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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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No, I've lived in the NW Crook County suburbs the past couple years since I graduated, but I may end up being forced into the city--hell of a time too.
Not looking forward to that, but I've already cut my spending to the bone so I won't be paying 10.5% on much. I already leave the county for any big ticket purchases, so if I move into the belly of the beast I'll be reviving my Amazon Prime account to order everything I can.
Lincoln would have made a fine Chicago politician. He was as evil and devious as they come.
Munis are the new Subprime. The unthinkable does happen
Equally dangerous are the COPs ( Certificates of Participation ). They're all over the place in municipalities. They differ from muni debt securities, which must be declared as debt. COPs are lending lease agreements that municipalities pay up on as an expense from general funds. The payments are run through the TBTFs into trust and then to holders of the certificates. As leases, the holders encumber the property of the municipality doing the " money leasing ".
All of it slips through the noose of declared muni debt. One medium sized CA city has $ 1.5 billion of COPS to build theaters, parking garages, ball fields, roll and retire other muni debt, etc........yet is in the top 5 of distressed homeownership and unemployment in the USA !! Its Mayor is President of the National League of Cities !!
The under-the-radar stuff is always the real threat. It's always the bullet you don't hear fired that gets you.
and i thought Moonies were the new subprime. I thought you were at Steinbrenners funeral?
See you at the pahtee RICHTER!!!
Chapter 66 LOL... How nostalgic. Crazy Arnies' going out of business. The Boss says everything must go !
City Administrator and Police Chief in small city of Bell Ca. made about $800,000 and $500000 respectively before resigning. Pension obligation for these dirt bags is probably $10 mm. It this the tip of the iceburg?? The corruption has reached cities throughout America and will lead eventually to a Mexico type Government. Ca/NY/FL/MI/NV deficits will force QE2 after election. The old rule...."Never owe the banks a small amount of money" works for Ca. Its too big (powerful) to fail.
The only good that came out of the great Bell taxpayer fleecing is that all municipalities across Amerika now have janitors cleaning shit off the floors... left there by their own nervous electeds and high end paperpushers.
As goes California , the fad starter , so goes the rest of the USA . In trends , in bankruptcy . Next stop East Coast ( New York ?!?) from where the Calif trends sprout next , then the tidal spread across the Midwest until the wave crashes again on the Rockies. If chaos breaks out in Calif , social unrest , riots ( which are not censored by MSM ) . Then it is time for all the survivalists to get out of Dodge , and head to your select bunkers or forests .
Yes and that was postulated by Frederick Jackson Turner a long time ago....
So, does this mean that Charles Manson was right about "Helter Skelter", just a few decades off in timing?
It's an economic depression, not Mad Max. We'll end up with new leadership, a currency backed by precious metals, changes in law, and a chance to rebuild the economy. End...no need for survival gear.
The illegal aliens are doing the jobs youths used to do. What is youth unemployment in the States right now?
(If your math question requires a 5 digit answer with one of them being a minus sign, and you are only allowed three spaces, what kind of bullshit is that?)
This is Arnold at a budget meeting.
http://www.youtube.com/watch?v=fpUVPvsIF5w&feature=related
they could just sell the golden gate bridge, lake tahoe and the redwoods. pay off all the debt, take back the bridge, lake and trees by eminent domain and start over again -
who are they selling to? Retards or the Fed?
the chinese dill weed
"the Chinese dill weed" I'm not familiar with that one... Organic Farmer, Gully...anyone? Is that an heirloom variety?
ooh, and Spahning the other replies- what was writted in blood was "Healter Skelter"... And that my friends is why you need the survival gear... CB
Can't Sacramento just get a bridge loan from Bell, CA to tide them over?
Just default on everything publicly. Everything. It will last two days. And then other states will do it too.
Default on everything publicly and shut down the state - things will change. come on Arnold. Terminator.
That domino needs to roll. Europe would Love to make fun of us in their papers. California will be too high to riot. Sorry Greece.
If we default, Europe will be jealous and right behind us.
CA fast-tracks legalization of ganja...they will be fine. It will be chaotic and psycho for a while but is it not always there? Dominoes go in more than one direction and go in circles if you want them to do just that. Shake it up Arnold.
i'm going to repeat this once more for those who don't understand. if you elect a governor not belonging to the party in Washington, you can kiss all those federal perks goodbye. when Bush won in 2000, the golden state wisely elected a Republican governor. Now Bush is gone, and Obama is in place, and there ain't no federal help comin our way, Jethro, until we see that the votershave rather wisely elected a member of the party who belongs to the same party in control in D.C. Now unfortunately Obama's coattails are a little short right now, but mostly golden staters will vote their own self interest, assuming their party in Washington can deliver the goods, which are currently being withheld. Once Brown is reinstituted as governor the state will have a budget, money will flow like honey, and Obama will come here to campaign. simple enough. otherwise Mr Timid cannot afford stumping for another loser.
Glad you repeated it, although, it suck the first time!
Obama is a one term King and your State should try some austerity.
Closing that border and deporting some illegals could save some FRN's...think?
Really... both parties suck! The people need to take responsibility for what happens in their own backyard and clean up their State from fraud, corruption and welfare.
Arnold is trying to get a budget. I know, that's so silly, who needs a budget anymore.
Californians could start by getting rid of the pork-belly pigs Pelosi, Boxer, and Maxine Waters!
Put your hand back in your pocket and get on with it.
Good Luck!
I will say it again - just default already. God, someone has to be really, really first.
GET TO THA CHOPPA
It could be like the last scene of Fargo. B-movie style of course.
We should accept that Arnie will finish his term and go home.
We should be concerned who will be filling that Governor's House after Arnie is gone.
None of that matters anymore does it.
California is a heart of computer idolatry of USA. The Arnie-(Hard-Working)-Barbarian can do NOTHING with the California today's problems. When "Titanic" (the ship) was sinking, another ship called "Californian" passed away Titanic, did not pick-up anybody.
just heard a 'legit' song on pop-radio that was essentially a three minute ad for 'california girls' ... and not by the beach-boys.
$100 bux says in the background that this techno-beat brittany-esque hip-hop thing was paid for as a promotional piece by the Cali chamber of commerce... (their taxpayer $$$ at work).
the song was contemporary and completely devoid of anything creative, relative to its genre.
i know apple pays the various movies/serials "placement fees" to have their products 'casually' appear in hit productions, but this tune was just wrong at so many levels.