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CALIFORNIA IS IN DEFAULT!
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Nailer45
User ID: 716801
7/5/2009 3:18 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Well, they are issuing warrants that can be cashed at Bank of America.
This is done because Bank of America earns INTEREST on warrants until they are repaid.
So, bailed out on taxpayer dollars BoA is taking Cali's debt, earning interest on it and we get the bill.
Essentially the govt owes too much money so it's borrowing more + interest from a bank that the taxpayers have funded. Who gets left holding the bag?
And all of this isn't a ponzi scheme because??? Quoting: Anonymous Coward 659821
BOA will be screaming they need more bailout$$$$ because they can't get the money for the IOU's so they will be going under .
The US Government/obama will step in and say BOA is to big to fail and without proof the government will shower BOA with bailout tax dollars increasing the national debt by Billions once again. |
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JJackF108
User ID: 667270
7/5/2009 3:18 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Would I accept an IOU from California....NOT............!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Rebirth is possible in life, no matter how many tries it takes!!!
I have an opinion, you just might not like it!!! |
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Anonymous Coward
User ID: 717082
7/5/2009 3:19 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
You get the gov your deserve.
Cali's people went to sleep and they will wake up the hard way.
-peace |
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Anonymous Coward
User ID: 717584
7/5/2009 3:19 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
AND ACROSS THE NATION WE ARE STILL COLLAPSING. LOOK AT INDUSTRIAL PRODUCTION!
Quite frankly, we are in urgent need of a valid new stimulus plan.
More important we need to get inner city people to work. Unemployment in Oakland is nearing 30%. This is going to be a hot summer, and past experience has shown us that riots in minority populated inner cities occur when the heat is up and the jobs are gone.
Oakland, CALIFORNIA is going to burn later this summer if we do not take urgent action. Obama's actions so far appear to be TOO LITTLE, TOO LATE. Quoting: Anonymous Coward 619969
Wonder if those industrial output drops include the McDonald's burger flippers that Bush's economists changed from service jobs to manufacturing. LOL.
And regarding the inner city, yes, black males are the most unemployed portion of the economy right now, by a long shot, along with teenagers of all ethnicity. And I hate to tell you, but lots of suburban whiteys are out of work too!
When there are few manufacturing jobs and service jobs are falling fast, what are unskilled and semiskilled folks supposed to do? Are people ready to see the CCC work camps set up again like FDR did?
Trained IT professionals are rapidly losing jobs as well. In short, jobs are rapidly disappearing, even for highly educated technical professionals. Health care is probably the only growth industry right now.
Plus, those who still have money are rapidly losing their taste for consumption, so retail probably won't reach its full on bubble levels for a long time, if ever in our lifetimes.
The only way stimulus could help is if everyone got a substantial check, say five thousand dollars if you have no income or it's less than 30K. After that it would probably take about 15 to 20% of income to be meaningful.
The other stimulus alternative is to set up massive public works programs that use people as well as machines and that don't give all the jobs to illegal aliens. I don't see either of those stimulus options happening in the near future. Not pretty. |
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Anonymous Coward
User ID: 639218
7/5/2009 3:22 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
I agree
California goes and we all wiil follow shortly after.
Get ready people. The bankers, the gov. the greed of the CEOs are to blame.
This really suck
 |
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Anonymous Coward
User ID: 718112
7/5/2009 3:25 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
By issuing IOU's, they are in legal default on short term debt. Technically, those creditors can take the state into Federal Bankruptcy Court to get payment. With the economy rapidly collapsing week after week, the revenue to the state is rapidly collapsing, too.
Unemployed people do not pay taxes like employed people and well over 20 percent of the workforce population in California is not working with still further unemployment projected for years to come in this Depression. California has felt the full force of the Depression, and is falling apart. Not only the state, but the County and City governments too.
This, of course, underscores how fragile California's debt situation is. They could go under at any time, and cause horrific damage to the National Economy.
Other states will follow. We are going down, and we can not stop the momentum. Quoting: Joe_Neubarth 619969
Grover Norquist and the republicans win, you're fucked. |
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Anonymous Coward
User ID: 368888
7/5/2009 3:25 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
The only massive crop we grow is corn, it seems. It's too late to diversify. We're doomed.
.
