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California's Budget Miracle A Mirage After All

Tyler Durden's picture


Just under a month ago, the mainstream media and blogging coat-tail-riders all hailed the miracle that was a huge windfall rise in California's tax receipts as a sign; a glimpse of what was to come from our centrally planned utopian recovery. Surpluses, taxes up, life is good. Unfortunately, as is always the case in reality, if its too good to be true, then it is! The LA Times reports that the historic $5bn revenue bump appears to have been an accounting anomaly! Just as state accountants were starting to allocate the magical inflow of tax receipts, Governor Brown's administration says the extra money was "likely the result of major tax law changes at the federal and state level having a significant impact in the timing of revenue receipts." Taxpayers were paying a share of their bill early, getting income off their books in the hope of limiting exposure to the tax hikes that recently kicked in. The administration was expecting that money to arrive in April. Now, officials are saying it won't, and that just as January's receipts soared, they'll be offset by a spring plunge. We need another miracle, stat!


Via The LA Times,

The surge of revenue that showed up unexpectedly in state coffers last month may well be offset by a revenue dip in coming months, according to Gov. Jerry Brown's administration.


The surprise money has been the source of much speculation in the Capitol. Unanticipated tax receipts filled state coffers with more than $5 billion beyond initial projections for January — more tax dollars than are allocated to the entire state university system in a year.


The revenue bump was historic. But the question for budget experts was whether lawmakers could begin allocating the windfall toward government programs and tax breaks — or whether the money amounted to an accounting anomaly.


Brown's budget office now advises in an official cash report that it is probably the latter. Lawmakers need not do much reading between the lines to understand that the governor does not see the revenue boost as an occasion to pack the budget with extra spending.


The report says the extra money was "likely the result of major tax law changes at the federal and state level having a significant impact in the timing of revenue receipts."


That is: Taxpayers were paying a share of their bill early, getting income off their books in the hope of limiting exposure to the tax hikes that recently kicked in.


The administration was expecting that money to arrive in April. Now, officials are saying it won't, and that just as January's receipts soared, they'll be offset by a spring plunge.


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Tue, 02/19/2013 - 14:15 | 3256699 Mr Lennon Hendrix
Mr Lennon Hendrix's picture


Tue, 02/19/2013 - 14:26 | 3256759 JLee2027
JLee2027's picture

The Laffer curve is a bitch.

Tue, 02/19/2013 - 14:41 | 3256818 I am more equal...
I am more equal than others's picture

Frau Froma Harrop had an editorial a week or two ago gloating over the $5 billion.  She spouted that liberalism in its hideous Califorincation form was the WAY to govern.  Opps.  Not.  Reality is a bitch that just slapped that mess back to 'Dumb and Dumber.' Sorry Frau Fromma - the shit pie is horrible..... would you like some Ketchup?  John Kerry has a deal on Heinz.

Tue, 02/19/2013 - 14:52 | 3256866 ACP
ACP's picture

This is the part where Jerry Brown sticks his fingers in his ears and yells, "LALALALALALALA!!! I'M NOT LISTENING!!! LALALALALALALALALA!!!"

Tue, 02/19/2013 - 16:21 | 3257237 chumbawamba
chumbawamba's picture

Don't worry, they are making up for the shortfall by collecting it out of the asses of parolees.  And also by hijacking and kidnapping people, throwing them in a cage and holding their automobile for ransom.  Based on the people I met during the night I spent in jail a couple weeks back, they should be at a surplus again in no time.  Plenty of parolees to fleece in this state.  And when they run out of money then I guess it's to the FEMA camps.

As for my abductees, they will be paying my way out of their salary for the next year or so.  I think the sheriff will also be contributing to my party fund.  I will use the windfall to teach other people how they, too, can profit from their unlawful arrest and incarceration.

America: what a country!

I am Chumbawamba.

Tue, 02/19/2013 - 21:17 | 3258000 Stax Edwards
Stax Edwards's picture

Nobody could have seen this coming. Nobody.

Wed, 02/20/2013 - 01:38 | 3258574 Theosebes Goodfellow
Theosebes Goodfellow's picture

Stick his fingers in his ears? Are you kidding me? With so many more socialist utopian acts yet to be performed? The Moonbeam unit cannot rest on his laurels yet:

CA Gov. Brown Paroles 377 Convicted Killers

And don't forget:

CA Property Crimes Jump After Brown Releases Prisoners



Tue, 02/19/2013 - 14:41 | 3256828 walküre
walküre's picture

Accounting "anomaly"

All roads lead to 200 West Street. Look no further.

Tue, 02/19/2013 - 15:32 | 3257020 A Nanny Moose
A Nanny Moose's picture

Enron learned everything it knew from these fucktards.

Tue, 02/19/2013 - 15:51 | 3257093 cpzimmon
cpzimmon's picture

Please don't call those people fucktards. It's insulting to fucktards.

