Federal bailout of Calif???

[Brovane]

Originally posted by: andy04

Originally posted by: Brovane
How is a loan a bailout?

How are those morons going to pay back? with their current policy I would be surprised if the state survives another year. They have the highest unemployment and worst housing market where you get buy one get one free homes

CA has been meeting there debt obligations for Decades. The credit markets are frozen nationally so many states not just CA cannot sell their bonds.

 

[Thump553]

I have little to no sympathy for California in general, but they may have a legit beef here. Because of the credit crisis they are unable to sell bonds. My state's treasurer reported we are having the same problem, and my state is pretty conservative fiscally (God bless the skinflint Yankee culture). It's endangering public works projects here if it goes on much longer.

But why in the world is California routinely using borrowing to pay everyday governmental expenses, like teachers' salaries? That's just wrong, they need to get their financial house in order.

 

[JS80]

They need to line up everyone in the CA Congress and shoot them with 3 bullets in the head each.

 

[Atomic Playboy]

Originally posted by: JS80
They need to line up everyone in the CA Congress and shoot them with 3 bullets in the head each.

That's a constructive response. "Hey guys, we've been paying billions more in taxes than we see in government assistance for years now... well, we're in a bit of a crunch, can we get some help?" *BANG* *BANG* *BANG*

You're a fool.

 

[Vic]

Originally posted by: Genx87
I never understood the left fascination with complaining about California's tax situation of giving more to the feds than recieving. That is a classic redistribution of wealth. Something they advocate on a daily basis.

Perhaps because the states that get from the feds more than they give are all filled with righties who claim to be against such wealth redistribution? And yet who stop at nothing to keep their tax surpluses?

 

[Genx87]

Originally posted by: Vic

Originally posted by: Genx87
I never understood the left fascination with complaining about California's tax situation of giving more to the feds than recieving. That is a classic redistribution of wealth. Something they advocate on a daily basis.

Perhaps because the states that get from the feds more than they give are all filled with righties who claim to be against such wealth redistribution? And yet who stop at nothing to keep their tax surpluses?

So what you are saying in the world of politics there are hypocrites?

 

[Vic]

Originally posted by: Genx87

Originally posted by: Vic

Originally posted by: Genx87
I never understood the left fascination with complaining about California's tax situation of giving more to the feds than recieving. That is a classic redistribution of wealth. Something they advocate on a daily basis.

Perhaps because the states that get from the feds more than they give are all filled with righties who claim to be against such wealth redistribution? And yet who stop at nothing to keep their tax surpluses?

So what you are saying in the world of politics there are hypocrites?

Have I ever said anything else? 😛

 

[EagleKeeper]

Ca needs a loan (not a bailout).

Their government screwed around for 2-3 months and dug themselves into the hole.
No short term loan, they run out of money and the state starts grinding to a halt.

Normally the money would come from the financial markets; however, at present those are not available. So CA is "selling" their bonds to the Feds instead.

The future income that CA plans on taking from its people will pay back the Feds.

But CA needs to get it's act together and learn to live within its budget and stop the handouts/bleeding. And the legislature needs to feel the pain of not doing their jobs on time; which caused this thread.

Two month ago, CA could have floated their bonds with no problem.

 

[Moonbeam]

Mention California and the pigs start thrashing around in their little cages grunting and slashing at the bars like little wind up toys.

 

[ranmaniac]

Nothing like government insolvency. California generally leads the nation in terms of passing laws and regulations. Let's hope that this type of economic breakdown doesn't trickle down to the rest of the nation.

 

[Robor]

Originally posted by: winnar111
Fvcking idiots. Maybe they should stop trying to dump money into stem cell research and the environfundie movement.

/taps sarcasm meter

 

[BoberFett]

Originally posted by: Moonbeam
Mention California and the pigs start thrashing around in their little cages grunting and slashing at the bars like little wind up toys.

That's just a natural reaction to slop.

 

[JEDIYoda]

Originally posted by: andy04

Originally posted by: Red Dawn

Originally posted by: andy04
SELL THE FVCKING STATE TO CHINA

You could have just posted "I'm a Knuckle Dragging Tree Swinging Moron" and gotten the same point across. FYI Tarzan, the amount CA co tributes to the Federal Gov is a hell of a lot more than 7 billion dollars.

Oh ya Smart ass, how about some figures??? or you are just babbling... Please enlighten us with some real figures about how much CA "<co tributes" :laugh:

You posted figures backing up your argument?? hmmmm

 

[Mursilis]

Originally posted by: Brovane

Originally posted by: andy04

Originally posted by: Brovane
How is a loan a bailout?

How are those morons going to pay back? with their current policy I would be surprised if the state survives another year. They have the highest unemployment and worst housing market where you get buy one get one free homes

CA has been meeting there debt obligations for Decades. The credit markets are frozen nationally so many states not just CA cannot sell their bonds.

Are the markets truly "frozen", or are the rates just unattractive? I have a hard time believing CA can't get a loan on the free market at any price. What are the facts here?

 

[Darwin333]

Shrug, the state is in a bind and this is one bailout I actually agree with. It shouldn't be in this bill but thats another story.

I think it would be absolutely hilarious if instead of a loan they offer Cali $7B for the right to build a new military base in Berkley.

 

[Red Dawn]

Originally posted by: SpeckledTrout 007

Originally posted by: Red Dawn

Originally posted by: andy04
SELL THE FVCKING STATE TO CHINA

You could have just posted "I'm a Knuckle Dragging Tree Swinging Moron" and gotten the same point across. FYI Tarzan, the amount CA co tributes to the Federal Gov is a hell of a lot more than 7 billion dollars.

FYI droolbag federal tax contributions have nothing to do with state budgets.