Here too! (Oregon). Corn fields everywhere the past couple years.
When I was growing up (a long, long time ago, lol), we had beans, strawberries, sugar beets, melons, pumpkins, tomatoes, mint .. and orchards upon orchards of walnuts, hazelnuts, apricots, peaches, apples, cherries, ...
Now the majority of the farm land (that which has not been covered with homes and industry) has been converted to grass seed (most of which is sent to china) and corn.
Hopefully they will plant variety next year.
Pray for rain where needed. |
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Anonymous Coward
User ID: 659821
7/5/2009 3:28 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Well, they are issuing warrants that can be cashed at Bank of America.
This is done because Bank of America earns INTEREST on warrants until they are repaid.
So, bailed out on taxpayer dollars BoA is taking Cali's debt, earning interest on it and we get the bill.
Essentially the govt owes too much money so it's borrowing more + interest from a bank that the taxpayers have funded. Who gets left holding the bag?
And all of this isn't a ponzi scheme because???
------------------------------------------------------
BOA will be screaming they need more bailout$$$$ because they can't get the money for the IOU's so they will be going under .
The US Government/obama will step in and say BOA is to big to fail and without proof the government will shower BOA with bailout tax dollars increasing the national debt by Billions once again. Quoting: Nailer45
Yep. So we won't 'bailout' California but we'll bail out the bank that is funding them instead. DOH. |
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JJackF108
User ID: 667270
7/5/2009 3:32 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Love the "Governator" and alway's will....HOLLYWOOD PHRENOMMEONON'S ARE MUCH OF OUR US HISTORY BUT,...COME ON!!!!....CALIFORNIA WILL REALLY NOT LEAD US TO THE NEXT DIMENSION...IT IS THE LAND OF FRUIT'S AND NUT'S....LEAD THE CAR INDUSTRY INTO OBILIVION.......
Rebirth is possible in life, no matter how many tries it takes!!!
I have an opinion, you just might not like it!!! |
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Anonymous Coward
User ID: 714996
7/5/2009 3:37 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
By issuing IOU's, they are in legal default on short term debt. Technically, those creditors can take the state into Federal Bankruptcy Court to get payment. With the economy rapidly collapsing week after week, the revenue to the state is rapidly collapsing, too.
Unemployed people do not pay taxes like employed people and well over 20 percent of the workforce population in California is not working with still further unemployment projected for years to come in this Depression. California has felt the full force of the Depression, and is falling apart. Not only the state, but the County and City governments too.
This, of course, underscores how fragile California's debt situation is. They could go under at any time, and cause horrific damage to the National Economy.
Other states will follow. We are going down, and we can not stop the momentum. Quoting: Joe_Neubarth 619969
Yes you can. You need to go to war NOW! Just as WW2 is the only thing that got you out of the Great Depression, a huge war now is the only thing that will get you out of this economic disaster. The choice is yours. Well, no, actually, it isn't yours. The decision has already been made. The war with Iran will continue on schedule whether you want it or not. You're just being encouraged to go along with it through looming economic disaster. But I'm sure you'll make the right choice. So get your gear together and start singing those patriotic songs. You don't want FOX News to publicly smear your for being UNPATRIOTIC, do you? Of course you don't! You need that weekly paycheck to pay your lifelong debt to the banks and feed your family. You're going to Iran to kill as many muslims as you can. Have a nice trip! Sorry, I won't be going. I have to stay here to watch my investments skyrocket in value while the war is being waged. But while I'm here I'll be waving the flag and wearing a yellow ribbon, and I'll be pointing the finger at all the UNPATRIOTIC desenters who denouce the war or refuse to wear the ribbons. |
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anonanon
User ID: 265891
7/5/2009 3:37 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Those 30% unemployed in Oakland must be unwilling to do farm work so the farmers have to hire the illegals which cost the state a whole lot of money.
So why aren't the limo-liberals in Hollywood doing some sort of Cali-Aid show to raise some money?
Why aren't the gays in SanFran staging more of their outrageous parades for money?
Why isn't Arnold billing LaRaza and the President of Mexico for the school and medical bills of the illegals?
Why isn't the legislature cutting its costs to the bone leaving only funding for emergency services and other essentials. No doubt they all have their own little pet projects soaking up money just like those in our federal Congress.
