A Majority Of States Are Now Insolvent: Quantifying The Disastrous Unemployment Situation

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Mon, 02/01/2010 - 14:38 | 213468 Gold...Bitches
Gold...Bitches's picture

Its Greece all over the place.

Mon, 02/01/2010 - 15:17 | 213539 DaveyJones
DaveyJones's picture

lets smash some White House dinner plates

Tue, 02/02/2010 - 07:49 | 214521 Anonymous
Anonymous's picture

And then head on over to Finance Street for some more smashing?

Mon, 02/01/2010 - 15:39 | 213579 Anonymous
Anonymous's picture

Greece is the ward. CalifornikatIOUn.

Mon, 02/01/2010 - 16:46 | 213717 MarketTruth
MarketTruth's picture

The % of Greece to the Euro currency is SMALL BEANS as compared to the % the Republik of Kalifornia is to the USA's dollar currency. Then add in other States PLUS their future retirement fund obligations...

Mon, 02/01/2010 - 14:40 | 213472 master_of_puppets
master_of_puppets's picture

so i should get unemployed real quick before i miss out???

Mon, 02/01/2010 - 15:05 | 213517 Mad Max
Mad Max's picture

Tempting, isn't it.

Mon, 02/01/2010 - 18:16 | 213875 Yophat
Yophat's picture

Unless Congress extends it again (entirely possible)...the cut off for the Fed side of the unemployment funding (not state loans) will end July 31, 2010.

Mon, 02/01/2010 - 14:44 | 213475 CoopDeluxe
CoopDeluxe's picture

Where is Project Mayhem???

Mon, 02/01/2010 - 14:54 | 213503 Internet Tough Guy
Internet Tough Guy's picture

Maybe the killer ukrainian super-flu got him.

Mon, 02/01/2010 - 16:19 | 213636 ShankyS
ShankyS's picture

+1 LMAO

Mon, 02/01/2010 - 19:40 | 214020 Anonymous
Anonymous's picture

+111 LOL!!!

Or maybe the black helicopters finally came for him...

Mon, 02/01/2010 - 21:12 | 214179 Lou629
Lou629's picture

I think it was something more along the lines of this:

The black helicopters found his bunker and deliberately released the Ukrainian killer flu bug on him, while the WHO and MSM remain criminally silent in their conspiracy to not report it.

Tue, 02/02/2010 - 11:18 | 214424 WaterWings
WaterWings's picture

OH LOOK! Lou is back!!

Hi, Lou!!

Seemed like the last time I saw you it was the disinformation you were spreading!

You can't seem to post something without mentioning tin foil or black helicopters. Why dontcha' come up with something original for once!! Or get the Fuck outta here.

Tue, 02/02/2010 - 11:30 | 214677 Lou629
Lou629's picture

WW

Good to be back, and you're still an asshole i see, but i missed you while i was on vacation.  BTW, when you become a forum administrator, then you can tell me what to do.  Go fuck yourself otherwise. 

As for disinformation, you're the one defending the likes of PM, so you are hereby awarded the Goebbels prize for truth in journalism. 

Wed, 02/03/2010 - 12:38 | 215925 WaterWings
WaterWings's picture

+1

My avatar is a disclaimer. But avoid my counsel and pay the price. At least I don't repeat myself every other post.

Wed, 02/03/2010 - 19:46 | 216562 Lou629
Lou629's picture

Well howbout'dat?  You've gotten to a point where now you think it's only every other post.  Better be careful there W2, next thing you know, you'll be finding yourself agreeing with me on something or other...lol...

Mon, 02/01/2010 - 14:45 | 213477 Hephasteus
Hephasteus's picture

Uh. Oklahoma has not had much unemployment yet tax revenue is down so badly that they fussed for weeks about how to save 10 million lousy little dollars to keep from firing several police and fire department people. They could probably actually let about 20 to 30 useless cops go though. So even if unemployment shows gray on these states they got other problems.

I saw a funny news clip where one city was going to spend several million dollars to advertise the need to raise taxes because they didn't have enough money.

Michigan is just a kind of fucked that has never been dealt with by anyone outside of a war zone where you were losing badly.

Mon, 02/01/2010 - 14:59 | 213507 WaterWings
Tue, 02/02/2010 - 00:31 | 214384 Hephasteus
Hephasteus's picture

Well watched the news tonight. 600 million dollar rainy day fund. 555million of it going goodbye next year. Hoping that things pick up and those numbers won't be so dire but people will re-entrench harder and make that fund go poof.

