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California Declares State Of Emergency Over State Finances, Or Arnie Is An Austrian After All (For The Wonks)
Quite possibly this has something to do with the fact that Arnie just had a very vivid Total Recall from the future in which California had filed Chapter 66 (a brand new invention in honor of the famous route), mere months after he had decided to institute the latest round of furloughs and once again paying using IOUs.
From Reuters:
Increasing In the declaration,
California's
pressure on lawmakers to negotiate a state budget that closes a $19
billion shortfall, California Governor Arnold Schwarzenegger declared a
state of emergency over the state's finances on Wednesday.
Schwarzenegger ordered three furlough days per month beginning in
August for thousands of state employees to preserve the state's cash to
pay the state's debt obligations and for essential services.
budget is several weeks overdue and Schwarzenegger and top lawmakers
are at impasse over how to balance the state's books. Analysts say it
could be several more weeks before the Republican governor and leaders
of the Democrat-led legislature reach an agreement, a delay that may
threaten to lower the state's already weak credit rating, now hovering
just a few notches above "junk" status.
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Kudos to Arnie, he was always avantgarde in my book.
Radical centrist...
He hasn't fixed a damn thing, and he now says he'll leave office without ever signing a budget. How has he deserved ANY positive reviews?
His heart was in the right place.
Arnie loves California.
since AP proved Obama can be Prez without being US born, let's roll out the carpet for Arnold to the White House... why the hell not.. perfect President for 2012 and when TPTB allow us to meet the aliens
Dark pools, you may be on to something. Obama as the perfect foil for his VP, Sarah Palin in 2012.
Picture that and weep.
Oh wait, Androids don't weep.
They dream,
Perchance,
Of electric sheep.
ORI
http://aadivaahan.wordpress.com
AP proved it, huh?
Painequalschange... His heart doesn't beat for Californians welfare but for "Arnies". At his core he is a lier and hypocrate just like his paracletus Obama!!!
Legislatures control budgets as they always have.
positive reviews for acting yes, positive reviews for reality no.
State of emergency bitchez! welcome to the future.
:First, No "Bond of Office(s)" (see California state - the corporation - Constitution for CORPORATE OFFICERS - Arnold etc.) and there is NO debt. repeat - No-debt. :California-is-debt-free: Second, a (new) CALIFORNIA-state-bank - like North Dakota - heals all abuse. got syntax?
At Trichy.....Kudos to Arnie??????
At the worst possible time this bozo wanted to extend the largest single state tax increase in US history in the form of Prop. 1A. He and other republican's in the Assembly sold their soul on this proposition. He signed AB32 the "first-in-the-world comprehensive program of regulatory and market mechanisms to achieve real, quantifiable, cost-effective reductions of greenhouse gases." Another fraudulent, job killing, regulatory looting frenzy policy.
What a joke. History will look back on "Arnie" and recognize him for the fraud he is. One of the top 10 most lying, cheating, and stealing Californian politicians ever!
how ironic. same day a clinton judge shoots down the AZ illegal law, the terminator crys emergency.
"By the time I'm through with this whole thing, I will not be known as the Terminator — I will be known as the Collectinator." -- Arnold Schwarzenegger, 2003
Its more likely he'll be known as the "Defaultinator".
+1
HAHAHAHAHAAAAAA!
Yes +1, best comment I've read today.
ROTFL
he has to battle Timmy and Ben... who won't let him use his powers
+100 Internetz
He was able to defeat The Predator, but not The Creditor.
LOL
LOL illegals and clintonites in full bloom
Relax, it's only a "crisis" instead of a "free fall".
we should not let this crisis go waste...
lol
"Haste la vista baby"
+1
Hasta la VISA baby!
Wonder how many more straws that California camel can take?
Rocky....that was just:
"SuperCalifornialisticEmergencyalidociou's"
I said sing it dammit not read it.
very good....
Titantium rods have been surgically implanted in the spine to give the camel the illusion of strength. Without the rods, the camel's back would have snapped some time ago.