Why isn't Arnold shutting down the Gov's mansion and moving into his own home or renting one?
Why aren't they immediately deporting the 25 to 30 percent of the prison population that is illegal?
Why aren't they raiding the drug dealers and confiscating their money both on site and stashed in assets. They have the bailout bucks and lots of them. |
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Anonymous Coward
User ID: 717548
7/5/2009 3:41 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
At least Schwarzenegger let Enron off the hook. Good for Arney. NOw the state of CAlif. because of that is going down the tubes. Good for calif.. |
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Anonymous Coward
User ID: 659821
7/5/2009 3:42 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Why aren't they raiding the drug dealers and confiscating their money both on site and stashed in assets. They have the bailout bucks and lots of them. Quoting: anonanon
Potheads buy a lot of cheese doodles and Mountain Dew. They're good for the economy. |
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Anonymous Coward
User ID: 618285
7/5/2009 3:43 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Maybe my mind is still a bit clouded from last night's festivities....I'm not really sure that there is a reason to celebrate July 4th, but I digress....
To my way of thinking, you are seeing the state's equivalent to what has been going on with the federal "bail-outs". Here's why I think this: With the federal bail-outs, money was basically promised from future tax revenues. Not real money, but a promise of money, in other words, more debt.
Now, looking at California, they don't have the luxury of promising your posterity's taxes on their production, so they're doing WHATEVER they can to keep the cogs turning, in this case IOU's..
What I think you're going to see, is not an overnight collapse, but a slow bleed-down, as more and more economic tricks are employed...Have to admit I didn't see those banker bail-out tactics coming... Quoting: Anonymous Coward 716852
the crash, doom...won't happen until we see china on our shores as peacekeepers. COUNT ON IT.
until then, we will see a SLOW BLEED of this nation as was pointed out above.
Slow bleed...to death. Controlled, slow suffocation....
A brilliant plan to cut the nuts off the U.S. in such a slow fashion to remain in complete control at every turn.
A word to the wise. Get out of the metro areas while you still have the means to do so.
This ship IS GOING TO COMPLETELY SINK AND THE RATS ON BOARD WILL EAT EACH OTHER. |
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Anonymous Coward
User ID: 551392
7/5/2009 3:45 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
OP, NICE RANT !!
BUT YOU FORGOT THE LINK !!
OR  |
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Hillcrest 
Secretary From Hell
User ID: 392015
7/5/2009 3:47 PM
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legalize everything except opiates. |
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Anonymous Coward
User ID: 618285
7/5/2009 3:53 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
OP, NICE RANT !!
BUT YOU FORGOT THE LINK !!
OR Quoting: Anonymous Coward 551392
shove that pole up your ass and out your fucking eye.
do you really think anyone gives a shit about your demand for a link?
shove that pole up your ass and out your fucking eye. |
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Bean There
User ID: 711499
7/5/2009 4:11 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
don't u love the lib's and their wonderful touchy feelie economics......does that gives u that tingley feeling up ur leg??? Quoting: picesnator
Not "tingley" exactly . And a little higher and centered . Not exactly up my "leg" . |
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Anonymous Coward
User ID: 718715
7/5/2009 4:16 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
By issuing IOU's, they are in legal default on short term debt. Technically, those creditors can take the state into Federal Bankruptcy Court to get payment. With the economy rapidly collapsing week after week, the revenue to the state is rapidly collapsing, too.
Unemployed people do not pay taxes like employed people and well over 20 percent of the workforce population in California is not working with still further unemployment projected for years to come in this Depression. California has felt the full force of the Depression, and is falling apart. Not only the state, but the County and City governments too.
This, of course, underscores how fragile California's debt situation is. They could go under at any time, and cause horrific damage to the National Economy.
Other states will follow. We are going down, and we can not stop the momentum.