Tue, 02/19/2013 - 16:06 | 3257165 goldfish1
goldfish1's picture

A new adjective: dipshitidiots

The plural of such known as dipshitidians; also known as the race of dipshitidians.


Tue, 02/19/2013 - 14:52 | 3256869 Greshams Law
Tue, 02/19/2013 - 14:32 | 3256787 kliguy38
kliguy38's picture

If you are still sitting in that state by the end of this year then you can bend over and kiss your ass goodbye. This is just the tip of the iceberg......this is ground zero for the state and local budget implosion coming. This will be the first figuritively "green glass" state.....

Tue, 02/19/2013 - 14:45 | 3256844 Yancey Ward
Yancey Ward's picture

Sorry, that ass was taxed away in 2011.

Tue, 02/19/2013 - 16:36 | 3257295 eatthebanksters
eatthebanksters's picture

I am loving it...I live here and can't wait for this shit to blow up in the faces of those morons in Sacramento. Moonbeam the dreamer...well, tell me whan you figure out how to pay the bills with dreams!  Rick Perry must have a big Texas sized shit eating grin o his face rght about now...

Tue, 02/19/2013 - 16:46 | 3257337 Meat Hammer
Meat Hammer's picture

Agreed.  I'm in the belly of the beast and I want a front row seat to the "WTF just happened?" looks on the faces of the bastards who voted for this.  Despite the people, I love California; it's my home and I'm not leaving it to the parasitic libtards.  When baby-mama on EBT is fighting against bloated-union-pension recipient for the tax crumbs it's going to be quite the comedy.

Tue, 02/19/2013 - 18:14 | 3257599 DoChenRollingBearing
DoChenRollingBearing's picture

Non-California resident Bearing (but certainly having appreciated the beauty of your state) would suggest to you worthies living there to consider just not playing anymore.  Retire.  Buy/sell for cash.  Keep your heads low, maybe this will either blow over (aah, probably not) or at least many of you live in a place with a nice climate.

And, yes!  Keep the popcorn handy for the fun to come!

Tue, 02/19/2013 - 18:53 | 3257693 Miffed Microbio...
Miffed Microbiologist's picture

This is the plan many of us are implementing Do. We know what is coming and are frantically networking with other like minded people. It's hard to leave your home of 30 years even though it has degraded into a cess pool caused by ivy tower academia and an endless stream of parasites. However, I do at times feel like a Jew in the 1930s...better get out of here. We do have a place to go in Wash state if it gets truly bad but for now it's hunker down. Perhaps ultimately we'll help others. It looks like we're going over the cliff first so other states can see how it all goes down. Cali seems to be the leader in all things good and bad. Hope you enjoy the show.


Tue, 02/19/2013 - 20:26 | 3257883 nightshiftsucks
nightshiftsucks's picture

Where do you meet like minded people,i'm in San Ramon.

Tue, 02/19/2013 - 21:19 | 3258006 Meat Hammer
Meat Hammer's picture

nightshift, you being in the Bay Area will make it tough to find like minded people, but they're out there.  Check FB for local libertarian groups or just casually talk to your neighbors to see what they think the future holds.  If they start talking about the rich paying their fair share, nod your head and then go talk to the next neighbor, who may not be a statist cocksucker.

Tue, 02/19/2013 - 14:16 | 3256702 Hedgetard55
Hedgetard55's picture

No way! Whocouldanode?

Tue, 02/19/2013 - 14:27 | 3256765 myptofvu
myptofvu's picture

Lazy Californians, if they tried harder they could find a way to make this the Guns fault, or Bush's fault.

Tue, 02/19/2013 - 14:57 | 3256891 CaptainObvious
CaptainObvious's picture

Naw, it's Facebook's fault. Facebook was supposed to create a shit ton of instant millionaires for the People's Republic of California to tax into an early grave, or at least into moving to Nevada. Curse you, Zuckerberg!

Tue, 02/19/2013 - 15:39 | 3257045 A Nanny Moose
A Nanny Moose's picture

Understanding Austrian Econ/Anarcho-capitalism, means always having to apologize for being able to say, "I told you so."

Tue, 02/19/2013 - 16:08 | 3257177 goldfish1
goldfish1's picture

How To Solve Our Unemployment, Economic, and Mortgage Problems, California -style

Tue, 02/19/2013 - 14:16 | 3256703 nobusiness
nobusiness's picture

Shock! and disbelief!

Tue, 02/19/2013 - 15:00 | 3256905 McMolotov
McMolotov's picture

And unexpected! This whole country is a big ass mirage.

Potemkin Nation.

Tue, 02/19/2013 - 14:17 | 3256711 insanelysane
insanelysane's picture

See Greece....

Tue, 02/19/2013 - 14:17 | 3256715 r00t61
r00t61's picture

Why not just do what the FedGov does and change the accounting rules so that the "anomaly" just goes away?

Tue, 02/19/2013 - 14:18 | 3256722 centerline
centerline's picture

Or they need another anomaly!

The new normal.

