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Discussion Starter #1 (Edited)
California Has 50 Days to Live
[URL="http://[URL]http://finance.yahoo.com/tech-ticker/article/262207/California-Has-50-Days-to-Live?tickers=dia,spy,CB,NVC,IQC,NXC,BJZ?sec=topStories&pos=5&asset=&ccode="]http://finance.yahoo.com/tech-ticker/artic...set=&ccode=[/URL]
Posted Jun 11, 2009 12:04pm EDT by Joe Weisenthal in Investing, Recession, Banking
Related: dia, spy, CB, NVC, IQC, NXC, BJZ
From The Business Insider, June 2, 2009:
California officially has a drop-dead date now. State Controller John Chiang told Arnold Schwarzenegger last night that the state has 50 days before it hits a financial meltdown. So in that time, it either needs a bailout, massive budget cuts, or a brand new bubble (green tech, internet, real estate, something like that).
The tax revenue numbers are not at all good for the green shoots crowd:
Reuters: Underscoring the severity of California's cash crisis, Controller John Chiang, who has previously warned the state's government risks running out of cash without a budget deal, said revenues in May fell by $1.14 billon, or 17.7 percent, from a year earlier.
Additionally, the revenues of the government of the most populous U.S. state fell short of estimates in Schwarzenegger's budget plan by $827 million, Chiang said.
Of all three outcomes, we'd say the federal bailout is the most likely, sinse surely a California collapse would kill any recovery.
Yesterday, the Economist's Free Exchange blog argued that, indeed, California is too big to fail. And though we're deeply uncomfortable with the concept, under the general notion of that idea, we'd say they're probably right:
California is the world's eighth largest economy, and it contributes roughly an eighth of total American output (and drives much of the output in surrounding states). It's very difficult to imagine the European Union standing by and allowing a budget crisis to ravage the German economy, or the IMF doing nothing at all to assist a Russia or a Brazil as they melted down.
Were California forced to make significant cuts to its spending, the ramifications could be quite serious. School systems and universities would be endangered (which would threaten the state's long-term economic prospects). Increases in crime, homelessness, and serious poverty would encourage residents to leave. Service cuts could threaten key industries. In short, the recession could grow far more serious in the state than it already is. That would threaten recovery across the nation.
 

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Since Cali is the most left wing state in the union this should be a wake up call! But Obama will just throw some money at them. Warm up those printing presses!
 

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Who cares about the economic status of the state. California has the best weather in the country I'd happily pay 85 percent of my income in taxes so the wetbacks can keep having babies that will ultimately live off of me for the rest of their lives wether it be them going to prisons or just stealing my shit.
 

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Legalize Pot and prostitution, then tax it.

OR

If every child in LA and Orange county had parents that ACTUALLY paid income tax, the state would not be broke. Its parents that send their children to school without contributing to the fund that is killing the school districts... If every kid in school had tax paying parent(s), NOT one teacher would lose a job...
 

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mo balls than $cents$
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Legalize Pot and prostitution, then tax it.

OR

If every child in LA and Orange county had parents that ACTUALLY paid income tax, the state would not be broke. Its parents that send their children to school without contributing to the fund that is killing the school districts... If every kid in school had tax paying parent(s), NOT one teacher would lose a job...
:)devil that's the only answer to the trouble imo, send all the tax $$$ to education and illegal reform. hemp makes a stronger paper than wood, we could quit cutting all the dam forrests down:)bulb
 

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If you all think we are f**cked now, just wait till that P.O.S. Villaragosa(sp) becomes governor. Than we are truly f**ked, he'll allow every illegal to have even better accomodations than they have now and it will all come from us tax payers. Until this state becomes more aware of the true problem with the budget which is overspending by all the fat in Sacto. than this will never get fixed.

Go Obama!!:|err
 

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lol, right.....
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California Has 50 Days to Live
[URL="http://[URL]http://finance.yahoo.com/tech-ticker/article/262207/California-Has-50-Days-to-Live?tickers=dia,spy,CB,NVC,IQC,NXC,BJZ?sec=topStories&pos=5&asset=&ccode="]http://finance.yahoo.com/tech-ticker/artic...set=&ccode=[/URL]
Posted Jun 11, 2009 12:04pm EDT by Joe Weisenthal in Investing, Recession, Banking
Related: dia, spy, CB, NVC, IQC, NXC, BJZ
From The Business Insider, June 2, 2009:
California officially has a drop-dead date now. State Controller John Chiang told Arnold Schwarzenegger last night that the state has 50 days before it hits a financial meltdown. So in that time, it either needs a bailout, massive budget cuts, or a brand new bubble (green tech, internet, real estate, something like that).
The tax revenue numbers are not at all good for the green shoots crowd:
Reuters: Underscoring the severity of California's cash crisis, Controller John Chiang, who has previously warned the state's government risks running out of cash without a budget deal, said revenues in May fell by $1.14 billon, or 17.7 percent, from a year earlier.
Additionally, the revenues of the government of the most populous U.S. state fell short of estimates in Schwarzenegger's budget plan by $827 million, Chiang said.
Of all three outcomes, we'd say the federal bailout is the most likely, sinse surely a California collapse would kill any recovery.
Yesterday, the Economist's Free Exchange blog argued that, indeed, California is too big to fail. And though we're deeply uncomfortable with the concept, under the general notion of that idea, we'd say they're probably right:
California is the world's eighth largest economy, and it contributes roughly an eighth of total American output (and drives much of the output in surrounding states). It's very difficult to imagine the European Union standing by and allowing a budget crisis to ravage the German economy, or the IMF doing nothing at all to assist a Russia or a Brazil as they melted down.
Were California forced to make significant cuts to its spending, the ramifications could be quite serious. School systems and universities would be endangered (which would threaten the state's long-term economic prospects). Increases in crime, homelessness, and serious poverty would encourage residents to leave. Service cuts could threaten key industries. In short, the recession could grow far more serious in the state than it already is. That would threaten recovery across the nation.
Now where have I heard that before....... :rolleyes:
 