No shit Sherlock, nobody ever said it did, I sure didn't. I was just pointing out to your fellow Yard Ape that the amount CA is asking for the Fed to loan it is a mere pittance of what it contributes.

 

[SleepWalkerX]

Aww poor California. The tax payers voted against giving more money to the State, but California can't quite cut any government programs. Its broke and now its asking for assistance from the Federal government to keep its bloated big government lifestyle. Its so adorable. Its like a child asking mommy for money after he blew all of his money on candy.

 

[Red Dawn]

Originally posted by: SleepWalkerX
Aww poor California. The tax payers voted against giving more money to the State, but California can't quite cut any government programs. Its broke and now its asking for assistance from the Federal government to keep its bloated big government lifestyle. Its so adorable. Its like a child asking mommy for money after he blew all of his money on candy.

Except this child pays room and board. In 2003, Californians sent $50 billion more to Washington in federal taxes than the state received in federal expenditures. On the other hand your state, S.Carolina get $1.36 back from the Feds for every dollar it pays in. Without states like CA where would the Fed get the money to give to you free loaders?

 

[Atomic Playboy]

Originally posted by: SleepWalkerX
Aww poor California. The tax payers voted against giving more money to the State, but California can't quite cut any government programs. Its broke and now its asking for assistance from the Federal government to keep its bloated big government lifestyle. Its so adorable. Its like a child asking mommy for money after he blew all of his money on candy.

Yes, that's exactly what it's like... except the child is providing 67% of mommy's income.

Let's take a look at those economic facts DealMonkey posted again:

In fiscal year 2003, Californians? tax payments to the federal treasury exceeded federal spending in the state by $50 billion, a record high. For every tax dollar paid by Californians in 2003, the federal government spent 79 cents for grants, wages, contracts, retirement benefits, etc. It was California?s 18th year in a row as a net donor state.

Link

California is responsible for 13% of the United States' gross domestic product (GDP). The state's GDP is at about $1.7 trillion (as of 2006).

However, in the 2007 Goldman Sachs analyst survey, California posted record GDP of 67% of the US GDP

Per capita personal income was $38,956 as of 2006, ranking 11th in the nation

California's overall tax burden of $10.66 per $100 of personal income is slightly above the $10.43 average for the United States.

Wiki

 

[Eeezee]

Originally posted by: SleepWalkerX
Aww poor California. The tax payers voted against giving more money to the State, but California can't quite cut any government programs. Its broke and now its asking for assistance from the Federal government to keep its bloated big government lifestyle. Its so adorable. Its like a child asking mommy for money after he blew all of his money on candy.

Your post is at best nonsensical and at worst very ignorant.

 

[Eeezee]

Originally posted by: Atomic Playboy

Originally posted by: SleepWalkerX
Aww poor California. The tax payers voted against giving more money to the State, but California can't quite cut any government programs. Its broke and now its asking for assistance from the Federal government to keep its bloated big government lifestyle. Its so adorable. Its like a child asking mommy for money after he blew all of his money on candy.

Yes, that's exactly what it's like... except the child is providing 67% of mommy's income.

Let's take a look at those economic facts DealMonkey posted again:

In fiscal year 2003, Californians? tax payments to the federal treasury exceeded federal spending in the state by $50 billion, a record high. For every tax dollar paid by Californians in 2003, the federal government spent 79 cents for grants, wages, contracts, retirement benefits, etc. It was California?s 18th year in a row as a net donor state.

Link

California is responsible for 13% of the United States' gross domestic product (GDP). The state's GDP is at about $1.7 trillion (as of 2006).

However, in the 2007 Goldman Sachs analyst survey, California posted record GDP of 67% of the US GDP

Per capita personal income was $38,956 as of 2006, ranking 11th in the nation

California's overall tax burden of $10.66 per $100 of personal income is slightly above the $10.43 average for the United States.

Wiki

And the child is asking for a loan, not a handout.

 

[Eeezee]

Originally posted by: Common Courtesy
Ca needs a loan (not a bailout).

Their government screwed around for 2-3 months and dug themselves into the hole.
No short term loan, they run out of money and the state starts grinding to a halt.

Normally the money would come from the financial markets; however, at present those are not available. So CA is "selling" their bonds to the Feds instead.

The future income that CA plans on taking from its people will pay back the Feds.

But CA needs to get it's act together and learn to live within its budget and stop the handouts/bleeding. And the legislature needs to feel the pain of not doing their jobs on time; which caused this thread.

Two month ago, CA could have floated their bonds with no problem.

CA has been drastically cutting its budget. Shit, just last year they cut higher education budgets to the bone across the board, not to mention that they fired countless state employees from every state department.

They need to do more, but they're clearly working on it.

 

[Harvey]

Originally posted by: andy04

How are those morons going to pay back?

It's intended to be a bridge loan covered by anticipated revenues from the busier end of the year.

 

[Eeezee]

Originally posted by: JS80
They need to line up everyone in the CA Congress and shoot them with 3 bullets in the head each.

Shit like this is why so many people think the Republican party is full of crazy people.

You and witch hunters, WTF?

 

[winnar111]

Originally posted by: Red Dawn

Originally posted by: SleepWalkerX
Aww poor California. The tax payers voted against giving more money to the State, but California can't quite cut any government programs. Its broke and now its asking for assistance from the Federal government to keep its bloated big government lifestyle. Its so adorable. Its like a child asking mommy for money after he blew all of his money on candy.

Except this child pays room and board. In 2003, Californians sent $50 billion more to Washington in federal taxes than the state received in federal expenditures. On the other hand your state, S.Carolina get $1.36 back from the Feds for every dollar it pays in. Without states like CA where would the Fed get the money to give to you free loaders?

You chumps realize that Obama's tax plan is going to make this spread worse, right?

Gotta love the crocodile tears!