Reminds me of Bill 1176
http://foolocracy.com/wordpress/wp-content/uploads/2009/10/ArnoldFU1.jpg
Illinois skips the whole IOU part and just doesn't pay vendors.
http://www.nytimes.com/2010/07/03/business/economy/03illinois.html?_r=3&partner=MYWAY&ei=5065
That's already 4 weeks old. I can't believe the stock market hasn't collapsed yet, considering the horrible situation we're in, all around.
It's in slow motion. The only good thing about it is that it gives one time to prepare.
Amazing that stuff like IL not paying bills isn't called out as a DEFAULT. Seriously, where's the rage?
Oh, waiting in line for an iPhone...
Rahm has it wired, nothing to see here...
What stock market??? There's a stock market???
An IOU is nothing more than a promise by our government to repay nothingness with even more nothingness in exchange for nothing, ... yet we are all slaves to the IOU money masters.
The world monetary system is a terrible joke foist upon the good natured and unsuspecting by a band of calculating criminals.
I'll take gold, thank you.
The green, black, and white slips of paper in your wallet are just that.
If you scale it up and multiply it a couple of thousand times, you eventually wind up with some pretty serious nothingness.
Are you feeling it? I'm feeling it.
Good thing the we got the only honest politician in Illinois in the Oval office.
Would you call that redistribution of wealth?
Honest Pol==Pol who "stays" bought" Pendergast machine? probably there is a Latin equivalent from Roman times. Probably the concept was ancient at that time.
- Ned
Recent Illinois governors that have been sent to jail! These are governors of the 5th largest state in the country ... being sent to jail.
Otto Kerner, Jr. (Democrat), 1961-1968
Sentenced to 3 years in prison.
Daniel Walker (Democrat), 1973-1977
Convicted on federal charges, sentenced to 7 years, only served 1.5 years, had the gall to ask Bill Clinton for a presidential pardon.
George Ryan (Republican), 1999-2003
Federal corruption conviction ("illegal sale of government licenses, contracts, and leases"), sentenced to 6.5 years in prison.
Rod Blagojevich (Democrat), 2003-2009
Federal corruption charges (conspiracy to commit mail and wire fraud and solicitation of bribery (trying to sell Obama's Senate seat)). Hopefully going to jail.
I had thought the 61st amendment was Arnold's...
http://www.zazzle.com/ill_be_bach_t_shirt-235932693730850285
Late last year, when I was reviewing the California budget in detail, I mentioned to one of the department of finance guys that Arnie would be forced to declare a SoE. Tyler entirely misses the primary reason (but isn't really @ fault & which I presume a lot of of other sites/news services will miss as well), but it's ok since he's built up such a good reservoir of goodwill @ ZH that I'm now going to explain the rationale behind the SoE:
Proposition 98. This proposition, which passed in 1988 to great acclaim (over 61% in favor), requires a minimum of 39% of the state's annual budget to be directed towards K-14 education (grades 13/14 comprising community colleges). It can only be (temporarily) suspended by a two-thirds vote of the California legislature.
How do you get the California legislature to act on the two-thirds requirement? By declaring a state of emergency. So there you have it. Done, sealed & delivered. So Brian, where's that beer I bet you that this would occur before summer was over? LOL
I'll summarize in two words.
Force Majeure
love that "act of god" is still included as a reason to terminate a contract.....
A bit more info here:
http://www.reuters.com/article/idUSTRE66R5FE20100728?type=politicsNews
(Reuters) - Increasing pressure on lawmakers to negotiate a state budget that closes a $19 billion shortfall, California Governor Arnold Schwarzenegger declared a state of emergency over the state's finances on Wednesday.
In the declaration, Schwarzenegger ordered three furlough days per month beginning in August for thousands of state employees to preserve the state's cash to pay the state's debt obligations and for essential services.
