho in years. Frankly its pretty cool... But it is funded by the California Teachers Union! That's right they are the bank!

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