Tue, 02/19/2013 - 14:21 | 3256738 GolfHatesMe
GolfHatesMe's picture

Attention HAARP.  We need some snow over here

Tue, 02/19/2013 - 19:11 | 3257732 Northern Lights
Northern Lights's picture

How about just turning all negative amounts on the book into positive amounts using "absolutes" arithmatic.

Wed, 02/20/2013 - 00:22 | 3258467 jerry_theking_lawler
jerry_theking_lawler's picture

so, instead of mark-to-market, its gonna be mark-to-anomaly??

Tue, 02/19/2013 - 14:19 | 3256716 Sudden Debt
Sudden Debt's picture


just a idea, but why not tax everybody on their supposed salary they'll make for the next year or so?


Tue, 02/19/2013 - 14:39 | 3256816 Poetic injustice
Poetic injustice's picture

Except government workers, for their dedicated work they should receive bonus as big as of their next year's salary.

Tue, 02/19/2013 - 16:22 | 3257244 Nick Jihad
Nick Jihad's picture

You may think you're only joking, but there is precedent for this in child-support law.

Tue, 02/19/2013 - 19:10 | 3257726 Northern Lights
Northern Lights's picture

You may think you're only joking, but there is precedent for this in child-support law.


Yeah, and God help you if you fall below expectations.  As a CEO, they'd just fire you and give you an exit package worth millions.  As a father, you'll go to jail!

Tue, 02/19/2013 - 14:18 | 3256719 Piranhanoia
Piranhanoia's picture

Surplus, missing surplus.  Took a long time to create the accounting error to hide all the missing money.  Offshore deposits anyone?

Tue, 02/19/2013 - 14:19 | 3256727 The Proletariat
The Proletariat's picture

..."significant impact in the timing of revenue receipts".  I am tired of .gov consistently taking from the productive and using extortion as defining "revenue"

Tue, 02/19/2013 - 14:27 | 3256763 Sudden Debt
Sudden Debt's picture

look at it like this:

You are a sheephearder. you have 100 sheep and 2 border collies to keep them under control and do the work for you.

So... every week, you kill a sheep to feed the dogs, kill one for yourself and life is good...

untill you realize... there's 52 weeks in a year... you'll be 2 sheep short... not to mention there will be a next year....

So you let other sheep come in from other flocks... other sheepheards... who also have the same problem but that's another story... and so you'll have more sheep every week.
So life is good...
untill you realize... those sheep don't produce wool... and eat the other sheeps grass... and they start painting their wool in red and blue colours... and start shooting each other...

So you notice there's a Austrian goat... and you apoint him governor... to fix your problems...

So long story short: the goat didn't solve the sheep problem and in the end the dogs killed the herd for food and you're left with nothing so you'll have to look for a real job... but.. the dogs are still there... hungry... and they kill you.

Tue, 02/19/2013 - 14:40 | 3256821 Broccoli
Broccoli's picture

Took me a second to realize you were talking about our friends the undocumented first class citizens and hasta la vista, Baby.

I am getting slow.

Tue, 02/19/2013 - 14:45 | 3256841 walküre
walküre's picture

Spoken like a true CITY SLICKER

If you have 100 sheep, you probably end up with 350 sheep p.a. minus the 104 sheep for the feeding purposes in your example.

The average ewe drops 2.5 lambs per year. One ram can service up to 50 ewes quite easily and is a happy ram.

Anyway, give or take a few sheep .. the "sheephearder" a.k.a. SHEPHERD will do just fine.

Tue, 02/19/2013 - 15:49 | 3257084 fitzpady
fitzpady's picture

Score one for Dwight Schrute...

Tue, 02/19/2013 - 14:48 | 3256850 BLOTTO
BLOTTO's picture

"Sheep" - P - Floyd

Harmlessly passing your time in the grassland away
Only dimly aware of a certain unease in the air
You better watch out
There may be dogs about
I've looked over Jordan and I have seen
Things are not what they seem.
What do you get for pretending the danger's not real
Meek and obedient you follow the leader
Down well trodden corridors into the valley of steel
What a surprise!
A look of terminal shock in your eyes
Now things are really what they seem
No, this is no bad dream.

Tue, 02/19/2013 - 15:26 | 3256972 JLee2027
JLee2027's picture

The solution is obviously infinite rehypothecation of sheep. You get some local guy (call him Ben) to print images of sheep to hand to other sheepherders as proof of ownership. In the meantime you promise you take care of and hold their sheep for them in return for a miminal fee. If they come to get their sheep back, just hand them more images of sheep in lieu of actual delivery. Therefore, you and the dogs have all the sheep they will need for many decades to come. 