California's budget is several weeks overdue and Schwarzenegger and top lawmakers are at impasse over how to balance the state's books. Analysts say it could be several more weeks before the Republican governor and leaders of the Democrat-led legislature reach an agreement, a delay that may threaten to lower the state's already weak credit rating, now hovering just a few notches above "junk" status.
Dont forget all the exemptions he has handed out.
The order exempts the following departments:
California Highway Patrol
California Department of Fire and Forestry Protection (CalFIRE)
Franchise Tax Board
Board of Equalization
Employment Development Department
State Compensation Insurance Fund
California Housing Finance Authority
California Earthquake Authority
It also excludes Bargaining Units 12, 16, 18 and 19, which along with unions representing CHP officers and state firefighters.
With all those exemptions ... just who is being furloughed?
Board of Equalization.
Board of Equalization?
Board of Equalization!
Holy crap, I am living in an Ayn Rand novel, made into an Arnold Swartzenager movie!
More like Orwell - can you possibly think of a more artfully crafted doublethink title for the department that collects state income taxes?
That department collects and administrates the California Sales Tax. The Franchise Tax Board oversees the income tax in California. Pretty much the only state in the union that needs 2 different departments to oversee different taxes.
"Holy crap, I am living in an Ayn Rand novel"
Ain't it though?
F-ing crazy.
Disclaimer: long CRZY
Decided to check the ticker.
It exists.
Crazy Woman Creek Bancorp on the Pink Sheets
Earthquake Authority. Being a resident of the Winter Home of the Great Satan, I can verify, vouch for, testify to, bear witness, swear (both up and down, with and without a solemn oath) impress, press upon one the urgency, illustrate, demonstrate, emphasize, underline, draw from, extend to, supplicate, anoint, acknowledge, affirm, assure you, support, testify, substantiate, corroborate and indeed validate that it is a whole building full of otherwise unemployable, over the hill, past due, burnt out, half OD'd Berkley radicals who, when the ground shakes, twist up another Mr. Doobie and declare; "Wow, dude. 'nother earthquake." (accompanied by sound of laugh track from Cheech and Chong movie)
I swear to God, of this, Moody's and S&P are already astutely aware.
bbbbbut...rating agencies don't count any more. FR_ODD legislation said as much. What now Ollie? - Ned
Excellent point. He's exempting probably half of the workforce of California's government.
Gee I wonder what will happen to all of the work that won't get done?
Years ago I worked for a transportation authority - an extension of local county governments. A young bookkeeper who had worked there for years got pregnant and took maternity leave. In my brief stint there, I had sized her to be one of the slackest in the office - showing up late, eating breakfast on the job after visiting the cafeteria, long lunches and never ending chit-chat.
While she was out, they hired a temp to do her job - a weekly cycle of the same tasks done over and over again. Guess what? By 11 AM on Tuesday morning the temp was finished for the week and was asking for more to do. True story.
Many, many reasons for all of that, but that experience showed me that some people can stretch a job to fit a 40 hour week.
Finally - ever drive by a federal office building in DC at 4 PM? It looks like one of those movies where the kids burst through the exterior school doors - all pent up - heading out for summer vacation on the last day of school. Hundred and hundreds of people scurrying away at 4:01 PM as fast as they can. Disclosure - after 6 years in the public sector, I spent another 20 working for F500 companies. What a contrast. In the public sector, seniority was defined by who got to leave the earliest; in the private sector it was just the opposite.
Totally productive compared to those who suck down high quantities of corn syrup in soft drinks at high rates for 35 years and then go on disability because the corn syrup and resulting diabetes destroys their ability to do any work.
Kinda reminds me of these engineers "investigating" the burst dam in Tempe:
Lot of work being done there, I'll tell ya.
Guess I don't know how to post a photo...
http://i.azcentral.com/i/sized/6/A/8/e298/j350/PHP4C4FBD4A5B8A6.jpg
^
straw, meet camels back....break!
A tidal wave of state failures will ripple through the system, is this the shock that starts the wave?
Junk Status next...
Fortunately there are no agencies with enough credibility to rate it.
What is this thing, credibility, that you speak of?