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Discussion Starter #8
I actually heard that one of the proposals is to eliminate textbooks for elementary school kids. All of the material would be digital and those families that did not have a computer at home would be issued a voucher for one....how the hell can that be cheaper?
 

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Place a .10 cent tax on every tortilla. problem solved.
 

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Discussion Starter #12
I got one...

stop printing every state piece of literature in english AND spanish:)sphss
 

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Ditto that. Like said before, would leave immediately if had a job somewhere else.

I have lived here all my life and I am sick of our leaders. What a bunch of idiots.
Isnt that the sad truth.

If you all think we are f**cked now, just wait till that P.O.S. Villaragosa(sp) becomes governor. Than we are truly f**ked, he'll allow every illegal to have even better accomodations than they have now and it will all come from us tax payers. Until this state becomes more aware of the true problem with the budget which is overspending by all the fat in Sacto. than this will never get fixed.

Go Obama!!:|err
 

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... AND 14 other languages.

Old Arnold is positioning for social welfare cuts by saying schools, police and fire will suffer. Truth is he's after the teachers union for being bloated and uncooperative and the welfare programs. He knows we won't tolerate cuts in police and fire.
 

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Rubbing is Racing!!
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Whatever....lol:)sphss;)

Until goverment stops giving free handouts and eliminates funds for illegals the state will continue to slide into a financial abyss.....

sooner or later the only people this state will have left will be the illegals, wellfare reciepents and tree huggers.

We can all visit from our new states that don't tax us to death;):)devil
 

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Those that are left will be paying higher taxes to support all the illegals and the welfar programs.

Whatever....lol:)sphss;)

Until goverment stops giving free handouts and eliminates funds for illegals the state will continue to slide into a financial abyss.....

sooner or later the only people this state will have left will be the illegals, wellfare reciepents and tree huggers.

We can all visit from our new states that don't tax us to death;):)devil
 

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This state is run by a bunch of idiots.

Watch, things will go down EXACTLY like the following:

Cali will get a loan for tens of billions of $'s from the Feds to keep the lights on for 6 more months. Then it will be business as usual.:)sphss

Then they will realize 6 months from now that Cali is STILL broke and will have tens of billions of dollars of additional debt without a way to pay for it.... :)sphss :):)punch

WTF!!!:|err Oh for Fawks sake!!
 

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They need to bring in private auditors to go through and audit every social welfare program California has. Then they need to go through and audit every special interest program California has. Trim every bit of the fat and if they still need money put their hand out.

My guess is that California won't need a single dime from the feds if they cut the fat. I remember reading an article a while back about immigrants fleeing to California to receive dialysis and other expensive medical procedures at the expense of tax payers. Mind you these people never paid a cent into the system that is paying for them.

The first rule to welfare should be that no citizen is entitled to money from a system they have never paid into. The only exception to this should be persons with physical and mental disabilities who are natural born citizens of this country.
 

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Discussion Starter #19
This state is run by a bunch of idiots.

Watch, things will go down EXACTLY like the following:

Cali will get a loan for tens of billions of $'s from the Feds to keep the lights on for 6 more months. It will be business as usual.:)sphss

Then they will realize 6 months from now that Cali is STILL broke and will have tens of billions of dollars of additional debt without a way to pay for it.... :)sphss :):)punch

WTF!!!:|err
pretty much the way the Federal Gov is working...:)sphss
 

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Those that are left will be paying higher taxes to support all the illegals and the welfar programs.
No doubt....

It boggles my mind the way this state is run. We are in perhaps the roughest economic times of our life with an unemployment rate that is rising by the day and they raise sales tax and DMV fees. (There is obviously other issues) I am a buy a car every 2 years kind of guy. For the first time in my adult life I am thinking that what I have is pretty cool....


Gas is back to $3.20 in my hood and I imagine it will keep on going up for the next couple months. They just don't realize that were gonna stop spending and thats gonna continue to kill the economy. My clients that still have $$$ and were not effected in the slightest by the housing market are still looking to save a buck.:)sphss
 
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