Tue, 02/19/2013 - 15:40 | 3257053 Sudden Debt
Sudden Debt's picture

sounds like the most logical sollution to keep the party going :)

Tue, 02/19/2013 - 16:27 | 3257263 conspicio
conspicio's picture

Patent that shit, bro. Meme'd it

Tue, 02/19/2013 - 16:41 | 3257310 knukles
knukles's picture

And  blow up sex sheep for the goats (whatever guy sheeps are called) than you have something to sell for dessert.
Or something like that.


come on, its not much different than horse meat FFS

Tue, 02/19/2013 - 17:47 | 3257531 The Proletariat
The Proletariat's picture

Thanks for the sheep fuckers

Tue, 02/19/2013 - 14:19 | 3256729 EscapeKey
EscapeKey's picture

I look forward to the morons on reddit who literally circle jerked about CA's budget issues having been fixed, now all accept that they were wrong.

Tue, 02/19/2013 - 14:34 | 3256800 Dr. Richard Head
Dr. Richard Head's picture

They will probably just say you are looking backwards and we need to look forward in order to move forward.  Or something like that.

Tue, 02/19/2013 - 16:26 | 3257254 Nick Jihad
Nick Jihad's picture

I hate it when people misuse "literally". Please tell me that you misused it!  :-)

Wed, 02/20/2013 - 04:36 | 3258707 MSimon
MSimon's picture

And you are privy to their "private" spaces and are keeping an eye on their privates? Interesting.

Tue, 02/19/2013 - 17:04 | 3257353 knukles
knukles's picture

Here's the deal

My uber-liberal atheistic statist gooberment worker golf bud said ...

It was the Republican's fault because stocks woulda been higher (aka more Faceplant CapGains Revs) had they (Republicans and in particular the Tea Party) not blocked His Messiah's programs ...
....and to make it not just all OK, but better they'll just raise taxes (which the stste Democrats can do witout a citizenry vote as they're a super majority in Suckyourmento) ....
....and then went on a tirade upon a slew of unintelligible brand new throw money away programs for which they'd have new "revenues"


No different than DC

PS Don't forget to double check your sewer district's derivative positions.... time for something like that to resurface, me buckos... just when ya think its OK to get back in the water...

Tue, 02/19/2013 - 23:05 | 3258307 JLee2027
JLee2027's picture

I have family like your gold buddy. All their talking points come from a media outlet. It takes patience and a lot of work to bring them around.

Tue, 02/19/2013 - 14:20 | 3256730 TruthInSunshine
TruthInSunshine's picture

It's okay; Bernanke will nominally price target Facebook to $800/share (like Google) in order to bail Kalifornia out.

Tue, 02/19/2013 - 14:22 | 3256731 JustObserving
JustObserving's picture

Bernanke will print California all the miracles it wants.  He is printing 85 billion every month.

Reality is so overrated. Mirages are the new reality.

Tue, 02/19/2013 - 14:23 | 3256747 LawsofPhysics
LawsofPhysics's picture

Indeed, I wonder what he will do when the interest alone is 85 billion per month?  The capital and resource mis-allocation and mal-investment continues.

Tue, 02/19/2013 - 16:12 | 3257200 goldfish1
goldfish1's picture

Here's another idea of how to distribute Ben's Bux:

How To Solve Our Unemployment, Economic, and Mortgage Problems

Tue, 02/19/2013 - 14:23 | 3256742 slightlyskeptical
slightlyskeptical's picture

Sounds legit to me. The Fed budget looked better after January for the same reason.


Misdirection everywhere.

Tue, 02/19/2013 - 14:23 | 3256745 Rustysilver
Rustysilver's picture

No, this can't be happening. I am sure  Mr. Brown is doing heck of a job.  Everybody else is WRONG.

Tue, 02/19/2013 - 14:24 | 3256748 GubbermintWorker
GubbermintWorker's picture

Wow, I can't believe they didn't know what caused that bump!! I took an early distribution on an IRA on December 30th so that I wouldn't have to pay the extra taxes this year! No brainer!

Tue, 02/19/2013 - 14:26 | 3256757 Yen Cross
Yen Cross's picture

Sales tax increases work wonders. Fucking, Moon Beam Brown at his best!

Tue, 02/19/2013 - 14:32 | 3256779 JLee2027
JLee2027's picture

Board of Equalization? One white male, check. One black male, check, One Asian female, check, One middle eastern looking female, check, one South American looking duded, check. Forward comrade!

Wed, 02/20/2013 - 00:50 | 3258512 sun tzu
sun tzu's picture

How could so much diversity ever fail? We'll simply change the dictionary so that failure means success. Everything the socialist statist crony capitalist kleptcrats are doing is a huge success!

Tue, 02/19/2013 - 14:26 | 3256761 adr
adr's picture

My W2 says I made $62k last year, but when I looked at my latest bank statement there wasn't that much there.

Must have been one of those accounting anomalies. Sorry IRS you took too much from me all year and you have to give it back.

Too bad that doesn't work.

Tue, 02/19/2013 - 15:03 | 3256914 Water Is Wet
Water Is Wet's picture

$62K?!?!  That's barely above the welfare mom threshold of $59,000.  Man, don't you feel like a sucker.