Since he's able to furlough current state employees 3 days/month without pay by executive order, I wonder if Arnie can furlough retired state employees, say, 30 days a month without benefits. Oh, right, you can't furlough retirees because they aren't working. But then you can furlough current employees who aren't working, so why not?
Wiley Brown is making the rounds this morning to prevent that that sort of fiscal responsibility...
I suppose what I would like to see is for him to be able to furlough the state legislature for 3 days per month without pay.
I imagine they are not overworked and the state could use the money.
Oooops, California has another crisis. Shit hits the fan part II. Good thing the recession is over and Amerika was saved by Ben, Timmy, Obie, Hank and GW. Thanks alot guys!!!
Mission Accomplished!
I voted for Arnold for the same reason as I voted for Obama. I wanted an outsider to come in and kick some ass. In both cases these guys ran up against an established system that they can't change. For Arnold, it's the state legislature. They will not change until they feel the pain. Arnold has tried everything in the book and nothing can touch these guys. It would take a change in attitude in Californians. We would have to agree to throw out EVERY incumbent regardless of party to get some real change.
Hopefully, as Obama says often, people in this country wake up and send all Incumbents a ticket home over the next two elections. Otherwise, we deserve what we get, short of a civil war.
He shoulda cut funding and pay for the legislators until a budget is passed.
You are delusional - neither Arnold nor Obama has "tried everything in the book"; if you wan't to see what that would looke like, just check out Chris Christie's progress in NJ. Arnold and Obama are part of the problem; Christie is part of the solution.
Amen. The portly garden stater turns out to be twice the executive man that the former bodybuilder is.
Why would any sane investor in America want to vote for a marxist/socialist?
Barack is apart of the Chicago scene and is part and parcel tied to the unions - the ones that caused GM and Chrysler to go belly-up and BO rewarded them ahead of the legitimate bond holders.
Arnold tried to rein in the democratic establishment several years ago and due to union lobbing and ads the four referendems were voted down. Calif gets what it deserves.
If the democratic gov wins and wants to increase taxes on the wealth - maybe some of them will finally wake up. Most of the other productive companies and honest workers have left.
I have an idea - many companies selling gold are located in CA, put a 100% surtax on all gold sold in CA and see how fast they can be in TX, NV, Alaska, etc.
Git downnnn, Git to da choppa...
get to the choppa...now
http://www.youtube.com/watch?v=l6NXnLv9pj4
get da employment rolls to da choppa!
California is worse than Greece after all.
It's a tight race...to the bottom:
http://www.buycaliforniabonds.com/
www.justgiving.com/savegreece
california (job) rolls with out the saving greece?
Greek Socialist PM's order is against the Constitution of the Hellenic Republic.
He have a Socialist junda in Greece
Wait. Is this what is called californication?
No. Californication is when the rest of America ponies up for California.
Close! Californication is when the federal government bends the rest of the Country over, for California, and sodomy ensues. (insert likely Beavis and Butthead comment here).
MIch-in addition, "inserting" (just spit my beverage) another event:
http://www.boston.com/ae/celebrity/articles/2010/07/28/no_senior_discoun...
Bawney caused a NY SCENE for 100 copper circles.
Dang, I don't want to be competing for No. One in this contest. I'm losing.
- Ned
p.s. even the bow-tied bum-kissers at the sainted Globe reported on this, though comme d'habitude, late to the party
dont worry obama is following the california model for the whole country
I think he's following the Detroit/Chitcago model.
$19Billion....hmm that is a little more than 2 months spending on the Iraq war..and less than 1/4 what they gave to AIG...do you think the feds have the priorities right?
It's cool don't worry about the infrastructure of the worlds 8th largest economy....make sure all those bankers get their paper covered.
You could bail CA out this time, but it won't matter much. Any money shoved into the vortex will be sucked into the bloated salary and public pension system. Starving this beast is the only long term solution. Arnie has pledged to tough it out 5 more months without signing a budget if the legislative insanity continues. CA is Greece on steroids and he knows all about steroids.