Great depression II Quit Harder. When your angels come to take you back home. Tell them to get lost. The only way to beat relentless stupidity is through relentless quitting. The one in control remains in control. Till they control nothing.

Mon, 02/01/2010 - 23:23 | 214303 Anonymous
Anonymous's picture

i am all for getting rid of useless cops and that
begs the question of whether useless cops is
a redundant pair of words.

Wed, 02/03/2010 - 07:51 | 215694 Anonymous
Anonymous's picture

certainly "oxymoron" makes "redundant pair of words" somewhat redundant

Mon, 02/01/2010 - 14:46 | 213479 Stranger
Stranger's picture

What difference does it make? It all goes on the Federal Government's infinite credit card.

Mon, 02/01/2010 - 14:51 | 213492 Internet Tough Guy
Internet Tough Guy's picture

Until the federal credit line gets closed by China. And they aren't happy about the Taiwan development.

Mon, 02/01/2010 - 15:06 | 213518 Anonymous
Anonymous's picture

Rosetta Stone: So we can say, "Yes, Master" in the appropriate language...

Mon, 02/01/2010 - 16:10 | 213625 Stranger
Stranger's picture

The Federal credit line is the Federal Reserve Bank. Even if the Chinese close their account, the Fed will keep extending credit.

That is how it has worked in every other country.

Mon, 02/01/2010 - 18:14 | 213870 Anonymous
Anonymous's picture

Until the Arabs shut the oil off.

Tue, 02/02/2010 - 11:12 | 214655 WaterWings
WaterWings's picture

Haiti has a huge potential for oil. Possibly bigger then Venny with all that unexplored territory with three tec plates constantly shifting underneath.

Mon, 02/01/2010 - 15:04 | 213515 Anonymous
Anonymous's picture

The Federal Government has a Chinese issue credit card. And purchases earn us reward points on Chinese merchandise.

Is that how the world works?

Tue, 02/02/2010 - 00:59 | 214408 harveywalbinger
harveywalbinger's picture

The Chinese hate it, but our organized crime racket is more powerful than their organized crime racket.  We've got world reserve currency status.  As long as that's the case, we control the game.  We win.  That's the way it is.  Until it's not, then we're fucked.  

I say "we" as if to say we peasants get to participate in the looting.  If only it were so...  All the peasants can look forward to participating in is getting bent over...  

I'm pretty sure that's how the world works.

Mon, 02/01/2010 - 15:28 | 213559 Steak
Steak's picture

Were that the credit card actually had an infinite limit...

Off topic but i couldn't resist given your namesake:

<As if that blind rage had washed me clean, rid me of hope; for the first time, in that night alive with signs and stars, I opened myself to the gentle indifference of the world. Finding it so much like myself — so like a brother, really — I felt that I had been happy and that I was happy again. For everything to be consummated, for me to feel less alone, I had only to wish that there be a large crowd of spectators the day of my execution and that they greet me with cries of hatred.>

Mon, 02/01/2010 - 20:09 | 214086 Dantzler
Dantzler's picture

R.I.P. Albert

Sarkozy should leave him be.

Tue, 02/02/2010 - 01:38 | 214435 tom a taxpayer
tom a taxpayer's picture

Stranger - Great point.

Uncle Sap - "Another round for all the states. Sure boys, its on me. Hey, Maestro, keep playing the music. I want to hear "Wait til the sun shines Nellie". Louder! Louder!" 

Mon, 02/01/2010 - 14:48 | 213484 Trifecta Man
Trifecta Man's picture

Hey mister, could you stake a fellow American to a meal?

Mon, 02/01/2010 - 14:52 | 213496 Whizbang
Whizbang's picture

It's amazing to me that you can fund 20% of the country's unemployment for less than 5% of tarp outlays. What the f*ck?

Mon, 02/01/2010 - 14:52 | 213497 Internet Tough Guy
Internet Tough Guy's picture

Great post. Clear, cutting, and concise.

Mon, 02/01/2010 - 14:52 | 213499 SDRII
SDRII's picture

look at transfer p[ayments in the most recent "personal Income" numbers - up $14B m.m

Mon, 02/01/2010 - 14:54 | 213502 Hammer59
Hammer59's picture

Where is Project Mayhem? I checked his web-site, and he has'nt made a posting for over a month. Miss his insight.