Tue, 02/19/2013 - 15:45 | 3257075 A Nanny Moose
A Nanny Moose's picture

lol...less is more.

Tue, 02/19/2013 - 16:01 | 3257139 Tijuana Donkey Show
Tijuana Donkey Show's picture

You made $62k for masta, then masta took his cut, then gave you enough not to starve. I have a federal masta, a state masta, a county masta, and a city masta. They need da monies to pay to keep all us in line, how could we serfs survive without masta? 

Wed, 02/20/2013 - 00:26 | 3258476 jerry_theking_lawler
jerry_theking_lawler's picture

basically, the .gov is like the mob....its for your own protection.....


we would probably be better off if the mob did run everything.

Tue, 02/19/2013 - 14:28 | 3256768 delivered
delivered's picture

Why is this a surprise to anyone. Wasn't it Steve Martin who played Navin R. Johnson in the Jerk that received some great advice from his brother just before he set out on his journey to St. Louis - "Never Trust Whitey". Or in other words, you can never trust a politician in the state of California.

This tax receipt anomoly was easy to predict as everyone was accelerating income last year and deferring expenses. This had the effect of accelerating estimated income tax payments which at the state level, are often accelerated into the last month of the calendar year to receive a deduction on the federal return (or if earnings are taken as W-2 wages, paid at the end of the month).

At the federal level, certain estimated tax payments to cover obligations in 2012 may have been made in December but most are made in mid January when the fourth estimated payment is due for the year. So we should expect a bump in federal receipts in January and then return to their normal downward spiral moving forward.

I believe Navin R. Johnson also received another piece of advice from his brother as to "If you catch it, see a doctor and get rid of it". Well, we've all caught it now (i.e., the constant BS from the politicians) so now the only question is what doctor do we need to see to get rid of it.

Tue, 02/19/2013 - 15:26 | 3256968 Rainman
Rainman's picture

Also, when Prop 30 voters stupidly approved the tax hike for the rich in November ( $ 200k + ) it was retroactive to 1/1/12.

Next up : the middle class gets targeted once Moonbeam gets re-elected in '14.


Tue, 02/19/2013 - 16:09 | 3257180 Tijuana Donkey Show
Tijuana Donkey Show's picture

200K! That's not even the cost of health insurance out there, is it? Man, retroactive is code word for a dry assfucking. 

Tue, 02/19/2013 - 14:29 | 3256772 Dan Conway
Dan Conway's picture

Maybe Kalifonia should pay for those empty promises with some of those empty revenues then all debt problems would be solved. 

Tue, 02/19/2013 - 14:32 | 3256784 A Lunatic
A Lunatic's picture

Surprise!! We may be a bunch of lying, manipulating, can kicking, hopium addicted assholes but hey, that's what you keep voting for.........

Tue, 02/19/2013 - 14:34 | 3256799 STP
STP's picture

Hilarious!!!  I've been tracking California's and LA County's Budget mess for years!   It's not 'simple governance' and maintaining the infrastructure.  Hell no!  It's Entitlement Land and free stuff for everybody!  LA County spends 75% of it's money taking care of the huge low-life population!  Roughly 23-27% goes to these three items, period.  1) Social Services, 2) Health Care and 3) Police and Fire Protection, because that portion of the population (now the majority) needs triple the Sherrif's and Ambulances!

Tue, 02/19/2013 - 14:53 | 3256865 Hongcha
Hongcha's picture

Yes; as well as a large chunk paying just the coupon on it's snowballing previous bond issues; which in turn pay the praemia on earlier issues.

Tue, 02/19/2013 - 16:20 | 3257233 Tijuana Donkey Show
Tijuana Donkey Show's picture

You need a little detail on that statement.

1. Education K-12 and Higher Ed 53.3%

2. Health and Human Services 11%

3. Corrections 9%

Can you tell the difference between an LA high school and a state pen?I bet top dollar that the lunch looks nearly the same, and the teachers/guards are paid about the same. Thanks to pure genius laws like 3 strikes, the prisons are exploding. I think Califonia is ahead of the curve here, they should merge Ed and Corrections, and only parole people when they graduate and have a job. Extra credit - turn it over to a private company......

Cali Prison Guard $45k (First year)

Cali Teacher $55k (first year) 



Tue, 02/19/2013 - 14:36 | 3256807 Sturm und Drang
Sturm und Drang's picture

Schadenfreude do loop.

Tue, 02/19/2013 - 14:37 | 3256810 youngman
youngman's picture

I said it before....Brown´s so called surplus will disappear very fast...his numbers are 5 billion short...way short...but I do believe Obama will bail out his blue states...he has to...

Tue, 02/19/2013 - 17:07 | 3257414 SeattleBruce
SeattleBruce's picture

Won't that make it tough for President Obama to keep his 'deficit neutral' positions he espoused in his SOTU address?  /massive sarc

Tue, 02/19/2013 - 14:38 | 3256815 q99x2
q99x2's picture

California can print Brown IOUs if it has to. Not to worry. I worry. My parking for college went from 35 to 80 and now $85. Of course that includes new fees for DHS.