Sadly, the cities and municipalities of CA are mini-mes of the same screwed up State system. The electeds are held hostage by public sector unions or they can't be elected. The unions are hoping to stall and head fake in hopes they can get Jerry Brown into office for the big tax hike they want.
The problem is MUCH bigger than just the State budget. A total mess.
Public sector unions should never have been allowed to exist in the first place. Now taxpayers have a loaded gun to their heads. A similar situation exists for Ill and NY. Taxpayer will has been hijacked right out from under them.
It all sucks.
How do we get rid of the leeches?
The public "service" sector unions.
Martial law?
Who flagged this as junk?
Certainly the people should be getting the benefits of the devaluation of their money over the forking banker.
more illegal immigration will fix it. :snark!:
Illegal Immigration.
Here's one small California tutorial.
Without illegal immigrants in the Salinas Valley and rest of the Central Coast, there would not be any fruits or vegetables picked. Period. In short, the rest of America would not be eating Any domestic lettuce, strawberries, cherries, avocados, apples, peaches, pulots, plumbs or much of any other sundry green stuff that exists to fill in the empty space around the meat portion.
See, all that's done by illegals on the Central Coast. 100%, pure clean and simple. Even when unemployment is running rampant, No Single US Citizen will go into the fields and submit to backbreaking labor for 12 hours a day for squalooch pay. It don't happen. Period.
But, when normal folk go to the Unemployment Office, Never, Ever, Ever is it suggested or hinted at in even the most casual, slight manner that when looking for a job, they apply to go pick in the fields. Never. Period.
Employment of Illegals in Agriculture in the Central Coast of California, the most prolific growing area in the US of fruits and veggies, is thus Institutionalized. No American wants to do it, and even in the absence of a job, even though they could go work in the fields, and choose not to, they are provided with an unemployment check.
It's formally institutionalized at every level of society, in government and the private sector.
Yes, Martha, fruits and veggies could easily cost more than petrol.
Good job Knuckles! I can't wait to see all the tea-baggers working the fields, pouring concrete, framing houses, bussing tables, and washing dishes.
Don't get me wrong, as I don't support illegal immigration. However, we need to remember that many valuable jobs are performed by illegal immigrants. We also need to recognize our hypocrisy. AZ couldn't get enough immigrants during the boom days. Now they're ready to start lynching them.
Certainly you would also include Valuable jobs like professional protesting.
That is exactly where the Next US Civil War will commence, when "Americans" TRY to take those jobs. The illegals have been doing them for decades and are hard as nails.
There's no such thing as a "valuable" illegal. They are mutually exclusive terms.
The problem is out of control. Send them all to Club Gitmo.
I can't wait to see all the tea-baggers working the fields, pouring concrete, framing houses, bussing tables, and washing dishes.
We're here, we're teabaggers, get used to it.
this is just garbage.
Outsourcing and the employment of illegals has no effect on COST to consumers. Were fucking houses cheaper during the boom due to them? NO.
PROFITS were higher. If the businesses in question paid a reasonable wage, they'd have american employment. They are looking to cut costs to drive profits which = higher bonuses for executives up the chain.
NEVER believe anyone who tells you outsourcing and illegals is good for YOU unless you are an executive.
Fine. We grow all of that in NYS. Keep your cheap, immigrant picked, tasteless produce. I'm sick and tired of subsidized water growing iceberg lettuce in a desert, and being sent across the continent for me to eat. Thats why I shop at farmers markets in the summer.
We always had great times at Ithaca Farmer's Market and, as I was traversing back-and-forth to Rochester, madame would command me to stop at particular locations where concentrated sunlight had been chemically processed in a proprietary manner and stored in solar-collector substrate cylinders for transport East on the abysmal NY Thruway. She was pleased. Made me happy.
Local NH farm in family forever just threw in the towel. Lots like upstate NY.
http://www.boston.com/news/local/new_hampshire/articles/2010/07/27/natio...
