California will not accept its own IOU's

[glenn1]

Forget peak oil, this is the clearest sign yet that we're at the peak government tipping point. IMHO, we cannot bail them out like we did the financial and auto industry - no more enabling the politicians. CA needs to drastically reduce spending across the board, sell assets, raise taxes, and have their budget process require federal oversight like the District of Columbia.


CA and NY debt worse than Russia and Turkey

CA won't accept its own IOU's

 

[IGBT]

it's the reckless liberal majority doing this.

 

[Andrew1990]

A lot of bad planning by the state of CA in my eyes. The way they pass laws is seriously flawed.

 

[waggy]

Originally posted by: Andrew1990
A lot of bad planning by the state of CA in my eyes. The way they pass laws is seriously flawed.

people have been saying this for years. its finally comeing back to bite them in the ass.

 

[Jaskalas]

Originally posted by: IGBT
it's the reckless liberal majority doing this.

Not a worry, Obama can bail them out with fresh money off the printing presses.

 

[Patranus]

Huh, two of the most liberal states...what do ya' know?

 

[TruePaige]

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states full of undocumented aliens...what do ya' know?

It's not always black and white.

Both states would be a lot better off if the government would stop letting a flood of illegals into our nation.

NEITHER side gives a damn about that though.

 

[fskimospy]

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states who had massive tax revenues from finance and real estate during a finance and real estate crash, what do ya' know?

 

[TruePaige]

Originally posted by: eskimospy

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states who had massive tax revenues from finance and real estate during a finance and real estate crash, what do ya' know?

And eskimospy points out the most relevant immediate cause of the problem. About sums it up.

 

[guyver01]

this is what happens when your state bans gay marriage.

finance doesn't like gay haters

gay marriage brings in revenue.

ban gay marriage = ban revenue

 

[TruePaige]

Originally posted by: guyver01
this is what happens when your state bans gay marriage.

finance doesn't like gay haters

gay marriage brings in revenue.

ban gay marriage = ban revenue

Gay people are more efficient.

Save money while making money.

Good thinking on their part.

 

[Oric]

Why are we (Turkey) the yard stick for comparision ? All those risk asseseing agencies (Moody's, S&P etc) have flopped a big time ! Still they are claiming that Turkish economy is one of the riskiest ones to invest in, yet Turkey has not defaulted ever .. Still Iceland has higher rating (defaulted last year). So, do not give much credit to those "credit agencies". They always have their own agenda.

 

[monovillage]

California was in deep fiscal trouble even before the housing bubble burst. You can't even lay all the blame on the politicians since California has a referendum system that's been used and abused for decades.

 

[StageLeft]

Nowhere in the first post's blog link is there any indication that California has refused to accept its own IOUs. From the get-go they were to mature in October, unless the implication is that it won't ALSO accept IOUs from tax-payers, which is fair. The state's budget is a fvckery, as is NY's.

This trend comes down to one basic fact, emerging-market nations are paying their bills, while most of the supposedly ?wealthy? industrialized countries are not.

That's simply bullsh*t.

As the most highly-leveraged economy in the history of the world, the U.S

What are his criteria? Debt to GDP the US is lagging well behind a good number of other Western nations.

 

[Double Trouble]

Originally posted by: eskimospy

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states who had massive tax revenues from finance and real estate during a finance and real estate crash, what do ya' know?

So, before this big finance and real estate crash, they were both running a nice surplus heh? Spending within their means? Oh... they were running deficits before the economy tanked you say? The sour economy has just made the problem worse, but the fact is these guys simply can't spend within their means. Now the fed might have to give the printing presses another workout, when in fact the fed is in the exact same situation.

The lesson: don't spend more than you bring in. Not that difficult to understand.

 

[CPA]

Originally posted by: TruePaige

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states full of undocumented aliens...what do ya' know?

It's not always black and white.

Both states would be a lot better off if the government would stop letting a flood of illegals into our nation.

NEITHER side gives a damn about that though.

And why are there illegal immigrants.....liberal policies.

 

[Linflas]

Originally posted by: CPA

Originally posted by: TruePaige

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states full of undocumented aliens...what do ya' know?