Tue, 02/19/2013 - 15:49 | 3257085 A Nanny Moose
A Nanny Moose's picture

DHS fees....for parking? Really?

The rent seeking is out of control.

Tue, 02/19/2013 - 17:09 | 3257419 SeattleBruce
SeattleBruce's picture

Sounds like it's time to get outta that state...we're not far behind you in one of the other bastions of the left coast - 'the other Washington.'  (that used to be a point of pride, now it's just like saying - yeah, we're pretty much like the other one.)

Tue, 02/19/2013 - 23:27 | 3258368 combatsnoopy
combatsnoopy's picture

I drive a quiet car.  I don't like those loud rumbling things that don't have a muffler. 

Once I saw the parking stassi writing a ticket.  I snuck up behind her in my car and HONKED REALLLY LOUD LIKE THIS!!!

Oh I think the meterbeast thug lady jumped 6 feet in the air and had mild palpitations.

Tue, 02/19/2013 - 14:39 | 3256819 847328_3527
847328_3527's picture

"All's well that ends well," Ma always used to say.

Tue, 02/19/2013 - 14:43 | 3256832 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

So some California bureaucrat decided to annualize one month worth of data and then extrapolate?  It looks likes it's time for a promotion to the CBO.

Tue, 02/19/2013 - 14:50 | 3256855 ebworthen
ebworthen's picture

I knew it was bullshit.

Just couldn't bring myself to believe Jerry Brown, and my instincts were correct.

Not to mention that despite the Chinese buying real estate illegals are still flooding in and burdening infrastructure while those with money flee the state in hordes (when they come here, pay asking price for homes, and demand a Whole Foods and taking their dogs to the park we call it "Californication").

Late Great Golden State.

Tue, 02/19/2013 - 17:25 | 3257458 seek
seek's picture

Be prepared for the people who left to fuck up your state politics, too, trying to repeat the same mistakes that turned Cali into a cesspool.

AZ migrated from lowercase-libertarian to a red state pretty much entirely in respose to Californication.

Tue, 02/19/2013 - 15:30 | 3256856 Lord Of Finance
Lord Of Finance's picture




'It'll take a tick of interest rates, to blow this up


Too much of everything is never enough!


Just one more thing, dear Californ-I-A


You'll need a miracle, EVERYDAY!'











Tue, 02/19/2013 - 14:50 | 3256862 Svendblaaskaeg
Svendblaaskaeg's picture

..and where is Arnold when we need a superhero - in Fantasia with alle the other climate pedling rent seekers, Connie, Gro and pauchi et al.

Tue, 02/19/2013 - 16:18 | 3257227 are we there yet
are we there yet's picture

Arnold has his own illegal mexican maid problem holding him back.

Tue, 02/19/2013 - 14:53 | 3256872 Agstacker
Agstacker's picture

I smell a bailout...

Tue, 02/19/2013 - 14:54 | 3256877 CaptainObvious
CaptainObvious's picture

California is like somebody's old, dessicated brain-dead great-grandma who has weathered countless life-threatening illnesses and is currently kept alive solely through a pacemaker and bottled oxygen so that the doctors don't have to face up to the fact that they can't save everyone, or that sometimes saving someone isn't worth the cost of keeping them alive.  Somebody needs to man up and pull the plug on California.  Stop giving California the pacemaker of federal funds.  Stop giving California the oxygen of ever-increasing taxes.  Do the right thing and pull the plug.

Tue, 02/19/2013 - 17:57 | 3257553 Anusocracy
Anusocracy's picture

Cue Mother Nature for an earthquake.

Time for some job-creating broken windows.

Tue, 02/19/2013 - 15:08 | 3256925 americanspirit
americanspirit's picture

All that California has to do is to exercise its right of eminent domain, confiscate every single acre of primo farmland along with the water rights, and then lease the lot to China. You know they couldn't resist the deal. Plus they get to keep all the Mexicans on the land too. Eric Holder and Anthony Scalia would back you up 110%.

Former owners can stay on and work for the new owners or they can head for the state borders on foot, because all vehicles stay with the land along with the Mexicans. And if any former landowner resists relocation or servitude there's plenty of room in the re-education camps.

What's wrong Jerry - let's get creative for chrissakes. This is a classic Hollywood ending we're talkin' here. Where the hero always says "You know I have an idea. It's crazy, but it just might work!" Be the hero Jerry boy. Save the day.

Tue, 02/19/2013 - 17:41 | 3257510 NihilistZero
NihilistZero's picture

The theft of CA's farmland is happening as we speak.  The man made dustbowl that the Delta Smelt fiasco has created is intentional.  Selectedd interests' goal is buying the land at pennies on the dollar as they know it will be followed by some bi-partisan solution that gets the water flowing again.