Yes you can. You need to go to war NOW! Just as WW2 is the only thing that got you out of the Great Depression, a huge war now is the only thing that will get you out of this economic disaster. The choice is yours. Well, no, actually, it isn't yours. The decision has already been made. The war with Iran will continue on schedule whether you want it or not. You're just being encouraged to go along with it through looming economic disaster. But I'm sure you'll make the right choice. So get your gear together and start singing those patriotic songs. You don't want FOX News to publicly smear your for being UNPATRIOTIC, do you? Of course you don't! You need that weekly paycheck to pay your lifelong debt to the banks and feed your family. You're going to Iran to kill as many muslims as you can. Have a nice trip! Sorry, I won't be going. I have to stay here to watch my investments skyrocket in value while the war is being waged. But while I'm here I'll be waving the flag and wearing a yellow ribbon, and I'll be pointing the finger at all the UNPATRIOTIC desenters who denouce the war or refuse to wear the ribbons. Quoting: Anonymous Coward 714996
Nice rant...don't forget the Chinese manufactured American flag waving bit... |
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Anonymous Coward
User ID: 718816
7/5/2009 4:36 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
It still gets me how libs and cons still think they are really any different. The table scraps they throw the masses are a bit different but that's really it.
If the cons were at the helm we'd still be going down because on the big core issues that really matter they are the same. They are both in the pockets of corporations. |
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Boardretard
User ID: 718885
7/5/2009 4:49 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
California = too big to fail |
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spacey50
User ID: 713880
7/5/2009 4:50 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
i'm sorry,how's it going ot get california to doom? |
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Anonymous Coward
User ID: 551392
7/5/2009 4:54 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
OP, NICE RANT !!
BUT YOU FORGOT THE LINK !!
OR
do you really think anyone gives a shit about your demand for a link? Quoting: Anonymous Coward 618285
Yes ,I do and some others who don't know your credentials or sources for your idiotic rant !! |
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NoMoreCages
User ID: 718886
7/5/2009 4:55 PM
 | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
The only massive crop we grow is corn, it seems. It's too late to diversify. We're doomed. Quoting: bed
WHAT???!!! You must be speaking of Nebraska...
Cali grows practically EVERYTHING! Every fruit, veggie, and grain you can think of..hell, Cali even has massive rice patties... not to mention being the dairy capital of the US.
"The question is not, can they reason? Nor, can they talk? But can they suffer?" - Bentham |
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Sickandtired
User ID: 493500
7/5/2009 4:55 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Here is my question, if a funeral is scheduled here, the family is expected to pay for it, who is going to pay for this huge memorial service for Michael Jackson, is the family paying the 2 million for the security or is California? |
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Anonymous Coward
User ID: 718889
7/5/2009 5:00 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
By issuing IOU's, they are in legal default on short term debt. Technically, those creditors can take the state into Federal Bankruptcy Court to get payment. With the economy rapidly collapsing week after week, the revenue to the state is rapidly collapsing, too.
Unemployed people do not pay taxes like employed people and well over 20 percent of the workforce population in California is not working with still further unemployment projected for years to come in this Depression. California has felt the full force of the Depression, and is falling apart. Not only the state, but the County and City governments too.
This, of course, underscores how fragile California's debt situation is. They could go under at any time, and cause horrific damage to the National Economy.
Other states will follow. We are going down, and we can not stop the momentum. Quoting: Joe_Neubarth 619969
Again? Has it been 2 weeks already |
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Anonymous Coward
User ID: 718754
7/5/2009 5:04 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
>>Quite frankly, we are in urgent need of a valid new stimulus plan.<<
Quite frankly, you're an idiot. |
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Joe_Neubarth
User ID: 619969 (OP)
7/5/2009 5:05 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
OP, NICE RANT !!
BUT YOU FORGOT THE LINK !!
OR |
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Anonymous Coward
User ID: 619969 (OP)
7/5/2009 5:07 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
>>Quite frankly, we are in urgent need of a valid new stimulus plan.<<
Quite frankly, you're an idiot. Quoting: Anonymous Coward 718754
Now, now, now, now. I don't claim to be a genius, but I seriously doubt that I am an idiot. I am a strong conservative who knows that a well constructed stimulus plan will save us from collapse. This is not a Republican Democrat thing. It is just an issue to save the nation. |
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Anonymous Coward
User ID: 619969 (OP)
7/5/2009 5:08 PM | | Re: CALIFORNIA IS IN DEFAULT! | Quote |
Here is my question, if a funeral is scheduled here, the family is expected to pay for it, who is going to pay for this huge memorial service for Michael Jackson, is the family paying the 2 million for the security or is California? Quoting: Sickandtired 493500
Co funded by the estate and the city of LA. |
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