It's not always black and white.

Both states would be a lot better off if the government would stop letting a flood of illegals into our nation.

NEITHER side gives a damn about that though.

And why are there illegal immigrants.....liberal policies.

Sorry but it is not that cut and dried. Both Dems and Repubs have turned a blind eye to illegal immigration, each for their own self interests.

 

[Vette73]

Originally posted by: CPA

Originally posted by: TruePaige

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states full of undocumented aliens...what do ya' know?

It's not always black and white.

Both states would be a lot better off if the government would stop letting a flood of illegals into our nation.

NEITHER side gives a damn about that though.

And why are there illegal immigrants.....liberal policies.

Yea those damm "liberals" when they controlled the house, senate, and white house for six years. :roll:


Go back to your faux and get you next slogan.

 

[Red Dawn]

Originally posted by: CPA

Originally posted by: TruePaige

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states full of undocumented aliens...what do ya' know?

It's not always black and white.

Both states would be a lot better off if the government would stop letting a flood of illegals into our nation.

NEITHER side gives a damn about that though.

And why are there illegal immigrants.....liberal policies.

You mean being right next to Mexico, a porous border and plenty of work for them in the agricultural sector hasn't anything to do with it?

Also doesn't the great state of Dumbas..err..Texas have a lot of illegal aliens? How can you label a State where it seems the past time is executing retarded people Liberal?

 

[guyver01]

Originally posted by: Red Dawn
Also doesn't the great state of Dumbas..err..Texas have a lot of illegal aliens? How can you label a State where it seems the past time is executing retarded people Liberal?

shens!

if their pasttime was executing retards...

why did they let GWB live?

 

[Red Dawn]

Originally posted by: guyver01

Originally posted by: Red Dawn
Also doesn't the great state of Dumbas..err..Texas have a lot of illegal aliens? How can you label a State where it seems the past time is executing retarded people Liberal?

shens!

if their pasttime was executing retards...

why did they let GWB live?

OK either executing them or electing them Governor.

 

[rudder]

Originally posted by: eskimospy

Originally posted by: Patranus
Huh, two of the most liberal states...what do ya' know?

Huh, two states who had massive tax revenues from finance and real estate during a finance and real estate crash, what do ya' know?

Maybe they should have not been in such a rush to make commitments on spending all those revenues. Some states in the Union like to reduce taxes or save funds when there are unexpected tax windfalls like that.

 

[alphatarget1]

Originally posted by: rudder

Maybe they should have not been in such a rush to make commitments on spending all those revenues. Some states in the Union like to reduce taxes or save funds when there are unexpected tax windfalls like that.

Well... Politicians are stupid. But then the entire population of CA (well, a large portion) really thought that property prices will go up indefinitely. Legislators pretty much use projected income to make budgets and stuff. How many economists predicted this crash? Not many. I would have to agree that CA Dems spend like a bunch of drunken sailors, but I don't know, I'm apprehensive about blaming them on spending the projected revenue because that's how EVERYONE does things. Look at the SS trust fund and how the projection is screwed due to this downturn.

 

[EagleKeeper]

Originally posted by: Skoorb
Nowhere in the first post's blog link is there any indication that California has refused to accept its own IOUs. From the get-go they were to mature in October, unless the implication is that it won't ALSO accept IOUs from tax-payers, which is fair. The state's budget is a fvckery, as is NY's.

Given that there is a lawsuit in the CA court system, I would guess that CA is not accepting it's IOUs for sales tax payments

I do know that CA has told me that I can not send their IOU back in for income tax payments.

 

[StageLeft]

Originally posted by: Common Courtesy

Originally posted by: Skoorb
Nowhere in the first post's blog link is there any indication that California has refused to accept its own IOUs. From the get-go they were to mature in October, unless the implication is that it won't ALSO accept IOUs from tax-payers, which is fair. The state's budget is a fvckery, as is NY's.

Given that there is a lawsuit in the CA court system, I would guess that CA is not accepting it's IOUs for sales tax payments

I do know that CA has told me that I can not send their IOU back in for income tax payments.

Ah, well if they are not accepting their own IOUs as tax payments, that's not surprising but it is funny people would try.