Been in Cali my whole life.  The housing bubble kept me from buying property for the last 8 years and Bernanke's attempt to reinflate it is pushing the date out even further for me.  But I decided long ago I will wait them out.  The satisfaction when the whole socialist government goes down in flames will be worth it!

Tue, 02/19/2013 - 15:11 | 3256933 ziggy59
ziggy59's picture

Anomaly?? This whole clustercrap system is an anomaly!

Tue, 02/19/2013 - 15:12 | 3256935 Seasmoke
Seasmoke's picture

Brown lied to you clowns , AGAIN !!!!

Tue, 02/19/2013 - 15:13 | 3256942 orangegeek
orangegeek's picture

Dear California,

Here's your solution:

1)  Make your government bigger

2)  Give a 25% pay raise to all California government workers

3)  Raise taxes another 20-25%

4)  Extend union powers

5)  Hand government workers another 2 weeks off per year.


Sincerely, The State of Texas

Tue, 02/19/2013 - 15:25 | 3256973 csmith
csmith's picture

Even a dumb golfer (remember the Mickelson rant?) could’ve predicted this one…

Lefty's Revenge !!!


Tue, 02/19/2013 - 15:36 | 3257026 Smegley Wanxalot
Smegley Wanxalot's picture

It's not even the People's Republic anymore.  It's the People's Clusterfuck Of California.

What Scrotumento will now do is revise January down by $7 billion, and shift it to February so the media clowns will say "wow, $5B more last month, and $7B more this month!"

Then in March they'll do it with $10 billion.

Tue, 02/19/2013 - 15:56 | 3257120 Arthur
Arthur's picture


Tue, 02/19/2013 - 16:40 | 3257309 Meat Hammer
Meat Hammer's picture

I can't wait to go tell my libtard neighbor about this.  He voted for Moonbeam and has been shoving "He's getting us a surplus!" down my throat.  

Tue, 02/19/2013 - 17:01 | 3257399 Charles Nelson ...
Charles Nelson Reilly's picture

Phone coversation between Ben & Jerry-

Jerry: Bennnnnny boy, what's up you old Hebrew National?

Ben: Same old, same old. Printin' 85 billion a month and makin it rain in the stockmarket.

Jerry: You worried it might turn to shit like everything else you fucktards at the Fed have touched in the last 100 years?

Ben: Define "turn to shit"

Jerry: well keep it raining cause I got a fuckin situation for you me amigo.  About that surplus we had, yeah that was just something I told one of those "reporters" at the San Fran Chronicle. God bless em', fuckers are more interested in 24 hour a day orgies than reporting the news or doing any fact checking. Truth is, is that surplus is about as real as the hard on I get w/o taking my Viagra.

Ben: Oh vey Jerry, how much you need?

Jerry: How does $250 billion off the books sound?

Ben: I guess... I'll have it over to you by this afternoon.

Jerry: Benny.... you da man! Tell Yellen I got a real nice bull dyke working in my office that I think she'd dig.  Maybe her and Big Sis could do a three way.

Ben: Ok, I'll let her know.

Tue, 02/19/2013 - 17:16 | 3257434 Mark Noonan
Mark Noonan's picture

 You still sit around wondering:  will we get to a level of BS where people start to automatically reject it?

Tue, 02/19/2013 - 17:20 | 3257446 edifice
edifice's picture

Time to start cranking out IOUs, again...

Tue, 02/19/2013 - 17:30 | 3257468 Goggles Pisano
Goggles Pisano's picture

Cramer was on this morning talking about how State's financial conditions are vastly improving. I should have seen this coming.

Tue, 02/19/2013 - 17:37 | 3257497 OC Money Man
OC Money Man's picture


California state tax collection beat Governor Brown’s 2013-14 Budget by $4.3 billion, or 39.1%, last month. The out-performance was due to two expected one-time events that took place by December; $1 billion in delayed sales tax deposits and $3.3 billion of taxes on capital gains, dividends and bonuses collected in January for a prior period. But in what should be very disturbing to giddy state politicians and lobbyists who are cranking up for a new spending spree; January sales taxes plunged by $582.7 million, or 27%. It seems that “Taxafornia” finally raised taxes so high that affluent residents are moving their investment and spending elsewhere.

Tue, 02/19/2013 - 22:56 | 3258283 combatsnoopy
combatsnoopy's picture

The state corporate tax rate for financials in California is 10.83% on top of Federal taxes.  There are no finance firms here, which is disgusting since CA could've spent to have the world's 8th largest GDP if it were it's own country.  With as much agriculture, trade and immigration as we have out here, this state should have it's own commodity/currency exchange physical location somewhere that isn't San Francisco, Sacramento or Hollywood.

Thanks to the high taxes and the lack of affordable housing in non-violent neighborhoods, the Boomers have the voting and the fiscal majority in this state.  It's ugly. 