- Ned
Big difference between migrant workers and illegal immigrants.
Some migrants are illegals but all illegals aren't migrant or working, but they're using the state's resources.
I remember last year, I was reading an article about WA state sending welfare recipients to the rural, farming areas of the state cuz housing, food, etc costs were lower and they could save money on the cost of living difference. On the next page of the paper, facing this same article, farmers were complaining about the shortage of farm workers to pick fruit, they wanted to "loosen" the Mexican worker requirements. Bizarro world for sure.
Knuckles,
Fruit and veggies are too inexpensive. There's your problem right there. If we didn't allow the employment of illegals, those fruit/veggie picking jobs would have to pay wages high enough to convince people to take the jobs, and produce would be more expensive. Why is this a problem? Think about how much more backyard/urban farming we would have if produce was more expensive!
If we didn't allow the employment of illegals, those fruit/veggie picking jobs would have to pay wages high enough to convince people to take the jobs, and produce would be more expensive.
Or "we" could just stop expanding the welfare state with items such as extended unemployment benefits. It's a win-win for the productive class, but a big loss for the favors-for-votes class.
No they would NOT.
Labor costs do NOT DRIVE end market costs, they drive PROFITS, which drive BONUSES.
You people who think that you and the rest of the ordinary are deriving some benefit from illegal and outsourced labor are FOOLS.
Look, you've bought freakin cellphones, haven't you? iPhones even? Originally, the handsets were made in Japan...subsequent models in the same product line moved to China to increase PROFITS. The end user cost? The freakin SAME. Despite labor going down by a ton.
The same is true all across the product spectrum
"White people won't pick vegetables" is a bogus argument. No one complains about the illegals working in the fields. It's the "urban illegals" with their 4 ninos between the ages of 2 and 6 whose education, health care, and food stamps I will be expected to pay for the next 15 years that I object to.
You forgot about their child care and housing you are paying for too. However, for "welfare" recipients, I see a whole lotta other white/black/yellow/red folks mooching too. The problem isn't race, nationality or whatever, the problem is entitlement living for anyone who isn't willing to pull their own weight. And the biggest welfare recipients of all, MIC & Wall Street, they all look pretty white and male to me.
they look pretty jewish to me...
Bullshit, plain and simple.
At the right wage those farms will have plenty of legal workers. And if they can make a profit paying the higher wages, then they shouldn't have been in business to begin with.
Illegals and all their supporters can GTFO.
And if they can make a profit paying the higher wages, then they shouldn't have been in business to begin with.
But the growers are in competition for labor with those who give away free money for not working. I suggest that you reassess who should be required to justify their existence.
Farming is overwhelmingly mechanized, most illegal aliens are not employed in agriculture.
Knucles,
2% of the illegal aliens in Socal are picking fruit. 36% of the illegals in Socal are documented felons or in Jail. At a cost to the taxpayer of $40,000 a year for incarceration were are 'paying' close to $40,000 a year for each fruit picker. Only problem is the farmer's aren't paying, the taxpayer is! We pay in the price of fruit or we pay in our taxes. What kind of choice is that?
I'll pick the fruit for $40,000 a year.
Icarus
Gee, who can't read into this fiasco? All they are doing is trying to get Benny boy to bail them out, so CALpers can get its value back up as they melt up the market on the bailout news. All of course while putting more people out of their homes onto the street, in turn Benny will buy for the portfolio at full value.
All states are sunk until they oust the unions, lower pay and restructure pensions. It's nothing but band-aids (extend and pretend) until that's done.
Yep.
Two days and counting until Cal state employees start making
minimum wage. It will then be a state of emergency.
The CHP is really trying to balance the budget. You can't piss into the wind on the freeways w/o hitting a Chippie. We stopped counting the other day, they were all out and all writing tix. Basically, a tax increase handed out via "Ennie meenie, minee mo" as you blow thru the speed trap at 85 MPH
California by itself represents the 8th largest economy in the world.
Greece is 115th.