Mon, 02/01/2010 - 15:20 | 213544 John Self
John Self's picture

Or at least his splashy pictures that were vaguely suggestive of some insight.

Mon, 02/01/2010 - 15:23 | 213552 JR
JR's picture

So do I miss his insight, his cut to the core of political and economic nonsense.  This Week in Mayhem was one of the most powerful, courageous layouts of basic truths and clear thinking that we had going for us.  Every episode was a brilliant performance!

God help us if Project Mayhem has put aside his keyboard.

Mon, 02/01/2010 - 15:40 | 213581 Anonymous
Anonymous's picture

Nah just carried away by black helicopters. Not so sure everything was "brilliant". A lot of it was a re-hash of ZH articles and a roundup of info readily available on other sites.

that being said, props for the effort.

Tue, 02/02/2010 - 10:57 | 214642 Kissy Ass
Kissy Ass's picture

He got to Level 3 ID'ing The Reston 6. You have to be a ghost when you get to that level or you don't survive.

(HAARP, boiling water in large underground aquifers, earthquakes for sale).

Mon, 02/01/2010 - 15:05 | 213516 JR
JR's picture

The famous New Deal opponent Albert Jay Nock wrote that the power of the State increases because of three "principal indexes”:

 

  1. Centralization.  “Practically all of the sovereign rights and powers of the smaller political units…have been absorbed by the federal unit.”
  2.  Extension of bureaucracy.  “The pressure of centralization has tended powerfully to convert every political aspirant in the smaller units into a venal and complaisant agent of the federal bureaucracy.”
  3. Erection of poverty and mendicancy into a permanent political asset.  “All that was needed to organize these unfortunates into an invaluable political property was to declare the doctrine that the State owes all its citizens a living; and this was accordingly done.  It immediately precipitated an enormous mass of subsidized voting-power, an enormous resource for strengthening the State at the expense of society.
Mon, 02/01/2010 - 23:26 | 214307 Anonymous
Anonymous's picture

thank you for this outstanding nugget....i am
unfortunately taking an american history class
where an assigned reading is a hagiography on
the new deal and fdr as though that drum hasn't
been beat into pulverization....

i am currently reading rothbard as an antidote
but now i have some icing on the cake.

Mon, 02/01/2010 - 15:07 | 213523 NRGTDR
NRGTDR's picture

Maybe this info will accelerate the "Flight to Safety" to the security of the greenback bunker. LOL...."Flight to Safety"....

Mon, 02/01/2010 - 15:09 | 213524 bugs_
bugs_'s picture

An additional thought to those that have not yet
been layed off (or who got laid off and took a
lower paying job and haven't been laid off from
that yet):

Don't factor the availability of unemployment
into your plans.  The "states" will have to
"reign in" the outlays.  Now that the first
"10%" have received their extended-extended
benefits and depleted the funds, upcoming
first time filers may not be able to obtain
their entitled relief from the UI ponzi.

Mon, 02/01/2010 - 15:41 | 213588 Anonymous
Anonymous's picture

I disagree. The illusion will be maintained at all costs.

Mon, 02/01/2010 - 15:14 | 213533 crzyhun
crzyhun's picture

Yah, but taxes are going up...that should help!

Mon, 02/01/2010 - 15:19 | 213542 ReallySparky
ReallySparky's picture

My business laid off some people last year, I see the unemployment benefit statements come in and my heart just cringes.  I knew these people and what their lifestyles were like.  Heard the stories of their kids, yadda, yadda. As a business owner, I always hated paying the taxes, and felt ripped off when I fired some lazy or dishonest SOB, and they got benefits.  Now when I see those statements, I am secretly glad that I paid those taxes.  It hurts that I can't provide employment for these "good" workers because of the economy.  I cringe because I know that based upon the benefits that they are recieving, they must be close to starving.  Sad, really sad.

Mon, 02/01/2010 - 15:21 | 213547 SWRichmond
SWRichmond's picture

The most bankrupt states are California, with $6.8 billion in borrowings, Michigan ($3.4 billion), New York ($2.4 billion), Pennsylvania ($2.2 billion) and Ohio ($1.9 billion).

States which furnished the most troops for the invasion of the Confederacy:

  • New York: 448,500
  • Pennsylvania: 337,900
  • Ohio: 313,100

How do you like your almighty government now? 

 

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