Tue, 02/19/2013 - 18:04 | 3257575 eaglerock
eaglerock's picture

I'd rather have a bottle in front of me than a frontal anomaly

Tue, 02/19/2013 - 23:03 | 3258296 combatsnoopy
combatsnoopy's picture

If anyone wants to play "Currency Wars"; Japan, China, the U.K., Soros- please feel free to help yourselves to California Muni bonds! 

The entitled boomer flowerchildren and their border brothers have taken over this place and turned it into a cesspool right after Reagan's 2nd term.

If you needed a deadweight anchor to drag your currency value down, of if you need the losing side of that balance sheet to hide your taxable profits in- California is at your service. 

I can't escape.  I'm not trying to escape California, I'm trying to escape this country.   Please, China!  Japan!  Take us soon.


Tue, 02/19/2013 - 23:51 | 3258339 combatsnoopy
combatsnoopy's picture

Jerry Brown gets a fee everytime Perta (Indonesian oil) sells a barrel of oil to California.  Which is what killed the Alaskan pipelline under the alibi of "environmental regulation". 

The drugs in this state are DISGUSTING.  If you want to know why drugs are illegal, just come to California.  Tweakers EVERYWHERE!  I don't like Arizona either, never really did. 

The Universities are good.  Why?  Because of the overachieving ASIANS overachievers.  On the bright side, they don't impose some STUPID overrepresented minority garbage to discriminate against the ASians, which is why CalTech beat Harvard as best school in the world. 

Oh btw, everyone in or near LA is an actor.  You'll NEVER believe the bull$h*t people will fly pass you.  "Yeah, that real estate is really worth $950,000.", "I'm a 'student/professional'-not a drug dealer", or my personal favorite "I never got your rent money" (when you gave it to her full-in cash directly to her).  The other favorite lines of b.s., "I didn't embezzle it, I borrowed it".  


Shopping here is a charm too. 
(tell the owner that the store looks like Anthropologies) -she says, "the owner used to be the buyer for Anthropologies". 
(next month, you tell them the store looks like Fred Segals) "- she says, "The owner used to be a buyer for Fred Segals". 

So basically she went to Fashion district and Party City Superstore less than a mile away, picked up a few cute CHEAP items and put it on her own shelf at premium prices.  I know this?  Why?  I worked in retail.  Oops!  I kind of undercut her prices. 

People from CA, mainly boomers are greedy and incredibly inept at the same time.  Chemistry experiments with equity lines and the voting majority-DANGER! THIEVES!!!.  Wanna be greedy?  THey pay superhigh property taxes, not for currency options.  Gamble away huge million/billion dollar assets.  ON SLOT MACHINES.  San Diego's former mayor widow of Jack in the Box owner did.

"Illegal immigrants are always hard working people"-Sanctuary City Richmond had a vile gang rape at a chaperoned high school dance, rapist were of course latino and victim was white.  Gavin Newsom protected drug dealing murderers at the taxpayers' expense.  We won't even mention the Visa students who get unemployment when they never worked a day in their lives while citizens of this state are subject to subjective vile scrutiny by their former employers trying to keep their jobs- while the state stiffs beneficiaries of social security benefits during the holidays because they obviously used the money for something else (AFTER they chased employers away).

"cigarettes cause wildfires"- no they don't.  Arsonists aka. ECOTERRORISTS do.  Tossing a ciggie out the window imposes a fine of $460.  Tobacco is a price inelastic item which draws a direct stream of revenue for the state.

"oh the poor (imaginary) nearly extinct delta smelt, we must take your land Mr. Farmer" - Eminent Domain without compensation.

Don't even get me started on all of the other unconstitutional violations, ie. shark fin act (violates the 8th Amendment), Foie Gras ban (violates the 8th Amendment), etc.  Hitler would be proud.   

"Silicon Valley is doing so great", back in 1996 there were 675 IPOs.  Last year there were 19 IPOs.  Why would that be, Sand Hill Road?  Volcker Rule?  SOX 404? 

"my kid is a straight "A" student"- that "straight A student" scored a 22% on the ASVAB.

And of course Santa Clara imposes a penalty for Happy meal toy when people in Fremont hoard kitchen sink cookies.  The b.s. is unbelievably unbearable- and I'm blaming Bezerkely for it too. 

The legislators in this state are guilty of many Constitutional violations and they should be prosecuted at Gitmo for their crimes. 

This is STUPID I'm telling you, incessantly mindnumbingly braindead.  Kids, this is what drugs do to you.  Be afraid, be VERY afraid!  

On the bright side, Saul Alinsky was buried in Carmel California, you're always welcome to go there to take a fat dump on his grave. 

Tue, 02/19/2013 - 23:55 | 3258429 combatsnoopy
combatsnoopy's picture

I'm a 4th generation native of this state.  The liberal carpet baggers destroyed it.  If you're wondering what I'm still doing here, I'm trying to escape.  It's not that easy.

Tue, 02/19/2013 - 23:24 | 3258351 TahoeBilly2012
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"I always smile but never frown"...

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