Perhaps CA should apply for "bank holding company" status a la American Express.
+ 1000000000000000000000000000000000
Arnie already ran the idea of borrowing from the Fed directly up the flagpole 2 years ago
http://politics.usnews.com/news/national/articles/2008/10/09/credit-crisis-means-states-may-need-help-from-federal-treasury.html
My magic liberal eightball says a judge will throw out the Schwantz's proposal. The fact a state has NO money is no excuse for not paying. Don't believe it? You don't know California or the ninth circus court of appeals. watch...
9th Circus gonna get a workout. But they are up to it, they already know the answer.
Here in MA we have an AG (no, not now "Aspiring Governor") who ran for "Ted Kennedy's Seat." She famously said "Technically it is not illegal to be illegal in Massachusetts."
But, don'tchaknow, in AZ, it is not technically illegal to be illegal!
What a country.
- Ned
The AZ ruling followed similar logic. As far as I can understand it, the judge said "It's illegal to prevent someone who is in the country illegally from working".
Anybody who didn't expect today's decision to go the way it did is incredibly naive. I gotta believe the Obamination's minions went judge shopping.
Fear not though......this will get bumped quickly to the Supreme Court, where Roberts finally gets his chance at payback.
This is such a big "entitlement" state it makes me sick to my stomach. Here are 3 friends:
1) 51 year old retired husband and wife cops pension benefit - $250,000 /yr
2) 52 year old elementary school teacher pension - 108% of salary
3) 49 year old prison guy retiring in 6 months- 98% of salary, his a'hole block head brother retired last mth.
This is such a big "entitlement" state it makes me sick to my stomach. Here are 3 friends:
1) 51 year old retired husband and wife cops pension benefit - $250,000 /yr
2) 52 year old elementary school teacher pension - 108% of salary
3) 49 year old prison guy retiring in 6 months- 98% of salary, his a'hole block head brother retired last mth.
Or how about Bell, California - City Manager was being paid $787,000 to manage a city of 34,000. Of course, he has had to resign - with a pension that will pay $30,000,000 over the next 30 years. Sounds reasonable.
Imagine the surprise though when the money isn't there.....its block party times with torches and pitchforks as the neighbors decide who's going to eat who....
You could have $100 billion dollar pension over 10 years.....you have less than two years to get a running head start....then the zombies are coming after ya!
....in an uncorrupted judicial system, that $30 million would be buying him a lot of smokes in the pen.
Nice touch.
Candyman, I feel this is one area where inflation, or even hyper-inflation, cures the illness. If, like the Zimbabwe dollar, a 100 TRILLION dollar note can't buy you two eggs, then any unreasonable pension gravy-train retirement or contract you might have is worthless. $250K per year - pfff - small change!
On the other hand, deflation makes this situation worse. For me, this is partly why the inflation/deflation debate is so important.
The problem is that these pensions have an annual COLA.
another client called today and he is retiring, we spoke with the railroad union. there is an automatic 3% COLA included in the defined benefit contract.
another client called today and he is retiring, we spoke with the railroad union. there is an automatic 3% COLA included in the defined benefit contract.
All good things come from California.
The Queen of Las Vegas:http://www.cnbc.com/id/15840232/?video=1553897063&play=1
LOL, Vegas is toast !!
http://www.youtube.com/watch?v=NqsTEmbI0Zk
I hate re-runs.
Hey, HEY, hey!
I think there's a good business model setting up currency exchange kiosks at airports and along the border to exchange Bear Chits (the California IOUs) to Lincoln Logs (those from Illinois), $USD, etc.
As someone living in Crook County outside the People's Republic of Chitcago-troit, I can tell you Lincoln and this state have nothing in common.
Anyone who knows his history will tell you that Kentucky is the "Land of Lincoln".
You work downtown? The place is falling apart and the tourists still come....nice view from the Sears Tower anyway...eh..what's it called again? Maybe we could start a Chi-town ZH club...I say meet at Ceres...stiffest drinks in the city....